Citigroup and Goldman Sachs plan to issue $1.04 billion of commercial mortgage-backed securities backed by a pool of 70 commercial mortgage loans secured by 111 properties.
Citigroup Commercial Mortgage Securities, Citigroup Global Market Realty,?Goldman Sachs Mortgage Company,GS Commercial Real Estate, MC-Five Mile Commercial Mortgage Finance, Redwood Commercial Mortgage , Cantor Commercial Real Estate Lending and RAIT Funding are the mortgage loans sellers.
Fitch Ratings has assigned preliminary ratings to 17 classes of notes to be offered under Citigroup Commercial Mortgage Trust Series 2014-GC21. Tranching information and Fitch's ratings can be found in the chart below.
The structure features six classes of super-senior, 'AAA’ notes benefitting from 30.000% credit enhancement and a subordinate AAA’ rated class with 24.375% credit enhancement. The notes are due March 2047.
Fitch noted in the presale report that the debt service coverage ratios and weighted average LTV, at 1.12x and 109.1%, respectively, are worse than the 2013 and 2012 averages of 1.29x and 101.6%, and 1.24x and 97.2%, respectively.
Retail properties represent the highest concentration of the pool at 29.7%. Additionally, multifamily properties represent the second highest concentration at 20.4%. The average retail and multifamily concentrations in 2013 transactions rated by Fitch were 33.2% and 12.1%, respectively.
