Another conduit CMBS from Citigroup is on the way, according to pre-sales from Kroll Bond Ratings and Fitch Ratings.
Backed by 65 fixed-rate commercial mortgage loans, CGCMT 2013-GC17 totals $867 million.
All the loans in the collateral came from five sellers: Citigroup Global Markets Realty Corp, Starwood Mortgage Funding, Goldman Sachs Mortgage Company, Cantor Commercial Real Estate Lending and the Bancorp Bank. The bulk of the loans were used to refinance debt.
The loans range in size from $2 million to $92 million and are secured by 70 commercial properties.
Among the tranches rated triple-A by both Kroll and Moody’s are pieces sized at $46 million; $193 million; $120 million; and $192 million. All have a final maturity of 33 years.
The weighted average remaining loan term in the collateral is 8.7 years, while the weighted average life is 8.2 years. The weighted average coupon on these loans is 5.13%.
For a snapshot of the deal’s capital stack, see below (along with Kroll's ratings).