Citigroup and Goldman Sachs are lead managers $879 million CMBS conduit backed by 78 fixed-rate commercial mortgage loans that are secured by 128 properties located in 30 states, according to a deal prospectus filed with the Securities and Exchange Commission.
The loan sponsors are Citigroup Global Markets Realty, Goldman Sachs Mortgage Company, MC-Five Mile Commercial Mortgage Finance, Cantor Commercial Real Estate Lending, The Bancorp Bank, Rialto Mortgage Finance and RAIT Funding.
Moody’s Investors Service, Fitch Ratings and DBRS have assigned preliminary ratings to the notes being offered under the capital structure. Seven super senior tranches with 30% credit enhancement are on offer; a senior class A-S tranche is also being sold.
Further down the capital structure the class B notes are structured with 18.5% credit enhancement are rated Aa3’/ AA-’/ AA’ and the class C notes with 13.5% credit enhancement are rated A3’/ AA-’/ AA’.
Multifamily properties make-up 20.9% of the pool; office properties make-up 18.1% of the pool; mixed use properties account for 17.7% of the pool; and senior housing make-up 10% of the pool balance.
Standard & Poor’s said in its daily securitization report that conduit issuance, including the latest deal, totals $8 billion from 7 deals, and overall CMBS issuance is $11billion, vs. $16 billion during the first 2 months of 2013.
