Citigroup plans to issue a $439.8 million single borrower CMBS transaction called CGCMT-375P.
Kroll Bond Ratings assigned preliminary ratings to the deal. The capital structure will offer $75 million of class A notes rated ‘AAA’; $121.56 million of class B notes rated ‘A-‘; $67.83 million of class C notes rated ‘BBB-‘ ;and $66.5 million of class D notes rated ‘BB’. The structure will also offer $108.8 million of class E notes that have not been rated by Kroll.
The collateral for the securitization is the $439.8 million portion of a $782.8 million whole loan for RFR Holding, the loan sponsor. The ‘AAA’ portion of the trust asset ($75.0 million) is pari-passu with two companion loans totaling $343.0 million that will be contributed to a future securitization, according to the Kroll presale report.
The loan was co-originated by Citigroup Global Markets Realty and German American Capital on April 17, 2013. It is secured by the borrower’s fee simple interest in an 830,928 square feet (sf), 38-story, Class-A office building at 375 Park Avenue in New York, New York.
The property is predominately comprised of office space but includes 37,877 sf of ground floor and mezzanine level restaurant space that is occupied, in part, by the Four Seasons Restaurant.
As of April 2013, the building was 90.2% leased to 59 tenants, the largest of which is Wells Fargo Bank (30.2% of total sf). Other major tenants include Clayton Dubliner & Rice (6.7%), Arden Asset Management (4.9%), and Centerbridge Partners (4.0%).