Crown Castle is in the market with three new CMBS deals with a total value of $1.55 billion. Morgan Stanley is serving as the lead manager on all three.
The transactions worth $250 million, $300 million, and $1 billion, respectively, are backed by equity interest in the entities that own, lease, sublease, and operate 11,744 wireless communication towers, according to Fitch Ratings. The agency has assigned each of the deals a preliminary ‘A’ rating.
The expected ratings reflect a real estate analysis of the cash flows from wireless tower sites and not an assessment of the corporate default risk of the parent or guarantor, Fitch said.
The deal is expected to close on Aug. 16.
Goldman Sachs and Citigroup have also announced that they will sell a $788.5 million CMBS, according to a Bloomberg report.
The offering is backed by 48 mortgages and retail properties account for 78.2% of the deal.
More preliminary information on the Crown Castle deals is available via the link below from the ASR Scorecards database.