Another $4.45 billion of commercial mortgage backed securities began marketing Monday, putting the pipeline of deals at around $21 billion.

The boost in issuance over the coming two months is expected to bring conduit gross issuance to about $58 billion and single-asset/borrower gross issuance to about $33 billion, according to Bank of America Merrill Lynch.

Kroll Bond Rating Agency will rate three of the four deals launched today. Two are conduit deals.Deutsche Bank and UBS Securities plan to offer $1.3 billion of commercial mortgage backed securities that are backed by 89 commercial mortgage loans. The loans are secured by 267 properties.The deal, COMM 2014-UBS6, is backed by loans that have a weighted average age of nine years. Over 30% of the loans are secured by retail properties; 20% are lodging, 17.8% are multifamily and 14.7% are office.

The loans have principal balances ranging from $1.2 million to $104.0 million for the largest loan, Tops & Kroger Portfolio (8.1%), which is comprised of 11 anchored retail properties located in New York, Ohio and Georgia. More than half of the pool balance (68.2%) is comprised of loans that pay only interest for either their entire term or for a partial term. The balance of the pool consists of amortizing balloon loans that require principal payments throughout their respective terms.

Kroll will also rate the Goldman Sachs, Morgan Stanley $1.25 billion conduit deal, GSMS 2014-GC26. The CMBS is backed by 92 fixed-rate commercial mortgage loans that are secured by 133 properties.

This pool has exposure to all the major property types, with retail representing the largest exposure at 48%, office the second largest at 40.8% and multifamily the third largest, at 27.5%. The largest loan in the pool is the $88.5 million Queen Ka'ahumanu Center loans and is secured by a 570,904 sf regional mall located in Kahului, Hawaii, on the island of Maui. 

On the large loan CMBS side, another $2 billion began marketing today.  

Kroll plans to rate the COMM 2014-FL5 securitization, a $557.1 million large loan, floating-rate CMBS transaction. The transaction is backed by six loans. All of the loans are structured with a two-year term and three, one-year extension options.

Five of the loans are collateralized by a  senior pooled component and one or more subordinate non-pooled components totaling $377.9 million and $119.2 million, respectively. 

There is one $60.0 million loan, Sava Portfolio II, which is not pooled. Kroll will not rate these notes either. The proceeds received with respect to this loan are the sole source of cash flow for the Class “SV”.

The pooled senior loan consists of mostly lodging properties (61.9%) which serve as collateral for three loans — the K Hospitality Portfolio, Hilton Fort Lauderdale and Marriott Fairview Park. Office assets also secure the Marriott Fairview Park loan ($37.5 million, 1 asset) and a large component of the Peachtree Center Portfolio loan ($117.4 million, 6 assets). The remaining property type exposures consist of the parking (2.7%, 3 assets) and retail (2.4%, 1 asset) components of the Peachtree Center Portfolio loan.

The second large loan CMBS marketing this week uses a similar structure. Citigroup, Goldman Sachs and JP Morgan Chase are the underwiters on  CDGJ Commercial Mortgage Trust 2014-BXCH.

The transaction is backed by two, two-year loans worth $1.4 billion, with three one year extension options. The loans pay only interest throughout the entire five year term.

Each of the mortgage loans will be divided into a senior loan component that backs the pooled certificates, which includes classes A, B and C. The trust will also issue multiple junior loan components that back related classes of loan-specific certificates (classes D-PA, E-PA, F-PA, D-PB, E-PB, and F-PB). The notes, rated by Morningstar and Moody's Investor Service are rated from 'AAA' to 'B-'.

The portfolio A mortgage loan is secured by 61 hotel properties and portfolio B is secured by 37 hotel properties. The properties are a mix of full service, limited service and extended stay properties that operate under Mariott, Hilton, Intercontinental Hotels Group, Hyatt and Starwood brans. One property in the B portfolio operates as an independent hotel.

The transaction also includes $251.5 million of subordinate mezzanine debt associated with the portfolio B properties.

Five of the properties in portfolio A (7.0% by allocated loan amount) and six of the properties in Portfolio B (22.4%) are either in default of their franchise agreements or recently failed their franchise quality assurance inspections. issuer, these issues are being addressed via ADA compliance certification, property improvement plans (PIPs), and additional staff training.

For portfolio A, $61.1 million in contractual PIPs must be completed between fourth-quarter 2014 and 2018, of which $56.0 million must be completed by year-end 2015. For Portfolio B, $96.5 million in PIPs must be completed between fourth-quarter 2014 and 2018, of which $42.9 million is due by year-end 2015. 

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