Commercial mortgage-backed securities players were eagerly awaiting this week's Commercial Mortgage Securities Association convention in New York, as the $802 million PNC conduit's pricing was held off until after the industry-wide meeting in order to reap some of the benefits of the event.
"Since this is the most recent deal in the market, it is a smart move to launch it before a large conference like that," said one CMBS source. "This will be somewhat of a benchmark transaction. From a collateral perspective, there is a decent percent of multifamily, but not enough to get the government-sponsored enterprises involved. Judging how the Salomon Smith Barney deal is going right now, this should have better reception than that one."