Credit Suisse has priced a securitization of 82 commercial mortgages that add up to roughly $1.2 billion, according to a filing with the SEC.
The largest single loan in the pool, for $110 million, is secured by two Grand Hotels in posh neighborhoods of Manhattan, one in the Soho neighborhood the other in Tribeca. The Soho Grand has 353 rooms while the Tribeca Grand has 201.
Credit Suisse's first conduit CMBS backed entirely by post-crisis loans, CSAIL Series 2015-C1 consists of six priced tranches. The largest is the $405.3-million A-4, which has a weighted average life of 9.68 years and pays at 82 basis points over interpolated swaps (IntS). That piece was rated triple-A by Fitch Ratings, Kroll Bond Ratings, Morningstar, and Moody’s Investors Service.
The next biggest tranche to price was the $84-million A-S, which came out at 110 basis points over IntS and has a WA life of 9.82. It was the only split-rated piece in the bunch, with Moody’s giving it a Aa2’ and the other three agencies a triple-A.
Moody's also stood apart from the others on the B and C tranches, which it alone did not rate. Given double-A minus across the rest of the board, the $66.7-million B piece priced at 135 basis points over IntS. The C piece, rated single A minus by KBRA, Morningstar and Fitch, priced at 190 basis points over.
In a sign that demand remains strong for this asset class, all the tranches priced inside their respective coupons, with the exception of the A1, which came out at par.
Full pricing info can be found here.
The transaction’s underlying pool is secured by 114 properties and had a WA loan-to-value ratio of 63.4% as of the cut-off date. The WA seasoning of the loans is three months.
For more details on the loans and the portfolio of properties behind them click here.