Credit Suisse is securitizing a $235 million commercial mortgage that is secured by the Shutters on the Beach and the Casa del Mar, two luxury hotels located in Santa Monica, California.

The bonds will be issued from CSMC Trust 2015-SAND. Morningstar and Standard & Poor’s assigned preliminary ratings of ‘AAA’/ ‘AAA’ to $79.6 million of class A notes; ‘AA’/ ‘AA-’ ratings to $28.8 million of class B notes; ‘A-’/ ‘A-’ratings to $21.4 million of class C notes; ‘BBB’/ ‘BBB-’ ratings to $28.3 million of class D notes; ‘BB-’/ ‘BB-’  ratings to $44.6 million of class E notes and ‘B-’ / ‘B-’ ratings to $35 million of class F notes.

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