A $130-million loan secured by the Dallas Market Center is the largest one backing a new Goldman Sachs-managed CMBS conduit, according to a Kroll Bond Ratings Agency presale report.
Called GSMS 2015-GC30, the deal totals $1.24 billion.
The loan is secured by 3.1 million sf of the 3.6 million sf that make up the wholesale trade mart center located in Dallas, Texas. The property is one of the world’s largest wholesale market facilities, which hosts a broad spectrum of events on a regional, national, and international scale. As of April 2015, the property was 88.3% occupied by approximately 1,100 tenants that represent more than 17 industries.
Also among the top five loans are the Selig Office Portfolio (9.9%), Worthington Renaissance Forth Worth (6.9%), Courtyard by Marriott Portfolio (6.8%), and Bank of America Plaza (4.1%).
The Dallas Market Center property secures another CMBS loan that is not included in this deal. Selig Office Portfolio (2nd largest, 9.9%), Courtyard by Marriott Portfolio (4th largest, 6.8%) and 170 Broadway (11th largest, 1.6%) also have a similar split-loan structure, where the mortgaged property secures one or more loans not included in the trust.
In total, the pool is comprised of 88 fixed-rate loans that have a weighted average life of nine years, and are secured by 178 properties. The majority of the loans were used to refinance existing debt (65 loans, 83.0%).
More than half of the pools in the loan (49) will pay only interest for some period of the loans’ term, 10 pay interest only for the entire term and the rest will pay only interest for a partial term. The loans have a weighted average loan to value ratio of 63.6%. However Kroll’s stressed LTV on which the ratings are based is 99.7%, which is below the average of the 20 CMBS conduits the rating agency has rated over the last six months. These transactions had in-trust KLTVs ranging from 96.8% to 106.4%, with an average of 102.7%.