Deutsche Bank and Cantor Fitzgerald priced $824.8 million of commercial mortgage backed securities issued from the COMM 2014 - CCRE21 conduit, according to a deal document.
The trust sold the triple-A rated, super senior, 10-year notes at swaps plus 90 basis points, five basis points wide of where MSBAM 2014-C19 priced its super senior notes earlier this week. Kroll Bond Ratings, Morningstar, Fitch Ratings and Moody’s Investors Service.
The rest of the super senior notes were sold at slightly wider spread than the MSBAM 2014-C19 conduit. For example, the 7.5 year, A-SB notes priced at 82 basis point, five basis point wider than the MSBAM 2014-C19 A-SB notes.
COMM 2014 - CCRE21 is backed by 59 fixed-rate commercial mortgages with principal balances ranging from $1.2 million to $80 million for the largest, One Memorial, a 369,436-square foot, class A office building in Cambridge, Mass.
More than half of the pool balance, or 31 loans representing 67.3%, pay only interest for period of time or for their entire term.
The loan sellers were German American Capital Corp., Cantor Commercial Real Estate, KeyBank National Association, Natixis Real Estate Capital, UBS Real Estate Securities, and Pillar Funding.
The overall pool has a weighted average loan to value ratio, as measured by Kroll, of 103.9%. That’s higher than the average of 100.7% for the 18 conduits Kroll has rated over the past six months.
