Wider spreads on Deutsche Bank and Cantor Fitzgerald’s COMM 2014-CCRE20 show that the CMBS continues to feel pressure from boarder market volatility.
The super-senior 10-year priced at swaps plus 91 basis points, four basis points wider than a simlar tranche of the Citigroup/Goldman conduit, CGCMT 2014-GC25, which priced last week.
Pricing spreads on the super senior notes issued from the Citi/Goldman deal last week has already widened by 15 basis points from the previous deal to come to market, on Oct. 9th.
JP Morgan analysts stated in a report this week that new issue conduit spreads for the 10-year, senior notes are now 7 basis points wider than where they started 2014 and are near their widest level of the past 12 months.
COMM 2014-CCRE20 is collateralized by 64 fixed-rate commercial mortgages that are secured by 101 properties.
The pool is exposed to all major property types but three make up over 10% of the pool each: retail represents 27.4%, hospitality represents 27.9% and office accounts for 26.3%. A $120 million loan secured by Gateway Center Phase II, a 602,164 sf retail power center located in Brooklyn, New York is the single largest of the pool.
The top five loans, which make up 36.9% of the pool, also include InterContinental Miami, at 9.7% of the pool; Marriott Atlanta Airport Gateway at 7.2%, Harwood Center at 5.1%, and Culver City Creative Office at 4.8%.