Deutsche Bank is marketing its first commercial mortgage securitization of the year, according to a regulatory filing. The deal, COMM 2014-CCRE14, will issue $1.239 billion of securities backed by $1.377 billion of mortgages.

Deutsche and Cantor Fitzgerald are joint bookrunning managers and co-lead managers; Natixis Securities, Nomura and CastleOak Securities are co-managers.

Fitch Ratings has assigned preliminary ‘AAA’ ratings to seven classes of notes. These ratings take into account leverage levels in the deal, including a debt service coverage ratio of 1.22x, which is slightly below the average for 2013 of 1.29x; and a loan to value ratio of 94.4%, which is slightly lower than the 2013 average of 101.6%.

In its presale report, Fitch also noted that the pool has a high concentration of multifamily properties of 21.6%, which it views favorably, and a relatively low exposure to retail properties of 13.1%. Exposure to hotels is also lower than recent Fitch-rated deals at 10.4%

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