Deutsche Bank has priced a $1.29 billion commercial mortgage securitization, according to a regulatory filing.

The deal, COMM 2014-UBS4 Mortgage Trust, is backed by a pool of 91 loans secured by 124 properties, the majority of them in New York, Texas, and California.  A mix of property types will be offered, including office (31.5%), retail (18.7%), multifamily (18.4%), hotel (16.3%), and mixed use (11.2%). 

The $53.4 million class A-1 notes priced at swaps plus 43 basis points, with a weighted average life (WAL) of 2.46 years, and the $143.25 million class A-2 notes priced at swaps plus 58 basis points, with a 4.85 year WAL.  The $80.3 million class A-SB notes priced at swaps plus 70 basis points with a 7.36 year WAL.  The $21.2 million class A-3 notes and $353.7 million class A-5 notes both priced at swaps plus 78 basis points, with 6.94 and 9.90 weighted average lives, respectively.  The $250 million class A-4 notes priced at swaps plus 76 basis points, with a 9.75 WAL.  These tranches were all rated ‘AAA/Aaa’ by Fitch Ratings and Moody’s Investors Service, respectively, and benefit from a credit enhancement of 30.0%.

Full-term, interest-only loans make up 20.7% of the pool, and 39.0% of the pool is partial-term, interest-only.

Loan concentration in the deal is lower than recent transactions, with the top 10 loans representing only 47.1% compared with the first-half 2014 concentration’s 52.5%.  The pool is scheduled to amortize 12.1% prior to maturity.

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