Deutsche Bank priced its $927.5 million commercial mortgage securitization, COMM 2014-LC15, in line with initial guidance, according to a regulatory filing.

The conduit transaction is collateralized by 48 commercial mortgage loans secured by 197 properties, according to a presale report published by Kroll Bond Ratings.

The deal will issue 19 classes of certificates will be issued, eight of which earned preliminary triple-A ratings from Kroll, Moody’s Investors Service and DBRS.

The $50 million class A-1 with a weighted average life (WAL) of 2.74 years priced at 50 basis points over swaps, in line with price talk.

The $126.1 million class A-2 with a WAL of 4.9 years priced at 60 basis points over swaps, also in line with price talk.

The $69.5 million class ASB with a WAL of 7.25 years priced at swaps plus 80 basis points, at the high end of the 78-80 basis point range for price talk.

The $243 million class A-4 with a WAL of 9.87 years also priced at the high end of price talk at swaps plus 92 basis points.

Deutsche Bank is the sole bookrunner and lead manager of the deal: Natixis, KeyBanc and RBS are co-managers.

Among ratings considerations cited by Kroll, the overall pool has a weighted average in-trust Kroll-adjusted loan-to-value ratio of 103.8%, which is higher than any of the last 16 CMBS conduits rated by KBRA over the past six months. Also, eight loans (43.4%) either have existing subordinate indebtedness (six loans, 26.4%) or allow future subordinate debt to be incurred (two loans, 16.8%). This is above the average amount of existing and permitted future indebtedness (27.9%) for the conduits rated by KBRA over the past six months.

The underlying collateral properties are geographically diverse as they are located in 23 states. However, there is a sizeable New York concentration (24.0%), and the top five geographic exposures represent 58.9% of the pool, which is higher than the average of 55.2% for the CMBS conduit transactions rated by KBRA over the past six months.

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