Deutsche Bank and Cantor Fitzgerald priced the $1.2 billion COMM 2015-LC19 several basis points tighter than the last commercial-backed mortgage security (CMBS) conduit to price.

The benchmark, 10-year, super-senior notes priced at a spread of swaps plus 91 basis points, according to a pricing document. The notes priced four basis points inside of Morgan Stanley/ Bank Of America Merrill Lynch’s  $1.1 billion transaction, MSBAM 2015-C20, which priced last week.

By comparison the debt service coverage ratio, which is the amount of cash flow available to meet annual interest and principal payments on debt, on the Deutsche Bank/Cantor deal is 2.08x; the Morgan Stanley/BofAML conduit has DSCR ration of 1.63x.

COMM 2015-LC19 is backed by 59 fixed-rate loans secured by 139 commercial, multifamily, and manufactured housing properties. Loans backed by retail properties make up 25.6% of the pool balance and multifamily-backed loans account for 10.8% of the pool balance. Two loans are greater than $100 million - $144 million on One Memorial, an office building in Cambridge, MA and $105 million on Gateway Center, a retail center in Brooklyn, NY.

Less than half of the loans in the pool (25) amortize throughout their terms; the remaining 34 pay only interest for part or all of their terms.

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