Deutsche Bank and Cantor Fitzgerald plan to issue a $1.4 billion CMBS conduit deal called COMM 2013-CCRE8.
German American Capital Corporation, Cantor Commercial Real Estate Lending and Natixis Real Estate Capital are sponsors of the loans backing the latest CMBS conduit to come to market.
The transaction is collateralized by 59 commercial mortgage loans that are secured by 94 properties.
Kroll Bond Rating Agency (KBRA) assigned preliminary ratings to the deal. The ratings agency has assigned ‘AAA’ ratings to the $80.72 million class A-1 notes; $102.69 million class A-2 notes; $23.84 million class A-3 notes; $250 million class A-4 notes; $408 million class A-5 notes; $104 million A-S notes; and $157.50 million class A-M notes.
The $81.34 million class B notes have been rated ‘AA-’; the $41.54 million class C notes are rated ‘A-’; the $46.73 million class D notes are rated ‘BBB-’; $22.5 million class E notes are rated ‘BB’ and the $24.23 million class F notes are rated ‘B’. KBRA will not rate the class G notes.
The loans have principal balances ranging from $2.2 million to $209.0 million for the largest loan in the pool, which is secured by 375 Park Avenue (15.1%), an 830,928 sf, Class-A office tower located in New York City.
The top five loans include Moffett Towers Phase II (8.3%), 175 Park Avenue (5.4%), Westin San Diego (5.1%), and 1460 North Halsted (4.5%), represent 38.4% of the initial pool balance, while the top 10 loans represent 57.5%.
Three loans, 375 Park Avenue (15.1%), Moffett Towers Phase II (8.3%), and The Paramount Building (4.0%), were originated with split loan structures whereby the mortgaged property securing the loans also secures a pari passu companion loan.
A $782.8 million mortgage on 375 Park Avenue was split into senior and subordinate components, of which a $209.0 million senior component will be contributed to this transaction while a $209.0 million senior and a $364.8 million subordinate component were contributed to CGCMT 2013-375P, a single borrower transaction that was also rated by KBRA.