Deutsche Bank, Cantor Fitzgerald and UBS plan to issue a $905.6 million CMBS conduit transaction that is collateralized by 80 commercial mortgage loans that are secured by 137 properties.
The transaction, COMM 2013-CCRE9, has been assigned triple-A ratings by Kroll Bond Rating, Standard & Poor’s and Fitch Ratings.
The capital structure will offer investors $79.91 million of triple-A class A-1 notes; $78.042 million of triple-A class A-2 notes; $112.19 million of triple-A rated class A-3 notes.
The loans have principal balances ranging from $1.7 million to $78.8 million for the largest loan in the pool, which is secured by 587,484 sf of Northridge Mall (6.1%), a 1.2 million sf super-regional mall located in Salinas, California, according to the KBRA presale report.
The top five loans, which also include The Paramount Building (5.8%), Valley Hills Mall (5.3%), Hackman Industrial Portfolio (4.7%), and JANAF Shopping Yard (4.6%), represent 26.5% of the initial pool balance, while the top 10 loans represent 46.1%.
All of the loans included in the trust were contributed by four mortgage loan sellers, Cantor Commercial Real Estate Lending, L.P. (31 loans, 38.3%), German American Capital Corporation (12 loans, 26.9%), UBS Real Estate Securities Inc. (30 loans, 25.4%), and KeyBank National Association (7 loans, 9.4%).
