Deutsche Bank, Natixis and Ladder Capital are preparing a $1.1 billion CMBS conduit, according to a presale report by Kroll Ratings.
The deal, COMM 2013-LC13, is collateralized by 57 commercial mortgage loans secured by 97 properties contributed by Ladder Capital Financial LLC, Deutsche’s German American Capital Corp. unit and Natixis Real Estate Capital.
There will be 19 classes of certificates, 13 of which are entitled to principal and interest, three of which receive interest only, and one of which is entitled to excess interest. Two classes are residual interests.
Kroll noted it its report that the collateral is diversified, as properties are located in 27 different states, with two that represent more than 10.0% of the pool balance, New York (22.4%) and California (12.1%). The pool has exposure to two property type concentrations in excess of 20.0%, which are office (27.7%) and retail (23.4%).