A commercial mortgage-backed security (CMBS) linked to a single borrower in New York’s Garment District — the 23-story Eleven Penn building — is being prepped for issuance, according to a pre-sale report by Kroll Bond Rating Agency.

Called VNDO 2013-PENN, the $450 million deal is backed by a first line mortgage jointly originated by UBS Real Estate Securities (60% of the loan) and Wells Fargo Bank, National Association (40%) on Nov. 27.

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