Five Mile Capital Partners and Westmont Hospitality Group are planning a $200 million commerical mortgage-backed securitization called STWD 2013-FV1 Mortgage Trust, according to a Standard and Poor's presale report.
The notes are backed by one commercial mortgage loan totaling $200 million secured by the fee and leasehold interest in 123 Red Roof Inn hotels across 29 states.
Wells Fargo Securities is managing the transaction. Expected closing is August 8.
The $45.614 million class A-1 notes were preliminarily rated 'AAA' by S&P. The $58.485 million class A-2 notes were also rated 'AAA'. The $95.901 total B, C and D classes were rated 'AA-', 'A-', and 'BBB-', respectively. The deal also features an exchangeable X class rated 'BBB-'.
The trust loan balance has low leverage, with a LTV ratio of 57.6%, according to S&P.
No state accounts for more than 10.3% of the portfolio securing the loan. Pennsylvania (10.3%), Illinois (10.2%), and Texas (7.7%) hold the largest portions of the pool by allocated loan amount.
KeyCorp Real Estate Capital Markets will service the notes, with LNR Partners acting as special servicer.