Presale reports are out on a $425 million sequential-pay commercial mortgage-backed securities deal backed by beneficial interests in a mortgage securing four Florida hotels.
The Boca Hotel Portfolio Trust 2013 BOCA Commercial Mortgage Pass-Through Certificates, series 2013-BOCA, is backed by a loan securing the Waldorf Astoria Boca Raton, Double Tree Bahia Mar Fort Lauderdale, Hyatt Regency Pier Sixty-Six and Waldorf Astoria Edgewater Beach Hotel.
According to Fitch’s presale report on the deal Friday, proceeds of the loan are primarily used to pay off existing debt secured by the property, fund reserves and pay closing costs.
The loan sponsor includes affiliates of Blackstone Real Estate Partners, JPMorgan is the lead manager for the CMBS transaction, Citigroup is the co-manager, another JPMorgan entity is the depositor, and both JPM and Citi entities are loan sellers.
Wells Fargo is the trustee and certificate administrator, and Midland/PNC is the master and special servicer.