German American Capital Corp. and Citi priced $525 million of bonds backed by the mortgage on a single commercial property, a mall in Scottsdale Ariz., according to a person familiar with the transaction.
The collateral for the deal, COMM 2013-SFS, is a fixed-rate, whole loan secured by approximately 1.4 million square feet portion of an approximately 1.7 million square feet, super-regional mall, Scottsdale Fashion Square, according to presale reports.
Deutsche Bank and Citigroup Global Markets were the joint book runners and co-lead managers.
A $123.5 million tranche with an ‘AAA’/’Aaa’ rating from Fitch Ratings and Moodys’s Investors Service and a weighted average life of 5.3 years was priced to yield 1.8684%, or 91 basis points over its benchmark.
A $244.9 million tranche with an ‘AAA’/’Aaa’ rating and a weighted average life of 10 years was priced to yield 3.1091%, or 118 basis points over its benchmark.
A $67.3 million tranche rated AA/A3 and a weighted average life of 10 years was priced to yield 3.2791%, or 135 basis points over its benchmark.
