Goldman Sachs and Citigroup priced a $1.2 billion commercial mortgage backed securities conduit, according to a regulatory filing.

The transaction, GSMS 2014-GC20, is collateralized by 63 fixed-rate commercial mortgage loans that are secured by 127 properties located in 32 different states.

The trust issued 19 classes of notes, including six super senior tranches with preliminary ‘AAA’ ratings from Kroll Bond Rating Agency and credit enhancement of 30%. The 10-year, super-senior, class A-5 notes priced at swaps plus 88 basis points. The subordinate, 10-year, triple-A notes priced at swaps plus 113 basis points.

The collateral backing GSMS 2014-GC20 has a weighted average in-trust loan-to-value ratio of the collateral at 103.1%, which is above the average of the 17 CMBS conduits that it rated over the last six months.

Five mortgage loan sellers sold the loans to the trust: Goldman Sachs Mortgage Company, Citigroup Global Markets Realty Corp., MC-Five Mile Commercial Mortgage Finance, Starwood Mortgage Funding and Redwood Commercial Mortgage Corporation.

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