Goldman Sachs, Citigroup and Jefferies have announced a $997.9 million CMBS conduit called GSMS 2013-GCJ16.
The transaction is collateralized by 78 fixed-rate commercial mortgage loans that are secured by 134 commercial properties.
Kroll Bond Ratings, DBRS and Moody’s Investors Service have assigned preliminary ratings to the deal.
The structure will offer five tranches that are rated triple-A and are structured with 30% credit enhancement. The class A1 note are structured with a weighted average maturity of 2.65-years; the class A-2 notes are structures as 4.85-year notes; the class A-3 notes are structured with a weighted average maturity of 9.81-years; the class A4 notes are structured with a weighted average maturity of 9.86-years; and the class A-AB notes are structured with a weighted average maturity of 7.44-years.
The class A-S notes are rated triple-A and have 21.87% credit enhance and a weighted average life of 9.92-years.
Also offered are double-A rated, class B notes with a weighted average life of 9.97-years; single-A rated and class C notes with a weighted average life of 9.97-years.
The loans have principal balances ranging from $2.4 million to $72.9 million for the largest loan, which is secured by Windsor Court New Orleans, a 316-key, full-service luxury hotel located in New Orleans, Louisiana. The deal is expected to price on Nov. 4th.
