Goldman Sachs plans to issue $568 million CMBS loans backed by fixed rate loans that are secured on three malls.
The deal, GS Mortgage Securities Trust 2013-1 has been assigned preliminary rating by DBRS. The capital structure offers investors three class A tranches, rated ‘AAA’; class B notes rated ‘AA’; ‘A’ rated class C notes; ‘BBB’ rated class D notes; and ‘BB’ rated class DM notes. All classes will be privately placed.
The collateral consists of three fixed-rate loans that are secured by two outlet malls and one regional mall – Great Lakes Crossing Outlets, Katy Mills and Deptford Mall – located in established suburban markets.
According to the DBRS presale report the class DM notes is a non-pooled subordinate B-Notes that represents the most junior $25.1 million of the Deptford Mall loan.