Goldman Sachs is preparing a $1.3 billion commerical mortgage-backed conduit dubbed GS Mortgage Securities Trust 2013-GC13, according to a presale report from Kroll Bond Rating Agency.
Eight classes of notes totalling $1.032 billion have prelimimary 'AAA' ratings, includes an exchangeable class; there is also an $88.374 million, 'AA'-rated tranche; two $50.023 million 'A'-rated tranches; a $76.701 million 'BBB-'-rated tranche; a $30.014 'BB'-rated tranche; and a $13.339 million 'B+' rated tranche.
The deal also includes three (two exchange classes and the final subordinate class) unrated tranches equal to $43.353 million.
The notes are backed by 67 fixed-rate commercial mortgage loans. All of the loans were contributed by three sellers, Goldman Sachs Mortgage Company (64.2%), Citigroup Global Markets Realty Corp. (24.7%), and Starwood Mortgage Funding I (11.1%).
The loans have principal balances ranging from $2.2 million to $150 million for the largest loan in the pool. The top five by balance comprise 45.3% of the initial pool balance, while the top 10 represent 62.3%.
While the collateral benefits from containing properties in 24 states, the top five geographic exposures represent 64.6% of the pool. KBRA says this is higher than the average aggregate top five geographic concentration in last 16 CMBS conduit transactions KBRA rated in 2013, which was 58.3%. Still, there are only two exposures that exceed 10% of the pool, New York (27.5%) and Kentucky (12.8%).
KBRA also noted that six loans, or 29.2% of the pool, have existing subordinate debt or allow future subordinate debt to be incurred.
Goldman was last on the market with a $1.1 billion joint CMBS with Citigroup and Jefferies.