Single asset/single borrower deals continue to dominate the CMBS pipeline this week with another two deals, for a combined $1.43 billion planned this week.
Deutsche Bank and Bank of America Merrill Lynch will issue $710 million of CMBS notes backed by the fee interest in Worldwide Plaza, a 47-story office tower located at 825 Eighth Avenue in New York City.
Morningstar assigned preliminary rating to the deal, COMM 2013-WWP. The capital structure includes $444 million of ‘AAA’ notes; $99.24 million of ‘AA-’notes;$73.99 million of ‘A-’ notes; and $92.67 million of ‘BBB-’ notes. There is also a $165.0 million mezzanine piece that is expected to be sold, subject to an intercreditor agreement.
The sponsor of the borrower is a joint venture among RCG Longview Equity Fund, DRA Advisors LLC and CWWP Partners LLC, an entity controlled by Peter S. Duncan, president and CEO of George Comfort & Sons, Inc.
GS plans hotel CMBS
Morningstar also assigned ratings on Goldman Sachs $410 million commercial mortgage-backed securities deal, GS Mortgage Securities Corp. Trust 2013-NYC5 that is backed by five hotels. Affinia Manhattan, Affinia Shelburne, Affinia 50, Affinia Gardens and The Benjamin secure the five-year 3.673% interest-only loan that serves as collateral for the deal.
The capital structure will offer $228.39 million of ‘AAA’ notes; $40.6 million of ‘AA+’ notes; $25.5 million of ‘AA’ notes; $30.3 million of ‘A-‘ notes; $49.3 million of ‘BBB-‘ notes; and $35.9 million of ‘BB’ notes.
Sponsors of the loan include Pebblebrook Hotel Trust, a Maryland real estate investment trust and Denihan Ownership Co. LLC, a New York LLC. Pebblebrook owns 49% and Denihan owns 51% of the interest in the borrowers.
On Monday, Wells Fargo announced a $310 million single borrower CMBS transaction dubbed WFCM 2013-120B that is backed by the Equitable Building, a 1.9 million square feet (sf) office property at 120 Broadway, New York, NY.