Goldman Sachs , Jefferies and Citigroup have lined up a $1.2 billion conduit CMBS deal that is backed by 84 commercial mortgage loans secured by 132 properties.
The deal called GS Mortgage Securities Trust 2013-GCJ14 has been assigned preliminary ratings by Moody’s Investors Service, DBRS and Kroll Bond Ratings Agency.
On offer to investors is a $81.9 million, short dated, 2.47-year, class A1 tranche rated triple-A; $77.9 million, 4.87-year, class A-2 notes rated triple-A; $36.3 million, 6.79-year, class A-3 notes rated triple-A; $165 million, 9.77-year, class A-4 notes also rated triple-A; $406.4 million, 9.85 –year, A-5 notes rated triple-A; and $102.19 million, 7.36-year, class A-AB notes rated triple-A. An interest only X-A tranche sized at $967.27 million is also being offered.
Drexel Hamilton is co-manager on the deal.
The pool has exposure to all the major property types. The largest loan securitized, representing 12.1% of the pool, is secured by 11 West 42nd Street, an office building located in Midtown Manhattan, New York, according to the KBRA presale report. The top five loans include ELS Portfolio (8.8%), W Chicago – City Center (7.5%), Cranberry Woods Office Park ( 4.5%) and Mendoza Multifamily Portfolio ( 4.0%). These loans represent 36.8% of the initial pool balance. The properties in the collateral pool are located in 21 different states.