JP Morgan and Barclays plan to issue a$957.6 million CMBS conduit transaction collateralized by 51 fixed-rate commercial mortgage loans that are secured by 83 properties.
Kroll Bond Ratings, Moody’s Investors Service and Fitch Ratings have assigned preliminary ratings to the deal called JPMBB 2014-C18. The capital structure offers twelve tranches publicly offered notes that are rated from triple-A to single-A. Six tranches will be offered privately; there tranches ratings range from triple-A to single-B.
JP Morgan Chase Bank, Barclays Bank, Redwood Commercial Mortgage Corp, Starwood Mortgage Funding II and RAIT Funding are the mortgage loan sellers.
According to the KBRA presale report,the loans have principal balances ranging from $3.3 million to $100.0 million for the largest loan in the pool, which is secured by 308,169 sf of the Miami International Mall (10.4%), a regional mall located in Miami, Florida.
The five largest loans also include Jordan Creek Town Center (10.4%), Marriott Anaheim (8.4%), Waterstone Retail Portfolio (5.8%), and Meadows Mall (5.6%), represent 40.7% of the initial pool balance, while the ten largest loans represent 58.6%.
KBRA noted in the presale report the pool has concentration exposure in excess of 14% to two property types: retail (51.2%) and office (14.1%).