JP Morgan and Barclays priced a $957.6 million CMBS conduit transaction that is 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 offered twelve tranches of publicly offered notes that are rated from triple-A to single-A. Six tranches were offered privately.
The super-senior, 9.90-years, class A-5 notes priced at swaps plus 93 basis points, according to a pricing terms sheet filed with the Securities and Exchange Commission. The 9.75-year, A-4 notes priced at swaps plus 91 basis points. The class B notes and class C notes, both structured with 9.96-year weighted average lives priced at swaps plus 185 basis points and swaps plus 235 basis points respectively.
By comparison the last CMBS deal to price was COMM 2014-CCRE 15. The 9.89-year, triple-A’s priced at swaps plus 95 basis points. Further down the curve, the 9.89-year, class B notes priced at swaps plus 180 basis points and the 9.89-year class C notes priced at swaps plus 225 basis points.
JP Morgan Chase Bank, Barclays Bank, Redwood Commercial Mortgage, 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.