The latest two commercial mortgage securitizations to join the new-issue pipeline couldn’t be much more different. J.P. Morgan Chase is preparing a $1.13 billion deal that is relatively diversified by property type but rather highly leveraged, while a $1.17 deal from Deutsche Bank and Cantor Fitzgerald is backed almost exclusively by hotels but has relatively low leverage.
J.P. Morgan Chase Mortgage Securities Trust 2013-C16 (JPMCC 2013-C16) is backed by the beneficial interest in a pool of 60 commercial mortgage loans secured by 113 properties. An unusually large concentration, 29.6%, are multi-family properties, according to a presale published by Fitch Ratings. By comparison, the average concentration in CMBS deals that Fitch rated in the first half was just 8.9%.