The JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 deal expected to price next week is in the market.
According to a Fitch Ratings presale report, the deal is backed by a pool of 49 commercial mortgage loans secured by 118 properties. The certificates follow a sequential-pay structure.
This deal has higher leverage versus other 2011 conduit offerings, Fitch stated. It has a Fitch debt service coverage ratio (DSCR) of 1.23x and Fitch LTV of 95.5%.
The rating agency noted that the average DSCR and LTV for 2011 conduit offerings is 1.25x and 91.6%, respectively.
The 2012-C6 offering has an office concentration of 38.1% of the pool, which is higher versus the 2011 average office concentration of 27.7%. Additionally, six of the top 10 loans are collateralized by office properties, according to Fitch.
It also has a higher concentration of properties found in secondary markets. Three of the top 10 loans, comprising 24.6% of the pool, are in Ohio and Georgia, specifically the Cleveland and Atlanta metro area.
Meanwhile, Fitch also said that eleven loans, making up 24.3% of the pool, are backed by multiple properties. Loans secured by various properties usually have a lower default probability.
Other CMBS deals in the market include a Freddie Mac multifamily offering that priced this afternoon.
UBS and Barclays Capital also plan to sell a CMBS conduit called UBSCM 2012-C1, according to a Bloomberg report.