JPMorgan Chase Commercial Mortgage Securities Corp. priced its $716.3 million CMBS, which offered a below-investment-grade piece, according to a Reuters report.
The deal, JPMCC 2010-C1, is backed by 36 fixed-rate commercial mortgage loans secured by 96 properties. JPMorgan Chase Bank loans comprise 76.4 percent of the offering, while 21.6% of loans come from Ladder Capital Finance, according to the report.
The top-rated tranche was worth $416.12 million with a weighted life average of 4.53 years and priced at 140 basis points over swaps to yield 3.604%. Its triple-A $131.3 million 6.76-year trache priced at initial guidance of 160 basis points over swaps
The conduit sale's three lower-rated tranches included a $16.1 million AA-rated 9.98-year note issue that priced at a wider spread of 250 basis points over swaps, versus spread guidance of 225 to 240 basis points over swaps, market sources said.
The deal also included a $26.9 million single-A-minus rated 9.98-year tranche that priced at a 345 basis points over swaps, and its triple-B -rated $14.3 million 9.98-year note issue also came at the wider end of initial guidance of 425 to 440 basis points over swaps, at a 440 basis points, said the Reuters report.