Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings for the BAMLL 2012-PARK CMBS deal.

According to a report from the rating agency, BAMLL 2012-PARK is a $300 million CMBS single-borrower offering. The transaction's collateral comprises a single, non-recourse, first-lien mortgage loan, the rating agency said.

The loan is backed by the borrowers’ fee simple interest in a 1.25 million square feet office property at 101 Park Avenue, New York, NY.

It is a 48-story, Class A, office building two blocks south of Grand Central Terminal. It comprises 1.14 million square feet of office space and 105,581 square feet of retail, storage and garage space.

KBRA said that 52% of the building’s total square feet is occupied by tenants that have been at the building since its construction in 1982. Additionally, the rating agency mentioned that the property’s average lease rate for its office space in the past decade is 99.3%.

Meanwhile, in other CMBS deal news, the $1.16 billion Wells Fargo and Royal Bank of Scotland CMBS called WFRBS 2012-C10 might be pricing this week, according to Bloomberg.

KBRA has also assigned preliminary ratings to the transaction. According to Kroll, 2012-C10 is a $1.3 billion CMBS conduit backed by 85 fixed-rate commercial mortgage loans secured by 122 properties.

The loans have principal balances that range from $1.3 million to $125.0 million for the biggest loan in the pool secured by Republic Plaza (9.6%), which is a 1.3 million square feet office building in Denver, Colorado.

According to KBRA, the top five loans, which also include Concord Mills (8.4%), Dayton Mall (6.3%), Stag REIT Portfolio (5.3%) and the Rogue Valley Mall (4.2%), comprise 33.8% of the initial pool balance. Meanwhile. the top ten loans make up 48.9%, the rating agency reported.

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