Ladder Capital is securitizing a $450 million five-year commercial mortgage loan that is backed by a San Francisco multifamily complex, according to a pre-sale report from Morningstar. 

Morningstar is rating the deal, called LCCD 2014-PKMD. The rating agency expects to assign ratings of ‘AAA’ to $390 million of class A notes that have credit enhancement at 13.33%; ‘AAA’ ratings to $33.5 million of class B notes with credit enhancement at 5.8%, and ‘AA+’  ratings to $26.4 million of class MR-C notes.

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