Morgan Stanley and Bank of America Merrill Lynch planning a $933 billion commercial mortgage backed securitization dubbed MSBAM 2014-C15, according to deal term sheet filed with the Securities and Exchange Commission.
The deal, which has been assigned preliminary ratings by Fitch Ratings, Moody’s Investors Service and DBRS, will offer five triple-A rated, super-senior tranches with expected average lives ranging from three to 10 yeass; all benefit from 30% credit enhancement. Also on offer are the triple-A rated, class AS notes with 25% credit enhancement.
Further down the credit curve, there are also several 10-year tranches: the double-A rated, class B notes and two single-A rated tranches on offer.
The loan pool is comprised of 48 loans that are backed by 76 properties. Arundel Mill & Marketplace, a mall located in Hanover, Maryland is secured the largest loan and represents 13.9% of the pool.
The second largest loan is secured by AmericasMart a wholesale trade center located in Atlanta, GA. consists of four buildings totaling seven million sq. ft. and represents 12.9% of the pool. The San Juan, Puerto Rico, hotel property La Concha Hotel & Tower secures the third largest loan which represents 7.9% of the pool.