Bank of America Merrill Lynch and Morgan Stanley are preparing $743.933 of commerical mortgage-backed securities, according to a filing with the Securities and Exchange Commission.
The transaction, MSBAM 2013-C11, is jointly lead by BAML and Morgan Stanley with CIBC World Markets joining as co-manager.
The notes are backed by 38 mortgage loans on 72 properties with an aggregate cut-off balance of $856.327 million. The mortgage were contributed from three sellers: Bank of America, NA, Morgan Stanley Morgage Capital Holdings, and CIBC.
The six senior A and one A-S classes are expected to be rated tripe-A by Fitch Ratings and Moody's Investors Service. The $61.013 million B notes are expected to be rated 'AA-' and 'Aa3', respectively, by the two agencies. The $144.505 million PST and $34.253 million C notes are expected to be rated 'A-' and 'A3'.
The Class A-S, Class B, Class PST and Class C certificates are exchangeable.
The deal also includes seven privately offered classes.
Wells Fargo Bank will act as master servicer for the notes. Midland Loan Services, a division of PNC Bank will be the special servicer.
The deal is expected to price this week and expected closing is Aug. 15.
This is the eleventh joint CMBS deal of the year for the two banks, they were last on the market with a $1.5 billion CMBS transaction in June.