As reported yesterday by ASR in this article, Morgan Stanley and Bank of America are teaming up to issue a CMBS conduit. For the Securities and Exchange Commission filing related to the deal, please click here.

The deal, called Morgan Stanley Capital I Trust 2012-C4, is worth over $1.1 billion. The deal is rated by DBRS, Kroll Bond Rating Agency (KBRA) and Moody's Investors Service.

KBRA has assigned its preliminary ratings to the deal, its seventh in the CMBS market and comes after six single-borrower, large loan CMBS deals in the past nine months. The offering is collateralized by 38 fixed-rate commercial mortgage loans backed by 77 properties across 22 U.S. states and Mexico, according to KBRA.

The top five loans comprise 39.5% of the pool and the top ten loans represent 62.7%. The pool is made up of loans secured by seven property types that have considerable exposures in retail(42.3%), lodging (24%), and office (14.4%). The lodging exposure includes a hotel condominium interest that represents 6.8% of the pool.



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