Morgan Stanley and Bank of America have pre-marketed $1.3 billion of commercial mortgage backed securities dubbed MSBAM 2014-C14 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 six tranches of triple-A rated bonds structured with 30% credit enhancement. Also on offer is a triple-A rated interest-only tranche.
Further down the credit curve the deal is structured with 10-year, double-A rated, class B notes; and two single-A rated, 10-year notes.
The loan pool is comprised of 58 loans that are backed by 75 properties. AmericasMart a wholesale trade center located in Atlanta, GA. consists of four buildings totaling seven million sq. ft. and represents 9.4% of the pool. The second largest loan is a Wall St. office building, which represents 9.1% of the pool. The third largest loan is a multifamily property, also in New York City, which represents 8.1% of the pool.