Morgan Stanley and Bank of America Merrill Lynch priced a $934 billion commercial mortgage backed securitization dubbed MSBAM 2014-C15.
The 10-year, super senior, class A4 notes priced at swaps plus 90 basis points. The subordinate, 10-year, triple-A tranche priced at swaps plus 110 basis points, according to pricing term sheet filed with the Securities and Exchange Commission.
Further down the credit curve, the 10-year double-A rated, class B notes priced at swaps plus 140 basis points; and the single-A rated, ten-year class C notes priced at swaps plus 185 basis points.
The loan pool is comprised of 48 loans that are backed by 76 properties. Arundel Mill & Marketplace, a mall located in Hanover, Maryland is securing 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.