Morgan Stanley plans to issue $800 million in securities backed by a large commercial mortgage loan that is secured by Century Plaza Towers, a tier-one office property in Los Angeles, according to presale reports published by Standard & Poor’s and Morningstar.

The deal, Morgan Stanley Capital I Trust 2014-CPT, will offer $415 million of super senior notes that have been assigned preliminary ratings of ‘AAA’/ ‘AAA’. S&P has assigned the $65 million, class A-M, a ‘AA ’ rating. Morningstar has assigned ‘AAA’ ratings to the notes. The notes mature in July 2021.

The capital structure also features $30 million of ‘AA-’/‘AA-’ rated class B notes; $75 million of ‘A-’/ ‘A-’ rated class C notes; $50 million of ‘BBB’/ ‘BBB’ rated class D notes, $40 million of ‘BBB-’/ ‘BBB-’ rated class E notes; $80 million of ‘BB’/ ‘BB’ rated class F notes; and $45 million of ‘BB-’/ ‘BB-’ rated class G notes.

The mortgage loan is interest-only for the entirety of its seven-year term.  S&P views this as a risk factor because of the higher balance to be refinanced at maturity, compared with an amortizing loan.

Prior to the 2014-CPT transaction, there have been more than 30 isecuritizations under the Morgan Stanley Capital I Trust since 2003.

The last deal S&P rated in the Morgan Stanley Capital I Trust was the Series 2013-WLSR transaction in February 2013.  The $193 million commercial mortgage loan was secured by the fee interest in Wilshire Courtyard, a 1.0 million square-foot office campus in West Los Angeles.  S&P rated the $119.54 million class A notes ‘AAA.’

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