Morgan Stanley plans to sell a single-asset deal called Morgan Stanley Capital I Trust 2012-STAR worth $340 million.
Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to the transaction. According to the rating agency's presale report, the collateral for the CMBS comprises a single, non-recourse, first lien mortgage loan.
The loan is backed by the borrowers’ fee simple in 721,438 square feet of the destination shopping center North Star Mall in San Antonio, Texas. The property, which has non-collateral anchor tenants, is a 1.24 million square feet super-regional mall.
KBRA said that the one and two-level center is on a 47-acre parcel roughly a mile from the San Antonio International Airport and is easily accessible because of an extensive highway system.
The property offers four traditional mall anchors, a junior anchor, and roughly 140 total mall in-line stores and food alternatives. North Star Mall has maintained an average occupancy of over 95.5% in each year beginning in 2005.
In related news, KBRA also assigned preliminary ratings to the Wells Fargo Resecuritization Trust 2012-I0 CMBS, which re-securitizes 104 commercial and multifamily CMBS interest only certificates.
According to the rating agency, the source of payment for the rated securities is diverse, and includes 104 IO securities from 97 different CMBS deals backed by fixed rate loans that were issued between 1997 and 2012.
The collateral securities have a current aggregate notional balance of $16.3 billion, KBRA said. They also generate lifetime cash flow of $375 million in the agency’s baseline scenario.
Other CMBS deals are Deutsche Bank and Cantor Fitzgerald's COMM 2012-CRE2; Morgan Stanley and Bank of America Merrill Lynch's $1.18b MSC 2012-C5 and the Federal Deposit Insurance Corp.'s $192 million planned offering backed by distressed commercial and other loans written by Tennessee Commerce Bank, according to Bloomberg.
