The biggest loan in the pool is sensitive to fashion trends.

Morgan Stanley is readying a deal backed by 57 commercial mortgages.

Amounting to $611.8 million in total, the notes on offer consist of a number of tranches, according to a presale report from Moody’s Investors Service.

The ‘Aaa’-rated tranches in MSCI Commercial Mortgage Trust 2015-UBS8 all enjoy a 30% credit enhancement or cushion against losses.

The underlying loans add up to $805 million and are secured by 72 properties. Four loans are secured by more than one property. The largest in the pool, for $70 million, is secured by 525 Seventh Avenue, located in Manhattan’s Garment District at 38th street. The largest tenant in that building, Jones Apparel Group, occupies 11.6% of the net rentable area and has been leasing there since 1999. By nature of its location and tenant make-up, 525 Seventh Avenue is exposed to the health of the fashion industry.

The next largest loan in the deal, for $68 million loan, is secured by Ellentown Premium Outlets, an open-air shopping center in Florida town of the same name. Located on the Gulf Coast side of the state, Ellenton is within the metropolitan area of Sarasota. Saks Fifth Avenue and Nike are among the mall’s major tenants.

Loans to retail in MSCI Commercial Mortgage Trust 2015-UBS8 make up 43.2% of the pool, the largest segment.

Florida accounts for 15.5% of pool. Some 13.5% of the properties are in the New York-New Jersey metropolitan area.

Moody’s weighted average loan-to-value ratio for deal is 114.3% “While the leverage is lower than several recently securitized transactions…[it] is still considered a concern,” the agency said in the report. Some of the large loans have particularly high LTVs, such as the one secured by Aguilas Village (151.5%) and Action Properties Portfolio (147.9%).

The loan sellers include UBS Real Estate Securities—responsible for 73.2% of the total—Bank of America National Association (18.5%) and Morgan Stanley Mortgage Capital Holdings (8.3%).

The master servicer is PNC Bank unit Midland Loan Services.

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