Morgan Stanley is securitizing two floating-rate loans totaling $305 million that are in turn backed by hotel and mall properties.
Both loans will be securitized under Morgan Stanley Capital I Trust 2015-XLF.
The $144 million Ashford Hospitality Trust loan is secured by seven full-service hotel properties, with a total of 1,511 keys located in six states. The loan backs several classes of notes to be issued from the securitization trust that are rated from 'AAA' to 'BBB-' by Fitch and mature on August 2026.
The loan refinances approximately $164.8 million in total debt encumbering the portfolio. The properties are flagged with Hilton, Hyatt and Intercontinental franchisors. Ashford acquired the properties from December 1998 to April 2007.
The $161 million Starwood National Mall Portfolio loan funds the acquisition of three regional malls by Starwood, purchased as part of a larger portfolio from Taubman Centers in October 2014. The portfolio includes The Shops at Willow Bend, a 1.24-million-square foot mall located in Plano, TX; Fairlane Town Center, a 1.38-million-square foot mall located in Dearborn, MI; and Stony Point Fashion Park, a 675,949-square foot open-air center in Richmond, VA.
The loan backs the several classes of notes with ratings that range from 'AAA' to 'BBB-' and are due November 2026.