Natixis Real Estate Capital is sponsoring a commercial mortgage securitization limited to two recently issued mortgages totaling a combined $252.5 million, according to ratings agency presale reports.
Natixis will be marketing bonds as well loan-specific certificates tied to a $160 million first-mortgage taken out by Amazon, Inc., for an office tower within its corporate headquarters campus in Seattle.
It will also securitize a $92.5 million loan secured by a newly built addition to the sprawling Memorial Sloan-Kettering Cancer Center campus in New York.
The two loans serve as collateral for the notes and loan-specific certificates to be issued through Natixis Commercial Mortgage Securities Trust 2020-2PAC large-loan transaction.
The Amazon portion of the loan represents the senior interest in a $220 million whole loan for the leasing of the 318,617-square-foot Phase VII building within the online retailer giant’s South Lake Union neighborhood headquarters hub. The property is among 40 office buildings making up Amazon’s corporate headquarters in South Lake Union, and is currently under lease to Amazon through August 2031.
The Memorial Sloan-Kettering Cancer Center property is a six-story office building that was completed in December on Manhattan's Upper East Side. It was built-to-suit for an affiliate of Memorial Sloan-Kettering (Memorial Hospital for Cancer and Allied Diseases). The building, at 330 East 62nd St., was constructed at a cost of approximately $100.4 million, according to presale reports on the trust issuance.
The bonds secured by the loans include $98.33 million in Class A notes, with preliminary Aaa ratings from Moody’s Investors Service. Moody’s also rates the $28.85 million Class B tranche (Aa3), the $18.14 million in Class C notes (A3) and the $20.5 million Class D tranche (Baa3).
Moody’s also rated a tranche of interest-only Class X-A notes at Aaa and Class X-B notes at Baa1. (The Class X-B notes will receive interest distributions for the Class B, C and D certificates.)
Natixis tapped DBRS Morningstar to assign ratings to the loan-specific certificates applying to the Amazon properties, and S&P Global Ratings for the Memorial Sloan-Kettering certificates.
The Class AMZ-1 certificates totaling $26.85 million have early BBB- ratings; the Class AMZ-2 notes totaling $15.5 million are BB-; and $14.5 million in Class AMZ-3 notes at B-.
S&P Global is rating approximately $28.74 million in MSK loan-specific certificates. MSK1, BB-, $12.27 million; MSK-2, $11.6 million (B-). S&P is not rating the $4.87 million in MSK-3 certificates.
