A new $1 billion commercial mortgage-backed security is on the way, according to a pre-sale report by Kroll Bond Ratings.

The deal’s in-trust loan-to-value ratio of 101.9% is the highest among the 15 deals the agency has rated in the six months through January. But several mitigating factors — geographic diversity, high-quality obligors, and loans secured by multiple properties, among them — apparently helped the $760 million in A tranches achieve triple-A ratings.

Collateral for the deal, called COMM 2014-CCRE 15, consists of 49 fixed-rate mortgages secured by 64 properties.

The loans range in size from $1.9 million to $110.0 million. The largest loan in the pool is secured by two neighboring office buildings in Sunnyvale, California occupied by Amazon.com and Google.

The five largest loans account for 41.4% of the initial value of the pool. The properties securing the loans are spread through 24 states and Washington D.C., but New York accounts for a disproportionate 23.4% of the total and California 19.6%. Office properties are nearly a third of the collateral (32.5%). Multifamily accounts for nearly 26%.

Higher than the in-trust figure, Kroll’s LTV is 11.3%. The agency’s figure includes existing subordinate debt and assumed amounts of permitted subordinate debt. 

The loans in the pool came from four sellers: German American Capital Corporation (17 loans or 56.7% of total by volume); Natixis Real Estate Capital (9 loans, 13.2%); Jefferies LoanCore (8 loans, 13.9%); and Cantor Commercial Real Estate Lending (15 loans, 13.2%).   

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