Two more commercial mortgage bonds have hit the pipeline.
Wells Fargo and Royal Bank of Scotland are marketing a $1.03 billion deal, WFRBS Commercial Mortgage Trust 2013-C18, according to a regulatory filing.
The preliminary prospectus not include any information about the structure of the deal, just the properties serving as collateral, including a $150 million mortgage on Garden State Plaza, a $140 million loan on AmericasMart, a $140 million loan on the Outlet Collection at Jersey Gardens, a $68.5 million loan on the JFK Hilton.
Deutsche Bank and Cantor Fitzgerald have launched the $1.1 billion COMM 2013-CCRE13, which is backed by 53 commercial mortgage loans secured by 73 properties, according to a presale report published by Kroll Bond Ratings.
The deal will issue 20 classes of certificates, of which 14 classes are entitled to principal and interest, three classes receive interest only, one class is entitled to excess interest, and two classes are residual interests. Kroll has assigned preliminary ratings to 15.
Kroll calculates the overall loan-to-value ratio of the pool at 90.8%, which is significantly below the average of the 19 CMBS conduits (96.3%) KBRA has rated as of Nov. 30, 2013, which ranged from 88.6% to 101.4%.
The underlying collateral properties are geographically diverse as they are located in 20 states. However, the top five geographic exposures represent 62.7% of the transactions rated by KBRA as of Nov. 30, 2013, which ranged from 42.4% to 70.6%.
However, the pool has a sizeable office exposure (30.4%) and a large hospitality concentration (21.3%). Furthermore, the largest office and hospitality properties have non-traditional uses that include a data center (11.3%) and 105-acre waterpark resort (9.0%).