A $1.4 billion commercial mortgage-backed security (CMBS) consisting of a number of tranches is in the pipeline, according to a pre-sale by Kroll Bond Ratings Agency (KBRA).
The transaction is a conduit deal to be issued off a UBS trust and is backed by 70 fixed-rate mortgages on 94 properties. Among the larger triple-A tranches in COMM 2014-UBS5 are one for $260 million and another for $354.7 million. All the tranches have a legal final maturity of Sept. 2047.
The real estate is located in 27 states, with California accounting for 16.6% and Texas coming in second with 13.3% of the total. The deal is also fairly diversified by property type, with 32.6% of the underlying real estate in the office segment, 26.7% in hospitality, and 23.1% in retail.
The loans range from $1.2 million to a $120 million mortgage taken out by the Loews Miami Beach Hotel, located steps from Miami’s South Beach.
The originators of the loans include UBS Real Estate Securities (16 loans or 24.3% of the total pool), Jefferies LoanCore (23 loans or 23%), German American Capital Corporation (11 loans / 22.5%), Cantor Commercial Real Estate Lending (10 loans / 12.6%), General Electric Capital Corporation (4 loans / 9.3%) and Pillar Funding (6 loans / 8.3%).
