The commercial mortgage-backed security (CMBS) linked to a single borrower in New York’s Garment District — the 23-story Eleven Penn building — priced according to data reported by Interactive Data.
The $450 million deal called VNDO 2013-PENN, the is backed by a first line mortgage jointly originated by UBS Real Estate Securities (60% of the loan) and Wells Fargo Bank, National Association (40%).
Kroll Bond Rating Agency assigned ratings to the deal. All the notes are structured with a weighted average life of 6.99-years. The AAA’, class A tranchepriced at 105 basis points over swaps. The AA-’ rated class B notes priced at 135 basis points over swaps. The A-’ class C notes priced at 180 basis points over swaps and the BBB-’ class D notes priced at 250 basis points.
The deal is part of a refinancing by Vornado Realty Trust.
