Vornado has issued a $660 million CMBS deal. According to a presale report, Fitch Ratings expects to assign ‘AAA’ ratings to the class A-1, A-2-FX, and A-2-FL notes, totaling $131.5 million, $312.8 million, and $60.0 million, respectively.
It will assign ‘AA’ ratings to the $38.7 million class B notes, ‘A’ ratings to the $57 million class C notes, and ‘BBB-‘ ratings to the class D notes, according to a presale report.
The transaction is backed by 40 "strongly performing" retail properties in the New York Tri-State area, according to Fitch.
Vornado owns and operates approximately 281 office, retail, and specialty properties throughout the U.S., located in the New York and Washington, D.C. metro areas, Fitch reported.
For more preliminary information, please visit the ASR Scorecards database via the link below.
In other CMBS news, Goldman Sachs has priced its $788.5 million CMBS transaction, according to a report by Bloomberg.The offering was backed by 48 mortgages and retail properties that account for 78.2% of the deal.
The $410 million top-rated portion with a 9.86-year maturity priced 135 basis points over swaps, while the $35.5 million portion rated ‘Baa3’ by Moody’s Investors Service priced at a spread of 400 basis points, Bloomberg reported.
The CMBS market has been seeing a lot of activity. As earlier reported by StructuredFinanceNews.com, Crown Castle also came to market with three new CMBS deals totaling $1.55 billion. Morgan Stanley was lead manager.
The transactions — worth $250 million, $300 million, and $1 billion, respectively — were backed by equity interest in the entities that own, lease, sublease, and operate 11,744 wireless communication towers, according to a Fitch presale report on the deal.