Wells Fargo and Deutsche Bank are marketing a CMBS deal worth approximately $1.0 billion. This will be the largest single borrower offering of 2011.
The transaction named WFDB 2011-BXR Commercial Mortgage Pass-Through Certificates Series 2011-BXR is secured by the mortgage interest in 107 retail properties within 27 U.S. states. The notes are secured by a $1.0 billion mortgage loan with $400 million of mezzanine loans from outside of the trust, according to a Fitch Ratings presale report.
Fitch gave provisional ratings of ‘AAAsf’ to the deal’s classes A and X-A^b notes, ‘BBsf’ to classes X-B^b and X-C^b notes, ‘AAsf’ to class B notes, ‘Asf’ to class C notes, ‘BBBf’ to class D notes, ‘BBB-sf’ to class E notes, and ‘BBsf’ to class F notes.
All notes have a final maturity date of July 2024 and all certificates will follow a sequential-pay structure, Fitch said.
The borrowing entity is BRE Retail Holdings, a subsidiary of The Blackstone Group. According to Fitch, this issuance is to help finance Blackstone Real Estate Advisors’ purchase of Centro Properties Group’s U.S. retail portfolio.
