Wells Fargo Securities priced the super senior, 10-year tranche of its $1.1 billion conduit, WFCM 2014-LC18, at a spread of 85 basis points over swaps, five basis point tight of the previous deal that priced, according to a pricing document.
On Thursday Deutsche Bank and Cantor Fitzgerald sold the super senior 10-year notes from the COMM 2014 - CCRE21 conduit at swaps plus 90 basis points.
However, Well's Fargo's deal priced at the same level as the super senior notes issued from Morgan Stanley/Bank of America Merrill Lynch’s conduit MSBAM 2014-C19, which priced last Tuesday.
Wells Fargo’s deal is backed by 99 commercial mortgage loans on 117 of mostly retail and lodging properties, according to Kroll Bond Rating.
The top five loans include Hawaii Kai Towne Center, a 469,787 square foot, mixed-use retail, office, and self-storage complex located in Honolulu, Hawaii; W Marriott New Orleans, Nashville Hotel Portfolio, 2900 Fairview Park Drive, and Marriott Kansas City Country Club Plaza.
Most of the loans have 10-year terms; though four loans have five-year terms, and two loans have seven-year terms. Nearly one-half of the pool’s balance (58 loans, 46.9%) is comprised of loans with balloon payments at the end of their terms that nevertheless amortize throughout their terms. The balance of the pool is comprised of loans that pay only interest either for part of their terms or their entire terms.