Wells Fargo and RBS plan to issue a $1.4 billion conduit CMBS deal called WFRBS Commercial Mortgage Trust 2013-C14 that is backed by 73 fixed rate commercial mortgage loans that are secured by 99 properties.
Kroll Bond Ratings has assigned preliminary ratings to the deal; 21 classes of certficates will be issued. Deutsche Bank will act as co-manager on the deal.
The loans have principal balances ranging from $1.4 million to $128.7 million for the largest loan in the pool, which is secured by the RHP Portfolio III (8.8%). The top five loans, which also include Midtown I & II (8.5%), the Plant San Jose (8.4%), White Marsh Mall (7.5%), and 301 South College Street (6.1%), represent 39.2% of the initial pool balance, while the top 10 loans represent 60.8%, according to the Kroll presale report.
The underlying collateral properties are geographically diverse as the five largest states represent more than 50.0% of the initial pool balance. These states include Georgia (13.7%), California (13.3%), Florida (12.9%), North Carolina (8.5%) and Maryland (8.3%). The pool has exposure to four property types with exposures in excess of 10.0%, which include retail (35.6%) office (27.7%), manufactured housing community (16.9%) and hospitality (12.8%).