Wells Fargo and the Royal Bank of Scotland priced $846 million of securities backed by commercial mortgages, according to a regulatory filing.
The deal, Wells Fargo Commercial Mortgage Trust 2014-LC16, is backed by a mix of retail, office and multifamily properties. The loans were sold to the trust by Ladder Capital Finance LLC, Wells Fargo Bank, National Association, The Royal Bank of Scotland, and Rialto Mortgage Finance LLC.
DBRS, Kroll Bond Ratings and Moody’s Investors Service assigned preliminary ratings to the deal. The super senior, 10-year, triple-A notes priced at swaps plus 85 basis points, one basis point tighter than the comparable tranche of a conduit that Deutsche bank and UBS priced on Thursday.
At the top of the capital stack, Wells Fargo Commercial Mortgage Trust 2014-LC16 priced the 2.78-year, class A notes five basis points tighter than the Deutsche/UBS deal, at swaps plus 48 basis points.
The 10-year, triple-A rated, class A-M notes and the double-A rated , 10-year class B notes priced in line with Thursday’s print, at swaps plus 105 basis points and swaps plus 135 basis points respectively.
Wells Fargo and RBS are the deals co-lead managers and co-bookrunners; Deutsche Bank Securities joins as a co-manager.