Wells Fargo is securitizing $712 million in commercial mortgages with heavy exposure to offices and self-storage facilities. The collateral is also less heavily concentrated compared to other CMBS deals covered by Fitch Ratings.

The Wells Fargo Commercial Mortgage Trust 2016-C33 will issue 17 classes of floating-rate, fixed-rate and interest only notes, including five tranches of super senior Class A notes totaling $498.5 million benefitting from credit enhancement of 30%. A senior $53.4 million Class A-S tranche has 22.5% credit enhancement.  All are rated ‘AAA’ by Fitch.

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