Morgan Stanley

Bank of America, Citigroup, Wells Fargo and Goldman Sachs have also withdrawn from the Net-Zero Banking Alliance in the past month, as President-elect Donald Trump prepares to take office.

Alternative documentation accounts for 37.9% of the pool balance, compared with 24.6% on the 2024-NQM4 deal.

The private, pass-through structure includes elements of both public transactions and those with bank expertise.

International locations account for 13.3% of restaurants in the whole business securitization, a slight increase from 11.4%.

This is the first RTL transaction for Roc360 Real Estate Income Trust, the deal's sponsor, in three years. Also, it is Roc360's first rated RTL transaction.

Incremental to a $1.8 billion global revolving credit facility completed in May, it could boost the company's lender-driven debt capital capacity to $9.7 billion in total.

KBRA says there is notable borrower equity in the properties collateralizing the mortgages, which is reflected in the weighted average original loan-to-value ratio of 71.7%.

The bond offering is already more than two times oversubscribed, according to people familiar. Demand for available bonds that were not already committed is around four times or more.

Fitch gave the resort a B+ property quality grade, and it increased its loan-to-value hurdles by 8.75% to reflect the collateral quality.

The size of the debut deal, led by structuring advisors Morgan Stanley and Barclays Plc, hasn't been determined.