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Wednesday, 16 May 2018


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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 33.53 30.00 2.54 AAA AAA AAA 100.000 3.056 +20 swaps
A-2 76.22 30.00 4.95 AAA AAA AAA 102.998 3.404 +40 swaps
A-SB 36.50 30.00 7.42 AAA AAA AAA 102.999 3.704 +64 swaps
A-3 210.00 30.00 9.79 AAA AAA AAA 101.000 3.879 +77 swaps
A-4 243.03 30.00 9.89 AAA AAA AAA 102.995 3.901 +79 swaps
A-S 83.47 20.25 9.96 AAA AAA AAA 103.000 4.063 +95 swaps
B 39.60 15.625 9.96 AA- AA AA+ 102.272 4.213 +110 swaps
C 40.67 10.875 9.96 A- A- A 98.701 4.663 +155 swaps
D 37.46 6.50 9.96 BBB- NR BBB-       swaps
E 22.47 3.875 9.96 BB- NR BB-       Treas
F 8.56 2.875 9.96 B- NR B-       Treas
G 24.62 0.00 9.96 NR NR NR       Treas
X-A 599.28* NA NA AAA AAA AAA 2.554 4.062 +100 Treas
X-B 123.07* NA NA AA- AA AAA       Treas
X-D 37.46* NA NA BBB- NR BBB-       Treas
X-E 22.47* NA NA BB- NR BB-       Treas
X-F 8.56* NA NA B- NR B       Treas
X-G 24.61* NA NA NR NR NR       Treas

*Notional amount, interest only

Pricing Date: 15 May, 2018

Collateral balance: $901.17 million

Trepp/BBG Ticker: BANK 2018-BN12

Bookrunner(s): Wells Fargo Securities (41.4 percent of deal balance), BofA Merrill Lynch (35.2 percent), Morgan Stanley (23.4 percent)

Lead Managers: Morgan Stanley, Wells Fargo Securities, BofA Merrill Lynch

Co-managers: Drexel Hamilton

B-Piece Buyer: Ellington Management Group

Risk Retention Type: Vertical 

Vertical Size, Holder: 5 percent, Wells Fargo (41.4 percent), BofA Merrill Lynch (35.2 percent), Morgan Stanley (23.4 percent)

Horizontal Size, Holder: NA

Risk Retention Consultation Party: Bank of America

Master Servicer: Wells Fargo Bank, National Cooperative Bank

Special Servicer: Midland Loan Services, National Cooperative Bank, Aegon USA Realty

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Wells Fargo Bank (36.5 percent of pool balance), Bank of America (31 percent), Morgan Stanley (20.6 percent), NCB FSB (11.9 percent)

Number of Loans/Properties: 63/95

Top-10 Concentration: 62.7 percent

Property Types: Retail (28.3 percent of pool balance), multifamily (26.5 percent), office (23.1 percent), hotels (10.6 percent), self storage (8.5 percent), industrial (2.3 percent), manufactured housing (0.5 percent), leased fee (0.3 percent)

Underwritten DSCR: 2.72x

Underwritten LTV: 49.8 percent

Underwritten Debt Yield:...


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Banc of America Merrill Lynch Commercial Mortgage Inc., 2018-BNK12
  • Private: Yes
  • bloombergDealName: BANK 2018-BN12
Read 757 times Last modified on Thursday, 17 May 2018

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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