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Wednesday, 24 July 2019


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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 25.35 30.00 2.83 AAA AAA AAA 100.000 2.241 +43 swaps
A-SB 44.62 30.00 7.43 AAA AAA AAA 102.999 2.622 +72 swaps
A-2 273.00 30.00 9.76 AAA AAA AAA 100.994 2.813 +82 swaps
A-3 532.18 30.00 9.89 AAA AAA AAA 102.997 2.838 +84 swaps
A-S 153.12 17.625 9.94 AAA AAA AA+ 102.998 3.100 +110 swaps
B 49.49 13.625 9.94 AA- AA- AA- 102.992 3.300 +130 swaps
C 46.40 9.875 9.94 A- A- A- 101.620 3.900 +190 swaps
D 27.84 7.625 9.94 BBB BBB NR 88.198 4.500 +250 swaps
E 23.20 5.750 9.94 BBB- BBB- NR 82.210 5.35 +335 swaps
F 13.92 4.625 9.94 BB BB+ NR       Treas
G 12.37 3.625 9.94 NR BB- NR       Treas
H 12.37 2.625 9.94 NR B- NR       Treas
J 32.48 0.00 9.94 NR NR NR       Treas
X-A 866.14* NA NA AAA AAA AAA       Treas
X-B 249.12* NA NA A- AAA A-       Treas
X-D 51.04* NA NA BBB- BBB- NR       Treas
X-FG 26.29* NA NA NR BB- NR       Treas
X-H 12.37* NA NA NR B- NR       Treas
X-J 32.48* NA NA NR NR NR       Treas
RR 65.12 NA 9.64 NR NR NR       Treas

*Notional amount, interest only

Pricing Date: 23 July, 2019

Collateral balance: $1,302.47 million

Trepp/BBG Ticker: BANK 2019-BN19

Bookrunner(s): BofA Merrill Lynch (29.8 percent of deal balance), Morgan Stanley (29.3 percent), Wells Fargo Securities (40.9 percent)

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

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: Seer Capital Commercial Real Estate Debt Fund II Ltd.

Risk Retention Type: Vertical

Vertical Size, Holder: 5 percent of par value; BofA Merrill Lynch, Morgan Stanley, Wells Fargo Securities

Horizontal Size, Holder:

Risk Retention Consultation Party: Bank of America

Master Servicer: Wells Fargo Bank, National Cooperative Bank

Special Servicer: LNR Partners, National Cooperative Bank, Situs Asset Management

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 (38.25 percent of pool balance), Morgan Stanley (27.35 percent), Bank of America (27.8 percent), National Cooperative Bank (6.7 percent)

Number of Loans/Properties: 73/76

Top-10 Concentration: 54.2 percent

Property Types: Office (51.2 percent of pool balance), retail (23.4 percent), hotels (10.8 percent), multifamily (9.1 percent), industrial (3.1 percent), mixed use (2 percent), manufactured housing community (0.3 percent), leased fee (0.1 percent)

Underwritten DSCR: 2.82x

Underwritten LTV: 56.3 percent

Underwritten Debt Yield: 13.3 percent

Weighted Average Mortgage Rate: 4.055 percent

Subordinate Debt: 5 loans (28.2 percent of pool balance)

Full-term IO Loans: 31 loans (59.6 percent of pool balance)

Partial-term IO Loans: 15 loans (19.5 percent of pool balance)

Largest loans:

  • $100 million piece of a $975 million loan, contributed by Morgan Stanley, against the Grand Canal Shoppes, a 759,891-square-foot retail/entertainment property at 3327 and 3377 Las Vegas Boulevard South in Las Vegas that is owned by a venture of Brookfield Properties REIT Inc., which assumed it through its purchase of GGP Inc., and Nuveen Real Estate. The It's 94 percent occupied and anchored by a Barneys New York, which is in...


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“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: BANK 2019-BNK19
  • Private: Yes
  • bloombergDealName: BANK 2019-BN19
Read 438 times Last modified on Thursday, 01 August 2019

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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