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Friday, 19 June 2020


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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 2.53 30.00 23.00 AAA AAA Aaa 99.998 1.110 +85 swaps
A-SB 4.34 30.00 7.32 AAA AAA Aaa 102.995 1.819 +130 swaps
A-4 130.00 30.00 9.47 AAA AAA Aaa 100.999 1.784 +114 swaps
A-5 274.01 30.00 9.61 AAA AAA Aaa 102.994 1.802 +115 swaps
A-S 68.97 18.25 9.72 AAA AAA Aa2 102.993 2.207 +155 swaps
B 24.21 14.125 9.74 AA- AA- NR 102.998 2.559 +190 swaps
C 21.27 10.50 9.80 A- A- NR 98.105 3.512 +285 swaps
D 16.88 7.625 9.80 BBB BBB NR 81.512 4.912 +425 swaps
E 5.87 6.625 9.80 BBB- BBB- NR       swaps
F 10.57 4.875 9.80 BB+ BB- NR       Treas
G 5.87 3.875 9.80 B+ B- NR       Treas
H 22.76 0.00 9.80 NR NR NR       Treas
RR 30.89 0.00 9.58 NA NA NA       Treas
X-A 410.88* NA NA AAA AAA Aaa       Treas
X-B 114.46* NA NA A- AAA NR       Treas
X-D 16.88* NA NA BBB BBB NR       Treas

*Notional amount, interest only

Pricing Date: 19 June, 2020

Collateral balance: $617.86 million

Trepp/BBG Ticker: BANK 2020-BN27

Bookrunner(s): BofA Securities (32.7 percent of deal balance), Wells Fargo Securities (36.3 percent), Morgan Stanley (31 percent)

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

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: LD II Holdco XI LLC (Prime Finance)

Risk Retention Type: Vertical

Vertical Size, Holder: 5 percent, BofA Securities, Wells Fargo Securities, Morgan Stanley 

Horizontal Size, Holder: NA

Risk Retention Consultation Party: BofA Securities

Master Servicer: Wells Fargo Bank

Special Servicer: CWCapital Asset Management

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust 

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Morgan Stanley (31 percent of pool balance), Bank of America (32.7 percent), Wells Fargo Bank (36.3 percent)

Number of Loans/Properties: 36/46

Top-10 Concentration: 65.9 percent

Property Types: Office (51.3 percent of pool balance), self storage (19.6 percent), retail (10 percent), hotels (9.9 percent), mixed use (8 percent), multifamily (1.2 percent)

Underwritten DSCR: 3.8x

Underwritten LTV: 51.0 percent

Underwritten Debt Yield: 13.0 percent

Weighted Average Mortgage Rate: 3.248 percent

Subordinate Debt: 4 loans (33.2 percent of pool balance)

Full-term IO Loans: 29 loans (92.3 percent of pool balance)

Partial-term IO Loans: 5 loans (5.9 percent of pool...


“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: BANK, 2020-BNK27
  • Private: Yes
  • bloombergDealName: BANK 2020-BN27
Read 175 times Last modified on Friday, 26 June 2020

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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