Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 09 February 2018

INITIAL PRICING: Benchmark Mortgage Trust, 2018-B2

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
S&P
Rating
Fitch
Rating
Kroll
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 29.60 30.00 2.52 AAA AAA AAA 100.000 2.618 +22 swaps
A-2 341.80 30.00 4.82 AAA AAA AAA 103.000 2.981 +38 swaps
A-3 60.00 30.00 6.80 AAA AAA AAA 101.000 3.380 +67 swaps
A-4 125.00 30.00 9.58 AAA AAA AAA 101.000 3.500 +68 swaps
A-5 444.18 30.00 9.83 AAA AAA AAA 103.000 3.528 +70 swaps
A-SB 54.33 30.00 7.11 AAA AAA AAA 103.000 3.305 +58 swaps
A-S 165.77 19.00 9.88 NR AAA AAA 103.000 3.730 +90 swaps
B 60.28 15.00 9.88 NR AA- AA 103.589 3.880 +105 swaps
C 60.28 11.00 9.97 NR A- A- 99.560 4.383 +155 swaps
D 18.84 9.75 9.97 NR BBB+ BBB+       swaps
E-RR 52.75 6.25 9.97 NR BBB- BBB-       Treas
F-RR 18.84 5.00 9.97 NR BB BB       Treas
G-RR 18.84 3.75 9.97 NR B B       Treas
NR-RR 56.51 0.00 9.97 NR NR NR       Treas
X-A 1,220.68* NA NA NR AAA AAA       Treas
X-B 60.28* NA NA NR AA- AAA       Treas
X-D 18.84* NA NA NR BBB+ BBB+       Treas

*Notional amount, interest only

Pricing Date: 9 February, 2018

Collateral balance: $1,507.01 million

Trepp/BBG Ticker: BMARK 2018-B2

Bookrunner(s):  Deutsche Bank (38.8 percent of deal balance), JPMorgan Securities (31.1 percent), Citi (30.2 percent)

Lead Managers: Deutsche Bank, JPMorgan, Citi

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: Barings LLC

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 9.75 percent of par, Barings LLC

Risk Retention Consultation Party: NA

Master Servicer: KeyBank

Special Servicer: CWCapital Asset Management

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Pentalpha Surveillance

Asset Representations Reviewer: Pentalpha Surveillance

Originators: Deutsche Bank (38.8 percent of pool balance), JPMorgan Chase Bank (31.1 percent), Citi Real Estate Funding (30.2 percent)

Number of Loans/Properties:  57/67

Top-10 Concentration: 40.9 percent

Property Types: Office (39.1 percent of pool balance), hotels (18.6 percent), multifamily (16.8 percent), retail (14.5 percent), mixed use (5.5 percent),  industrial (2.8 percent), Other-leased fee (1.6 percent), self storage (0.5 percent), manufactured housing communities (0.5 percent)

Underwritten DSCR: 2.29x

Underwritten LTV: 57.2 percent

Underwritten Debt Yield: 11.2 percent

Weighted Average Mortgage Rate: 4.21894 percent

Subordinate...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Benchmark Mortgage Trust, 2018-B2
  • Private: Yes
  • bloombergDealName: BMARK 2018-B2
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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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