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

Friday, 09 November 2018

INITIAL PRICING: Benchmark Mortgage Trust, 2018-B7

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
S&P
Rating
Fitch
Rating
DBRS
Price
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 20.24 30.00 2.74 AAA AAA AAA 100.000 3.408 +25 swaps
A-2 211.98 30.00 4.75 AAA AAA AAA 102.996 3.677 +50 swaps
A-SB 36.08 30.00 7.36 AAA AAA AAA 102.995 3.910 +70 swaps
A-3 203.00 30.00 9.70 AAA AAA AAA 100.996 4.131 +88 swaps
A-4 320.28 30.00 9.88 AAA AAA AAA 102.993 4.155 +90 swaps
A-M 93.29 21.75 9.91 NR AAA AAA 102.994 4.385 +113 swaps
B 52.30 17.125 9.96 NR AA- AAhigh 103.253 4.556 +130 swaps
C 52.30 12.50 9.96 NR A- AAlow 99.718 5.006 +175 swaps
D 32.51 9.625 9.96 NR BBB A   5.456 +220 swaps
E 24.03 7.50 9.96 NR BBB- BBBhigh   6.406 +315 swaps
F 26.86 5.125 9.96 NR BB- BBhigh       Treas
G-RR 11.31 4.125 9.96 NR B- BB       Treas
H-RR 11.31 3.125 9.96 NR NR B       Treas
J-RR 35.34 0.00 9.96 NR NR NR       Treas
X-A 884.87* NA NA NR AAA AAA       Treas
X-B 104.60* NA NA NR A- AA       Treas
X-D 56.54* NA NA NR BBB- Alow       Treas
X-F 26.86* NA NA NR BB- BBBlow       Treas

*Notional amount, interest only

Pricing Date: 9 November, 2018

Collateral balance: $1,167.91 million

Trepp/BBG Ticker: BMARK 2018-B7

Bookrunner(s): Citigroup (41.8 percent of deal balance), JPMorgan Securities (31.9 percent) Deutsche Bank Securities (26.3 percent)

Lead Managers: Citigroup, Deutsche Bank, JPMorgan Securities

Co-managers: Drexel Hamilton, Academy Securities 

B-Piece Buyer: Eightfold Real Estate Capital Fund V LP/LNR Partners

Risk Retention Type: Hybrid

Vertical Size, Holder: 3.18 percent of par, Deutsche Bank

Horizontal Size, Holder: 3.72 percent of par, Eightfold Real Estate Capital Fund V (75 percent of horizontal piece), LNR Partners (25 percent)

Master Servicer: Key Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Citibank (41.8 percent of pool balance), JPMorgan Chase Bank (31.9 percent), Deutsche Bank (26.3 percent)

Number of Loans/Properties: 51/227

Top-10 Concentration: 43.1 percent

Property Types: Office (38 percent of pool balance), retail (28.7 percent), hotels (17 percent), industrial (8.1 percent), multifamily (3.4 percent), self storage (2.4 percent), mixed use (2.3 percent)

Underwritten DSCR: 2.07x

Underwritten LTV: 57.2 percent

Underwritten Debt Yield: 11.5 percent

Weighted Average Mortgage Rate: 4.8775 percent

Subordinate Debt: 7 loans (29.7 percent of pool balance

Full-term IO Loans: 22 loans (57.3 percent of pool balance)

Partial-term IO Loans: 18 loans (23.9 percent of pool balance)

Largest loans:

  • $80 million piece of a $480 million debt package that includes $155 million of mezzanine debt and was contributed by Citibank against a...




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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Benchmark Mortgage Trust, 2018-B7
  • Private: Yes
  • bloombergDealName: BMARK 2018-B7
Read 202 times Last modified on Wednesday, 21 November 2018

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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