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Wednesday, 07 August 2019

INITIAL PRICING: Citigroup Commercial Mortgage Trust, 2019-GC41

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 11.82 30.00 2.73 AAA AAA AAA 100.000 1.942 +42 swaps
A-2 128.06 30.00 4.88 AAA AAA AAA 103.000 2.038 +57 swaps
A-3 10.11 30.00 6.97 AAA AAA AAA 101.000 2.458 +92 swaps
A-4 210.00 30.00 9.86 AAA AAA AAA 100.999 2.511 +90 swaps
A-5 482.91 30.00 9.90 AAA AAA AAA 103.000 2.531 +92 swaps
A-AB 19.49 30.00 7.47 AAA AAA AAA 103.000 2.283 +73 swaps
A-S 109.34 21.125 9.97 AAA AAA AAA 103.000 2.681 +107 swaps
B 69.30 15.50 9.97 NR AA- AAhigh 102.999 2.861 +125 swaps
C 50.83 11.375 9.97 NR A- Ahigh 103.000 3.161 +155 swaps
D 32.35 8.75 9.97 NR BBB BBBhigh       swaps
E 26.19 6.625 9.97 NR BBB- BBB       swaps
F 26.19 4.50 9.97 NR BB- BBhigh       Treas
G-RR 12.32 3.50 9.97 NR B- Bhigh       Treas
J-RR 43.13 0.00 9.97 NR NR NR       Treas
X-A 972.00* NA NA AAA AAA AAA 8.164 3.037 +135 Treas
X-B 120.15* NA NA NR A- AAlow       Treas
X-D 58.54* NA NA NR BBB- BBBhigh       Treas
X-F 26.19* NA NA NR BB- BBBlow       Treas

*Notional amount, interest only

Pricing Date: 5 August, 2019

Collateral balance: $1,276.64 million

Trepp/BBG Ticker: CGCMT 2019-GC41

Bookrunner(s): Goldman Sachs (45.6 percent of deal balance), Deutsche Bank Securities (30.3 percent), Citigroup (24 percent)

Lead Managers: Citigroup, Deutsche Bank, Goldman Sachs

Co-managers: Bancroft Capital, Drexel Hamilton

B-Piece Buyer: RREF III Debt AIV LP (Rialto Capital Advisors)

Risk Retention Type: Hybrid

Vertical Size, Holder: 3.47 percent of par value, Citibank, Deutsche Bank, Goldman Sachs

Horizontal Size, Holder: 6.76 percent of par value, RREF III Debt AIV LP (Rialto Capital Advisors)

Risk Retention Consultation Party: Deutsche Bank

Master Servicer: Midland Loan Services

Special Servicer: Rialto Capital Advisors

Certificate Administrator: Citibank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services LLC

Asset Representations Reviewer: Park Bridge Lender Services LLC

Originators: Goldman Sachs (45.6 percent of pool balance), Deutsche Bank (39.7 percent), Citibank (24 percent), Cantor Commercial Real Estate Lending (3.5 percent)

Number of Loans/Properties: 43/100

Top-10 Concentration: 49.3 percent

Property Types: Office (33.3 percent of pool balance), retail (16.3 percent), mixed use (12.8 percent), industrial (12.7 percent), hotels (10.2 percent), multifamily (9.5 percent), land (3.5 percent), self storage (1.6 percent

Underwritten DSCR: 2.48x

Underwritten LTV: 58.3 percent

Underwritten Debt Yield: 10.4 percent

Weighted Average Mortgage Rate: 3.86566 percent

Subordinate Debt: 4 loans...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Citigroup Commercial Mortgage Trust, 2019-GC41
  • Private: Yes
  • bloombergDealName: CGCMT 2019-GC41
Read 182 times Last modified on Thursday, 08 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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