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Wednesday, 08 August 2018

INITIAL PRICING: CSAIL Commercial Mortgage Trust, 2018-CX12

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 15.99 30.00 2.28 AAA AAA Aaa 100.000 3.183 +30 swaps
A-2 136.47 30.00 4.51 AAA AAA Aaa 103.000 3.409 +46 swaps
A-3 115.00 30.00 9.65 AAA AAA Aaa 100.999 3.846 +84 swaps
A-4 173.99 30.00 9.83 AAA AAA Aaa 103.000 3.868 +86 swaps
A-SB 29.40 30.00 7.34 AAA AAA Aaa 103.000 3.697 +72 swaps
A-S 67.27 20.00 9.96 AAA AAA Aa2 103.000 4.110 +110 swaps
B 23.54 16.50 9.96 AA- AA NR 102.999 4.260 +125 swaps
C 26.91 12.50 9.96 A- Ahigh NR 102.157 4.660 +165 swaps
D 18.16 9.80 9.98 BBB- A NR 85.567 5.310 +230 swaps
E-RR 12.11 8.00 9.98 BBB- BBBhigh NR       Treas
F-RR 15.98 5.625 9.98 BB- BBBlow NR       Treas
G-RR 7.57 4.50 9.98 B- BBhigh NR       Treas
NR-RR 30.27 0.00 9.98 NR NR NR       Treas
X-A 538.13* NA NA AAA AAA Aa1 4.791 4.091 +120 Treas
X-B 50.45* NA NA A- Alow NR 1.081 4.721 +180 Treas
X-D 18.16* NA NA BBB- Ahigh NR       Treas

*Notional amount, interest only

Pricing Date: 8 August, 2018

Collateral balance: $672.66 million

Trepp/BBG Ticker: CSAIL 2018-CX12

Bookrunner(s): Credit Suisse (67.3 percent of deal balance), Natixis (32.7 percent)

Lead Managers: Credit Suisse, Natixis

B-Piece Buyer: Argentic Securities Holdings

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 9.8 percent of par; Argentic Securities Holdings

Master Servicer: Wells Fargo Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Column Financial (36.4 percent of pool balance), Natixis (32.7 percent), Argentic Real Estate Finance (21.1 percent), Rialto Mortgage Finance (9.8 percent) 

Number of Loans/Properties: 41/116

Top-10 Concentration: 63.5 percent

Property Types: Office (28.1 percent of pool balance), hotels (20.9 percent), retail (19.3 percent), multifamily (11.7 percent), industrial (8.6 percent), mixed use (7.2 percent), other (4.2 percent)

Underwritten DSCR: 2.07x

Underwritten LTV: 55.5 percent

Underwritten Debt Yield: 11.5 percent

Weighted Average Mortgage Rate: 4.7871 percent

Subordinate Debt:  loans (30 percent of pool balance)

Full-term IO Loans:  loans (46.7 percent of pool balance)

Partial-term IO Loans: loans (24.4 percent of pool balance)

Largest loans:

  • $64 million piece of a $900 million financing package contributed by Natixis against the land beneath the mixed-use building at...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: CSAIL Commercial Mortgage Trust, 2018-CX12
  • Private: Yes
  • bloombergDealName: CSAIL 2018-CX12
Read 398 times Last modified on Friday, 10 August 2018

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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