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Friday, 01 March 2019

INITIAL PRICING: CSAIL Commercial Mortgage Trust, 2019-C15

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 11.86 30.00 2.87 AAA AAA Aaa 100.000 2.963 +38 swaps
A-2 64.07 30.00 5.01 AAA AAA Aaa 101.000 3.227 +65 swaps
A-3 133.80 30.00 9.35 AAA AAA Aaa 101.000 3.662 +96 swaps
A-4 345.23 30.00 9.69 AAA AAA Aaa 103.000 3.694 +98 swaps
A-SB 25.52 30.00 6.93 AAA AAA Aaa 103.000 3.415 +79 swaps
A-S 62.19 22.50 9.86 AAA AAA Aa3 103.000 3.899 +118 swaps
B 37.32 18.00 9.86 AA- AA NR 103.000 4.119 +140 swaps
C 39.39 13.25 9.86 A- A NR 102.867 4.719 +200 swaps
D 26.54 10.05 9.94 BBB- BBBhigh NR   5.719 +300 swaps
E-RR 19.07 7.75 9.94 BBB- BBB NR       Treas
F-RR 20.73 5.25 9.94 BB- BBhigh NR       Treas
G-RR 9.33 4.125 9.94 B- Bhigh NR       Treas
NR-RR 34.21 0.00 9.94 NR NR NR       Treas
X-A 642.67* NA NA AAA AAA Aa1       Treas
X-B 76.71* NA NA A- Ahigh NR       Treas
X-D 26.54* NA NA BBB- Alow NR       Treas

*Notional amount, interest only

Pricing Date: 28 February, 2019

Collateral balance: $829.25 million

Trepp/BBG Ticker: CSAIL 2019-C15

Bookrunner(s): Credit Suisse (82.1 percent of deal balance), SG Americas Securities (17.9 percent)

Lead Managers: Credit Suisse, SG Americas Securities

B-Piece Buyer: Grass River Real Estate Credit Partners REIT LLC (3650 REIT)

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 10.05 percent of par; Grass River Real Estate Credit Partners REIT LLC (3650 REIT)

Master Servicer: Midland Loan Services

Special Servicer: Midland Loan Services

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Column Financial (35.1 percent of pool balance), 3650 REIT (40.1 percent), Societe Generale (17.9 percent), Benefit Street Partners (6.9 percent)

Number of Loans/Properties: 36/83

Top-10 Concentration: 54.3 percent

Property Types: Retail (26.5 percent of pool balance), hotel (23.8 percent), office (23.1 percent), mixed use (14 percent), multifamily (7.7 percent), industrial (3.1 pecent), other-data center (1.3 percent), self storage (0.5 percent) 

Underwritten DSCR: 1.92x

Underwritten LTV: 58.6 percent

Underwritten Debt Yield: 11.6 percent

Weighted Average Mortgage Rate:...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: CSAIL Commercial Mortgage Trust, 2019-C15
  • Private: Yes
  • bloombergDealName: CSAIL 2019-C15
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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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