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Friday, 01 March 2019

INITIAL PRICING: CSAIL Commercial Mortgage Trust, 2019-C15

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
Fitch
Rating
DBRS
Rating
Moody's
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
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

 

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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