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Thursday, 12 March 2020

INITIAL PRICING: CSAIL Commercial Mortgage Trust, 2020-C19

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 19.90 30.00 2.92 AAA AAA Aaa 100.000 1.281 +75 swaps
A-2 175.00 30.00 9.40 AAA AAA Aaa 101.000 2.202 +137 swaps
A-3 343.43 30.00 9.83 AAA AAA Aaa 102.999 2.220 +139 swaps
A-SB 32.93 30.00 7.19 AAA AAA Aaa 103.000 2.094 +130 swaps
A-S 57.03 23.00 9.96 AAA AAA Aa2 102.999 2.630 +180 swaps
B 47.86 17.125 9.96 AA- AA NR 103.000 3.130 +230 swaps
C 33.60 13.00 9.96 A- A- NR 99.918 3.735 +285 swaps
D 21.39 10.375 9.96 BBB BBB+ NR       swaps
E 18.33 8.125 9.96 BBB- BBB NR   5.685 +480 swaps
F-RR 21.39 5.50 9.96 BB- BB NR       Treas
G-RR 9.33 4.375 9.96 B- B+ NR       Treas
NR-RR 35.64 0.00 9.96 NR NR NR       Treas
X-A 627.29* NA NA AAA AAA Aa1       Treas
X-B 81.47* NA NA A- AAA NR       Treas
X-D 39.71* NA NA BBB- BBB NR       Treas

*Notional amount, interest only

Pricing Date: 11 March, 2020

Collateral balance: $828.93 million

Trepp/BBG Ticker: CSAIL 2020-C19

Bookrunner(s): Credit Suisse (100 percent of deal balance)

Lead Managers: Credit Suisse

Co-manager(s): Academy Securities

B-Piece Buyer: 3650 REIT 

Risk Retention Type: Hybrid

Vertical Size, Holder: 1.72 percent, 3650 REIT 1 LLC

Horizontal Size, Holder: 8 percent of par, 3650 REIT 1 LLC

Master Servicer: Midland Loan Services

Special Servicer: 3650 REIT Loan Servicing LLC

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 (39 percent of pool balance), 3650 REIT Loan Funding 1 LLC (61 percent)

Number of Loans/Properties: 30/60

Top-10 Concentration: 62.8 percent

Property Types: Multifamily (31.2 percent of pool balance), office (29.5 percent), retail (26.2 percent), hotel (6.7 percent), self storage (3.9 pecent), industrial (1.6 percent), mixed use (0.9 percent)

Underwritten DSCR: 2.25x

Underwritten LTV: 58 percent

Underwritten Debt Yield: 10.1 percent

Weighted Average Mortgage Rate: 3.6467 percent

Subordinate Debt: 11 loans (58.3 percent of pool balance)

Full-term IO Loans: 19 loans (61.2 percent of pool balance)

Partial-term IO Loans: 6 loans...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: CSAIL Commercial Mortgage Trust, 2020-C19
  • Private: Yes
  • bloombergDealName: CSAIL 2020-C19
Read 341 times Last modified on Thursday, 12 March 2020

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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