Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 27 June 2019

INITIAL PRICING: GS Mortgage Securities Corp. II, 2019-GC40

Written by 
Rate this item
(0 votes)

Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 16.40 30.00 2.62 AAA AAA AAA AAA 99.998 2.225 +48 swaps
A-2 131.94 30.00 4.85 AAA AAA AAA AAA 102.996 2.312 +57 swaps
A-3 191.60 30.00 9.74 AAA AAA AAA AAA 100.998 2.795 +85 swaps
A-4 251.42 30.00 9.86 AAA AAA AAA AAA 102.996 2.819 +87 swaps
A-AB 24.64 30.00 7.38 AAA AAA AAA AAA 103.000 2.594 +75 swaps
A-S 99.00 18.75 9.91 AA- AAA AAA AAA 102.993 3.071 +112 swaps
B 41.80 14.00 9.91 NR AA- AA- AA- 102.994 3.201 +125 swaps
C 35.20 10.00 9.91 NR A- A- A 102.999 3.601 +165 swaps
D 19.80 7.75 9.91 NR BBB BBB+ BBB+ 89.354 4.351 +240 swaps
E 16.50 5.875 9.99 NR BBB- BBB- BBB- 82.491 5.304 +335 swaps
F 16.50 4.00 10.00 NR BB- BB- BB       Treas
G-RR 8.80 3.00 10.00 NR B- B- B       Treas
H-RR 26.40 0.00 10.00 NR NR NR NR       Treas
X-A 714.99* NA NA AA- AAA AAA AAA 8.316 3.288 +135 Treas
X-B 77.00* NA NA NR A- AAA AAA 4.369 3.338 +134 Treas
X-D 36.30* NA NA NR BBB- BBB- BBB+       Treas
X-F 16.50* NA NA NR BB- BB- BB       Treas
DB-A 5.32 46.95 4.91 AA- NR NR AA+       swaps
DB-B 19.90 35.17 4.91 A- NR NR AA+       swaps
DB-C 24.40 25.63 4.91 BBB- NR NR BBB+       swaps
DB-D 33.16 12.69 4.91 BB- NR NR BB       Treas
DB-E 25.39 2.74 4.91 B- NR NR B+       Treas
DB-F 7.00 0.00 4.91 NR NR NR B       Treas
DB-VR 6.06 NA 4.91 NR NR NR NR       Treas

*Notional amount, interest only

Pricing Date: 26 June, 2019

Collateral balance: $914.18 million

Trepp/BBG Ticker: GSMS 2019-GC40

Bookrunner(s): Goldman Sachs (32.8 percent of deal balance), Citigroup (36.2 percent), Deutsche Bank (31 percent)

Lead Managers: Goldman Sachs, Citigroup, Deutsche Bank

Co-managers: Drexel Hamilton, Academy Securities

B-Piece Buyer: Eightfold Real Estate Fund V LP

Risk Retention Type: Hybrid

Vertical Size, Holder: 2.51 percent of par value, Goldman Sachs, Citi, Deutsche Bank; DB-VR class held by Deutsche

Horizontal Size, Holder: 3.85 percent of par value, Eightfold Real Estate Capital Fund V LP

Risk Retention Consultation Party: Goldman Sachs

Master Servicer: Midland Loan Services

Special Servicer: Midland Loan Services

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Pentalpha Surveillance

Asset Representations Reviewer: Pentalpha Surveillance

Originators: Citibank (36.2 percent of pool balance), Goldman Sachs (32.8 percent), Deutsche Bank (31.1 percent)

Number of Loans/Properties: 35/44

Top-10 Concentration: 62.4 percent

Property Types: Office (32.2 percent of pool balance), industrial (21.2 percent), mixed use (20 percent), retail (16.8 percent), multfamily (4.7 percent), hotels (3.8 percent), self storage (1.2 percent)

Underwritten DSCR: 2.64x

Underwritten LTV: 53.9 percent

Underwritten Debt Yield: 11.9 percent

Weighted Average Mortgage Rate: 4.17966 percent

Subordinate Debt: 6 loans (34.8 percent of pool balance)

Full-term IO Loans: 23 loans (74.4 percent of pool balance)

Partial-term IO Loans: 6 loans (8.5 percent of pool balance)

Largest loans:

  • $78 million piece of a $139 million mortgage, written by Deutsche...


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: GS Mortgage Securities Corp. II, 2019-GC40
  • Private: Yes
  • bloombergDealName: GSMS 2019-GC40
Read 384 times Last modified on Friday, 28 June 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





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds