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Thursday, 27 June 2019

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

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
S&P
Rating
Fitch
Rating
Kroll
Rating
MStar
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
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...

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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 339 times Last modified on Friday, 28 June 2019
Orest Mandzy

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