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

Friday, 11 August 2017

INITIAL PRICING: GS Mortgage Securities Trust, 2017-GS7

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
Fitch
Rating
Kroll
Rating
Moody's
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 18.16 30.00 2.87 AAA AAA Aaa 99.997 1.941 +31 swaps
A-2 56.18 30.00 4.86 AAA AAA Aaa 102.999 2.287 +48 swaps
A-3 315.00 30.00 9.66 AAA AAA Aaa 100.992 3.058 +93 swaps
A-4 340.61 30.00 9.79 AAA AAA Aaa 102.996 3.085 +95 swaps
A-AB 27.21 30.00 7.30 AAA AAA Aaa 102.999 2.751 +76 swaps
A-S 74.36 23.125 9.88 AAA AAA Aa3 102.995 3.319 +118 swaps
B 47.32 18.75 9.88 AA- AA NR 102.992 3.539 +140 swaps
C 51.38 14.00 9.88 A- A NR 102.994 3.889 +175 swaps
D 20.28 12.125 9.88 BBB+ A- NR 86.420 4.759 +262 swaps
E 16.85 10.567 9.91 BBB- BBB+ NR 82.005 5.391 +325 swaps
F-RR 21.01 8.625 9.96 BBB- BBB NR       swaps
G-RR 27.04 6.125 9.96 BB- BB NR       Treas
H-RR 12.17 5.00 9.96 B- B+ NR       Treas
J-RR 54.08 0.00 9.96 NR NR NR       Treas
X-A 831.51* NA NA AAA AAA Aaa       Treas
X-B 98.70* NA NA A- AAA NR       Treas
X-D 37.13* NA NA BBB- BBB+ NR       Treas

*Notional amount, interest only

Pricing Date: 11 August, 2017

Collateral balance: $1,081.64 million

Trepp/BBG Ticker: GSMS 2017-GS7

Bookrunner(s): Goldman Sachs (100 percent of deal balance)

Lead Managers: Goldman Sachs

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: RREF III Debt AIV LP (Rialto Capital Management)

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 10.59 percent (par value), RREF III-D AIV RR H LLC (Rialto Capital Management)

Risk Retention Consultation Party: NA

Master Servicer: Wells Fargo Bank

Special Servicer: Rialto Capital Advisors

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Goldman Sachs (100 percent of pool balance)

Number of Loans/Properties:  32/35

Top-10 Concentration: 64.3 percent

Property Types: Office (50.4 percent of pool balance), retail (16.8 percent), mixed use (14.4 percent), hotels (11.5 percent), multifamily (6.8 percent)

Underwritten DSCR: 2.20x

Underwritten LTV: 57.4 percent

Underwritten Debt Yield: 11.3 percent

Weighted Average Mortgage Rate: 4.444 percent

Subordinate Debt: 4 loans (30.9 percent of pool balance)

Full-term IO Loans:  12 loans (64.7 percent of pool balance)

Partial-term IO Loans: 14 loans (19.6 percent of pool balance)

Largest loans:

  • $137.26 million piece of a $500 million debt package that includes a $75 million mezzanine...




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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: GS Mortgage Securities Trust, 2017-GS7
  • Private: Yes
  • bloombergDealName: GSMS 2017-GS7
Read 181 times Last modified on Wednesday, 23 August 2017

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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