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Friday, 11 August 2017

INITIAL PRICING: GS Mortgage Securities Trust, 2017-GS7

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
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 524 times Last modified on Wednesday, 23 August 2017

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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