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

Friday, 13 April 2018

INITIAL PRICING: Morgan Stanley Capital I Trust, 2018-BNK11

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
Fitch
Rating
S&P
Rating
Kroll
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 21.30 30.00 2.74 AAA AAA AAA 99.999 2.937 +20 swaps
A-SB 31.50 30.00 7.47 AAA AAA AAA 102.998 3.554 +72 swaps
A-2 195.00 30.00 9.80 AAA AAA AAA 101.000 3.673 +81 swaps
A-3 209.85 30.00 9.89 AAA AAA AAA 102.997 3.694 +83 swaps
A-S 38.41 24.125 9.97 AAA AAA AAA 102.997 3.914 +105 swaps
B 49.85 16.50 9.97 AA- NR AA 102.995 4.064 +120 swaps
C 30.24 11.875 9.97 A- NR A 99.611 4.514 +165 swaps
D 34.24 6.625 9.97 BBB- NR BBB-   6.114 +325 swaps
E 13.89 4.50 10.01 BB- NR BB-       swaps
F 8.17 3.25 10.01 B- NR B-       swaps
G 21.25 0.00 10.01 NR NR NR       Treas
X-A 457.65* NA NA AAA AAA AAA 4.003 4.067 +125 Treas
X-B 88.26* NA NA AA- NR AA       Treas
X-D 34.24* NA NA BBB- NR BBB-       Treas
X-E 13.89* NA NA BB- NR BB-       Treas

*Notional amount, interest only

Pricing Date: 13 April, 2018

Collateral balance: $688.20 million

Trepp/BBG Ticker: BANK 2018-BN11

Bookrunner(s): Wells Fargo Securities (51.9 percent of deal balance), BofA Merrill Lynch (31.2 percent), Morgan Stanley (17 percent)

Lead Managers: Morgan Stanley, Wells Fargo Securities, BofA Merrill Lynch

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: Eightfold Real Estate Capital Fund V LP

Risk Retention Type: Vertical 

Vertical Size, Holder: 5 percent, Wells Fargo (51.9 percent), BofA Merrill Lynch (31.2 percent), Morgan Stanley (17 percent)

Horizontal Size, Holder: NA

Risk Retention Consultation Party: Morgan Stanley

Master Servicer: Wells Fargo Bank, National Cooperative Bank

Special Servicer: Midland Loan Services, National Cooperative Bank

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Wells Fargo Bank (47.9 percent of pool balance), Bank of America (28.8 percent), Morgan Stanley (15.7 percent), NCB FSB (7.6 percent)

Number of Loans/Properties: 42/76

Top-10 Concentration: 69.2 percent

Property Types: Retail (27.4 percent of pool balance), office (24.3 percent), multifamily (13.4 percent), self storage (13.3 percent), industrial (11.1 percent), hotels (8.3 percent), manufactured housing (2.2 percent)

Underwritten DSCR: 2.67x

Underwritten LTV: 54.8 percent

Underwritten Debt Yield: 14 percent

Weighted Average Mortgage Rate: 4.4158percent

Subordinate Debt: 6 loans (32.1 percent of pool balance)

Full-term IO...





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“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:

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Morgan Stanley Capital I Inc., 2018-BANK11
  • Private: Yes
  • bloombergDealName: BANK 2018-BN11
Read 423 times Last modified on Tuesday, 17 April 2018

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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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