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Friday, 13 April 2018

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

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
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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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 805 times Last modified on Tuesday, 17 April 2018
Orest Mandzy

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