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Friday, 07 February 2020

INITIAL PRICING: Morgan Stanley Capital I Trust, 2020-L4

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 8.26 30.00 3.14 AAA AAA AAA 99.998 1.815 +40 swaps
A-SB 15.08 30.00 7.47 AAA AAA AAA 103.000 2.182 +71 swaps
A-2 202.00 30.00 9.79 AAA AAA AAA 100.996 2.336 +80 swaps
A-3 332.99 30.00 9.90 AAA AAA AAA 102.993 2.358 +82 swaps
A-S 58.82 22.625 9.99 AAA AAA AAA 102.999 2.541 +100 swaps
B 43.87 17.125 9.99 AA- AA AA- 102.998 2.741 +120 swaps
C 37.89 12.375 9.99 A- A NR 102.996 3.191 +165 swaps
D 23.88 9.50 9.99 BBB BBB+ NR       swaps
E 17.95 7.25 9.99 BBB- BBB- NR   4.891 +335 swaps
F 18.94 4.875 9.99 BB- BB NR       Treas
G-RR 8.97 3.75 9.99 B- B NR       Treas
H-RR 29.91 0.00 9.99 NR NR NR       Treas
X-A 558.33* NA NA AAA AAA AAA       Treas
X-B 140.58* NA NA A- AAA NR       Treas
X-D 40.88* NA NA BBB- BBB- NR       Treas
X-F 18.94* NA NA BB- BB NR       Treas

*Notional amount, interest only

Pricing Date: 7 February, 2020

Collateral balance: $830.50 million

Trepp/BBG Ticker: MSC 2020-L4

Bookrunner(s): Morgan Stanley (86.1 percent of deal balance), Cantor Fitzgerald & Co. (13.9 percent)

Lead Managers: Morgan Stanley, Cantor Fitzgerald

Co-managers: Bancroft Capital

B-Piece Buyer: Argentic Securities Income USA LLC

Risk Retention Type: Hybrid (L-shaped)

Horizontal Size, Holder: 4.68 percent of par, Argentic Securities Income USA LLC

Vertical Size, Holder: 3.96 percent of par, Argentic Securities Income USA LLC

Risk Retention Consultation Party: Argentic Real Estate Finance 

Master Servicer: Wells Fargo Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Pentalpha Surveillance 

Asset Representations Reviewer: Pentalpha Surveillance

Originators: Morgan Stanley (50.6 percent of pool balance), Argentic Real Estate Finance (19.2 percent), Starwood Mortgage Capital (16.3 percent), Cantor Commercial Real Estate Lending (13.9 percent)

Number of Loans/Properties: 40/65

Top-10 Concentration: 54.9 percent

Property Types: office (28.7 percent of pool balance), multifamily (23 percent), hotels (15.3 percent), mixed use (14.3 percent), retail (13.2 percent), industrial (3.1 percent), self storage (2.3 percent)

Underwritten DSCR: 2.94x

Underwritten LTV: 58.0 percent

Underwritten Debt Yield: 11.7 percent

Weighted Average Mortgage Rate: 3.6951 percent

Subordinate Debt: 3 loans (15.3...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Morgan Stanley Capital I Inc., 2020-L4
  • Private: Yes
  • bloombergDealName: MSC 2020-L4
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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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