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

Thursday, 10 August 2017

INITIAL PRICING: Wells Fargo Commercial Mortgage Trust, 2017-C39

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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 27.82 30.00 2.90 AAA AAA Aaa 99.999 1.956 +28 swaps
A-2 80.71 30.00 4.90 AAA AAA Aaa 102.998 2.328 +48 swaps
A-3 4.39 30.00 6.90 AAA AAA Aaa 99.994 2.878 +88 swaps
A-SB 44.79 30.00 7.18 AAA AAA Aaa 102.998 2.747 +73 swaps
A-4 305.00 30.00 9.72 AAA AAA Aaa 100.999 3.043 +88 swaps
A-5 330.28 30.00 9.84 AAA AAA Aaa 102.995 3.069 +90 swaps
A-S 106.20 20.625 9.90 AAA AAA Aa2 102.998 3.352 +118 swaps
B 50.98 16.125 9.93 AA- AA NR 102.998 3.674 +150 swaps
C 46.73 12.00 9.98 A- A NR 99.495 4.197 +202 swaps
D 19.03 10.32 9.98 BBB+ A- NR 95.648 4.997 +282 Treas
E-RR 37.61 7.00 9.98 BBB- BBB- NR       Treas
F-RR 25.49 4.75 9.98 BB- BB- NR       Treas
G-RR 11.33 3.75 9.98 B- B NR       Treas
H-RR 42.48 0.00 9.98 NR NR NR       Treas
X-A 792.98* NA NA AAA AAA Aaa 8.598 3.407 +130 Treas
X-B 222.94* NA NA NR AAA NR       Treas

*Notional amount, interest only

Pricing Date: 10 August, 2017

Collateral balance: $1,132.83 million

Trepp/BBG Ticker: WFCM 2017-C39

Bookrunner(s): Wells Fargo Securities (73.4 percent of deal balance), Barclays Capital (26.6 percent)

Lead Managers: Wells Fargo Securities, Barclays Capital

Co-managers: Citigroup, Natixis Securities Americas

B-Piece Buyer: Argentic Real Estate Finance

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 10.32 percent (of par), Argentic Real Estate Finance

Risk Retention Consultation Party: 

Master Servicer: Wells Fargo Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Trimont Real Estate Advisors

Asset Representations Reviewer: Trimont Real Estate Advisors

Originators: Wells Fargo Bank (29.4 percent of pool balance), Barclays Bank (26.6 percent), Argentic Real Estate Finance (23.8 percent), Natixis Real Estate Capital (13.6 percent), Basis Real Estate Capital (6.6 percent)

Number of Loans/Properties:  64/149

Top-10 Concentration: 45.2 percent

Property Types: Office (36.2 percent of pool balance), retail (30.1 percent), hotels (16.4 percent), multifamily (6.8 percent), mixed use (5.7 percent), self storage (2.8 percent), other (1.8 percent), industrial (0.2 percent)

Underwritten DSCR: 2.15x

Underwritten LTV: 58.8 percent

Underwritten Debt Yield: 11.2 percent

Weighted Average Mortgage Rate:...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Wells Fargo Commercial Mortgage Trust, 2017-C39
  • Private: Yes
  • bloombergDealName: WFCM 2017-C39
Read 189 times Last modified on Friday, 11 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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