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Monday, 24 June 2019

INITIAL PRICING: Wells Fargo Commercial Mortgage Trust, 2019-C51

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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 22.39 30.00 2.72 AAA AAA Aaa 99.998 2.253 +50 swaps
A-2 45.49 30.00 4.84 AAA AAA Aaa 102.997 2.369 +60 swaps
A-SB 29.43 30.00 7.27 AAA AAA Aaa 102.994 2.701 +83 swaps
A-3 200.00 30.00 9.81 AAA AAA Aaa 100.999 2.942 +96 swaps
A-4 213.33 30.00 9.90 AAA AAA Aaa 102.993 2.965 +98 swaps
A-S 62.01 21.50 9.93 AAA AAA Aa3 102.997 3.236 +125 swaps
B 36.47 16.50 9.93 AA- AA- NR 102.996 3.486 +150 swaps
C 31.92 12.125 9.93 A- A- NR 102.995 3.936 +195 swaps
D 11.85 10.50 9.93 BBB+ BBB+ NR       swaps
E-RR 25.53 7.00 9.93 BBB- BBB- NR       Treas
F-RR 18.24 4.50 9.93 BB- BB- NR       Treas
G-RR 7.30 3.50 9.93 B- B NR       Treas
H-RR 25.53 0.00 9.93 NR NR NR       Treas
X-A 510.64* NA NA AAA AAA Aaa 10.250 3.506 +155 Treas
X-B 130.39* NA NA A- AAA NR       Treas
X-D 11.85* NA NA BBB+ BBB+ NR       Treas

*Notional amount, interest only

Pricing Date: 21, June, 2019

Collateral balance: $729.48 million

Trepp/BBG Ticker: WFCM 2019-C51

Bookrunner(s): Wells Fargo Securities (62.4 percent of deal balance), Barclays Capital (23.9 percent), UBS Securities (13.8 percent)

Lead Managers: Wells Fargo Bank, Barclays Capital, UBS Securities

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: LD II Sub V LLC (Prime Finance)

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 10.5 percent, LD II Sub V LLC (Prime Finance)

Master Servicer: Wells Fargo Bank

Special Servicer: C-III Asset Management

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Pentalpha Surveillance

Asset Representations Reviewer: Pentalpha Surveillance

Originators: Rialto Mortgage Finance (26.2 percent of pool balance) Wells Fargo Bank (24.9 percent), Barclays Capital (23.9 percent), UBS (13.8 percent), C-III Commercial Mortgage (11.2 percent)

Number of Loans/Properties: 54/105

Top-10 Concentration: 54.7 percent

Property Types: Office (38.5 percent of pool balance), retail (27.5 percent), mixed use (10.6 percent), self storage (10.3 percent), hotels (6.6 percent), multifamily (4.2 percent), manufactured housing (2.2 percent), industrial (0.2 percent)

Underwritten DSCR: 1.97x 

Underwritten LTV: 63...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Wells Fargo Commercial Mortgage Trust, 2019-C51
  • Private: Yes
  • bloombergDealName: WFCM 2019-C51
Read 344 times Last modified on Tuesday, 25 June 2019
Orest Mandzy

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