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Tuesday, 06 August 2019

INITIAL PRICING: Wells Fargo Commercial Mortgage Trust, 2019-C52

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 26.63 30.00 2.67 AAA AAA Aaa 99.999 1.966 +44 swaps
A-2 43.91 30.00 4.85 AAA AAA Aaa 102.998 2.072 +60 swaps
A-3 28.57 30.00 6.94 AAA AAA Aaa 100.997 2.471 +93 swaps
A-SB 47.44 30.00 7.39 AAA AAA Aaa 102.997 2.385 +83 swaps
A-4 177.00 30.00 9.79 AAA AAA Aaa 100.992 2.530 +91 swaps
A-5 306.62 30.00 9.91 AAA AAA Aaa 102.994 2.551 +93 swaps
A-S 93.40 19.625 9.99 AAA AAA Aa3 102.998 2.801 +118 swaps
B 45.01 14.625 9.99 AA- AA- NR 102.996 3.031 +141 swaps
C 34.25 10.820 9.99 A- A- NR 99.999 3.571 +195 swaps
D-RR 23.63 8.00 9.99 BBB BBB NR       swaps
E-RR 16.88 6.125 9.99 BBB- BBB- NR       swaps
F-RR 15.75 4.375 9.99 BB- BB- NR       Treas
G-RR 9.00 3.375 9.99 B- B- NR       Treas
H-RR 30.38 0.00 9.99 NR NR NR       Treas
X-A 630.17* NA NA AAA AAA Aaa       Treas
X-B 174.42* NA NA A- AAA NR       Treas

*Notional amount, interest only

Pricing Date: 5 August, 2019

Collateral balance: $900.24 million

Trepp/BBG Ticker: WFCM 2019-C52

Bookrunner(s): Wells Fargo Securities (83.4 percent of deal balance), Barclays Capital (16.6 percent)

Lead Managers: Wells Fargo Securities, Barclays Capital

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: Argentic Real Estate Finance

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 10.62 percent of par value, Argentic Real Estate Finance

Risk Retention Consultation Party: Bank of America

Master Servicer: Wells Fargo Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Pentalpha Surveillance LLC

Asset Representations Reviewer: Pentalpha Surveillance LLC

Originators: Argentic Real Estate Finance (21.8 percent of pool balance), Rialto Mortgage Finance (17.4 percent), Barclays Capital Real Estate (16.6 percent), Ladder Capital Finance (15.6 percent), Benefit Street Partners (14.6 percent), Wells Fargo Bank (14.1 percent of pool balance)

Number of Loans/Properties: 67/126

Top-10 Concentration: 39.2 percent

Property Types: Office (35 percent of pool balance), retail (20.6 percent), industrial (13.9 percent), hotels (11.2 percent), multifamily (8.2 percent), self storage (5.8 percent), mixed use (5 percent), leased fee (0.3 percent)

Underwritten DSCR: 2.14x

Underwritten LTV: 61.6 percent

Underwritten Debt Yield: 11.5 percent

Weighted Average Mortgage Rate: 4.399 percent

Subordinate Debt: 2 loans (7.4 percent of pool balance)

Full-term IO...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Wells Fargo Commercial Mortgage Trust, 2019-C52
  • Private: Yes
  • bloombergDealName: WFCM 2019-C52
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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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