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Mortgage Backed Securities | MBS News | MBS Statistics
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Multiple CMBS Issuances Backed By Hotel Loans

Recent CMBS transactions

July 23, 2013

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Hotel properties are securing loans included in multiple recent commercial mortgage-backed securities transactions. Multifamily and office property loans are also being securitized.

The $1.40 billion portion of Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 that was rated by Moody's Investors Service is collateralized by 75 fixed-rate loans secured by 87 properties. The debt service coverage ratio is 1.67 times, while the "Moody's Trust LTV ratio" is 107.4 percent.

Commercial Mortgage Securities Trust 2013-CCRE8 is a $1.38 billion deal rated by Moody's. The 59 fixed-rate loans backing the deal are secured by 94 properties, including 375 Park Avenue and The Paramount Building -- which account for 19 percent of the pool balance.

The ratings agency reported the DSCR ratio on 2013-CCRE8 at 2.11 times and the loan-to-value ratio at 94.2 percent.

Around $1.34 billion in CMBS classes were rated Moody's in JPMBB Commercial Mortgage Securities Trust 2013-C12. The 77 mortgages in the transaction are secured by 107 properties, have a weighted-average LTV of 100.2 percent and a DSCR of 1.68 times.

Freddie Mac's multifamily deal FREMF 2013-K713 Multifamily Mortgage Pass-Through Certificates has a DSCR of 1.17 times and a stressed LTV of 115.6 percent, Fitch Ratings reported. The weighted-average coupon -- or WAC -- was 3.35 percent. Class sizes range from $0.132 billion to $1.340 billion. Wells Fargo Bank, N.A., is the master servicer, and Midland Loan Services is the special servicer.

The next biggest Chase deal was JPMCC 2013-C13, Moody's announced. The 45 fixed-rate loans backing the $930 million deal are secured by 70 properties. The weighted-average LTV ratio is 97.2 percent, and the DSCR is 1.05 times.

"This deal has a super-senior Aaa class with 30 percent credit enhancement," Moody's said of the Chase transaction. "Although the additional enhancement offered to the senior most certificate holders provides additional protection against pool loss, the super-senior structure is credit negative for the certificate that supports the super-senior class."

Moody's said it rated six classes of the $783 million Citigroup Commercial Mortgage Trust 2013-375P. A loan secured by a class-A New York office building in Midtown Manhattan is the sole collateral for the transaction. Moody's Trust DSCR is 2.30 times, and the Moody's Total Debt DSCR, which is inclusive of mezzanine debt, is 1.55 times. The LTV ratio is 87 percent.

A total of 154 hotel properties back COMM 2013-THL, a report released by Moody's in June indicated. The $775 million CMBS has a weighted-average LTV of 142 percent when factoring in mezzanine financing, and the "Moody's Total Stressed DSCR" including mezzanine financing is 0.85 times.

Fitch said that COMM 2013-THL Mortgage Trust Commercial Mortgage Pass Through Certificates is backed by a $775 million loan secured by 154 hotel properties. While six different franchises are associated with the properties, 21 percent are tied to Fairfield Inn.

Six classes of JP Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ for $510 million were rated by Moody's. Three full-service hotels -- two JW Marriotts and on Ritz Carlton -- secure the first mortgages collateralizing the deal. The Moody's Trust Stressed DSCR is 1.40 times.

WFRBS Commercial Mortgage Trust 2013-C13 closed on May 9, according to Fitch.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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