Deutsche Bank and Cantor plan to issue a $1.2 million CMBS conduit transaction backed by 59 commercial mortgage loans that are secured by 86 properties, according to a presale report by Kroll Bond Ratings Agency.
The capital structure of COMM 2014-CCRE17 consists of 21 classes of certificates, of which 15 classes are entitled to principal and interest, four classes receive interest-only and two classes are residual interest.
Four mortgage loan sellers contributed all of the loans: Cantor Commercial Real Estate Lending (12 loans, 36.4%), German American Capital (15 loans, 26.6%), Jefferies LoanCore (19 loans, 15.6%) and General Electric Capital (12 loans, 9.6%).
The properties in the collateral pool are located in 20 states. New York (32.1%) is the only state that represents more than 15.0% of the pool balance, according to the presale report. The pool has exposure to all the major property types. Retail properties make up 33.2% — the only property type that represents more than 20.0% of the pool balance.
The loans have principal balances ranging from $1.7 million to $140 million for the largest loan in the pool, which is secured by Bronx Terminal Market (11.7%), a 912,333-sf anchored retail center located in the Bronx borough of New York City.
Below is a chart that illustrates how the deal is structured.
