Wells Fargo and the Royal Bank of Scotland are marketing a $1.44 billion commercial mortgage backed securitization, according to regulatory filings and ratings agency reports.
The deal, WFRBS Commercial Mortgage Trust 2013-C11, is backed by 82 commercial mortgages with an aggregate principal balance of $1.44 billion. The loans are secured by the 153 properties in 33 states.
Of the total trust balance, 34.6% is backed by office properties, 22.2% by retail assets, 13.5% by residential assets, 12.1% by hotels, 9.1% by industrial/warehouse properties, 7.0% by self-storage properties, and 1.5% by mixed-use properties.
RBS and Wells Fargo Securities are co-lead managers and joint bookrunners and Citi is a co-manager, according to a prospectus filed with the Securities and Exchange Commission today.
In addition to Wells and RBS, C-III Commercial Mortgage LLC, Liberty Island Group I LLC, and Basis Real Estate Capital II LLC sold loans to be used as collateral.
A roadshow for the deal was launched Tuesday and wraps up Thursday; the deal is expected to close Feb. 12.
Fitch Ratings, Kroll, and Standard & Poor’s are all rating the deal, which has six classes of 'AAA'-rated notes totalling $1.14 billion.
