Similar to other recent CMBS issues, the issue has a heavy concentration of loans on retail properties, which comprise 60% of its collateral pool. The transaction has been divided into ten principal paying classes and one interest-only class rated by Fitch and DBRS. The deal’s four AAA classes have an 18.25% subordination level, at the upper end of 15%-18.25% subordination levels for recent multi-borrower deals. Its unrated class, a balance of $38.5 million, comprises part of the deal’s B-piece, which was acquired by Rialto Capital. Wells Fargo is the deal’s master servicer and Midland Loan Services is the deal’s special servicer.

The $81-million class A1 CMBS with a 2.5-year average life wound up pricing at an 80 basis point (bp) spread. The $399-million class A2 CMBS with a 4.8-year average life went out the door at 125 bp over swaps, and the $128-million class of 7.2-year paper went for 140 bp. The class A4 CMBS with a 9.7-year average life was substantially oversubscribed by investors at 125 bp over swaps.

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