Rebranded Exantas' CRE CLO and CGCMT 2018-C5 price - CMBS Primary Market Wrap

07 June 2018
 

The BBB- rated Ds of the USD 514m XAN 2018-RSO6 priced at L+ 250bps today, tight of the S+ 295 and S+ 305bps spreads at which comparable bonds from the USD 1.1bn LNCR 2018-CRE1 and the USD 560m ARCLO 2018-FL1 priced last month.
 
The XAN CRE CLO’s USD 290.5m AAA rated As priced at L+ 83bps, tight of L+ 113 and L+ 115bps at which AAA bonds from the LNCR and ARCLO deals priced on 18 May and 24 May, respectively.
 
The XAN transaction is the sixth post-crisis CRE CLO issue for the former Resource Capital, which was rebranded last month as Exantas Corp., according to a Kroll Bond Rating Agency presale.
 
The transaction is collateralized by 27 whole loans on 38 properties. The deal permits the post-closing acquisition of companion loan participations. Its pool concentrations are 65.2% multifamily, 11% lodging, 9.6% retail and 5.9% office while the state exposure includes Texas (21.7%), California (17.2%), Arizona (14.3%), and Nevada (8.7%).
 
The USD 668.23m CGCMT 2018-C5 conduit’s USD 208.76m AAA rated A-4s priced today at S+ 87bps, wide of the S+ 82bps at which comparable bonds from JPMDB 2018-C8 priced on 23 May, according to a syndicate source. The deal is backed by 30 loan on 45 properties with an average loan size of USD 17.1m.
 
The deal pool is comprised of multifamily (48.8%), office (25.6%), retail (21.7%), self-storage (6%) and hotel (4%). Top states include New York (15.7%), Ohio (31.1%), New Jersey (12.2%) and California (11.3%), according to a Fitch presale.
The weighted average mortgage rate is 4.74% and the weighted average LTV is 54.9%.
 
Wells Fargo is also prepping WFCM 2018-1745, according to an SEC filing.
 
by Maura Webber Sadovi