A CRED iQ Preliminary Analysis
DATA HEREIN PROVIDED TO CRED IQ IS FROM A PRELIMINARY PROSPECTUS AND MAY BE AMENDED OR SUPPLEMENTED PRIOR TO TIME OF SALE
Deal Overview
BANK5 2024-5YR8 is a new issue CMBS deal with a total pooled balance of approximately $690.5 million. Jointly managed by Banc of America, Morgan Stanley, Wells Fargo Securities and JP Morgan, this deal includes 32 loans secured by 33 properties across various sectors like retail, mixed-use, office and hospitality. The deal features a weighted average loan-to-value (LTV) maturity ratio of 55.8% and a weighted average mortgage interest rate of 6.80%. The offering is scheduled for closing on August 15, 2024, providing diverse and stable investment opportunities for CRE finance professionals.
Key Metrics
The loan pool is structured to include a mix of amortizing and interest-only loans, with 16.9% of the mortgage pool having scheduled amortization and the remaining 83.1% providing for interest-only payments throughout the loan term. Additionally, the pool features a weighted average debt service coverage ratio (DSCR) of 1.63x and a weighted average net operating income (NOI) debt yield of 12.4%, indicating strong underwriting standards and financial performance.
Geography & Top Assets
The transaction highlights include properties concentrated in major markets like New York City, Atlanta, and Las Vegas with significant assets such as the Showcase I, an anchored retail property in Las Vegas and the 640 5th Avenue mixed-use (office/retail) property in New York. The top 10 loans represent 69.8% of the pool balance with retail and mixed use properties backing more than half of the initial pool balance.
For subscribers to CRED iQ
About CRED iQ
CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals. With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.
If you would like to learn more about CRED iQ’s products and services, please contact team@cred-iq.com or (215) 220-6776.
THE DATA, INFORMATION AND/OR RELATED MATERAL (“DELIVERABLES”) IS BEING SOLD IN AS-IS/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES IN ANY REGARD WHATSOEVER, AND ACKNOWLEDGE THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.
