A CRED iQ Preliminary Analysis
BMO 2024-5C5 is a significant new issue CMBS deal with an approximate mortgage pool totaling around $1.02 billion. This transaction is managed by BMO Capital Markets, Citigroup, Deutsche Bank, SG Americas, Goldman
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Deal Overview
BMO 2024-5C5 is a significant new issue CMBS deal with an approximate mortgage pool totaling around $1.02 billion. This transaction is managed by BMO Capital Markets, Citigroup, Deutsche Bank, SG Americas, Goldman Sachs, and UBS Securities with additional support from co-managers Academy Securities, Bancroft Capital, and Drexel Hamilton. The offering consists of 36 loans secured by 65 properties, presenting a diversified portfolio that spans various property types such as multifamily, office, and hotels. The properties are geographically dispersed, ensuring a robust risk mitigation strategy for investors.
Key Metrics
The loan pool is structured to include a mix of amortizing and interest-only loans, with 6.8% of the mortgage pool having scheduled amortization and the remaining 93.1% providing for interest-only payments throughout the loan term. Additionally, the pool features a weighted average debt service coverage ratio (DSCR) of 1.53x and a weighted average net operating income (NOI) debt yield of 11.4%, 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 San Francisco. Significant assets include the Arthouse Hotel in the Union square submarket of New York City and The Motif by Morningside multifamily property in the Atlanta market. The deal is set to close on August 15, 2024, with the master servicer being Midland and the special servicer being LNR Partners. This CMBS offering presents a well-structured investment opportunity with diverse property types and geographic distribution, designed to deliver stable returns and mitigate risks effectively.
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.
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