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
The BBCMS 2024-5C29 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of approximately $1.07 billion. The deal is jointly managed by prominent financial institutions Barclays, BMO, Citigroup, Deutsche Bank, KeyBanc, Societe Generale, and UBS. The deal is collateralized by 55 loans and secured by 102 properties across a variety of sectors, including multifamily, retail, and industrial. The strategic geographic distribution of these properties ensures balanced exposure across major markets, thereby reducing regional risks and enhancing overall portfolio stability. The deal’s conservative underwriting practices are reflected in its weighted average loan-to-value (LTV) ratio of 58.3%, and the weighted average mortgage interest rate is 6.70%, which provides attractive returns for investors.
Key Metrics
The loan pool for BBCMS 2024-5C29 is structured to include a mix of amortizing and interest-only loans, with 10.0% of the mortgage pool having scheduled amortization, ensuring gradual principal repayment and enhanced cash flow stability. The remainder of the pool consists of interest-only payments throughout the loan term, offering investors a steady income stream. The pool boasts a weighted average debt service coverage ratio (DSCR) of 1.63x, signifying strong cash flow relative to debt obligations and underscoring the financial robustness of the underlying properties. The weighted average net operating income (NOI) debt yield is 11.5%.
Geography & Property Types
A key strength of the BBCMS 2024-5C29 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Multifamily properties, including garden, mid-rise, student housing and low-rise subtypes constitute 39.8% of the total balance, while retail properties account for 18.5% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Boston, and Winston, NC further mitigates risk by reducing exposure to regional economic downturns.
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.
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