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 BMARK 2024-V10 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of approximately $738.0M. The deal is jointly managed by prominent financial institutions Citigroup, Deutsche Bank, and Goldman Sachs. The deal is collateralized by 32 loans and secured by 62 properties across a variety of sectors, including mixed-use, multifamily, and office. 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 55.8%, and the weighted average mortgage interest rate is 55.8%, which provides attractive returns for investors.
Key Metrics
The loan pool for BMARK 2024-V10 is structured to include a mix of amortizing and interest-only loans, with only 0.7% of the mortgage pool having scheduled amortization. The remainder of the pool (99.3%) 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 1.71x, 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 11.7%.
Geography & Property Types
A key strength of the BMARK 2024-V10 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Mixed Use constitutes 28.1% of the total balance, while multifamily and office properties account for 26.3% and 20.5%, respectively. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Los Angeles, and Honolulu 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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