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 BANK5 2024-5YR12 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of approximately $876.0 million. The deal is jointly managed by prominent financial institutions including Bank of America, JP Morgan, Wells Fargo, and Morgan Stanley. The deal is collateralized by 27 loans and secured by 147 properties across a variety of sectors, including retail, mixed use, and manufactured housing. The deal’s weighted average loan-to-value (LTV) ratio of 57.9%, and the weighted average mortgage interest rate is 6.32%.
Key Metrics
The loan pool for BANK5 2024-5YR12is structured to include a mix of amortizing and interest-only loans, with 7.4% of the mortgage pool having scheduled amortization. The remainder of the pool (92.6%) 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 1.67x. The weighted average net operating income (NOI) debt yield is 11.2%.
Geography & Property Types
A key strength of the BANK5 2024-5YR12 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Retail properties, including anchored, super regional mall, unanchored, and single tenant subtypes constitute 20.2% of the total balance, while mixed used properties account for 17.1% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Los Angeles, and Dallas.
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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