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 BANK 2024-5YR10 CMBS deal is a new issuance securitization for the CMBS market, with a total pooled balance of approximately $837.8 million. The deal is jointly managed by prominent financial institutions Wells Fargo, Bank of America, JP Morgan, and Morgan Stanley. The deal is collateralized by 42 loans and secured by 83 properties across a variety of sectors, including retail, manufactured housing, and hospitality. The strategic geographic distribution of these properties ensures balanced exposure across major markets. The deal’s weighted average loan-to-value (LTV) ratio of 55.0%, and the weighted average mortgage interest rate is 6.40%.
Key Metrics
The loan pool for BANK 2024-5YR10 is structured to include a mix of amortizing and interest-only loans, with 14.9% of the mortgage pool having scheduled amortization. The remainder of the pool (85.1%) 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 1.75x. The weighted average net operating income (NOI) debt yield is 12.8%.
Geography & Property Types
A key strength of the BANK 2024-5YR10 CMBS deal is its diverse property type distribution, which enhances portfolio resilience. Retail properties, including anchored, shadow anchored, single tenant, super regional mall, and unanchored subtypes constitute 22.6% of the total balance, while manufactured housing properties account for 18.8% of the balance. The geographic distribution of the properties across prime markets, including high-growth areas in New York City, Los Angeles, and Houston.
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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