Goldman Sachs launches €198m Italian MODA Blackstone CMBS

Goldman Sachs International (GSI) has launched the €198.2m MODA 2014 SRL securitisation this morning, comprised of two loans extended to Blackstone and secured by three shopping centres and two outlet villages in predominantly Northern and central Italy.

Goldman-SachsThis is GSI’s second securitisation in Europe since the global financial crisis, and second backed by Italian collateral, after €363m Italian CMBS, Gallerie 2013 S.r.l. came to market at the end of November 2013, as first revealed by CoStar News six weeks prior.

GSI’s five-year term €198.2m MODA CMBS is comprised of five tranches, as follows:

  • Class A: €145.1m; A+/A(high); LTV 45.4%; WAL 4.7Y; 
  • Class B: €14.6m; A/A; LTV 50%; WAL 4.75Y;
  • Class C: €17.7m; BBB-/BBB; LTV 55.6%; WAL 4.74Y;
  • Class D: €3.822m; BB+/BBB; LTV 56.7%; WAL 5.07Y;
  • Class E: €17m; B/BB; LTV 62.1%; WAL 5.08Y;

Ratings are by Fitch Ratings and DBRS. Initial pricing guidance is not yet available.  CBRE Loan Servicing has been mandated as servicer and special servicer. The European roadshow starts today, with site visits next week.

MODA’s two loans are comprised as follows:

  • a €78m five-year loan extended to Blackstone last autumn following its September 2013 €126m purchase of the Franciacorta Outlet Village Rodenegg Saiano, Brescia.  The Franciacorta loan was understood to be priced in the 425 bps region.
  • a €120.18m five-year loan extended to Blackstone this Spring following its circa €100m acquisition of Valdichiana Outlet Village in April in addition to three small retail assets. The loan was priced tighter than Franciacorta loan, at around the 400 bps range.

The vendor of the five assets was Aberdeen Asset Management.

Across the retail portfolio, the occupancy is around 95% while income annual rent roll is circa €29m.

Under MODA, noteholders will receive some call protection in the event of Blackstone’s early prepayment, understood to be in the region of 40 and 50 bps, but all call protection expires in November 2015.

Principal proceeds will be repaid to noteholders on a hybrid sequential and pro rata basis – known as “modified pro rata” – with the proportions determined by the principal allocation buckets, that is, the source of the proceeds to repay noteholders.

Expected maturity is August 2019, with legal final maturity in August 2026.

jwallace@costar.co.uk

About CoStar News

Finance Editor, CoStar News
Gallery | This entry was posted in Banks, CMBS, Lenders, Market Trends, Private equity real estate and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s