Friday, December 3, 2010

Americold 2010-A

Americold is financing their purchase of the VersaCold acquisition with a $600mm CMBS deal and $375mm of preferred equity. The loan is a 10-year (25 year am) collateralized by 50 fee-owned and 3 ground lease properties, 48.7% LTV, 16.6% debt yield, 2.34x DSCR, 4.85% rate (spread across 6 CMBS classes, floating/fixed, and subordinate).

Class S/F/R Size WAL
A1 AAA/AAA/AAA $158.68 5.52
A2FX AAA/AAA/AAA $148.83 10.08
A2FL AAA/AAA/AAA $87.50 10.08
B AA/AA/AA $60.00 10.08
C A/A/A $62.40 10.08
D BBB-/BBB-/BBB- $82.60 10.08

Americold also has two other large CMBS loans spread across multiple deals in pari passue notes - DB AmeriCold Portfolio is $350mm and is in CD 2007-CD4, JPMCC 2007-CB18, JPMCC 2007-LDPX, JPMCC 2007-CB19, and GECMC 2007-C1; AND THE CGM Americold Portfolio $325MM loan split between CD 2007-CD4 and CGCMT 2007-C6. The two legacy pari passu loans are performing fine looking at YE 2009 data with 2.34x DSCRs being reported on each. Also, they've been doing similarly structured CMBS loans since the late 90s with GS.

hat tip to "Anonymous" for pointing out this deal that I completely missed. Thanks!

1 comment:

Dark Space said...

UPDATE: Deal name = ACRE 10-ART. Brought to you buy GS/JPM