Cantor went ahead with their deal without Wells as a partner. The deal has 38 loans originated by Cantor, 17.625% subordination on the AAAs, only 27.2% retail (compared to >50% on the other deals done this year), 23.8% multifamily, and 27.1% of the leases are GSA.
I don't have structure, but I'll update this post when I get it, or someone may drop it in the comments.
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Class A-1 $31,945,000 17.625% AAA(sf)/Aaa(sf)/AAA 2.61 5/11 – 11/15 13.3% 55.4%
Class A-2 $304,661,000 17.625% AAA(sf)/Aaa(sf)/AAA 4.77 11/15 – 4/16 13.3% 55.4%
Class A-3 $32,485,000 17.625% AAA(sf)/Aaa(sf)/AAA 6.61 4/16 – 4/18 13.3% 55.4%
Class A-4 $153,586,000 17.625% AAA(sf)/Aaa(sf)/AAA 9.64 4/18 – 3/21 13.3% 55.4%
Class X-A $522,677,000(8) N/A AAA(sf)/Aaa(sf)/AAA N/A N/A N/A N/A
Class X-B $111,832,745(8) N/A NR/Aaa(sf)/AAA N/A N/A N/A N/A
Class B $16,656,000 15.000% AA(sf)/Aa2(sf)/AA 9.88 3/21 – 3/21 12.9% 57.1%
Class C $19,036,000 12.000% A(sf)/A2(sf)/A 9.91 3/21 – 4/21 12.5% 59.2%
Class D $14,276,000 9.750% BBB+(sf)/Baa1(sf)/BBB+ 9.96 4/21 – 4/21 12.2% 60.7%
Class E $26,967,000 5.500% BBB-(sf)/Baa3(sf)/BBB- 9.96 4/21 – 4/21 11.6% 63.5%
Class F $7,931,000 4.250% BB(sf)/Ba2(sf)/BB 9.96 4/21 – 4/21 11.5% 64.4%
Class G $7,931,000 3.000% B(sf)/B2(sf)/B 9.96 4/21 – 4/21 11.3% 65.2%
Class NR $19,035,745 0.000% NR/NR/NR 9.96 4/21 – 4/21 11.0% 67.2%
CRE Direct had a write up on pricing, they missed by a lot: http://www.crenews.com/index.php?option=com_content&task=view&id=71229&Itemid=128
It's pretty clear the loss of Wells as a partner cost them a lot of money on execution. I personally don't buy the idea of using CSFB's performance as a metric.
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