FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-189017-04 | ||
From: CITI CMBS SYNDICATE (CITIGROUP GLOBAL MAR)
At: May 1 2014 11:58:00
CGCMT 2014-GC21 -- New Issue Announcement (Public)
$902.386mm Fixed Rate CMBS Offering
Co-Lead Managers and Joint Bookrunners: Citigroup Global Markets Inc. and Goldman, Sachs & Co.
Co-Managers: Drexel Hamilton, LLC and RBS Securities Inc.
Class | Moody's/Fitch/DBRS | Size($mm) | WAL(yr) | C/E | Cum LTV | U/W NOI Debt Yld |
A-1 | Aaa(sf)/AAAsf/AAA(sf) | 52.329 | 2.70 | 30.000% | 47.3% | 14.3% |
A-2 | Aaa(sf)/AAAsf/AAA(sf) | 63.220 | 4.93 | 30.000% | 47.3% | 14.3% |
A-3 | Aaa(sf)/AAAsf/AAA(sf) | 9.600 | 6.80 | 30.000% | 47.3% | 14.3% |
A-4 | Aaa(sf)/AAAsf/AAA(sf) | 240.000 | 9.72 | 30.000% | 47.3% | 14.3% |
A-5 | Aaa(sf)/AAAsf/AAA(sf) | 291.371 | 9.88 | 30.000% | 47.3% | 14.3% |
A-AB | Aaa(sf)/AAAsf/AAA(sf) | 71.630 | 7.34 | 30.000% | 47.3% | 14.3% |
A-S | Aaa(sf)/AAAsf/AAA(sf) | 58.513 | 9.88 | 24.375% | 51.1% | 13.2% |
B | Aa3(sf)/AA-sf/AA(sf) | 70.214 | 9.88 | 17.625% | 55.6% | 12.1% |
C | A3(sf)/A-sf/A(sf) | 45.509 | 9.90 | 13.250% | 58.6% | 11.5% |
X-A | Aaa(sf)/AAAsf/AAA(sf) | 786.663 | N/A | N/A | N/A | N/A |
X-B | Aa3(sf)/AA-sf/AAA(sf) | 115.723 | N/A | N/A | N/A | N/A |
Collateral Summary | |
Initial Pool Balance: | $1,040.216mm |
Number of Mortgage Loans: | 70 |
Number of Mortgaged Properties: | 111 |
Average Cut-off Date Mortgage Loan Balance: | $14.860mm |
Weighted Average Mortgage Interest Rate: | 4.9555% |
Weighted Average Remaining Term to Maturity/ARD (months): | 115 |
Weighted Average Remaining Amortization Term (months): | 351 |
Weighted Average Cut-off Date LTV Ratio: | 67.5% |
Weighted Average Maturity Date/ARD LTV Ratio: | 57.9% |
Weighted Average Underwritten Debt Service Coverage Ratio: | 1.53x |
Weighted Average Debt Yield on Underwritten NOI: | 10.0% |
% of Mortgage Loans with Additional Debt: | 11.9% |
% of Mortgaged Properties with Single Tenants: | 5.2% |
Property Type: | 29.8% Retail (12.8% Anchored, 12.0% Super-Regional Mall, |
2.2% Power Center/Big Box, 1.2% Single Tenant Retail, | |
0.9% Shadow Anchored, 0.5% Unanchored) | |
20.4% Multifamily (15.2% Garden, 5.1% Student Housing) | |
12.8% Office (5.8% General Suburban, 5.2% CBD, 1.8% Medical) | |
9.9% Senior Housing (9.9% Independent Living) | |
7.8% Mixed Use (4.5% Retail/Office/Multifamily, | |
2.3% Retail/Office, 1.0% Retail/Multifamily) | |
7.4% Self Storage | |
6.5% Industrial (4.9% Flex, 1.6% Warehouse/Distribution) | |
4.9% Hospitality (4.9% Limited Service) | |
0.4% Manufactured Housing | |
Top 5 States: | 12.9% NC, 12.0% ME, 11.0% TX, 8.6% NY, 6.9% MI |
Anticipated Timing | |
Global Investor Call: | Thurs, May 1st |
Anticipated Pricing: | Week of May 5th |
Anticipated Closing: | Thurs, May 22nd |
Investor Call Details | |
Date: | Thurs, May 1st |
Time: | 2:00 PM EDT |
US Toll Free: | 719-325-2442 |
Passcode: | 7178298 |
Anticipated Roadshow Schedule
Friday, May 2nd:
Boston, MA – Breakfast Meeting
-Boston Harbor Hotel - Meritage Room
-70 Rowes Wharf, Boston, MA
-8:30AM ET
Minneapolis, MN - Breakfast Meeting
-Marquette Hotel - St. Croix River Room
-710 Marquette Avenue, Minneapolis, MN
-9:30AM CT
Hartford, CT - Lunch Meeting
-Marriott Hartford - Capital 3 Room
-200 Columbus Boulevard, Hartford, CT
-12:30PM ET
Term Sheet
<ATTACHED>
Annex A
<ATTACHED>
The information in this free writing prospectus is preliminary and may be supplemented or changed prior to the time of sale.
The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-189017) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., Goldman, Sachs & Co., any other underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407.
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