FILED PURSUANT TO RULE 424(h) | ||
REGISTRATION FILE NO.: 333-207340-09 | ||
The information in this supplement is not complete and may be changed. This supplement is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
The preliminary prospectus to which this is a supplement, dated February 6, 2018, may be amended or completed prior to time of sale.
SUPPLEMENT
(To Prospectus Dated February 1, 2018)
$917,134,000 (Approximate)
UBS Commercial Mortgage Trust 2018-C8
(Central Index Key Number 0001727836)
as Issuing Entity
UBS Commercial Mortgage Securitization Corp.
(Central Index Key Number 0001532799)
as Depositor
UBS AG
(Central Index Key Number 0001685185)
Ladder Capital Finance LLC
(Central Index Key Number 0001541468)
Société Générale
(Central Index Key Number 0001238163)
Cantor Commercial Real Estate Lending, L.P.
(Central Index Key Number 0001558761)
Rialto Mortgage Finance, LLC
(Central Index Key Number 0001592182)
CIBC Inc.
(Central Index Key Number 0001548567)
Barclays Bank PLC
(Central Index Key Number 0000312070)
as Sponsors and Mortgage Loan Sellers
Commercial Mortgage Pass-Through Certificates, Series 2018-C8
This is a supplement (“Supplement”) to the prospectus dated February 1, 2018 (the “Preliminary Prospectus”). Capitalized terms used in this Supplement but not defined herein have the meanings given to them in the Preliminary Prospectus.
Collateral Update
AFIN Portfolio
1. | The first paragraph under the “Description of the Mortgage Pool—Property Types—Retail Properties” on page 175 of the Preliminary Prospectus is amended to include the following at the end of the paragraph: |
In addition, on February 4, 2018, The Bon-Ton Stores, Inc., which is the parent company of Elder Beerman, the largest tenant at the Mortgaged Property identified as AFIN Portfolio - Northpark Center and the fifth largest tenant at AFIN Portfolio, representing approximately 32.0% and 4.2% of the net rentable area at the Mortgaged Property and the portfolio of Mortgaged Properties, respectively, announced that it filed for bankruptcy protection. Elder
UBS Securities LLC | Société Générale | Barclays | Cantor Fitzgerald & Co. |
Co-Lead Manager and Joint Bookrunner | Co-Lead Manager and Joint Bookrunner | Co-Lead Manager and Joint Bookrunner | Co-Lead Manager and Joint Bookrunner |
CIBC World Markets Co-Manager | Drexel Hamilton Co-Manager | Academy Securities Co-Manager |
The date of this Supplement is February 6, 2018
Beerman’s annual base rent is approximately $407,360, representing approximately 15.0% of the underwritten base rent at the Mortgaged Property and approximately 1.5% of the underwritten base rent at the portfolio
Quakertown Shopping Center Mortgage Loan
1. | The relevant portion of the table under the “Description of the Mortgage Pool—Property Types—Specialty Use Concentrations” (and accompanying footnotes) set forth on page 179 of the Preliminary Prospectus relating to Bank Branch is deleted and replaced with the following: |
Specialty Use | Number of Mortgaged Properties | Approx. % of Initial Pool Balance by Allocated Loan Amount |
Bank branch(6) | 3 | 3.3% |
(6) | Includes the Mortgaged Properties identified on Annex A-1 as The Village at La Orilla, Quakertown Shopping Center and Westhaven Town Center. |
2. | The Fifth Largest Tenant and Fifth Largest Tenant Exp. Date shown on pages A-1-14 and A-1-16 of Annex A-1 to the Preliminary Prospectus are hereby replaced with Penn Community Bank and 4/30/2024, respectively. |
Structure Update
Credit Risk Retention
1. | The relevant portion of the table titled “Range of Estimated Fair Values for the Certificates” (and accompanying footnotes) set forth on page 349 of the Preliminary Prospectus relating to Class A-3 and Class A-4 is deleted and replaced with the following: |
Class of Certificates | Low Estimate of | Base Case Estimate | High Estimate of |
Class A-3 | $145,428,596 | $145,431,449 | $145,438,878 |
Class A-4 | $474,433,610 | $474,461,296 | $474,464,188 |
2. | The final sentence of the section “Credit Risk Retention—Calculation of Estimated Fair Value of All Certificates” on page 349 of the Preliminary Prospectus is revised to reflect that the estimated range of fair value for all the Certificates is approximately $1,051,284,580 to $1,105,510,435. |
Class A-3 and Class A-4 Certificates
3. | The Initial Certificate Balance of the Class A-3 Certificates will be decreased to $144,000,000. |
4. | The Initial Certificate Balance of the Class A-4 Certificates will be increased to $460,645,000. |
5. | With respect to the “Offered Certificates”, the relevant portion of the table set forth in “Summary of the Certificates” on page 3 of the Preliminary Prospectus relating to Class A-3 and Class A-4 is deleted and replaced with the following: |
Class | Approx. | Approx. Initial Credit Support(2) | Approx. Initial Pass-Through Rate | Pass-Through Rate Description | Assumed | Weighted Average Life (Years)(4) | Expected Principal Window (Months)(4) | |||
Offered Certificates | ||||||||||
Class A-3 | $ 144,000,000 | 30.000% | % | (5) | January 2028 | 9.73 | 5/27 – 1/28 | |||
Class A-4 | $ 460,645,000 | 30.000% | % | (5) | February 2028 | 9.91 | 1/28 – 2/28 | |||
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Decrement Tables
6. | The decrement table for Class A-3 on page 561 of the Preliminary Prospectus is hereby deleted in its entirety and replaced with the following: |
Percent of the Initial Certificate Balance
of the Class A-3 Certificates at the Respective CPPs
Set Forth Below:
Distribution Date | 0% CPP | 25% CPP | 50% CPP | 75% CPP | 100% CPP |
Closing Date | 100% | 100% | 100% | 100% | 100% |
February 2019 | 100% | 100% | 100% | 100% | 100% |
February 2020 | 100% | 100% | 100% | 100% | 100% |
February 2021 | 100% | 100% | 100% | 100% | 100% |
February 2022 | 100% | 100% | 100% | 100% | 100% |
February 2023 | 100% | 100% | 100% | 100% | 100% |
February 2024 | 100% | 100% | 100% | 100% | 100% |
February 2025 | 100% | 100% | 100% | 100% | 100% |
February 2026 | 100% | 100% | 100% | 100% | 100% |
February 2027 | 100% | 100% | 100% | 100% | 100% |
February 2028 and thereafter | 0% | 0% | 0% | 0% | 0% |
Weighted Average Life (years) | 9.73 | 9.66 | 9.61 | 9.56 | 9.38 |
7. | The decrement table for Class A-4 on page 561 of the Preliminary Prospectus is hereby deleted in its entirety and replaced with the following: |
Percent of the Initial Certificate Balance
of the Class A-4 Certificates at the Respective CPPs
Set Forth Below:
Distribution Date | 0% CPP | 25% CPP | 50% CPP | 75% CPP | 100% CPP |
Closing Date | 100% | 100% | 100% | 100% | 100% |
February 2019 | 100% | 100% | 100% | 100% | 100% |
February 2020 | 100% | 100% | 100% | 100% | 100% |
February 2021 | 100% | 100% | 100% | 100% | 100% |
February 2022 | 100% | 100% | 100% | 100% | 100% |
February 2023 | 100% | 100% | 100% | 100% | 100% |
February 2024 | 100% | 100% | 100% | 100% | 100% |
February 2025 | 100% | 100% | 100% | 100% | 100% |
February 2026 | 100% | 100% | 100% | 100% | 100% |
February 2027 | 100% | 100% | 100% | 100% | 100% |
February 2028 and thereafter | 0% | 0% | 0% | 0% | 0% |
Weighted Average Life (years) | 9.91 | 9.91 | 9.89 | 9.85 | 9.65 |
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