| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-257991-06 |
From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 03/30/23 09:25:35 UTC-4:00
To: [REDACTED] (WELLS FARGO SECURITI )
Subject: NEW ISSUE CMBS: BANK5 2023-5YR1 *PUBLIC LAUNCH*
BANK5 2023-5YR1 - PUBLIC NEW ISSUE
**LAUNCH** $829.928MM FIXED-RATE CMBS OFFERING
| CO-LEAD MANAGERS | |
| & JOINT BOOKRUNNERS: | WELLS FARGO SECURITIES, LLC |
| | MORGAN STANLEY & CO. LLC |
| | BOFA SECURITIES, INC. |
| | CITIGROUP GLOBAL MARKETS INC. |
| | |
| | |
| CO-MANAGERS: | ACADEMY SECURITIES, INC. |
| | DREXEL HAMILTON, LLC |
| | SIEBERT WILLIAMS SHANK & CO., LLC |
OFFERED CERTIFICATES - PUBLIC
| CLASS | FITCH/KBRA/S&P | SIZE($MM) | C/E | WAL | CUM LTV | NOI DY | LAUNCH |
| A-2 | AAAsf/AAA(sf)/AAA(sf) | 159.200 | 30.000% | 4.66 | 35.8% | 19.0% | P + 205 |
| A-3 | AAAsf/AAA(sf)/AAA(sf) | 514.785 | 30.000% | 4.81 | 35.8% | 19.0% | P + 208 |
| A-S | AAAsf/AAA(sf)/AA-(sf) | 112.084 | 18.500% | 4.94 | 41.7% | 16.3% | P + 278 |
| B | AA-sf/AA-(sf)/NR | 43.859 | 14.000% | 4.99 | 44.0% | 15.5% | P + 425 |
COLLATERAL SUMMARY
| INITIAL POOL BALANCE: | $1,025,941,018 |
| NUMBER OF LOANS: | 24 |
| NUMBER OF PROPERTIES: | 134 |
| WA CUT-OFF LTV: | 51.2% |
| WA BALLOON LTV: | 50.7% |
| WA U/W NCF DSCR: | 1.90x |
| WA U/W NOI DEBT YIELD: | 13.3% |
| WA MORTGAGE RATE: | 6.4291% |
| TOP TEN LOANS %: | 68.7% |
| WA REM TERM TO MATURITY (MOS): | 58 |
| WA REM AMORTIZATION TERM (MOS): | 347 |
| WA SEASONING (MOS): | 2 |
| | |
| LOAN SELLERS: | WFB(34.9%), MSMCH(34.0%), CREFI(19.3%), |
| | WFB/BANA/CREFI(7.9%), BANA(3.8%) |
| | |
| TOP 3 PROPERTY TYPES: | OFFICE(32.4%), RETAIL(28.9%), |
| | INDUSTRIAL(20.9%) |
| | |
| TOP 5 STATES: | NY(12.9%), FL(10.1%), CA(9.1%), PA(7.6%), |
| | GA(7.3%) |
| | |
| MASTER SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| | |
| SPECIAL SERVICER: | CWCAPITAL ASSET MANAGEMENT LLC |
| | |
| DIRECTING CERTIFICATEHOLDER: | BASIS INVESTMENT GROUP, LLC |
| | |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A-1: | ATTACHED |
| PRELIM PROSPECTUS: | ATTACHED |
| ANTICIPATED PRICING: | TODAY |
| ANTICIPATED SETTLEMENT: | APRIL 19, 2023 |
| | |
| THIRD PARTY PASSWORDS: | |
| BBG and Trepp: | |
| Dealname: | BANK5 2023-5YR1 |
| Password: | 20235YR1 |
| | |
| Intex: | |
| Dealname: | BK5235Y1 |
| Password: | fi1ot5r7uoh4grlcnc20z |
| | |
Wells Fargo Commercial Mortgage Securities, Inc., as depositor, has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-257991) 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 Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. - 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.
