Miami Design District refi loan wrapped in latest BofA duct


Four top-notch quality loans – including one refinance luxury retail development from Tony Miami Design District – highlight a further securitization of $ 1 billion commercial mortgage loans being placed by Bank of America.

BANK 2021-BNK33, the third CMBS offering on the conduit trusts shelf of BofA Merrill Lynch Commercial Mortgage Inc., includes 68 loans for 143 commercial properties with a diverse mix of multi-family / co-op, office, retail, industrial and self-storage use.

No hotel loans are in the collateral pool, according to pre-sale reports from Fitch Ratings and Moody’s Investors Service.

Topping the list of the largest loans is the $ 95 million portion of a total $ 500 million refinancing debt package underwritten by the owners of the joint venture and developers in the Miami Design District, a center 497,094 square foot outdoor luxury retail store five miles from Miami Beach. and downtown Miami.

The 30-acre property, opened in 2014 and controlled by a partnership between local developer Dacra, L Catterton Real Estate and Brookfield Properties REIT Inc., is considered a Class A property.

The pool’s second-largest loan is another collection of high-quality properties: the $ 69.9 million Equus Industrial Portfolio loan secured by 33 industrial and flexible buildings at 15 business parks in four southeastern states. The Equus loan is part of a $ 387 million debt package helping to finance AIG Global Real Estate’s $ 585.9 million acquisition of the properties from Equus Capital Partners (which retains a small stake).

The Fitch report indicates that the total debt service coverage ratio of the collateral pool (1.65x) is slightly higher than the averages of multiborror CMBS in 2020 and 2021, while the loan-to-value ratio (95.1% ) is lower.

All portfolio loans were provided by Bank of America, Morgan Stanley Capital Holdings, Wells Fargo and National Cooperative Bank.

The note offering includes 14 categories of senior notes with preliminary ratings of triple A from Fitch and Moody’s.

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