S&P: BBCMS 2016-ETC Mortgage Trust $512.5 Million Certificates Assigned Ratings
The certificate issuance is a commercial mortgage-backed securities transaction backed by a $512.5 million portion of a $700.0 million whole commercial mortgage loan secured by a first-priority mortgage on the borrowers' fee-simple interest in Easton Town Center, a 1.8 million-sq.-ft. (1.3 million-sq.-ft. collateral) outdoor shopping center located in Columbus, Ohio.
The ratings reflect our view of the collateral's historical and projected performance, the sponsors' and manager's experience, the trustee-provided liquidity, the loans' terms, and the transaction's structure. We determined that the $700.0 million whole loan balance has a beginning and ending loan-to-value of 93.3% based on our estimate for the long-term sustainable value of the collateral backing the transaction.
The notional amount of the class X certificates now reflects the principal balance on the class A, B, and C certificates.
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