Category: CMBS Regulation
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The second US CMBS conduit transaction to use an eligible horizontal residual interest, and the first to have that horizontal interest held solely by a third-party purchaser, is currently marketing. JPMDB 2017-C5 is a US$1bn transaction rated by Fitch, Kroll Bond Rating Agency, Moody's and S&P (see SCI's pipeline).
The third-party purchaser is Massachusetts Mutual Life Insurance Company, which will purchase the class D-RR, E-RR, F-RR and NR-RR certificates, representing 5% of the fair value of the transaction.
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