FWP 1 n1700_x9-priceguidance.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226486-07
     

 

From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 07/22/19 15:37:43
Subject: NEW ISSUE CMBS: BANK 2019-BNK19 *PUBLIC PRICE GUIDANCE*

 

BANK 2019-BNK19 - PUBLIC NEW ISSUE
**PRICE GUIDANCE** $1,115.158MM FIXED-RATE CMBS OFFERING

 


 
CO-LEAD MANAGERS  
& JOINT BOOKRUNNERS: WELLS FARGO SECURITIES, LLC
  BOFA SECURITIES, INC.
  MORGAN STANLEY & CO. LLC
   
CO-MANAGER: ACADEMY SECURITIES, INC.
  DREXEL HAMILTON, LLC


OFFERED CERTIFICATES - PUBLIC

CLASS FITCH/KBRA/S&P SIZE($MM) C/E WAL CUM LTV NOI DY PX GDX
A-1 AAAsf/AAA(sf)/AAA(sf) 25.345 30.000% 2.83 39.4% 19.0% IS+43A
A-SB AAAsf/AAA(sf)/AAA(sf) 44.620 30.000% 7.43 39.4% 19.0% IS+72A
A-2* AAAsf/AAA(sf)/AAA(sf) 395.000 30.000% 9.78 39.4% 19.0% A3-2bps
A-3* AAAsf/AAA(sf)/AAA(sf) 401.177 30.000% 9.90 39.4% 19.0% IS+84A
A-S AAAsf/AAA(sf)/AA+(sf) 153.122 17.625% 9.94 46.3% 16.1% IS+110A
B AA-sf/AA-(sf)/AA-(sf) 49.494 13.625% 9.94 48.6% 15.4% IS+125A
C A-sf/A-(sf)/A-(sf) 46.400 9.875% 9.94 50.7% 14.7% IS+175A

 

*Sizes and WAL’s are subject to change as detailed in the attached Term Sheet.

 

NON-OFFERED CERTIFICATES - PRIVATE (144A)

CLASS FITCH/KBRA/S&P SIZE($MM) C/E WAL CUM LTV NOI DY
X-D BBB-sf/BBB-(sf)/NR 51.041 N/A N/A N/A N/A
D BBBsf/BBB(sf)/NR 27.840 7.625% 9.94 52.0% 14.4%
E BBB-sf/BBB-(sf)/NR 23.201 5.750% 9.94 53.0% 14.1%

 

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS FITCH/KBRA/S&P SIZE($MM) C/E WAL CUM LTV NOI DY
RRI NR/NR/NR 65.123 N/A 9.64 N/A N/A

 

COLLATERAL SUMMARY

 

INITIAL POOL BALANCE: $1,302,470,080
NUMBER OF LOANS: 73
NUMBER OF PROPERTIES: 76
WA CUT-OFF LTV: 56.3%
WA BALLOON LTV: 52.6%
WA U/W NCF DSCR: 2.82x
WA U/W NOI DEBT YIELD: 13.3%
WA MORTGAGE RATE: 4.055%
TOP TEN LOANS %: 54.2%
WA REM TERM TO MATURITY (MOS): 118
WA REM AMORTIZATION TERM (MOS): 367
WA SEASONING (MOS): 2
   
LOAN SELLERS: WFB(38.2%), BANA(27.8%), MSMCH(27.3%), NCB(6.7%)
   
TOP 3 PROPERTY TYPES: OFFICE(51.2%), RETAIL(23.4%), HOSPITALITY(10.8%)
   
TOP 5 STATES: CA(25.2%), NY(21.2%), FL(10.7%), NJ(9.6%), NV(7.7%)
   
MASTER SERVICERS: WELLS FARGO BANK, NATIONAL ASSOCIATION AND NATIONAL COOPERATIVE BANK, N.A.
   
SPECIAL SERVICERS: LNR PARTNERS, LLC AND NATIONAL COOPERATIVE BANK, N.A.
   
DIRECTING CERTIFICATEHOLDER: SEER CAPITAL COMMERCIAL REAL ESTATE DEBT FUND II, LTD.
DOCUMENTS & TIMING  
TERM SHEET, ANNEX A-1: ATTACHED
PROSPECTUS: ATTACHED
PRESALE REPORTS: TODAY & TOMORROW
ANTICIPATED PRICING: WEEK OF JULY 22, 2019
ANTICIPATED SETTLEMENT: AUGUST 8, 2019
   
ROADSHOW  
HARTFORD, BREAKFAST: WED, 7/17 @ 8:30AM ET, MAX DOWNTOWN RESTAURANT
BOSTON, LUNCH: WED, 7/17 @ 12:00PM ET, THE FAIRMONT COPLEY PLAZA HOTEL
MINNEAPOLIS, BREAKFAST: THURS, 7/18 @ 7:30AM CT, THE MARQUETTE HOTEL
DES MOINES, LUNCH: THURS, 7/18 @ 1:00PM CT, THE DES LUX HOTEL
   
CONFERENCE CALLS: UPON DEMAND

 



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. 333-226486) 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.