0001539497-21-001790.txt : 20211112 0001539497-21-001790.hdr.sgml : 20211112 20211112144724 ACCESSION NUMBER: 0001539497-21-001790 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20211112 DATE AS OF CHANGE: 20211112 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK 2021-BNK37 CENTRAL INDEX KEY: 0001889297 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-257991-01 FILM NUMBER: 211402739 BUSINESS ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 BUSINESS PHONE: 7043832556 MAIL ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0000850779 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 561643598 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 BUSINESS PHONE: 7043832556 MAIL ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 FORMER COMPANY: FORMER CONFORMED NAME: WACHOVIA COMMERCIAL MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 20020304 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION COMMERCIAL MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 19960520 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 19951013 FWP 1 n2785-x11_publicnewiss.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-01

From: WELLS ABF SYNDICATE WELLS FARGO (WELLS FARGO SECURITIES LLC)
At: 11/12/21 13:34:40 UTC-05:00

BANK 2021-BNK37 - PUBLIC NEW ISSUE

**PRICING DETAILS** $1,123.582MM FIXED-RATE CMBS OFFERING

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

CO-MANAGERS: ACADEMY SECURITIES, INC. DREXEL HAMILTON, LLC SIEBERT WILLIAMS SHANK & CO., LLC

OFFERED CERTIFICATES - PUBLIC

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY	SPRD	CPN%	YLD%	$PX
A-1	AAAsf/AAA(sf)/Aaa(sf)	19.414	30.000%	2.66	32.5%	19.5%	IS+22	1.1860	1.1713	99.9998
A-2	AAAsf/AAA(sf)/Aaa(sf)	147.337	30.000%	4.90	32.5%	19.5%	IS+55	2.5130	1.8598	102.9956
A-3	AAAsf/AAA(sf)/Aaa(sf)	74.150	30.000%	6.74	32.5%	19.5%	IS+64	2.5880	2.1036	102.9974
A-SB	AAAsf/AAA(sf)/Aaa(sf)	24.589	30.000%	7.37	32.5%	19.5%	IS+54	2.4870	2.0423	102.9946
A-4	AAAsf/AAA(sf)/Aaa(sf)	234.500	30.000%	9.83	32.5%	19.5%	IS+65	2.3700	2.2572	100.9949
A-5	AAAsf/AAA(sf)/Aaa(sf)	380.018	30.000%	9.90	32.5%	19.5%	IS+67	2.6180	2.2795	102.9915
X-A	AAAsf/AAA(sf)/Aaa(sf)	880.008	N/A	N/A	N/A	N/A
X-B	A-sf/AAA(sf)/NR	243.574	N/A	N/A	N/A	N/A
A-S	AAAsf/AAA(sf)/Aa1(sf)	143.001	18.625%	9.96	37.8%	16.7%	IS+90	2.8510	2.5119	102.9922
B	AA-sf/AA(sf)/NR	47.143	14.875%	9.98	39.5%	16.0%	IS+103	2.9830	2.6425	102.9969
C	A-sf/A-(sf)/NR	53.430	10.625%	9.98	41.5%	15.2%	IS+170	3.1091	3.3125	98.5059

NON-OFFERED CERTIFICATES – PRIVATE (144A)

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
X-D	BBB-sf/BBB-(sf)/NR	55.000	N/A	N/A	N/A	N/A
D	BBBsf/BBB+(sf)/NR	31.428	8.125%	9.98	42.6%	14.8%
E	BBB-sf/BBB-(sf)/NR	23.572	6.250%	9.98	43.5%	14.5%

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
RRI	NR/NR/NR	~66.166	N/A	8.98	N/A	N/A

COLLATERAL SUMMARY

INITIAL POOL BALANCE:	$1,323,320,792
NUMBER OF LOANS:	80
NUMBER OF PROPERTIES:	137
WA CUT-OFF LTV:	46.4%
WA BALLOON LTV:	44.6%
WA U/W NCF DSCR:	3.93x
WA U/W NOI DEBT YIELD:	13.6%
WA MORTGAGE RATE:	3.1294%
TOP TEN LOANS %:	53.6%
WA REM TERM TO MATURITY (MOS):	110
WA REM AMORTIZATION TERM (MOS):	364
WA SEASONING (MOS):	1

LOAN SELLERS:	WFB(41.3%), BANA(26.4%), MSMCH(25.8%),
NCB(4.6%), BANA/WFB(1.9%)

TOP 3 PROPERTY TYPES:	OFFICE(36.3%), RETAIL(32.4%),
MULTIFAMILY(13.8%)

TOP 5 STATES:	NY(37.2%), TX(13.7%), CA(11.5%),
IL(9.5%), AZ(3.6%)

MASTER SERVICER:	WELLS FARGO BANK, NATIONAL ASSOCIATION AND
NATIONAL COOPERATIVE BANK, N.A.

SPECIAL SERVICER:	CWCAPITAL ASSET MANAGEMENT LLC AND
NATIONAL COOPERATIVE BANK, N.A.

DIRECTING CERTIFICATEHOLDER:	BIG BNK37, LLC

DOCUMENTS & TIMING
TERM SHEET, ANNEX A-1:	ATTACHED
PRELIM PROSPECTUS:	AVAILABLE
PRESALE REPORTS:	AVAILABLE
ANTICIPATED SETTLEMENT:	NOVEMBER 22, 2021

THIRD PARTY PASSWORDS:

Name PW

BBG/Trepp BANK 2021-BN37 2021BNK37

Intex BNK21B37 pgeli38dic2kflmu1eqv6z

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. 333-257991) 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.

If this communication relates to an offering of US registered securities (i) a registration statement has been filed with the SEC, (ii) before investing you should read the filed documents, and (iii) you may obtain these documents from your sales representative, by calling 1-800-326-5897 or visiting www.sec.gov. If this communication relates to a securities offering exempt from US registration, you should contact your sales representative for the complete disclosure package. For information regarding Wells Fargo, see https://www.wellsfargo.com/com/disclaimer/wfid3. In Japan, see:

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