0001539497-23-001338.txt : 20230731 0001539497-23-001338.hdr.sgml : 20230731 20230731171046 ACCESSION NUMBER: 0001539497-23-001338 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20230731 DATE AS OF CHANGE: 20230731 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK 2023-BNK46 CENTRAL INDEX KEY: 0001984262 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: 333-257991-07 FILM NUMBER: 231128344 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 n3701_x11-newissue3.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-07

From:	Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 07/31/23 12:52:39 UTC-4:00
Subject:	NEW ISSUE CMBS: BANK 2023-BNK46 PUBLIC PRICE GUIDANCE

BANK 2023-BNK46 - PUBLIC NEW ISSUE

**PUBLIC PRICE GUIDANCE** $617.805MM FIXED-RATE CMBS OFFERING

CO-LEAD MANAGERS
& JOINT BOOKRUNNERS:	WELLS FARGO SECURITIES, LLC J.P. MORGAN 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 PRICE

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY	GUID
A-1	AAAsf/AAA(sf)/Aaa(sf)	3.674	30.000%	2.76	34.9%	22.6%	J+125A
A-2-1*	AAAsf/AAA(sf)/Aaa(sf)	123.630	30.000%	4.81	34.9%	22.6%	Preplaced
A-SB	AAAsf/AAA(sf)/Aaa(sf)	6.426	30.000%	7.24	34.9%	22.6%	Preplaced
A-3*	AAAsf/AAA(sf)/Aaa(sf)	[0.00]	30.000%	9.48	34.9%	22.6%	N/A
A-4*	AAAsf/AAA(sf)/Aaa(sf)	[270.454]	30.000%	9.81	34.9%	22.6%	J+138A
X-A	AAAsf/AAA(sf)/Aaa(sf)	479.184	N/A	N/A	N/A	N/A
X-B	A-sf/AAA(sf)/NR	138.621	N/A	N/A	N/A	N/A
A-S	AAAsf/AAA(sf)/Aa2(sf)	86.424	17.375%	9.90	41.2%	19.1%	J+195A
B	AA-sf/AA-(sf)/NR	30.805	12.875%	9.93	43.5%	18.1%	J+245A
C	A-sf/A-(sf)/NR	21.392	9.750%	9.93	45.0%	17.5%	J+400A

NON-OFFERED CERTIFICATES - PRIVATE (144A)

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
A-2-2*	AAAsf/AAA(sf)/Aaa(sf)	75.000	30.000%	4.81	34.9%	22.6%
X-D	BBB-sf/BBB(sf)/NR	20.537	N/A	N/A	N/A	N/A
D	BBBsf/BBB+(sf)/NR	13.691	7.750%	10.00	46.0%	17.1%
E	BBB-sf/BBB(sf)/NR	6.846	6.750%	10.01	46.5%	16.9%

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

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
RR	NR/NR/NR	~27.808	N/A	8.30	N/A	N/A
RRI	NR/NR/NR	~8.221	N/A	8.30	N/A	N/A

COLLATERAL SUMMARY

INITIAL POOL BALANCE:	$720,578,197
NUMBER OF LOANS:	32
NUMBER OF PROPERTIES:	32
WA CUT-OFF LTV:	49.9%
WA BALLOON LTV:	49.2%
WA U/W NCF DSCR:	2.18x
WA U/W NOI DEBT YIELD:	15.8%
WA MORTGAGE RATE:	6.7964%
TOP TEN LOANS %:	65.6%
WA REM TERM TO MATURITY (MOS):	100
WA REM AMORTIZATION TERM (MOS):	361
WA SEASONING (MOS):	2

LOAN SELLERS:	WFB(33.7%), JPMCB(19.6%), MSMCH(18.2%), BANA/JPMCB(15.1%), BANA/WFB(9.99%), BANA(3.4%)

TOP 3 PROPERTY TYPES:	RETAIL(35.8%), OFFICE(21.2%), HOSPITALITY(17.0%)

TOP 5 STATES:	CA(20.3%), FL(16.6%), MA(9.99%), PA(9.3%), MD(6.3%)

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

SPECIAL SERVICER:	LNR PARTNERS, LLC AND NATIONAL COOPERATIVE BANK, N.A.

DIRECTING CERTIFICATEHOLDER:	EIGHTFOLD REAL ESTATE CAPITAL FUND VI, L.P.

DOCUMENTS & TIMING

TERM SHEET, ANNEX A-1:	ATTACHED
PRELIM PROSPECTUS:	ATTACHED
PRESALE REPORTS:	AVAILABLE
ANTICIPATED PRICING:	WEEK OF JULY 31, 2023
ANTICIPATED SETTLEMENT:	AUGUST 10, 2023

THIRD PARTY PASSWORDS:

Name PW

BBG/Trepp BANK 2023-BNK46 2023BNK46

Intex BNK23B46 lc0co0f4mg9iea9tjqv0z

CONFERENCE CALLS: UPON DEMAND

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