0001539497-23-002147.txt : 20231208 0001539497-23-002147.hdr.sgml : 20231208 20231208160612 ACCESSION NUMBER: 0001539497-23-002147 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20231208 DATE AS OF CHANGE: 20231208 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MSWF Commercial Mortgage Trust 2023-2 CENTRAL INDEX KEY: 0002002215 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: 333-257991-09 FILM NUMBER: 231475436 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 n3913-x20_publicnewissue.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-09

From: Wells Abf Syndicate Wells Fargo (WELLS FARGO SECURITI) At: 12/08/23 15:06:50 UTC-5:00

To: Nicholas Cerulo (WELLS FARGO SECURITI )

Subject: MSWF 2023-2 - PUBLIC NEW ISSUE **PRICED**

MSWF 2023-2 - PUBLIC NEW ISSUE **PRICED**

$828.74MM FIXED-RATE CMBS OFFERING

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

OFFERED CERTIFICATES - PUBLIC

TOTAL OFFERED

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	SIZE($MM)	C/E	WAL	SPRD	CPN%	YLD%	$PX
A-1	AAAsf/AAA(sf)/Aaa(sf)	2.741	2.654	30.000%	2.18	Preplaced
A-2	AAAsf/AAA(sf)/Aaa(sf)	69.432	67.244	30.000%	4.83	J+193	6.89000	6.1858	102.9971
A-SB	AAAsf/AAA(sf)/Aaa(sf)	6.496	6.291	30.000%	7.21	J+148	6.23100	5.7473	102.9995
A-5	AAAsf/AAA(sf)/Aaa(sf)	561.457	543.771	30.000%	9.63	J+141	6.01400	5.6445	102.9995
X-A	AAAsf/AAA(sf)/Aaa(sf)	640.126	619.962	N/A	N/A	T+225	1.14115	6.4976	6.5743
A-S	AAAsf/AAA(sf)/Aa1(sf)	121.167	117.350	16.750%	9.90	J+190	6.49100	6.1309	102.9957
B	AA-sf/AA-(sf)/NR	38.865	37.640	12.500%	9.90	J+235	7.11014	6.5809	102.9991
C	A-sf/A-(sf)/NR	28.577	27.646	9.375%	9.93	J+300	7.25214	7.2304	99.44500

NON-OFFERED CERTIFICATES - PRIVATE (144A)

TOTAL OFFERED

CLASS	FITCH/KBRA/MOODY'S	SIZE($MM)	SIZE($MM)	C/E	WAL	CUM LTV	NOI DY
D	BBBsf/BBB+(sf)/NR	14.860	14.391	7.750%	9.98	45.2%	16.0%
E	BBB-sf/BBB(sf)/NR	9.145	8.856	6.750%	9.98	45.7%	15.9%

COLLATERAL SUMMARY

INITIAL POOL BALANCE:	$914,466,875
NUMBER OF LOANS:	46
NUMBER OF PROPERTIES:	100
WA CUT-OFF LTV:	49.1%
WA BALLOON LTV:	48.4%
WA U/W NCF DSCR:	1.99x
WA U/W NOI DEBT YIELD:	14.8%
WA MORTGAGE RATE:	7.0381%
TOP TEN LOANS %:	59.9%
WA REM TERM TO MATURITY (MOS):	113
WA REM AMORTIZATION TERM (MOS):	359
WA SEASONING (MOS):	3

LOAN SELLERS:	WFB (31.5%), MSMCH (21.5%), AREF2 (20.7%), BANA (10.0%), BANA/MSMCH (8.2%), SMC (8.1%)

TOP 3 PROPERTY TYPES:	RETAIL (44.1%), MULTIFAMILY (12.5%), HOSPITALITY (11.5%)

TOP 5 STATES:	CA (13.5%), MD (11.8%), NY (9.8%), TX (9.5%), PA (8.6%)

MASTER SERVICER:	WELLS FARGO BANK, NATIONAL ASSOCIATION
SPECIAL SERVICER:	ARGENTIC SERVICES COMPANY LP

DIRECTING CERTIFICATEHOLDER:	ARGENTIC SECURITIES HOLDINGS 2 CAYMAN LIMITED

DOCUMENTS & TIMING

TERM SHEET, ANNEX A-1: ATTACHED

PRELIM PROSPECTUS: ATTACHED

PRESALE REPORTS: AVILABLE

ANTICIPATED SETTLEMENT: December 21, 2023

THIRD PARTY PASSWORDS:

Name PW

BBG/Trepp MSWF 2023-2 MSWF232

Intex MSWF2302 0227hsq17g7gvmarp6v1z

To participate in the Conference Call, register using the link or the button below to:

Registration Link: https://www.netroadshow.com/events/login?show=25c378d1&confId=58554

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: https://www.wellsfargo.com/com/disclaimer/wfsjb4. This chat will be retained and may be monitored.