February 19, 2015
Mike Hargrave

Fitch Ratings Issues Presale Report for Griffin American Healthcare REIT Commercial Mortgage Trust

Fitch Ratings recently released a presale report for the GAHR Commercial Mortgage Trust 2015.  This is a CMBS issue of approximately $1.8 Billion to be used to fund the acquisition of the Griffin American Healthcare REIT II portfolio by Northstar Realty Finance Corp.  The certificates represent the interests in 215 MOB and healthcare related properties comprising approximately 10.5 million square feet.  Selected highlights from the report are listed below and a link to a press release regarding the report is here.

Select Highlights of the report include:

  • CMBS issue of $1.8 Billion is for 5 years total with a floating rate component and a fixed rate component.  The weighted average fixed rate is 3.457% and the weighted average floating component is LIBOR + 1.385%.
  • Additional Mezzanine of $811 Million with floating and fixed components. The fixed components are between 6.75% and 8.25%.
  • Total of individual appraisals came in at $2.82 Billion.  CBRE prepared a portfolio appraisal, dated January 15, 2015 which came in at $3.5 Billion and implies a 24.2% portfolio premium.