Fitch Expects AAA Rating For New CMBS

Ratings has issued a presale report on OBP Depositor LLC Trust commercial mortgage pass-through certificates, series 2010-OBP. The rating agency expects to rate the $650 million commercial mortgage-backed security (CMBS) certificates AAA, with a ‘stable’ outlook. The expected ratings are based on information provided by the issuer as of April 30. This transaction is secured by the leasehold mortgage interest in One Bryant Park, a 51-story Class-A office building located on the northwest corner of 42nd St. and Sixth Ave, in the Midtown Manhattan submarket of New York. The asset is owned by entities controlled by the Durst Organization (50.01%) and Bank of America NA (49.99%), and Bank of America is the largest tenant, occupying 76.4% of the space. The master and special servicer will be Wells Fargo Bank, which Fitch has rated CMS2/CSS3+. [link=http://www.reuters.com/article/idUSN2125512620100621]Reuters[/link] reporter Al Yoon writes that the CMBS will be priced in about one week. SOURCES: [link=http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=534965 ]Fitch Ratings[/link], [link=http://www.reuters.com/article/idUSN2125512620100621]Reuters

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