Fitch Ratings has issued a presale report on Fontainebleau Miami Beach Trust 2012 Commercial Mortgage Pass-Through Certificates, Series 2012-FBLU
Fitch expects to rate the transaction and assign Outlooks as follows:
--$254,000,000 class A 'AAAsf'; Outlook Stable;
--$44,000,000 class B 'AAsf'; Outlook Stable;
--$35,000,000 class C 'Asf'; Outlook Stable;
--$51,000,000 class D 'BBB'; Outlook Stable;
--$28,000,000 class E 'BBB-'; Outlook Stable.
The expected ratings are based on information provided by the issuer as of March 28, 2012.
The certificates represent the beneficial ownership in the trust, the primary asset of which is one loan secured by the Fontainebleau Resort in Miami, Florida. The hotel is comprised of 1,594 hotel and hotel condominium rooms situated along Miami Beach. Originally built in 1954, the resort underwent an expansive renovation and re-development from 2005-2008 at an estimated cost of $736.3 million. The aggregate principal balance is $412 million as of the cutoff date.
Fitch reviewed the transaction's collateral, including a site inspection, cash flow analysis and asset summary review.
The transaction has a Fitch stressed debt service coverage ratio of 1.62 times, a Fitch stressed loan-to value of 64.9%, and a Fitch debt yield of 16.2%. Fitch's net cash flow represents a variance of 12.2% to the trailing 12 month cash flow of the property.
The Master Servicer and Special Servicer will be Wells Fargo Bank, N.A., rated 'CMS2' and 'CSS2-', respectively, by Fitch.
The presale report is available at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 26, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Criteria for Special-Purpose Vehicles in Structured Finance Transactions' (June 13, 2011);
--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
--'Surveillance Methodology for U.S. CMBS Fixed-Rate Transactions' (Dec. 21 2011);
--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).
Applicable Criteria and Related Research: Fontainebleau Miami Beach Trust 2012-Series 2012-FBLU (U.S. CMBS)
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Global Structured Finance Rating Criteria
Criteria for Special-Purpose Vehicles in Structured Finance Transactions
U.S. Commercial Mortgage Servicer Rating Criteria
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
Counterparty Criteria for Structured Finance Transactions
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