JPMorgan is preparing to launch its dual-currency £251m/€131m Mint 2015 CMBS secured by two loans on three Hilton hotels.
The 2.7-year multi-tranche offering is secured by an equivalent £450m loan on Blackstone’s three remaining Hilton hotels, located in the UK and the Netherlands, in its Mint portfolio.
The official launch and pricing of the transaction will be on June 8.
The £251.2m issuance with preliminary ratings is comprised as follows:
Class A: £109.3m – AAA/AAA at 25.7% LTV
Class B: £42m – AA/AA(low) at 35.6% LTV
Class C: £14.2m – AA-/A(low) at 39% LTV
Class D: £48.8m – BBB+/BBB(low) at 50.5% LTV
Class E: £29.3m – BBB-/BB(low) at 57.4% LTV
Class F: £7.5m – BB+/BB(high) at 59.2% LTV
The €131m issuance with preliminary ratings is comprised as follows:
Class A: €54.8m – AAA/AAA at 24.8% LTV
Class B: €21.9m – AA/AA(high) at 34.7% LTV
Class C: €21.9m – A/A(low) at 44.6% LTV
Class D: €26.3m – BBB-/BBB(low) at 56.4% LTV
Class E: €6m – BB+/BB(high) at 59.2% LTV
The three hotels in Blackstone’s Mint portfolio are all DoubleTree by Hilton, located at Tower Hill and Westminster in London, and by Centraal Station in Amsterdam.
JPMorgan supplied a £450m senior loan and a £100m mezzanine to Blackstone in December to refinance the Mint portfolio which then consisted of eight hotels. Five hotels have been sold since, reducing the senior loan component to £375m.