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U-HAUL SELF-STORAGE 1993-1 COMMERCIAL MORTGAGE ASSET TRUST RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 3 /PRNewswire/ -- U-Haul Self-Storage Corp.'s Storage Trust 1993-1 Commercial Mortgage Asset Trust $33.2 million class A-1 and class A-2 certificates are rated 'AA' by Fitch. The $7.7 million class B certificates are rated 'BBB'. The certificates are a private placement.
 The certificates are collateralized by first mortgages on 60 self- storage properties. The ratings reflect the 38.5 percent subordination provided to the A-1 and A-2 certificates by classes B, C, and R and the 24.25 percent subordination provided to the class B certificates by classes C and R, as well as the performing nature of the loans, geographic and borrower diversity, and the use of excess funds to reduce certificate principal. In addition, a reserve of $1.4 million provides liquidity and a basis risk reserve of $260,000 protects the class B. Negative impacts include low to medium collateral quality, 28 of the loans are restructured and have significant junior debt, and U-Haul recently took over property management on all of the properties with restructured debt. Although U-Haul is a good manager, management concentration is a negative.
 The ratings also reflect the integrity of the legal and financial structures, the servicing by Bankers Trust Co., and special servicing by First Security Commercial Mortgage L.P.
 The 61 loans with one exception were acquired from the Resolution Trust Corp. The self-storage properties are located in 19 states and Washington, D.C. with the largest concentration of 31 percent in Arizona. The loans are divided into two groups. Group 1 loans are floating rate and secure floating rate certificates. Group 2 loans are fixed rate and secure fixed rate certificates. The subordination levels as well as the basis risk reserve allow for the basis risk inherent in the transaction. In addition the A-1 certificate interest rate is capped at the available funds less expenses.
 The loans have a variety of amortization schedules including fully amortizing, interest only balloons, fixed payment with adjustable rate loans resulting in negative amortization for a period of time, and partial amortization with a balloon. The final loan maturity is Dec. 1, 2018 and the final certificate maturity is Dec. 1, 2020 to allow a two year workout period in the event of a loan default.
 A REMIC election will be made for federal income tax purposes.
 -0- 1/3/94
 /CONTACT: Mary Griffin Metz of Fitch, 212-908-0537/


CO: U-Haul Self-Storage Corporation ST: New York IN: SU: RTG

TM -- NY055 -- 8626 01/03/94 16:44 EST
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Publication:PR Newswire
Date:Jan 3, 1994
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