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Bank 2020-Bnk26 PRESALE REPORT BANK 2020-BNK26 FEBRUARY 2020 STRUCTURED FINANCE: CMBS Table of Contents Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Morningstar Credit Characteristics 7 Largest Loan Summary 8 DBRS Morningstar Sample 9 Transaction Concentrations 11 Loan Structural Features 12 FTERE Bronx Portfolio 3 16 Bravern Office Commons 21 560 Mission Street 25 200 West 57th Street 29 545 Washington Boulevard 34 55 Hudson Yards 39 AD1 Global Portfolio 44 1633 Broadway 51 Bellagio Hotel and Casino 56 K Street and F Street Office Portfolio 62 Marriott Richmond Dual Brand 67 Steeples Apartments 71 Coral Sky Plaza 75 Embassy Suites – Charlotte 80 Prince William Square 85 Transaction Structural Features 89 Methodologies 91 Surveillance 91 Glossary 92 Definitions 92 Jake Noeldner Dan Kastilahn Senior Financial Analyst Senior Vice President +1 312 332-9576 +1 312 332-9444 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332-0136 +1 312 332-3291 [email protected] [email protected] Presale Report | BANK 2020-BNK26 Capital Structure Description Rating Action Balance ($) Subordination (%) DBRS Morningstar Trend Rating Class A-1 New Rating - Provisional 27,400,000 30.000 AAA (sf) Stable Class A-2 New Rating - Provisional 95,000,000 30.000 AAA (sf) Stable Class A-SB New Rating - Provisional 38,600,000 30.000 AAA (sf) Stable Class A-3 New Rating - Provisional 150,000,000- 30.000 AAA (sf) Stable 295,000,000 Class A-4 New Rating - Provisional 342,064,000- 30.000 AAA (sf) Stable 487,064,000 Class X-A New Rating - Provisional 798,064,000 -- AAA (sf) Stable Class A-S New Rating - Provisional 131,111,000 18.500 AAA (sf) Stable Class B New Rating - Provisional 49,879,000 14.125 AA (high) (sf) Stable Class X-B New Rating - Provisional 226,593,000 -- A (high)(sf) Stable Class C New Rating - Provisional 45,603,000 10.125 A (sf) Stable Class X-D New Rating - Provisional 48,454,000 -- BBB (high) (sf) Stable Class D New Rating - Provisional 27,078,000 7.750 BBB (high) (sf) Stable Class E New Rating - Provisional 21,376,000 6.875 BBB (sf) Stable Class X-F New Rating - Provisional 19,952,000 -- BBB (low) (sf) Stable Class F New Rating - Provisional 19,952,000 4.125 BB (high) (sf) Stable Class X-G New Rating - Provisional 11,401,000 -- BB (low) (sf) Stable Class G New Rating - Provisional 11,401,000 3.125 B (high) (sf) Stable Class X-H New Rating - Provisional 35,628,248 -- NR n/a Class H New Rating - Provisional 35,628,248 -- NR n/a RR Interest New Rating - Provisional 60,004,855 -- NR n/a 1. NR = Not Rated. 2. Class X-D, Class X-F, Class X-G, Class X-H, Class D, Class E, Class F, Class G, Class H, and Class-RR, will be privately placed. 3. The exact initial principal balances of the Class A-3, Class A-3-X1, Class A-3-X2, Class A-4, Class A-4-X1, and Class A-4-X2 trust components (and consequently, the exact aggregate initial certificate balance of the Class A-3 Exchangeable Certificates and of the Class A-4 Exchangeable Certificates) are unknown and will be determined based on the final pricing of the certificates. However, the initial principal balances, weighted average lives, and principal windows of the Class A-3 and Class A-4 trust components are expected to be within the applicable ranges reflected in the following chart. The aggregate initial principal balance of the Class A-3 and Class A-4 trust components is expected to be approximately $637,064,000, subject to a variance of plus or minus 5%. The Class A-3-X1 and Class A-3-X2 trust components will have initial notional amounts equal to the initial principal balance of the Class A-3 trust component. The Class A-4-X1 and Class A-4-X2 trust components will have initial notional amounts equal to the initial principal balance of the Class A-4 trust component. 4. The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, and Class X-H certificates (collectively referred to as the Class X certificates) are notional amount certificates and will not be entitled to distributions of principal. The notional amount of the Class X-A certificates will be equal to the aggregate certificate or principal balance of the Class A-1, Class A-2, and Class A-SB certificates and the Class A-3 and Class A-4 trust components. The notional amount of the Class X-B certificates will be equal to the aggregate certificate or principal balance of the Class A-S trust component and the Class B and Class C certificates. The notional amount of the Class X-D certificates will be equal to the aggregate certificate balance of the Class D and Class E certificates. The notional amount of each class of the Class X-F, Class X-G, and Class X-H certificates will be equal to the certificate balance of the class of principal balance certificates that, with the addition of “X-,” has the same alphabetical designation as the subject class of Class X certificates. 5. The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, and Class X-H balances are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall. February 2020 3 Presale Report | BANK 2020-BNK26 Transaction Summary POOL CHARACTERISTICS Trust Amount ($) 1,200,097,104 Wtd. Avg. Interest Rate (%) 3.502 Number of Loans 75 Wtd. Avg. Remaining Term 116 Number of Properties 101 Wtd. Avg. Remaining Amortization 358 Average Loan Size ($) 16,001,295 Total DBRS Morningstar Expected Amortization2 11528.8 DBRS Morningstar LTV (%)1 55.3/63.1 DBRS Morningstar Balloon LTV (%)1 51.9/58.5 Appraised LTV (%)1 55.3/63.1 Appraised Balloon LTV (%)1 51.9/58.5 Wtd. Avg. DBRS Morningstar DSCR1 3.14/2.34 Wtd. Avg. Issuer Term DSCR1 3.14/2.34 Top 10 Loan Concentration (%) 0.5 Avg. DBRS Morningstar NCF Variance (%) -12.8 1. The second metric excludes shadow-rated and co-op loans. 2. For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry. PARTICIPANTS Depositor Bank of America Merrill Lynch Commercial Mortgage, Inc. Mortgage Loan Sellers Morgan Stanley Mortgage Capital Holdings LLC (MSMCH - 23 loans, 39.1% of pool) Bank of America, National Association (BANA - 19 loans, 36.1% of pool) Wells Fargo Bank, National Association (WFB - 19 loans, 20.4% of pool) National Cooperative Bank, N.A. (NCB - 14 loans, 4.3% of pool) Trustee Wilmington Trust, National Association Master Servicer Wells Fargo Bank, National Association Special Servicer LNR Partners, LLC Certificate Administrator Wells Fargo Bank, National Association and Custodian Operating Advisor Park Bridge Lender Services LLC February 2020 4 Presale Report | BANK 2020-BNK26 Rating Considerations The collateral consists of 75 fixed-rate loans secured by 101 commercial and multifamily properties. The transaction is a sequential-pay pass-through structure. DBRS Morningstar analyzed the conduit pool to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. Five loans, representing 23.1% of the pool, are shadow-rated investment grade by DBRS Morningstar. When DBRS Morningstar measured the cut- off loan balances against the DBRS Morningstar Stabilized NCF and their respective actual constants, the initial DBRS Morningstar WA DSCR for the pool was 2.74x. The WA DSCR is elevated because 23.1% of the pool is shadow-rated investment grade and the concentration of low-leverage residential co-operative loans represent 4.3% of the pool. These residential co-operative loans have very low loan-level credit enhancement at the AAA level and near-zero loan-level credit enhancement at the BBB (low) level. Only three loans in the pool—The Hub Shopping Center, 18 West 25th Street, and Lockaway Storage-Boerne—had a DBRS Morningstar Term DSCR below 1.30x, a threshold indicative of a higher likelihood of mid-term default. The WA DBRS Morningstar LTV of the pool at issuance was 55.3%, and the pool is scheduled to amortize down to a WA DBRS Morningstar LTV of 51.9% at maturity. The pool includes 19 loans, representing 24.8% of the pool by allocated loan balance, with issuance LTVs equal to or higher than 67.1%, a threshold historically indicative of above- average default frequency. Forty-two loans, representing 38.9% of the pool balance, were originated in connection with the borrower’s refinancing of an existing mortgage loan. Twenty-six loans, representing 38.0% of the pool, were originated in connection with the borrower’s acquisition of the related mortgage property. The remaining seven loans, representing 23.1% of the pool, were originated in connection with the recapitalization of the related property. STRENGTHS – The transaction includes five loans, representing 23.1% of the total pool balance, that are shadow-rated investment grade by DBRS Morningstar, including Bravern Office Commons, 560 Mission Street, 55 Hudson Yards, 1633 Broadway-NY, and Bellagio Hotel and Casino. Bravern Office Commons exhibits credit characteristics consistent with a AA (high) shadow rating, 560 Mission Street exhibits credit characteristics consistent with a AA shadow rating, 55 Hudson Yards exhibits credit characteristics consistent with a BBB shadow rating, 1633 Broadway-NY exhibits credit characteristics consistent with a BBB (high) shadow rating, and the Bellagio Hotel and Casino exhibits credit characteristics consistent with a AAA shadow rating.
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