SEPTEMBER 2016 STRUCTURED FINANCE: CMBS PRESALE REPORT Morgan Stanley Capital Barclays Bank Trust 2016-MART Table of Contents Table of Contents 2 Capital Structure 3 Transaction Summary 3 Rating Considerations 4 Property Description 6 Market Overview 10 Competitive Set 13 Sponsorship 19 DBRS Analysis 20 Loan Detail & Structural Features 27 Transaction Structural Features 29 Surveillance 30 CMBS Rating Methodology – Highlights 30 Brandon Olson Kevin Mammoser Vice President Senior Vice President +1 312 332 0889 +1 312 332 0136
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[email protected] PRESALE REPORT — MSCBB 2016-MART SEPTEMBER 2016 Capital Structure Description Rating Action Class Amount Subordination2 DBRS Rating Trend Class A New Rating - Provisional $374,000,000 31.927% AAA (sf) Stable Class X-CP New Rating - Provisional $550,000,000 n/a AAA (sf) Stable Class X-NCP New Rating - Provisional $550,000,000 n/a AAA (sf) Stable Class B New Rating - Provisional $83,200,000 16.800% AA (low) (sf) Stable Class C New Rating - Provisional $53,300,000 7.109% A (low) (sf) Stable Class D New Rating - Provisional $39,100,000 0.000% BBB (sf) Stable Notes: 1. The Class X-CP and X-NCP balances are notional. DBRS ratings on IO certificates address the likelihood of receiving interest based on the notional amount outstanding. DBRS considers the IO certificate’s position within the transaction payment waterfall when determining the appropriate rating. 2. Approximate Initial Credit Support for each Class of Certificates is calculated taking into account the Companion Loan, to the extent that it is pari passu or senior to such Class of Certificates, as applicable.