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TEXT-Fitch affirms WFDB 2011-BXR
July 16, 2012 / 9:44 PM / 5 years ago

TEXT-Fitch affirms WFDB 2011-BXR

July 16 () - Fitch Ratings has affirmed all classes of WFDB 2011-BXR
commercial mortgage pass-through certificates, series 2011-BXR issued by Wells
Fargo Commercial Mortgage Securities, Inc. as follows

--$695,000,000 class A at 'AAAsf'; Outlook Stable;
--$61,350,000 class B at 'AAsf'; Outlook Stable;
--$76,490,000 class C at 'Asf'; Outlook Stable;
--$45,890,000 class D at 'BBBsf'; Outlook Stable;
--$30,590,000 class E at 'BBB-sf'; Outlook Stable;
--$90,680,000 class F at 'BBsf'; Outlook Stable;
--$695,000,000* class X-A at 'AAAsf'; Outlook Stable;
--$305,000,000* class X-B at 'BBsf'; Outlook Stable;
--$1,000,000,000* class X-C at 'BBsf'; Outlook Stable.

*Notional amount and interest only.

The affirmations and Stable Outlooks are the result of stable portfolio
performance. As of year-end 2011 the amortizing NCF DSCR was 1.66 times (x)
compared to 1.65x underwritten at issuance. Portfolio occupancy was stable at
90.2% compared to 89% at issuance.

This transaction is secured by the mortgage interest in 107 retail properties
located in 27 states across the U.S. The properties, totaling 16,196,205 sf, are
located in 27 states with the largest concentrations (by allocated balance) in
Texas (15.0%), Pennsylvania (8.2%), Ohio (7.6%), California (7.5%), and Illinois
(7.5%). Additionally, while all properties are retail, there is a mix of
grocery-anchored (47.8%), non-grocery-anchored (35.1%), and grocery
shadow-anchored (16.7%) properties. Only one property (0.4%) is unanchored.

The portfolio is occupied by more than 1,100 distinct tenants with no single
entity accounting for more than 5.2% of net rentable area and 3.3% of annual
base rent. Tenants include a mix of local and regional retailers.
Investment-grade rated tenants account for 27.2% of space and 27.0% of annual
base rent.

The notes are secured by a $1.0 billion mortgage loan with $400 million of
mezzanine loans held outside the trust. The loan is interest only for the first
two years. The sponsor is Blackstone Real Estate Advisors (BREA) through their
real estate funding vehicle Blackstone Real Estate Partners VI (BREP). BREA is
one of the largest real estate investors in the world, with approximately $26.5
billion of assets under management. The financing is associated with the
purchase of the entire Centro Properties Group U.S. retail portfolio by
Blackstone Real Estate Advisors. The certificates will follow a sequential-pay
structure.

The loan matures in July 2016. The Fitch stressed loan-to-value (LTV) ratio is
approximately 65% based on capitalization of the Fitch-adjusted net cash flow at
a rate of 8.5%.



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:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions'
(Sept. 26, 2011).

Applicable Criteria and Related Research:
Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions
Global Structured Finance Rating Criteria

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