Bank of America Merrill Lynch has issued a €186m (£137m) multi-jurisdictional CMBS of two loans secured against light industrial assets to a joint venture between Starwood Capital Group and M7 Real Estate.
TAURUS 2015-3 is secured against 62 assets in Germany, the Netherlands and France and has a remaining term of 4.5 years. The most senior A tranche of €73.8m sits at a loan-to-value of 28.3% and the most junior F tranche of €21.7m sits at a loan-to-value of 67.7%.
BAML has retained an additional 5% of each of the tranches of the loan.
The deal is expected to be rated by Moody’s and DBRS.
One of the loans of €82.2m is secured against TEIF – the previously listed industrial fund which was managed by Tamar.
The fund was bought last year in a £53.6m deal.
