Deal Name: 2007-TOP25

Commercial Real Estate Direct Staff ReportThe first CMBS conduit deal of the year priced earlier today at levels last seen in November.The $1.6 billion transaction, Morgan Stanley Capital I Inc., 2007-TOP25, saw its super-senior AAA class price at 22 basis ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingFitchRatingMoody'sRatingDBRSFinalPricing (bp)BnchmarkA-165.0027.003.57AAAAaaAAA+13swapsA-1A145.4027.009.19AAAAaaAAANAswapsA-277.7027.006.76AAAAaaAAA+23swapsA-AB62.3027.007.37AAAAaaAAA+23swapsA-3155.4527.009.79AAAAaaAAA+22swapsA-M155.4517.009.90AAAAaaAAA+25swapsA-J110.769.8759.95AAAAaaAAA+28swapsB27.208.1259.95AAAa2AA+32swapsC11.667.3759.95AA-Aa3AA(l)+36swapsD25.265.759.95AA2A+41swapsE11.665.009.95A-A3A(l)+45swapsF13.604.1259.95BBB+Baa1BBB(h)+60swapsG13.603.259.95BBBBaa2BBB+68swapsH11.662.509.95BBB-Baa3BBB(l)+90swapsJ3.892.25NABB+Ba1BB(h)NATreasK3.892.00NABBBa2BBNATreasL5.831.625NABB-Ba3BB(l)NATreasM3.891.375NAB+B1B(h)NATreasN1.941.25NABB2BNATreasO3.891.00NAB-B3B(l)NATreasNR15.550.00NANRNRNRNATreasX1,554.51*NA9.15AAAAaaAAA+115Treas*Notional amount, interest onlyCollateral balance: $1,554.51 millionBookrunner(s): Morgan Stanley, Bear StearnsLead Managers: Morgan Stanley, Bear StearnsB-piece Buyer: ARCap REITMaster Servicer: Wells FargoSpecial Servicer: ARCap ServicingTrustee: LaSalle BankOriginators: Wells Fargo Bank (30.2 percent), Bear Stearns (24.9 percent), Principal ...