CBA Mortgage Corp. Series 1993 CBA-C1

Transaction Overview
Transaction type: Commercial Mortgage Backed Securitization
Total Transaction Size: $541 Million

Transaction Background
After two unsuccessful attempts to dispose of their commercial real estate portfolio, Kemper Financial contacted Cheslock, Bakker & Associates, Inc. to discuss alternative strategies. Recognizing that a bulk sale of Kemper's mortgages would not offer the most efficient execution, CBA proposed to originate and securitize new mortgages.

Transaction Summary
After an initial review of 200 loans of varying maturities, property types and locations, CBA recommended that 115 new loans, each with identical terms, be created. Approximately $215 million (39%) of the transaction provided first mortgage financing for Kemper owned properties; the remaining $326 million refinanced mortgages were held by Kemper. CBA securitized and sold the investment-grade tranches, and retained $60 million of non-investment grade tranches. The $541 million transaction consisted of 40% office, 30% industrial and 30% retail properties located in 19 states. At the time of issuance, this was the largest private label (non-RTC) commercial mortgage securitization.