Some 39 sponsors are involved with the transaction, according to ratings analysts from Kroll Bond Rating Agency. The deal will issue about 17 classes of notes, and KBRA will rate about 15 of them. All of the notes have a December 2056 final distribution date, the rating agency said.

As for the loans themselves, retail properties account for 44.1% of the pool, the collateral pool's largest portion. Multifamily, lodging office and other properties account for 12.5%, 11.5%, 8.9% and 23.0%, respectively. The total loan-to-value ratio, from KBRA's standpoint, is 82.2%. Meanwhile, the 1B market tier is where the largest percentage of properties is located, at 29.5%.   

In terms of boosts to the notes' credit, the A1 through A5 notes benefit from a credit enhancement level of 30%. Some 32 of the loans are full-term, interest-only loans, while five are partial-term interest only mortgages and eight carry amortizing balloons, KBRA said.

From the pool level, the loans have a 9.335 capitalization rate, KBRA said.

Drilling down a bit to the loan level, KBRA pointed out that the components for five loans, which represent 34.8% of the loans, exhibit investment-grade credit characteristics. The Arundel Mills and Marketplace, a super regional mall in the Baltimore area, accounts for the largest single portion of the loans, at 9.8%.

KBRA expects to assign 'AAA' to the A1 through AS notes; 'AA-' to the class B notes; 'A-' to the class C notes; 'BBB+' to the class D notes; 'BBB' to the class E notes; 'BB+' to the class F notes and 'B+' to the G-RR notes, KBRA said. Among the interest-only notes, the rating agency notes assigns 'AAA' to the XA and XB notes; 'BBB' to the XD and 'BB+' to the XF notes.