Fitch Affirms WFRBS 2011-C5

CHICAGO--()--Fitch Ratings has affirmed all 12 classes of Wells Fargo Bank, N.A. Commercial Mortgage Trust 2011-C5 certificates. A detailed list of rating actions follows at the end of this release.

The affirmations are based on the stable performance of the underlying collateral pool. As of the September remittance, the pool had not experienced a realized loss. Fitch has not designated any loans as Fitch Loans of Concern, and there have not been any defaulted or specially serviced loans.

As of the September 2012 distribution date, the pool's aggregate principal balance has been paid down by 0.9% to $1.08 billion from $1.09 billion at issuance.

The largest loan of the pool (19.00%) is secured by, The Domain, an 878,974-square foot (sf) lifestyle center comprised of retail and office space located in Austin, TX. The mall features four anchors (two non-collateral), including Dillard's, Macy's, Dick's Sporting Goods, and Neiman Marcus. The Domain is situated in north-central Austin in an established commercial district. The development benefits from excellent commuter access provided by its proximity to three major highways. The daytime foot traffic and sales have only been enhanced by the recent completion of a Whole Foods (non-collateral) at the site. The sponsor of the loan is Simon Property Group.

The second largest loan (7.86%) is secured by, The Puck Building, a 206,693-sf mixed use retail and office property located in the SoHo neighborhood of Manhattan in New York City. The building was recently renovated and repositioned as a residential and commercial development. The collateral for the loan is the 162,298-sf of office space along with 44,395-sf of retail. The building has a number of tenant leases that commenced in 2012 and the building is performing as expected.

The third largest loan (7.47%) is secured by two properties, Arbor Walk and Palms Crossing, located in Austin, TX and McAllen, TX. The properties are cross-collateralized and in two distinct markets which provides diversification benefits. Palms Crossing is located in a tertiary market that is close to the Texas-Mexico border. The lifestyle center is 100% occupied with major tenants comprising of Hobby Lobby, Bealls, and Best Buy. The property is outperforming the market comps and benefits from the continuing economic growth of McAllen, TX. Arbor Walk is located in North Austin Submarket and is 95% occupied with anchor tenants being Marshall's, Home Depot, and Natural Grocers. The mall benefits from its proximity to residential and commercial neighborhoods. The development is adjacent to The Domain which provides a complementary tenant base from this dominant retail center.

Fitch has affirmed the following classes as indicated:

--$57.2 million class A-1 at 'AAAsf'; Outlook Stable;

--$118.4 million class A-2 at 'AAAsf'; Outlook Stable;

--$107.9 million class A-3 at 'AAAsf'; Outlook Stable;

--$471 million class A-4 at 'AAAsf'; Outlook Stable;

--$85.9 million class A-S at 'AAAsf'; Outlook Stable;

--$54.6 million class B at 'AAsf'; Outlook Stable;

--$40.9 million class C at 'Asf'; Outlook Stable;

--$25.9 million class D at 'BBB+sf'; Outlook Stable;

--$49.1 million class E at 'BBB-sf'; Outlook Stable;

--$17.7 million class F at 'BBsf'; Outlook Stable;

--$16.4 million class G at 'Bsf'; Outlook Stable;

--$849.7 million class X-A at 'AAAsf'; Outlook Stable

Class H and the interest-only class X-B is not rated by Fitch.

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);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts

Fitch Relations
Primary Analyst
Jay Bullie, +1 312-368-2079
Associate Director
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, +1 212-908-0278 (New York)
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Relations
Primary Analyst
Jay Bullie, +1 312-368-2079
Associate Director
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, +1 212-908-0278 (New York)
sandro.scenga@fitchratings.com