Great Wolf Trust 2017-WOLF's issuance is a CMBS transaction backed by one two-year, floating-rate commercial mortgage loan totaling $1.00 billion, with three one-year extension options, secured by cross-collateralized first-mortgage liens on the fee interests in 12 Great Wolf resort properties, a pledge of the borrowers' indirect equity interests in two joint venture properties, and a pledge of the borrowers' interest in the license and franchise management agreements in one third-party owned property. We assigned our ratings to the class A, X-CP, X-EXT, B, C, D, E, F, and HRR certificates. The ratings reflects our view of the transaction's structure, the collateral's performance, and loan's terms, among other factors. The certificate issuance is a commercial mortgage-backed securities transaction backed by one two-year, floating-rate commercial mortgage loan totaling $1.0 billion, with three one-year extension options, secured by cross-coll
