FWP 1 n3202-x8_publicannouncmnt.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-258342-02
     

 

 

From: Spg Syndicate Jpm (JP MORGAN SECURITIES) At: 08/01/22 13:01:51 UTC-4:00
To: Spg Syndicate Jpm (JP MORGAN SECURITIES )
Subject: NEW ISSUE CMBS$630.182MM BMARK 2022-B36 PUBLIC CMBS

 

BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2022-B36 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2022-B36

 

JOINT BOOKRUNNERS & CO-LEAD MANAGERS : J.P. MORGAN SECURITIES LLC, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS & CO. LLC. AND CITIGROUP GLOBAL MARKETS INC.
CO-MANAGERS : DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES : MOODY’S/FITCH/DBRS
OFFERING TYPE : SEC-REGISTERED

 

***OFFERED CERTIFICATES - PUBLIC***

CLS RATINGS (M/F/D) SIZE ($MM) WAL (YR) CERT P.WIN CERT C/E CERT LTV CERT NOI
DEBT
YLD
A-1 Aaa/AAA/AAA 1.000 3.66 08/24–06/27 30.000% 36.3% 15.9%
A-2 Aaa/AAA/AAA 106.901 4.84 06/27–07/27 30.000% 36.3% 15.9%
A-4 Aaa/AAA/AAA *SEE BELOW* 30.000% 36.3% 15.9%
A-5 Aaa/AAA/AAA *SEE BELOW* 30.000% 36.3% 15.9%
A-SB Aaa/AAA/AAA 2.240 7.47 07/27-05/32 30.000% 36.3% 15.9%
A-S NR/AAA/AAA 64.450 9.96 07/32-08/32 21.000% 41.0% 14.1%
B NR/AA-/AA(high) 34.016 9.98 08/32-08/32 16.250% 43.5% 13.3%
C NR/A-/A(high) 30.435 9.98 08/32-08/32 12.000% 45.7% 12.6%

 

*The exact initial certificate balances of the Class A-4 and Class A-5 certificates will be determined based on the final pricing. The respective initial certificate balances and weighted average lives of the Class A-4 and Class A-5 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial certificate balance of the Class A-4 and Class A-5 certificates is expected to be approximately $391,140,000, subject to a variance of plus or minus 5%.

 

Class of Certificates

Exp. Range of Size($MM) Exp. Range of WAL(YR) Exp. Range of P.WIN
A-4 $0.000 - $175.000 NAP - 9.79 NAP / 05/32-07/32
A-5 $216.140 - $391.140 9.89 - 9.85 07/32-07/32 / 05/32-07/32

 

COLLATERAL SUMMARY  
CUT-OFF DATE BALANCE : $753,806,375
NUMBER OF LOANS : 31
NUMBER OF PROPERTIES : 69
WA CUT-OFF LTV : 51.9%
WA MATURITY LTV : 51.8%
WA U/W NCF DSCR : 2.07x
WA U/W NOI DEBT YIELD : 11.1%
TOP TEN LOANS % : 67.8%
WA TERM TO MATURITY (MOS) : 110
WA REMAINING AMORTIZATION TERM (MOS) : 293
WA SEASONING (MOS) : 1

 

   
TOP 5 PROPERTY TYPES : OFFICE (32.6%), RETAIL (16.9%), MIXED USE(15.6%), SELF STORAGE(13.6%), INDUSTRIAL (10.3%)
   
TOP 5 STATES : NY (27.6%), VA (14.3%), CA (13.9%), MI (7.5%), FL (6.8%)
   
LOAN SELLERS : JPMORGAN CHASE BANK, N.A. (18.1%), CITI REAL ESTATE FUNDING INC. (37.6%), GERMAN AMERICAN CAPITAL CORPORATION (23.8%) and GOLDMAN SACHS MORTGAGE COMPANY (20.4%)
   
U.S. RISK RETENTION : AN ELIGIBLE VERTICAL RESIDUAL INTEREST WILL BE RETAINED BY JPMORGAN CHASE BANK, NATIONAL ASSOCIATION AND DBR INVESTMENTS CO. LIMITED.
   
EU RISK RETENTION : THE TRANSACTION IS NOT STRUCTURED TO SATISFY THE EU RISK RETENTION AND DUE DILIGENCE REQUIREMENTS
   
MASTER SERVICER : MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
SPECIAL SERVICER : MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
OPERATING ADVISOR : PARK BRIDGE LENDER SERVICES LLC.
ASSET REPRESENTATIONS REVIEWER : PARK BRIDGE LENDER SERVICES LLC.
DIRECTING CERTIFICATEHOLDER : KKR REAL ESTATE CREDIT OPPORTUNITY PARTNERS II L.P.
   
DOCUMENTS & TIMING  
TERM SHEET, ANNEX A : ATTACHED
PRELIMINARY PROSPECTUS : ATTACHED
PRICE GUIDANCE : WEEK OF AUGUST 1, 2022
ANTICIPATED PRICING : WEEK OF AUGUST 1, 2022
ANTICIPATED SETTLEMENT : ON OR ABOUT AUGUST 23, 2022

 

JPM SPG SYNDICATE CONTACTS

JENNIFER KORNBLAU 212-834-4154

MORGAN ROACH 212-834-4154

JACQUELINE LARET 212-834-4154

KRISTEN ROSSI 212-834-4154

MICHAEL CASH 212-834-4154

 

JPM CMBS BANKING CONTACTS

KUNAL SINGH 212-834-5467

HARRIS RENDELSTEIN 212-834-6737

 

JPM CMBS TRADING DESK CONTACTS

AVINASH SHARMA 212-834-3111

BRIAN CAREY 212-834-3111

DERRICK FETZER 212-834-3111

 

DEUTSCHE BANK TRADING DESK CONTACT

RYAN HORVATH 212-250-5149

DAN PENN 212-250-5149

 

CITIGROUP SYNDICATE DESK CONTACTS

RAUL OROZCO 212-723-1295

MATT PERRY 212-723-1295

 

GOLDMAN SACHS CMBS BANKING CONTACTS

LEAH NIVISON 212-357-2702

SCOTT EPPERSON 212-934-2882

JUSTIN PETERSON 212-902-4283

 

GOLDMAN SACHS SYNDICATE CONTACTS

SCOTT WALTER 212-357-8910

 

GOLDMAN SACHS CAPITAL MARKETS CONTACTS

MARK ROMANCZUK 212-902-0290

NITIN JAGGA 212-855-9035

 

********************************************************************************

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com. You should not reply to this announcement. Any reply e-mail communications, including those you generate by using the “Reply” function on your e-mail software, will be ignored or rejected. This notice does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation would be unlawful, and does not constitute an offer to sell or a solicitation of an offer to buy or an advertisement in respect of securities in any province or territory of Canada other than the provinces of Ontario, Quebec, Alberta, British Columbia, Nova Scotia and New Brunswick unless the issuer has securities listed or quoted on one of the exchanges or markets referred to in the definition of “OTC Issuer” in Multilateral Instrument 51-105. Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.