FWP 1 n4935_x14-xapricing.htm FWP

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-280318-02
     

 

From: Spg Syndicate Jpm (JP MORGAN SECURITIES) At: 05/29/25 16:40:37 UTC-4:00
Subject: XA PRICING DETAILS BANK 2025-BNK50 - PUBLIC CMBS ***PUBLIC CMBS***

 

BANK 2025-BNK50 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2025-BNK50

 

JOINT BOOKRUNNERS & CO-LEAD MANAGERS : J.P. MORGAN SECURITIES LLC, BofA Securities, Inc., MORGAN STANLEY & CO. LLC, WELLS FARGO SECURITIES, LLC
CO-MANAGERS : DREXEL HAMILTON, LLC, MISCHLER FINANCIAL GROUP, INC.
RATING AGENCIES : FITCH/MOODYS/DBRS
OFFERING TYPE : SEC-REGISTERED

 

***OFFERED CERTIFICATES - PUBLIC***

CLS RATINGS (F/M/D) SIZE ($MM) PROCEEDS ($MM) SPREAD COUPON% YIELD% $PX
XA AAA/Aaa/AAA 336.958 9.785 J+165 0.3459 6.0006 2.9042

 

COLLATERAL SUMMARY  
CUT-OFF DATE BALANCE : $490,942,714
NUMBER OF LOANS : 34
NUMBER OF PROPERTIES : 71
WA CUT-OFF LTV : 42.0%
WA MATURITY LTV : 40.0%
WA U/W NCF DSCR : 3.09x
WA U/W NOI DEBT YIELD : 20.1%
TOP TEN LOANS % : 80.2%
WA TERM TO MATURITY (MOS) : 120
WA REMAINING AMORTIZATION TERM (MOS) : 353
WA SEASONING (MOS) : 3
   
TOP 5 PROPERTY TYPES : MULTIFAMILY (34.5%), OFFICE (26.7%), RETAIL (24.0%), MIXED USE
(13.0%), SELF STORAGE (1.8%)  
   
TOP 5 STATES : NY (46.2%), CA (17.4%), OR (9.98%), MD (9.95%), AZ (5.1%)
   
LOAN SELLERS : JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (27.4%), BANK OF AMERICA, NATIONAL ASSOCIATION (32.3%), MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC (23.8%), NATIONAL COOPERATIVE BANK, N.A. (12.4%) WELLS FARGO BANK, NATIONAL ASSOCIATION (4.1%)
   
U.S. RISK RETENTION : JPMCB IS EXPECTED TO ACT AS THE “RETAINING SPONSOR” AND INTENDS TO SATISFY THE U.S. CREDIT RISK RETENTION REQUIREMENT VIA A COMBINDATION OF (I) RETENTION OF AN “ELIGIBLE VERTICAL INTEREST” BY JPMCB, BANK OF AMERICA, AND MORGAN STANLEY AND (II) PURCHASE BY KKR REAL ESTATE FINANCE HOLDINGS, L.P. OR AN AFFILIATE, AND FORETHOUGHT LIFE INSURNACE COMPANY, TOGETHER A “THIRD-PARTY PURCHASER,” OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST,” WHICH WILL BE COMPRISED OF THE CLASS F-RR, CLASS G-RR, CLASS H-RR, CLASS J-RR AND CLASS K-RR CERTIFICATES.
   
EU RISK RETENTION : THE TRANSACTION IS NOT STRUCTURED TO SATISFY THE EU RISK RETENTION AND DUE DILIGENCE REQUIREMENTS
   
MASTER SERVICERS : TRIMONT LLC AND NATIONAL COOPERATIVE BANK, N.A.
SPECIAL SERVICERs : K-STAR ASSET MANAGEMENT LLC AND NATIONAL COOPERATIVE BANK, N.A.
OPERATING ADVISOR : PENTALPHA SURVEILLANCE LLC
ASSET REPRESENTATIONS REVIEWER : PENTALPHA SURVEILLANCE LLC
DIRECTING CERTIFICATEHOLDER : KREF SECURITIES HOLDINGS, LLC (OR AN AFFILIATE)
   
DOCUMENTS & TIMING  
ANTICIPATED PRICING : PRICED
ANTICIPATED SETTLEMENT : ON OR ABOUT JUNE 18, 2025

 

JPM SPG SYNDICATE CONTACTS

JENNIFER KORNBLAU 212-834-4154

MORGAN ROACH 212-834-4154

JACQUELINE LARET 212-834-4154

MICHAEL CASH 212-834-4154

 

JPM CMBS BANKING CONTACTS

KUNAL SINGH 212-834-5467

HARRIS RENDELSTEIN 212-834-6737

RANDY GOLDSTEIN 212-270-2188

 

JPM CMBS TRADING DESK CONTACTS

AVINASH SHARMA 212-834-3111

BRIAN CAREY 212-834-3111

DERRICK FETZER 212-834-3111

 

BOFA CMBS BANKING CONTACTS

LELAND BUNCH 646-855-3953

DANIELLE CALDWELL 646-855-3421

 

WELLS FARGO CMBS SYNDICATE CONTACTS

CHRISTIE TINTLE 704-410-3008

DANIEL BOXER 704-410-3008

 

WELLS FARGO CMBS BANKING CONTACTS

A.J. SFARRA 212-214-5613

BRIGID MATTINGLY 312-269-3062

SEAN DUFFY 312-827-1518

 

MS CMBS SYNDICATE & STRUCTURING CONTACTS

NISHANT KAPUR 212-761-1483

JAS SINGH 212-761-9099

 

MS CMBS BANKING CONTACTS

JANE LAM 212-761-3507

JARED SMITH 212-761-3075

 

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