FWP 1 n1658_email-x9.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226123-04
     

From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>

Sent: Wednesday, June 5, 2019 9:44 AM

Subject: ★NEW ISSUE CMBS★ $612.180MM JPMCC 2019-COR5 **PUBLIC CMBS**

 

JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2019-COR5 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-COR5

 

SOLE BOOKRUNNER: J.P. MORGAN SECURITIES LLC
CO-MANAGERS: JEFFERIES LLC, DREXEL HAMILTON, LLC
RATING AGENCIES: S&P/FITCH/KBRA
OFFERING TYPE: SEC-REGISTERED

 

***OFFERED CERTIFICATES - PUBLIC***

CLS RATINGS SIZE WAL CERT CERT CERT CERT NOI
  (S/F/K) ($MM) (YR) P.WIN C/E LTV

DEBT YLD

A-1 AAA/AAA/AAA 14.650 2.65 07/19 - 01/24 30.000% 41.0% 14.3%
A-2 AAA/AAA/AAA 66.432 4.71 01/24 - 05/24 30.000% 41.0% 14.3%
A-3 AAA/AAA/AAA *** SEE BELOW *** 30.000% 41.0% 14.3%
A-4 AAA/AAA/AAA *** SEE BELOW *** 30.000% 41.0% 14.3%
A-SB AAA/AAA/AAA 26.615 7.34 05/24 – 01/29 30.000% 41.0% 14.3%
A-S AA/AAA/AAA 57.638 9.83 04/29 – 05/29 21.750% 45.9% 12.8%
B NR/AA-/AA 34.932 9.88 05/29 – 05/29 16.750% 48.8% 12.0%
C NR/A-/A- 30.565 9.88 05/29 – 05/29 12.375% 51.3% 11.4%

 

**The exact initial certificate balances of the Class A-3 and Class A 4 certificates will be determined based on the final pricing. The respective initial certificate balances and weighted average lives of the Class A-3 and Class A-4 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial certificate balance of the Class A-3 and Class A-4 certificates is expected to be approximately $381,348,000, subject to a variance of plus or minus 5%.

 

Class of Certificates

Exp. Range of Initial Balance Exp. Range of WAL Expected Principal Window  
Class A-3 $75.000 - $180.000 9.54 - 9.58 1/29-1/29 - 1/29-2/29  
Class A-4 $201.348 - $306.348 9.74 - 9.70 2/29-4/29 - 1/29-4/29  

 

 

COLLATERAL SUMMARY  
CUT-OFF DATE BALANCE: 698,637,121
NUMBER OF LOANS: 46
NUMBER OF PROPERTIES: 135
WA CUT-OFF LTV: 58.6%
WA MATURITY LTV: 54.5%
WA U/W DSCR: 1.79x
WA U/W NOI DEBT YIELD: 10.0%
TOP TEN LOANS %: 63.1%
WA REMAINING TERM TO MATURITY (MOS): 112
WA REMAINING AMORTIZATION TERM (MOS): 354
WA SEASONING (MOS): 3
   
LOAN SELLERS: JPMORGAN CHASE BANK, N.A. (37.2%) AND LOANCORE CAPITAL MARKETS LLC (62.8%)
   
RISK RETENTION: AN ELIGIBLE HORIZONTAL RESIDUAL INTEREST EQUAL TO AT LEAST
  5% OF THE ESTIMATED FAIR MARKET VALUE WILL BE RETAINED BY
  LOANCORE CAPITAL MARKETS LLC.
   
TOP 5 PROPERTY TYPES: OFFICE (38.4%), MULTIFAMILY (28.4%), RETAIL (17.2%),
  MIXED USE (7.5%), HOTEL (5.0%).
   
TOP 5 STATES: NY (24.8%), FL (17.0%), IL (9.5%), UT (8.3%), VA (7.1%).
   
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: PENTALPHA SURVEILLANCE LLC
ASSET REPRESENTATIONS REVIEWER: PENTALPHA SURVEILLANCE LLC
DIRECTING CERTIFICATEHOLDER: LOANCORE CAPITAL MARKETS LLC OR ITS AFFILIATE
   
DOCUMENTS & TIMING  
TERM SHEET, ANNEX A: ATTACHED
PRELIMINARY PROSPECTUS: VIA SEPARATE MESSAGE
PRICE GUIDANCE: WEEK OF JUNE 3, 2019
ANTICIPATED PRICING: WEEK OF JUNE 10, 2019
ANTICIPATED SETTLEMENT: ON OR ABOUT JUNE 27, 2019
   
   
JPM SPG SYNDICATE CONTACTS  
ANDY CHERNA 212-834-4154 
KAILIN TWOMEY 212-834-4154
   
JPM CMBS BANKING CONTACTS  
KUNAL SINGH 212-834-5467
BRAD HORN 212-834-9708
   
JPM CMBS TRADING DESK CONTACTS  
AVINASH SHARMA 212-834-3111
DERRICK FETZER 212-834-3111

 

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

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.

 

 

-------------------------------------------------------------------------------

This message is confidential and subject to terms at www.jpmorgan.com/emaildisclaimer including on confidentiality, legal privilege, viruses and monitoring of electronic messages. If you are not the intended recipient, please delete this message and notify the sender immediately. Any unauthorized use is strictly prohibited.

 

Any message from Sales and Trading is subject to terms at www.jpmorgan.com/salesandtradingdisclaimer, is a "solicitation" only as that term is used within CFTC Rule 1.71 and 23.605, and where it is an "investment recommendation" as that term is defined in MAR visit www.jpmm.com/#mardisclosures.

 

For J.P. Morgan Research disclosures, visit www.jpmm.com/research/disclosures.