FREE WRITING PROSPECTUS

FILED PURSUANT TO RULE 433

REGISTRATION FILE NO.: 333-226082-08

Sent: Friday, November 20, 2020 1:07 PM
Subject: BMARK 2020-B21 – Launch (Public)(external)

BMARK 2020-B21 – Launch (Public)(external)

$918.876mm Fixed Rate CMBS Offering

Co-Lead Managers and Joint Bookrunners:	Goldman Sachs & Co. LLC, Citigroup, JP Morgan, and Deutsche Bank Securities
Co-Managers:	Academy Securities and Drexel Hamilton

						U/W NOI		Expected
Class	S&P/Fitch/KBRA	Size($mm)	WAL(yr)	C/E	LTV	Debt Yld	Launch	$px
A-1	AAA(sf)/AAAsf/AAA(sf)	11.511	2.69	30.000%	37.4%	16.0%	S+25	100-00
A-2	AAA(sf)/AAAsf/AAA(sf)	46.719	4.59	30.000%	37.4%	16.0%	S+65	103-00
A-4	AAA(sf)/AAAsf/AAA(sf)	216.500	9.24	30.000%	37.4%	16.0%	S+81	101-00
A-5	AAA(sf)/AAAsf/AAA(sf)	423.991	9.88	30.000%	37.4%	16.0%	S+83	103-00
A-AB	AAA(sf)/AAAsf/AAA(sf)	21.966	7.06	30.000%	37.4%	16.0%	S+73	103-00
A-S	AA-(sf)/AAAsf/AAA(sf)	99.095	9.98	20.375%	42.5%	14.1%	S+110	103-00
B	NR/AA-sf/AA(sf)	56.625	10.04	14.875%	45.5%	13.2%	S+130	103-00
C	NR/A-sf/A-(sf)	42.469	10.04	10.750%	47.7%	12.5%	S+220	WAC

Collateral Summary

Initial Pool Balance:	$1,083,740,881
Number of Mortgage Loans:	39
Number of Mortgaged Properties:	74
Average Cut-off Date Mortgage Loan Balance:	$27,788,228
Weighted Average Mortgage Interest Rate:	3.37454%
Weighted Average Remaining Term to Maturity Date/ARD (mos):	115
Weighted Average Remaining Amortization Term (mos):	357
Weighted Average Cut-off Date LTV Ratio:	53.4%
Weighted Average Maturity Date/ARD LTV Ratio:	50.8%
Weighted Average Underwritten DSCR Ratio:	2.91x
Weighted Average Debt Yield on Underwritten NOI:	11.2%
% of Mortgage Loans with Mezzanine Debt:	15.2%
% of Mortgage Loans with Subordinate Debt:	24.0%
% of Mortgage Loans with Preferred Equity:	0.0%
% of Mortgaged Properties with Single Tenants:	7.5%
Property Type:	35.8% Office, 20.7% Mixed Use, 12.7% Retail, 10.7% Hospitality, 9.9% Industrial, 5.5% Multifamily
Top 2 States:	36.7% NY, 16.1% CA

Anticipated Timing

Anticipated Pricing:	~2:30PM EST, November 20th
Anticipated Closing:	November 30th

Contacts

JPM SPG SYNDICATE CONTACTS

JENNIFER KORNBLAU 212-834-4154

KAILIN TWOMEY 212-834-4154

JPM CMBS BANKING CONTACTS

KUNAL SINGH 212-834-5467

BRAD HORN 212-834-9708

HARRIS RENDELSTEIN 212-834-6737

JPM CMBS TRADING DESK CONTACTS

AVINASH SHARMA 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

MONIQUE HARMON 212-357-9012

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 (SEC File No. 333-226082) 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 website 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 toll-free 1-866-471-2526.

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