0000000000-21-010578.txt : 20211115 0000000000-21-010578.hdr.sgml : 20211115 20210830161927 ACCESSION NUMBER: 0000000000-21-010578 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210830 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP CENTRAL INDEX KEY: 0001013611 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133789046 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: C/O STATE STREET BANK & TRUST CO STREET 2: TWO INTERNATIONAL PLACE 5TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 2126483063 MAIL ADDRESS: STREET 1: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10260-0066 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP DATE OF NAME CHANGE: 19960506 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4-"B6UM;6U#0HQ(# @;V)J#0H\/"]4>7!E+T-A=&%L;V7!E+U!A9V5S+T-O=6YT(#(O2VED7!E+U!A9V4O4&%R96YT(#(@,"!2+U)E M'0O M26UA9V5"+TEM86=E0R]);6%G94E=(#X^+TUE9&EA0F]X6R P(# @-C$R(#2]#4R]$979I8V521T(^/B]486)S+U,O4W1R=6-T4&%R96YT)R]6VUOVS@2_AX@_X$?[46B2*1>]Q8+ MM.EVK]WK7J\)4!S:_:#:LBU4%K42G5[__U.QTP M^.!R=7P4P$4^@S]#+V1)+#P_99=;N.3WBX2M.W@<6]-?:?_7[\='GV9L_A>[ M?'M\]!L\[#_'1W>CWNLBBVBQGWH1BZ/("[1L)-(/D23SLGALICB,/3\^$(7! 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Singh President J.P. Morgan Chase Commercial Mortgage Securities Corp. 383 Madison Avenue, 31st Floor New York, New York 10179 Re: J.P. Morgan Chase Commercial Mortgage Securities Corp. Registration Statement on Form SF-3 Filed July 30, 2021 File No. 333-258342 Dear Mr. Singh: We have limited our review of your registration statement to those issues we have addressed in our comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comment applies to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to this comment, we may have additional comments. General 1. We note your registration statement contemplates asset pools with loans secured by residential cooperative properties. We note that these loans have been tied to floating rates, most often linked to LIBOR. We also note that shareholders of the residential cooperatives purchase shares or stock that entitle the shareholder to proprietary leases or occupancy agreements which confer exclusive rights to occupy specific units, the value of which depends on the appraisal of the property rather than expected rental income. Because the primary source of repayment on the loan will not be: (i) the proceeds of the sale, refinancing, or permanent financing of the property; or (ii) rental income associated with the property, the loans secured by the residential cooperatives are not commercial mortgages. See definition of commercial real estate loan in Rule 14 of Regulation RR (17 CFR 246.14). Please remove the loans backed by residential cooperative properties Kunal K. Singh J.P. Morgan Chase Commercial Mortgage Securities Corp. August 30, 2021 Page 2 from your registration statement and from all prior and future takedowns of your prior registration statements pursuant to the requirement that the registration statement contain a single prospectus with one asset class. See Section V.D.1. of Release No. 33-9638 (Sept. 24, 2014). We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. Please contact Michelle Stasny at (202) 551-3674 or me at (202) 551-3850 with any other questions. Sincerely, /s/ Katherine Hsu Katherine Hsu Office Chief Office of Structured Finance cc: William H. Dunn, Esq. J.P. Morgan Chase Commercial Mortgage Securities Corp David Burkholder, Esq. Cadwalader, Wickersham & Taft LLP