FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.:333-190246-14 | ||
Dated May 29, 2015 |
JPMBB 2015-C29
|
|
Free Writing Prospectus
Structural and Collateral Term Sheet
|
||
JPMBB 2015-C29
|
||
|
||
$984,488,178
(Approximate Mortgage Pool Balance)
|
||
$829,499,000
(Approximate Offered Certificates)
|
||
J.P. Morgan Chase Commercial Mortgage Securities Corp.
Depositor
|
||
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2015-C29 |
||
JPMorgan Chase Bank, National Association
Barclays Bank PLC
RAIT Funding, LLC
Redwood Commercial Mortgage Corporation
Starwood Mortgage Funding II LLC
Mortgage Loan Sellers
|
||
J.P. Morgan
Co-Lead Manager and
Joint Bookrunner
|
Barclays
Co-Lead Manager and
Joint Bookrunner
|
|
Drexel Hamilton
Co-Manager
|
Dated May 29, 2015 |
JPMBB 2015-C29
|
1 of 122
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Structural and Collateral Term Sheet
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JPMBB 2015-C29
|
Indicative Capital Structure
|
Class
|
Expected Ratings
(Moody’s / Fitch /
Morningstar) |
Approximate Initial Certificate Balance
or Notional Amount(1) |
Approximate
Initial Credit Support(2) |
Expected
Weighted Avg. Life (years)(3) |
Expected
Principal Window(3) |
Certificate
Principal to Value Ratio(4) |
Underwritten
NOI Debt Yield(5) |
|
A-1
|
Aaa(sf) / AAAsf / AAA
|
$49,025,000
|
30.000%
|
2.83
|
7/15-4/20
|
45.2%
|
14.9%
|
|
A-2
|
Aaa(sf) / AAAsf / AAA
|
$212,993,000
|
30.000%
|
4.87
|
4/20-6/20
|
45.2%
|
14.9%
|
|
A-3A1
|
Aaa(sf) / AAAsf / AAA
|
$60,000,000
|
30.000%
|
9.65
|
11/24-4/25
|
45.2%
|
14.9%
|
|
A-4
|
Aaa(sf) / AAAsf / AAA
|
$222,921,000
|
30.000%
|
9.80
|
4/25-5/25
|
45.2%
|
14.9%
|
|
A-SB
|
Aaa(sf) / AAAsf / AAA
|
$69,203,000
|
30.000%
|
7.20
|
4/20-11/24
|
45.2%
|
14.9%
|
|
X-A(6)
|
Aa1(sf) / AAAsf / AAA
|
$753,133,000
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
X-B(6)
|
NR / AA-sf / AAA
|
$54,147,000
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
A-S(7)(8)
|
Aa2(sf) / AAAsf / AAA
|
$63,991,000
|
23.500%
|
9.88
|
5/25-5/25
|
49.4%
|
13.6%
|
|
B(7)(8)
|
NR / AA-sf / AA-
|
$54,147,000
|
18.000%
|
9.88
|
5/25-5/25
|
53.0%
|
12.7%
|
|
C(7)(8)
|
NR / A-sf / A-
|
$44,302,000
|
13.500%
|
9.92
|
5/25-6/25
|
55.9%
|
12.0%
|
|
EC(7)(8)(9)
|
NR / A-sf / A-
|
$162,440,000
|
13.500%
|
9.89
|
5/25-6/25
|
55.9%
|
12.0%
|
|
D
|
NR / BBB-sf / BBB-
|
$52,917,000
|
8.125%
|
9.96
|
6/25-6/25
|
59.4%
|
11.3%
|
Class
|
Expected Ratings
(Moody’s / Fitch /
Morningstar) |
Approximate Initial Certificate Balance
or Notional Amount(1) |
Approximate
Initial Credit Support(2) |
Expected
Weighted Avg. Life (years)(3) |
Expected
Principal Window(3) |
Certificate
Principal to Value Ratio(4) |
Underwritten
NOI Debt Yield(5) |
|
A-3A2
|
Aaa(sf) / AAAsf / AAA
|
$75,000,000
|
30.000%
|
9.65
|
11/24-4/25
|
45.2%
|
14.9%
|
|
X-C(6)
|
NR / A-sf / AAA
|
$44,302,000
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
X-D(6)
|
NR / BBB-sf / AAA
|
$52,917,000
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
X-E(6)
|
NR / BBsf / AAA
|
$20,920,000
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
X-F(6)
|
NR / Bsf / AAA
|
$11,075,000
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
X-NR(6)
|
NR / NR / AAA
|
$47,994,178
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
E
|
NR / BBsf / BB
|
$20,920,000
|
6.000%
|
9.96
|
6/25-6/25
|
60.7%
|
11.1%
|
|
F
|
NR / Bsf / B+
|
$11,075,000
|
4.875%
|
9.96
|
6/25-6/25
|
61.5%
|
10.9%
|
|
NR
|
NR / NR / NR
|
$47,994,178
|
0.000%
|
11.07
|
6/25-5/30
|
64.6%
|
10.4%
|
(1)
|
In the case of each such Class, subject to a permitted variance of plus or minus 5%.
|
(2)
|
The credit support percentages set forth for Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates represent the approximate initial credit support for the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates in the aggregate.
|
(3)
|
Assumes 0% CPR / 0% CDR and a June 30, 2015 closing date. Based on modeling assumptions as described in the Free Writing Prospectus dated May 29, 2015 (the “Free Writing Prospectus”).
|
(4)
|
The “Certificate Principal to Value Ratio” for any Class (other than the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates) is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates. The Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificate Principal to Value Ratios are calculated in the aggregate for those Classes as if they were a single Class. Investors should note, however, that excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan.
|
(5)
|
The “Underwritten NOI Debt Yield” for any Class (other than the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates) is calculated as the product of (a) the weighted average UW NOI Debt Yield for the mortgage loans and (b) the total initial Certificate Balance of all of the Classes of Principal Balance Certificates divided by the total initial Certificate Balance for such Class and all Classes of Principal Balance Certificates senior to such Class of Certificates. The Underwritten NOI Debt Yield for each of the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates is calculated in the aggregate for those Classes as if they were a single Class. Investors should note, however, that net operating income from any mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan.
|
(6)
|
The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Notional Amounts are defined in the Free Writing Prospectus.
|
(7)
|
A holder of Class A-S, Class B and Class C Certificates (the “Exchangeable Certificates”) may exchange such Classes of Certificates (on an aggregate basis) for a related amount of Class EC Certificates, and Class EC Certificates may be exchanged for a ratable portion of each class of Exchangeable Certificates.
|
(8)
|
The initial Certificate Balance of a Class of Exchangeable Certificates represents the principal balance of such Class without giving effect to any exchange. The initial Certificate Balance of the Class EC Certificates is equal to the aggregate of the initial Certificate Balances of the Exchangeable Certificates and represents the maximum principal balance of such Class that could be issued in an exchange. See “Exchangeable Certificates and the Class EC Certificates” below.
|
(9)
|
Although the Class EC Certificates are listed below the Class C Certificates in the chart, the Class EC Certificates’ payment entitlements and subordination priority will be a result of the payment entitlements and subordination priority at each level of the related component classes of Class A-S, Class B and Class C Certificates. For purposes of determining the Approximate Initial Credit Support, Certificate Principal to Value Ratio and Underwritten NOI Debt Yield for Class EC Certificates, the calculation is based on the aggregate initial Certificate Balance of Class A-S, Class B and Class C Certificates as if they were a single class.
|
(10)
|
The Class A-3A2, Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR, Class E, Class F, Class NR and Class R Certificates are not being offered by the Free Writing Prospectus and this Term Sheet. The Class R Certificates are not shown above.
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2 of 122
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Structural and Collateral Term Sheet
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JPMBB 2015-C29
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Summary of Transaction Terms
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Securities Offered:
|
$829,499,000 monthly pay, multi-class, commercial mortgage REMIC Pass-Through Certificates.
|
Co-Lead Managers
and Joint Bookrunners:
|
J.P. Morgan Securities LLC and Barclays Capital Inc.
|
Co-Manager:
|
Drexel Hamilton, LLC.
|
Mortgage Loan Sellers:
|
JPMorgan Chase Bank, National Association (“JPMCB”) (39.4%), Barclays Bank PLC (“Barclays”) (24.4%), RAIT Funding, LLC (“RAIT”) (13.2%), Redwood Commercial Mortgage Corporation (“RCMC”) (11.7%) and Starwood Mortgage Funding II LLC (“SMF II”) (11.2%).
|
Master Servicer:
|
Wells Fargo Bank, National Association (“Wells Fargo”).
|
Special Servicer:
|
Midland Loan Services, a Division of PNC Bank, National Association (“Midland”).
|
Directing Certificateholder:
|
An affiliated fund of, or an entity controlled by affiliated funds of, Blackrock Realty Advisors, Inc.
|
Trustee:
|
Wilmington Trust, National Association.
|
Certificate Administrator:
|
Wells Fargo Bank, National Association.
|
Senior Trust Advisor:
|
Pentalpha Surveillance LLC.
|
Rating Agencies:
|
Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Morningstar Credit Ratings, LLC (“Morningstar”).
|
Pricing Date:
|
On or about June 5, 2015.
|
Closing Date:
|
On or about June 30, 2015.
|
Cut-off Date:
|
With respect to each mortgage loan, the related due date in June 2015, or with respect to any mortgage loan that has its first due date in July 2015, the date that would otherwise have been the related due date in June 2015.
|
Distribution Date:
|
The 4th business day after the Determination Date in each month, commencing in July 2015.
|
Determination Date:
|
11th day of each month, or if the 11th day is not a business day, the next succeeding business day, commencing in July 2015.
|
Assumed Final Distribution Date:
|
The Distribution Date in May 2030, which is the latest anticipated repayment date of the Certificates.
|
Rated Final Distribution Date:
|
The Distribution Date in May 2048.
|
Tax Treatment:
|
The Publicly Offered Certificates are expected to be treated as REMIC regular interests for U.S. federal income tax purposes.
|
Form of Offering:
|
The Class A-1, Class A-2, Class A-3A1, Class A-4, Class A-SB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class EC and Class D Certificates will be offered publicly (the “Publicly Offered Certificates”). The Class A-3A2, Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR, Class E, Class F, Class NR and Class R Certificates (the “Privately Offered Certificates”) will be offered domestically to Qualified Institutional Buyers and to Institutional Accredited Investors and to institutions that are not U.S. Persons pursuant to Regulation S.
|
SMMEA Status:
|
The Certificates will not constitute “mortgage related securities” for purposes of SMMEA.
|
ERISA:
|
The Publicly Offered Certificates are expected to be ERISA eligible.
|
Optional Termination:
|
On any distribution date on which the aggregate principal balance of the pool of mortgage loans is less than the greater of (i) 1% of the aggregate principal balance of the mortgage loans as of the cut-off date, or (ii) the product of (x) a percentage that is calculated by dividing the sum of the outstanding principal balance of the mortgage loans identified on Annex A-1 to the Free Writing Prospectus as “Bridgeway Business Center” and “The Heights” on the date that is the 10-year anniversary from the start-up date of the trust by the aggregate principal balance of the mortgage loans as of the cut-off date and (y) the aggregate principal balance of the mortgage loans as of the cut-off date.
|
Minimum Denominations:
|
The Publicly Offered Certificates (other than the Class X-A and Class X-B Certificates) will be issued in minimum denominations of $10,000 and integral multiples of $1 in excess of $10,000. The Class X-A and Class X-B Certificates will be issued in minimum denominations of $1,000,000 and in integral multiples of $1 in excess of $1,000,000.
|
Settlement Terms:
|
DTC, Euroclear and Clearstream Banking.
|
Analytics:
|
The transaction is expected to be modeled by Intex Solutions, Inc. and Trepp, LLC and is expected to be available on Bloomberg L.P., Blackrock Financial Management Inc., Interactive Data Corporation and Markit.
|
Risk Factors:
|
THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. SEE THE “RISK FACTORS” SECTION OF THE FREE WRITING PROSPECTUS.
|
3 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
Collateral Characteristics
|
Loan Pool
|
||
Initial Pool Balance (“IPB”):
|
$984,488,178
|
|
Number of Mortgage Loans:
|
63
|
|
Number of Mortgaged Properties:
|
85
|
|
Average Cut-off Date Balance per Mortgage Loan:
|
$15,626,796
|
|
Weighted Average Current Mortgage Rate:
|
4.21568%
|
|
10 Largest Mortgage Loans as % of IPB:
|
43.2%
|
|
Weighted Average Remaining Term to Maturity:
|
107 months
|
|
Weighted Average Seasoning:
|
1 months
|
|
Credit Statistics
|
||
Weighted Average UW NCF DSCR(1)(2):
|
1.79x
|
|
Weighted Average UW NOI Debt Yield(1):
|
10.4%
|
|
Weighted Average Cut-off Date Loan-to-Value Ratio (“LTV”)(1)(3):
|
64.6%
|
|
Weighted Average Maturity Date LTV(1)(3):
|
55.6%
|
|
Other Statistics
|
||
% of Mortgage Loans with Additional Debt:
|
17.0%
|
|
% of Mortgaged Properties with Single Tenants:
|
1.1%
|
|
Amortization
|
||
Weighted Average Original Amortization Term(4):
|
351 months
|
|
Weighted Average Remaining Amortization Term(4):
|
351 months
|
|
% of Mortgage Loans with Partial Interest-Only followed by Amortizing Balloon:
|
49.1%
|
|
% of Mortgage Loans with Amortizing Balloon:
|
31.8%
|
|
% of Mortgage Loans with Interest-Only:
|
17.5%
|
|
% of Mortgage Loans with Fully Amortizing:
|
1.5%
|
|
Cash Management(5)
|
||
% of Mortgage Loans with Springing Lockboxes:
|
47.7%
|
|
% of Mortgage Loans with In-Place, Hard Lockboxes:
|
30.2%
|
|
% of Mortgage Loans with In-Place, CMA Lockboxes:
|
19.8%
|
|
% of Mortgage Loans with In-Place, Soft Lockboxes:
|
1.8%
|
|
% of Mortgage Loans with No Lockbox:
|
0.6%
|
|
Reserves
|
||
% of Mortgage Loans Requiring Monthly Tax Reserves:
|
85.6%
|
|
% of Mortgage Loans Requiring Monthly Insurance Reserves:
|
52.9%
|
|
% of Mortgage Loans Requiring Monthly CapEx Reserves(6):
|
92.0%
|
|
% of Mortgage Loans Requiring Monthly TI/LC Reserves(7):
|
83.3%
|
(1)
|
In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI Debt Yield, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
|
(2)
|
In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
(3)
|
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
|
(4)
|
Excludes six mortgage loans that are interest-only for the entire term.
|
(5)
|
For a detailed description of Cash Management, refer to “Description of the Mortgage Pool – Lockbox Accounts” in the Free Writing Prospectus.
|
(6)
|
CapEx Reserves include FF&E reserves for hotel properties.
|
(7)
|
Calculated only with respect to the Cut-off Date Balance of mortgage loans secured or partially secured by retail, industrial, office and mixed use properties.
|
4 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Mortgage Loan Seller
|
Number of
Mortgage Loans
|
Number of Mortgaged Properties
|
Aggregate
Cut-off Date
Balance
|
% of
IPB
|
||||
JPMCB
|
18
|
22
|
$387,644,693
|
39.4%
|
||||
Barclays
|
16
|
32
|
240,628,182
|
24.4
|
||||
RAIT
|
8
|
8
|
130,392,090
|
13.2
|
||||
RCMC
|
13
|
13
|
115,541,327
|
11.7
|
||||
SMF II
|
8
|
10
|
110,281,886
|
11.2
|
||||
Total:
|
63
|
85
|
$984,488,178
|
100.0%
|
Ten Largest Mortgage Loans
|
No.
|
Loan Name
|
Mortgage
Loan Seller
|
No.
of
Prop.
|
Cut-off
Date
Balance
|
% of IPB
|
SF/Units/ Rooms
|
Property Type
|
UW
NCF
DSCR(1)
|
UW NOI Debt
Yield(1)
|
Cut-off Date
LTV(1)
|
Maturity Date
LTV(1)
|
|||||||||||
1
|
2025 M Street
|
RAIT
|
1
|
$63,560,000
|
6.5%
|
191,248
|
Office
|
1.43x
|
8.8%
|
57.8%
|
50.3%
|
|||||||||||
2
|
One City Centre
|
JPMCB
|
1
|
$60,000,000
|
6.1%
|
602,122
|
Office
|
2.04x
|
9.1%
|
61.7%
|
61.7%
|
|||||||||||
3
|
400 Poydras
|
JPMCB
|
1
|
$55,756,339
|
5.7%
|
595,566
|
Mixed Use
|
1.60x
|
11.1%
|
72.7%
|
58.7%
|
|||||||||||
4
|
Cole IV Retail Portfolio - Pool I
|
Barclays
|
6
|
$50,000,000
|
5.1%
|
680,486
|
Retail
|
3.30x
|
13.4%
|
48.1%
|
48.1%
|
|||||||||||
5
|
Cole IV Retail Portfolio - Pool II
|
Barclays
|
6
|
$50,000,000
|
5.1%
|
551,854
|
Retail
|
3.27x
|
13.4%
|
48.4%
|
48.4%
|
|||||||||||
6
|
Alta Woodlake Square
|
JPMCB
|
1
|
$31,000,000
|
3.1%
|
256
|
Multifamily
|
1.34x
|
8.0%
|
77.0%
|
70.1%
|
|||||||||||
7
|
Little Palm Island Resort
|
Barclays
|
1
|
$30,963,678
|
3.1%
|
30
|
Hotel
|
1.90x
|
11.7%
|
56.1%
|
51.5%
|
|||||||||||
8
|
JAGR Portfolio
|
JPMCB
|
3
|
$30,000,000
|
3.0%
|
721
|
Hotel
|
1.78x
|
11.4%
|
64.6%
|
61.7%
|
|||||||||||
9
|
Lenox Towers
|
JPMCB
|
1
|
$27,500,000
|
2.8%
|
378,838
|
Office
|
1.56x
|
11.1%
|
55.0%
|
49.9%
|
|||||||||||
10
|
Horizon Outlet Shoppes Portfolio
|
SMF II
|
3
|
$26,675,000
|
2.7%
|
555,682
|
Retail
|
1.42x
|
9.6%
|
62.6%
|
53.4%
|
|||||||||||
Top 3 Total/Weighted Average
|
3
|
$179,316,339
|
18.2%
|
1.69x
|
9.6%
|
63.7%
|
56.7%
|
|||||||||||||||
Top 5 Total/Weighted Average
|
15
|
$279,316,339
|
28.4%
|
2.26x
|
11.0%
|
58.2%
|
53.7%
|
|||||||||||||||
Top 10 Total/Weighted Average
|
24
|
$425,455,018
|
43.2%
|
2.03x
|
10.8%
|
59.9%
|
55.0%
|
(1)
|
In the case of Loan Nos. 2, 8 and 10, the UW NCF DSCR, UW NOI Debt Yield, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loans.
|
Pari Passu Note Loan Summary
|
No.
|
Loan Name
|
Trust Cut-
off Date
Balance
|
Pari Passu
Loan Cut-off
Date
Balance
|
Total
Mortgage
Loan Cut-
off Date
Balance
|
Controlling
Pooling &
Servicing
Agreement
|
Master Servicer
|
Special Servicer
|
Voting Rights
|
||||||||
2
|
One City Centre
|
$60,000,000
|
$40,000,000
|
$100,000,000
|
JPMBB 2015-C29
|
Wells Fargo
|
Midland
|
JPMBB 2015-C29
|
||||||||
8
|
JAGR Portfolio
|
$30,000,000
|
$17,500,000
|
$47,500,000
|
JPMBB 2015-C29
|
Wells Fargo
|
Midland
|
JPMBB 2015-C29
|
||||||||
10
|
Horizon Outlet Shoppes Portfolio
|
$26,675,000
|
$28,000,000
|
$54,675,000
|
JPMBB 2015-C28
|
Wells Fargo
|
Midland
|
JPMBB 2015-C28
|
||||||||
12
|
Marriott - Pittsburgh
|
$25,000,000
|
$19,060,000
|
$44,060,000
|
JPMBB 2015-C29
|
Wells Fargo
|
Midland
|
JPMBB 2015-C29
|
5 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Additional Debt Summary(1)
|
No.
|
Loan Name
|
Trust
Cut-off
Date
Balance
|
Subordinate Debt
Cut-off Date Balance
|
Total Debt
Cut-off Date Balance
|
Mortgage
Loan
UW NCF DSCR(2)(3)
|
Total
Debt
UW NCF DSCR(3)
|
Mortgage Loan
Cut-off
Date
LTV(2)
|
Total
Debt
Cut-off
Date
LTV
|
Mortgage Loan UW
NOI Debt
Yield(2)
|
Total
Debt
UW NOI Debt
Yield
|
||||||||||
3
|
400 Poydras
|
$55,756,339
|
$7,000,000
|
$62,756,339
|
1.60x
|
1.32x
|
72.7%
|
81.8%
|
11.1%
|
9.9%
|
||||||||||
6
|
Alta Woodlake Square
|
$31,000,000
|
$4,000,000
|
$35,000,000
|
1.34x
|
1.10x
|
77.0%
|
86.9%
|
8.0%
|
7.1%
|
||||||||||
8
|
JAGR Portfolio
|
$30,000,000
|
$7,500,000
|
$55,000,000
|
1.78x
|
1.41x
|
64.6%
|
74.8%
|
11.4%
|
9.8%
|
||||||||||
11
|
Aspen Heights - Texas A&M University Corpus Christi
|
$26,000,000
|
$4,380,000
|
$30,380,000
|
1.54x
|
1.20x
|
66.3%
|
77.5%
|
9.0%
|
7.7%
|
||||||||||
12
|
Marriott - Pittsburgh
|
$25,000,000
|
$7,140,000
|
$51,200,000
|
1.78x
|
1.40x
|
68.8%
|
80.0%
|
10.9%
|
9.3%
|
(1)
|
In the case of Loan Nos. 3, 6, 8, 11 and 12, subordinate debt represents mezzanine loans.
|
(2)
|
In the case of Loan Nos. 8 and 12, Mortgage Loan UW NCF DSCR, Mortgage Loan UW NOI Debt Yield and Mortgage Loan Cut-off Date LTV calculations include the related Pari Passu Companion Loan.
|
(3)
|
In the case of Loan No. 11, the Mortgage Loan UW NCF DSCR and Total Debt UW NCF DSCR are calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
6 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Mortgaged Properties by Type(1)
|
Weighted Average
|
||||||||||||||||||
Property Type
|
Property Subtype
|
Number of Properties
|
Cut-off Date Principal Balance
|
% of
IPB
|
Occupancy
|
UW
NCF
DSCR(2)(3)
|
UW
NOI
DY(2)
|
Cut-off
Date
LTV(2)(4)
|
Maturity Date
LTV(2)(4)
|
|||||||||
Office
|
CBD
|
5
|
$170,431,534
|
17.3%
|
89.5%
|
1.66x
|
9.3%
|
60.2%
|
55.3%
|
|||||||||
Suburban
|
7
|
43,947,105
|
4.5
|
82.4%
|
1.71x
|
11.5%
|
72.0%
|
60.7%
|
||||||||||
Medical
|
4
|
24,468,000
|
2.5
|
98.2%
|
1.44x
|
8.9%
|
73.8%
|
65.1%
|
||||||||||
Subtotal:
|
16
|
$238,846,639
|
24.3%
|
89.1%
|
1.65x
|
9.7%
|
63.8%
|
57.3%
|
||||||||||
Retail
|
Anchored
|
17
|
$142,138,912
|
14.4%
|
96.7%
|
2.76x
|
12.8%
|
53.0%
|
45.2%
|
|||||||||
Unanchored
|
2
|
35,000,000
|
3.6
|
100.0%
|
1.56x
|
9.5%
|
61.1%
|
53.0%
|
||||||||||
Outlet Center
|
3
|
26,675,000
|
2.7
|
86.7%
|
1.42x
|
9.6%
|
62.6%
|
53.4%
|
||||||||||
Shadow Anchored
|
2
|
14,150,000
|
1.4
|
87.9%
|
1.71x
|
10.8%
|
65.8%
|
55.7%
|
||||||||||
Freestanding
|
3
|
10,910,000
|
1.1
|
100.0%
|
1.76x
|
8.1%
|
64.8%
|
59.7%
|
||||||||||
Subtotal:
|
27
|
$228,873,912
|
23.2%
|
95.6%
|
2.31x
|
11.6%
|
56.7%
|
48.7%
|
||||||||||
Hotel
|
Full Service
|
7
|
$124,300,322
|
12.6%
|
72.9%
|
1.82x
|
11.2%
|
63.7%
|
56.6%
|
|||||||||
Limited Service
|
5
|
54,686,298
|
5.6
|
75.1%
|
1.93x
|
11.5%
|
62.9%
|
49.5%
|
||||||||||
Extended Stay
|
2
|
18,033,970
|
1.8
|
82.0%
|
1.57x
|
10.2%
|
69.6%
|
50.8%
|
||||||||||
Subtotal:
|
14
|
$197,020,590
|
20.0%
|
74.3%
|
1.83x
|
11.2%
|
64.0%
|
54.1%
|
||||||||||
Multifamily
|
Garden
|
6
|
$80,301,930
|
8.2%
|
96.0%
|
1.39x
|
8.5%
|
73.6%
|
64.6%
|
|||||||||
Student
|
4
|
64,950,000
|
6.6
|
98.2%
|
1.42x
|
8.8%
|
69.4%
|
63.0%
|
||||||||||
Subtotal:
|
10
|
$145,251,930
|
14.8%
|
97.0%
|
1.41x
|
8.7%
|
71.7%
|
63.9%
|
||||||||||
Mixed Use
|
Office/Retail/Parking
|
1
|
$55,756,339
|
5.7%
|
85.2%
|
1.60x
|
11.1%
|
72.7%
|
58.7%
|
|||||||||
Retail/Office
|
2
|
42,125,000
|
4.3
|
85.1%
|
1.35x
|
8.7%
|
73.8%
|
63.5%
|
||||||||||
Office/Retail
|
2
|
8,100,000
|
0.8
|
94.1%
|
1.79x
|
11.8%
|
67.0%
|
56.9%
|
||||||||||
Subtotal:
|
5
|
$105,981,339
|
10.8%
|
85.9%
|
1.52x
|
10.2%
|
72.7%
|
60.5%
|
||||||||||
Self Storage
|
Self Storage
|
10
|
$42,564,184
|
4.3%
|
82.5%
|
1.53x
|
9.0%
|
73.3%
|
63.9%
|
|||||||||
Industrial
|
Warehouse
|
1
|
$15,958,634
|
1.6%
|
98.2%
|
2.03x
|
17.0%
|
50.7%
|
17.3%
|
|||||||||
Flex
|
2
|
$9,990,950
|
1.0
|
93.2%
|
1.60x
|
11.3%
|
67.6%
|
55.3%
|
||||||||||
Subtotal:
|
3
|
$25,949,584
|
2.6%
|
96.3%
|
1.87x
|
14.8%
|
57.2%
|
31.9%
|
||||||||||
Total / Weighted Average:
|
85
|
$984,488,178
|
100.0%
|
88.4%
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
(1)
|
Because this table presents information relating to the mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts.
|
(2)
|
In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
|
(3)
|
In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
(4)
|
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
|
7 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Mortgaged Properties by Location(1)
|
Weighted Average
|
||||||||||||||||
State
|
Number of Properties
|
Cut-off Date Principal
Balance
|
% of
IPB
|
Occupancy
|
UW
NCF
DSCR(2)(3)
|
UW
NOI
DY(2)
|
Cut-off
Date
LTV(2)(4)
|
Maturity
Date LTV(2)(4)
|
||||||||
Texas
|
9
|
$145,810,000
|
14.8%
|
90.8%
|
1.80x
|
9.1% |
66.4%
|
62.9% | ||||||||
Florida
|
10
|
128,443,193
|
13.0
|
84.0%
|
1.60x
|
9.9%
|
66.6%
|
57.7%
|
||||||||
California
|
7
|
80,336,644
|
8.2
|
90.8%
|
2.18x
|
11.1%
|
61.6%
|
53.8%
|
||||||||
Georgia
|
10
|
73,207,806
|
7.4
|
85.0%
|
2.03x
|
11.1%
|
58.1%
|
51.7%
|
||||||||
Washington, D.C.
|
1
|
63,560,000
|
6.5
|
99.5%
|
1.43x
|
8.8%
|
57.8%
|
50.3%
|
||||||||
Louisiana
|
1
|
55,756,339
|
5.7
|
85.2%
|
1.60x
|
11.1%
|
72.7%
|
58.7%
|
||||||||
Pennsylvania
|
4
|
49,300,000
|
5.0
|
83.1%
|
2.00x
|
11.3%
|
65.2%
|
56.8%
|
||||||||
Virginia
|
5
|
45,158,634
|
4.6
|
87.8%
|
1.68x
|
13.5%
|
66.5%
|
45.8%
|
||||||||
South Carolina
|
7
|
42,720,261
|
4.3
|
91.8%
|
2.09x
|
11.4%
|
63.8%
|
52.2%
|
||||||||
North Carolina
|
3
|
38,965,422
|
4.0
|
93.4%
|
1.51x
|
9.4%
|
69.6%
|
59.1%
|
||||||||
Maryland
|
3
|
32,138,158
|
3.3
|
73.0%
|
1.64x
|
10.4%
|
64.5%
|
58.4%
|
||||||||
Mississippi
|
2
|
31,506,632
|
3.2
|
84.8%
|
1.53x
|
10.0%
|
67.0%
|
63.9%
|
||||||||
Indiana
|
5
|
30,176,768
|
3.1
|
89.8%
|
1.81x
|
10.5%
|
66.7%
|
55.8%
|
||||||||
Michigan
|
3
|
29,968,654
|
3.0
|
83.6%
|
1.61x
|
12.7%
|
59.1%
|
30.4%
|
||||||||
Tennessee
|
2
|
26,118,640
|
2.7
|
76.9%
|
2.32x
|
12.5%
|
57.8%
|
48.9%
|
||||||||
Ohio
|
1
|
17,200,000
|
1.7
|
100.0%
|
3.30x
|
13.4%
|
48.1%
|
48.1%
|
||||||||
Wisconsin
|
1
|
15,453,692
|
1.6
|
90.4%
|
1.42x
|
9.6%
|
62.6%
|
53.4%
|
||||||||
Alabama
|
1
|
13,700,000
|
1.4
|
100.0%
|
1.30x
|
8.5%
|
72.5%
|
63.5%
|
||||||||
Connecticut
|
2
|
12,968,000
|
1.3
|
98.9%
|
1.38x
|
8.3%
|
74.8%
|
68.1%
|
||||||||
Arizona
|
2
|
11,297,105
|
1.1
|
85.6%
|
1.42x
|
9.2%
|
72.4%
|
60.6%
|
||||||||
Massachusetts
|
1
|
10,471,534
|
1.1
|
91.8%
|
1.37x
|
9.5%
|
71.2%
|
57.0%
|
||||||||
Oregon
|
1
|
8,900,000
|
0.9
|
98.1%
|
1.35x
|
8.9%
|
70.6%
|
61.6%
|
||||||||
New Mexico
|
1
|
6,950,000
|
0.7
|
98.1%
|
3.30x
|
13.4%
|
48.1%
|
48.1%
|
||||||||
Washington
|
1
|
6,391,267
|
0.6
|
77.3%
|
1.42x
|
9.6%
|
62.6%
|
53.4%
|
||||||||
Illinois
|
1
|
4,000,000
|
0.4
|
92.1%
|
1.53x
|
9.9%
|
68.4%
|
58.2%
|
||||||||
South Dakota
|
1
|
3,989,430
|
0.4
|
98.5%
|
1.48x
|
9.2%
|
74.7%
|
60.0%
|
||||||||
Total / Weighted Average:
|
85
|
$984,488,178
|
100.0%
|
88.4%
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
(1)
|
Because this table presents information relating to the mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts.
|
(2)
|
In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
|
(3)
|
In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
(4)
|
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
|
8 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Cut-off Date Principal Balance
|
Weighted Average
|
||||||||||||||||||||
Range of Principal Balances
|
Number of Loans
|
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity
Date LTV(1)(3) |
|||||||||||
$2,497,105
|
-
|
$9,999,999
|
33
|
$202,744,045
|
20.6%
|
4.22147%
|
119
|
1.66x
|
10.1%
|
69.8%
|
58.8%
|
|||||||||
$10,000,000
|
-
|
$19,999,999
|
13
|
191,977,471
|
19.5
|
4.28236%
|
119
|
1.58x
|
10.7%
|
64.5%
|
49.7%
|
|||||||||
$20,000,000
|
-
|
$24,999,999
|
5
|
113,311,644
|
11.5
|
4.13269%
|
119
|
1.51x
|
9.7%
|
71.2%
|
59.9%
|
|||||||||
$25,000,000
|
-
|
$49,999,999
|
7
|
197,138,678
|
20.0
|
4.42239%
|
91
|
1.62x
|
10.2%
|
64.4%
|
58.2%
|
|||||||||
$50,000,000
|
-
|
$63,560,000
|
5
|
279,316,339
|
28.4
|
4.05344%
|
97
|
2.26x
|
11.0%
|
58.2%
|
53.7%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Mortgage Interest Rates
|
Weighted Average
|
||||||||||||||||||||
Range of
Mortgage Interest Rates
|
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||||
3.76800%
|
-
|
4.40000%
|
49
|
$771,232,303
|
78.3%
|
4.09937%
|
111
|
1.84x
|
10.5%
|
64.2%
|
55.0%
|
|||||||||
4.40001%
|
-
|
4.60000%
|
10
|
159,517,819
|
16.2
|
4.53309%
|
100
|
1.56x
|
10.1%
|
66.6%
|
57.7%
|
|||||||||
4.60001%
|
-
|
4.80000%
|
2
|
7,988,055
|
0.8
|
4.62937%
|
119
|
1.54x
|
11.2%
|
65.8%
|
50.1%
|
|||||||||
4.80001%
|
-
|
5.07000%
|
2
|
45,750,000
|
4.6
|
4.99754%
|
59
|
1.76x
|
11.3%
|
62.4%
|
59.0%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Original Term to Maturity in Months
|
Weighted Average
|
||||||||||||||||||
Original Term to
Maturity in Months
|
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||
60
|
7
|
$221,463,678
|
22.5%
|
4.24190%
|
59
|
2.41x
|
12.1%
|
54.7%
|
52.5%
|
|||||||||
120
|
54
|
731,877,422
|
74.3
|
4.21978%
|
118
|
1.60x
|
9.7%
|
68.1%
|
58.5%
|
|||||||||
180
|
2
|
31,147,077
|
3.2
|
3.93298%
|
179
|
1.78x
|
15.8%
|
50.7%
|
9.0%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
|||||||||
Remaining Term to Maturity in Months
|
Weighted Average
|
||||||||||||||||||||
Remaining Term to Maturity
in Months |
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||||
58
|
-
|
60
|
7
|
$221,463,678
|
22.5%
|
4.24190%
|
59
|
2.41x
|
12.1%
|
54.7%
|
52.5%
|
|||||||||
61
|
-
|
120
|
54
|
731,877,422
|
74.3
|
4.21978%
|
118
|
1.60x
|
9.7%
|
68.1%
|
58.5%
|
|||||||||
121
|
-
|
180
|
2
|
31,147,077
|
3.2
|
3.93298%
|
179
|
1.78x
|
15.8%
|
50.7%
|
9.0%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
(1)
|
In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
|
(2)
|
In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
(3)
|
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
|
9 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Original Amortization Term in Months
|
Weighted Average
|
||||||||||||||||||
Original
Amortization
Term in Months
|
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity
Date LTV(1)(3) |
|||||||||
Interest Only
|
6
|
$172,760,000
|
17.5%
|
3.86533%
|
84
|
2.80x
|
11.7%
|
53.9%
|
53.9%
|
|||||||||
180
|
1
|
15,188,444
|
1.5
|
3.76800%
|
179
|
1.51x
|
14.6%
|
50.6%
|
0.3%
|
|||||||||
240
|
1
|
15,958,634
|
1.6
|
4.09000%
|
179
|
2.03x
|
17.0%
|
50.7%
|
17.3%
|
|||||||||
300
|
5
|
39,757,334
|
4.0
|
4.36933%
|
119
|
1.52x
|
10.2%
|
69.4%
|
50.8%
|
|||||||||
360
|
50
|
740,823,767
|
75.2
|
4.30103%
|
109
|
1.57x
|
9.9%
|
67.4%
|
58.2%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Remaining Amortization Term in Months
|
Weighted Average
|
||||||||||||||||||||
Remaining
Amortization Term in Months
|
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||||
Interest Only
|
6
|
$172,760,000
|
17.5%
|
3.86533%
|
84
|
2.80x
|
11.7%
|
53.9%
|
53.9%
|
|||||||||||
179
|
-
|
240
|
2
|
31,147,077
|
3.2
|
3.93298%
|
179
|
1.78x
|
15.8%
|
50.7%
|
9.0%
|
|||||||||
241
|
-
|
300
|
5
|
39,757,334
|
4.0
|
4.36933%
|
119
|
1.52x
|
10.2%
|
69.4%
|
50.8%
|
|||||||||
301
|
-
|
360
|
50
|
740,823,767
|
75.2
|
4.30103%
|
109
|
1.57x
|
9.9%
|
67.4%
|
58.2%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Amortization Types
|
Weighted Average
|
||||||||||||||||||
Amortization Types
|
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||
IO-Balloon
|
33
|
$483,628,000
|
49.1%
|
4.31376%
|
112
|
1.48x
|
9.3%
|
68.3%
|
60.2%
|
|||||||||
Balloon
|
23
|
312,911,735
|
31.8
|
4.27927%
|
108
|
1.71x
|
11.4%
|
65.2%
|
52.0%
|
|||||||||
Interest Only
|
6
|
172,760,000
|
17.5
|
3.86533%
|
84
|
2.80x
|
11.7%
|
53.9%
|
53.9%
|
|||||||||
Fully Amortizing
|
1
|
15,188,444
|
1.5
|
3.76800%
|
179
|
1.51x
|
14.6%
|
50.6%
|
0.3%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Underwritten Net Cash Flow Debt Service Coverage Ratios(1)
|
Weighted Average
|
||||||||||||||||||||
Underwritten Net Cash Flow
Debt Service Coverage Ratios |
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||||
1.30x
|
-
|
1.35x
|
6
|
$113,450,000
|
11.5%
|
4.36841%
|
110
|
1.33x
|
8.4%
|
72.9%
|
65.3%
|
|||||||||
1.36x
|
-
|
1.45x
|
11
|
171,324,534
|
17.4
|
4.23769%
|
118
|
1.40x
|
8.9%
|
65.8%
|
56.2%
|
|||||||||
1.46x
|
-
|
1.55x
|
17
|
184,027,699
|
18.7
|
4.20365%
|
124
|
1.50x
|
10.1%
|
69.3%
|
55.0%
|
|||||||||
1.56x
|
-
|
1.65x
|
9
|
135,997,758
|
13.8
|
4.20859%
|
107
|
1.59x
|
10.7%
|
66.4%
|
55.7%
|
|||||||||
1.66x
|
-
|
1.80x
|
4
|
77,326,163
|
7.9
|
4.78609%
|
81
|
1.77x
|
11.2%
|
65.1%
|
58.3%
|
|||||||||
1.81x
|
-
|
2.00x
|
6
|
81,269,020
|
8.3
|
4.28014%
|
96
|
1.90x
|
11.2%
|
63.8%
|
54.5%
|
|||||||||
2.01x
|
-
|
3.30x
|
10
|
221,093,003
|
22.5
|
3.91145%
|
96
|
2.64x
|
12.3%
|
54.3%
|
50.0%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
(1)
|
In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
|
(2)
|
In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
(3)
|
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
|
10 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
LTV Ratios as of the Cut-off Date(1)(2)
|
Weighted Average
|
||||||||||||||||||||
Range of Cut-off Date LTVs
|
Number
of Loans |
Cut-off Date Principal
Balance |
% of
IPB |
Mortgage Rate
|
Remaining Loan Term
|
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity Date
LTV(1)(3) |
|||||||||||
48.1%
|
-
|
59.9%
|
11
|
$310,865,941
|
31.6%
|
4.09223%
|
91
|
2.20x
|
11.9%
|
53.4%
|
45.3%
|
|||||||||
60.0%
|
-
|
64.9%
|
7
|
137,264,184
|
13.9
|
4.29272%
|
105
|
1.91x
|
10.2%
|
62.5%
|
59.1%
|
|||||||||
65.0%
|
-
|
69.9%
|
16
|
164,274,943
|
16.7
|
4.32864%
|
111
|
1.60x
|
9.9%
|
67.7%
|
57.4%
|
|||||||||
70.0%
|
-
|
77.0%
|
29
|
372,083,110
|
37.8
|
4.24053%
|
119
|
1.48x
|
9.5%
|
73.3%
|
62.1%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
LTV Ratios as of the Maturity Date(1)(2)
|
Weighted Average
|
||||||||||||||||||||
Range of
Maturity Date LTVs
|
Number
of Loans |
Cut-off Date
Principal Balance |
% of
IPB |
Mortgage
Rate |
Remaining
Loan Term |
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity
Date LTV(1)(3) |
|||||||||||
0.3%
|
-
|
44.9%
|
2
|
$31,147,077
|
3.2%
|
3.93298%
|
179
|
1.78x
|
15.8%
|
50.7%
|
9.0%
|
|||||||||
45.0%
|
-
|
49.9%
|
8
|
178,725,319
|
18.2
|
3.90571%
|
76
|
2.63x
|
12.5%
|
52.0%
|
48.2%
|
|||||||||
50.0%
|
-
|
54.9%
|
12
|
193,990,136
|
19.7
|
4.41215%
|
104
|
1.57x
|
10.0%
|
61.3%
|
51.7%
|
|||||||||
55.0%
|
-
|
59.9%
|
11
|
171,033,215
|
17.4
|
4.28602%
|
118
|
1.67x
|
10.6%
|
70.2%
|
57.5%
|
|||||||||
60.0%
|
-
|
64.9%
|
23
|
317,264,430
|
32.2
|
4.24131%
|
113
|
1.62x
|
9.5%
|
69.3%
|
62.1%
|
|||||||||
65.0%
|
-
|
70.1%
|
7
|
92,328,000
|
9.4
|
4.27994%
|
108
|
1.41x
|
8.6%
|
73.8%
|
67.8%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Prepayment Protection
|
Weighted Average
|
||||||||||||||||||
Prepayment Protection
|
Number
of Loans |
Cut-off Date
Principal Balance |
% of
IPB |
Mortgage
Rate |
Remaining
Loan Term |
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity
Date LTV(1)(3) |
|||||||||
Defeasance
|
45
|
$531,607,550
|
54.0%
|
4.26886%
|
115
|
1.59x
|
9.8%
|
66.7%
|
57.2%
|
|||||||||
Yield Maintenance
|
17
|
$435,630,628
|
44.2
|
4.13558%
|
99
|
2.04x
|
11.4%
|
61.8%
|
53.2%
|
|||||||||
None
|
1
|
17,250,000
|
1.8
|
4.60000%
|
58
|
1.32x
|
8.8%
|
69.0%
|
65.7%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
Loan Purpose
|
Weighted Average
|
||||||||||||||||||
Loan Purpose
|
Number
of Loans |
Cut-off Date
Principal Balance |
% of
IPB |
Mortgage Rate
|
Remaining
Loan Term |
UW
NCF
DSCR(1)(2) |
UW
NOI
DY(1)
|
Cut-off
Date
LTV(1)(3) |
Maturity
Date LTV(1)(3) |
|||||||||
Refinance
|
43
|
$621,859,144
|
63.2%
|
4.27485%
|
111
|
1.68x
|
10.6%
|
65.7%
|
55.0%
|
|||||||||
Acquisition
|
18
|
322,529,034
|
32.8
|
4.09293%
|
97
|
2.03x
|
10.4%
|
61.8%
|
56.3%
|
|||||||||
Refinance/Acquisition
|
1
|
21,500,000
|
2.2
|
4.15000%
|
119
|
1.53x
|
9.3%
|
65.5%
|
55.5%
|
|||||||||
Recapitalization
|
1
|
18,600,000
|
1.9
|
4.44200%
|
120
|
1.34x
|
8.9%
|
74.1%
|
63.2%
|
|||||||||
Total / Weighted Average:
|
63
|
$984,488,178
|
100.0%
|
4.21568%
|
107
|
1.79x
|
10.4%
|
64.6%
|
55.6%
|
(1)
|
In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
|
(2)
|
In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
(3)
|
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
|
11 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Collateral Characteristics
|
Previous Securitization History(1)
|
No.
|
Loan Name
|
Location
|
Property Type
|
Previous Securitization
|
||||
2
|
One City Centre
|
Houston, TX
|
Office
|
GCCFC 2005-GG5
|
||||
4.02
|
Marketplace at the Lakes
|
West Covina, CA
|
Retail
|
GSMS 2007-GG10
|
||||
7
|
Little Palm Island Resort
|
Little Torch Key, FL
|
Hotel
|
GSMS 2012-GCJ7
|
||||
8.02
|
Doubletree Grand Rapids
|
Grand Rapids, MI
|
Hotel
|
CSMC 2006-C1
|
||||
8.03
|
Doubletree Annapolis
|
Annapolis, MD
|
Hotel
|
CSMC 2006-C1
|
||||
10
|
Horizon Outlet Shoppes Portfolio
|
Various, Various
|
Retail
|
WBCMT 2006-C23
|
||||
12
|
Marriott – Pittsburgh
|
Pittsburgh, PA
|
Hotel
|
GCCFC 2005-GG5
|
||||
19.01
|
Assured Self Storage
|
Altamonte, FL
|
Self Storage
|
BACM 2006-1
|
||||
19.03
|
United Self Storage
|
Valrico, FL
|
Self Storage
|
BSCMS 2006-PW14
|
||||
19.04
|
Gordon Highway Self Storage
|
Augusta, GA
|
Self Storage
|
GSMS 2012-GC6
|
||||
24
|
The Heights
|
Dearborn Heights, MI
|
Retail
|
JPMCC 2005-CB12
|
||||
25
|
Garden District Apartments
|
Auburn, AL
|
Multifamily
|
BSCMS 2006-PW13
|
||||
26
|
El Paseo Collection South
|
Palm Desert, CA
|
Retail
|
JPMCC 2005-LDP3
|
||||
29
|
Chestnut Place
|
Worcester, MA
|
Office
|
BACM 2005-3
|
||||
34
|
The Weatherly
|
Portland, OR
|
Office
|
MLCFC 2006-3
|
||||
36
|
Fairfield Inn Destin
|
Destin, FL
|
Hotel
|
GSMS 2005-GG4
|
||||
40
|
Windwood Centre
|
Virginia Beach, VA
|
Office
|
CD 2005-CD1
|
||||
47
|
Cavalier Building
|
Nashville, TN
|
Office
|
MLMT 2005-LC1
|
||||
52
|
14001 Weston Parkway
|
Cary, NC
|
Industrial
|
BSCMS 2005-PWR8
|
||||
53
|
Rockmead Professional Center
|
Kingwood, TX
|
Office
|
GMACC 2005-C1
|
||||
61
|
AAA Storage City
|
Ridgeland, SC
|
Self Storage
|
BACM 2005-4
|
(1)
|
The table above represents the properties for which the previously existing debt was most recently securitized, based on information provided by the related borrower or obtained through searches of a third-party database.
|
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Class A-2(1)
|
No.
|
Loan Name
|
Location
|
Cut-off Date Balance
|
% of IPB
|
Maturity Balance
|
% of Certificate Class(2)
|
Original Loan Term
|
Remaining Loan Term
|
UW
NCF DSCR |
UW NOI Debt
Yield |
Cut-off Date LTV Ratio
|
Maturity Date LTV Ratio
|
||||||||||||
4
|
Cole IV Retail Portfolio - Pool I
|
Various, Various
|
$50,000,000
|
5.1%
|
$50,000,000
|
23.5%
|
60
|
59
|
3.30x
|
13.4%
|
48.1%
|
48.1%
|
||||||||||||
5
|
Cole IV Retail Portfolio - Pool II
|
Various, Various
|
50,000,000
|
5.1%
|
50,000,000
|
23.5
|
60
|
59
|
3.27x
|
13.4%
|
48.4%
|
48.4%
|
||||||||||||
7
|
Little Palm Island Resort
|
Little Torch Key, FL
|
30,963,678
|
3.1%
|
28,407,158
|
13.3
|
60
|
59
|
1.90x
|
11.7%
|
56.1%
|
51.5%
|
||||||||||||
8
|
JAGR Portfolio
|
Various, Various
|
30,000,000
|
3.0%
|
28,663,111
|
13.5
|
60
|
58
|
1.78x
|
11.4%
|
64.6%
|
61.7%
|
||||||||||||
9
|
Lenox Towers
|
Atlanta, GA
|
27,500,000
|
2.8%
|
24,952,041
|
11.7
|
60
|
60
|
1.56x
|
11.1%
|
55.0%
|
49.9%
|
||||||||||||
21
|
Eagles Trail
|
Hattiesburg, MS
|
17,250,000
|
1.8%
|
16,427,597
|
7.7
|
60
|
58
|
1.32x
|
8.8%
|
69.0%
|
65.7%
|
||||||||||||
23
|
Doubletree Baltimore Airport
|
Linthicum Heights, MD
|
15,750,000
|
1.6%
|
14,543,166
|
6.8
|
60
|
60
|
1.73x
|
11.2%
|
58.3%
|
53.9%
|
||||||||||||
Total / Weighted Average:
|
$221,463,678
|
22.5%
|
$212,993,074
|
100.0%
|
60
|
59
|
2.41x
|
12.1%
|
54.7%
|
52.5%
|
(1)
|
The table above presents the mortgage loans whose balloon payments would be applied to pay down the principal balance of the Class A-2 Certificates, assuming a 0% CPR and applying the “Modeling Assumptions” described in the Free Writing Prospectus, including the assumptions that (i) none of the mortgage loans in the pool experience prepayments, defaults or losses; (ii) there are no extensions of maturity dates of any mortgage loans in the pool; and (iii) each mortgage loan in the pool is paid in full on its stated maturity date or anticipated repayment date, as applicable. Each class of Certificates, including the Class A-2 Certificates, evidences undivided ownership interests in the entire pool of mortgage loans. Debt service coverage ratio, debt yield and loan-to-value ratio information does not take into account subordinate debt (whether or not secured by the mortgaged property), if any, that is allowed under the terms of any mortgage loan. See Annex A-1 to the Free Writing Prospectus.
|
(2)
|
Reflects the percentage equal to the Maturity Balance divided by the initial Class A-2 Certificate Balance.
|
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|
Structural Overview
|
■
|
Accrual:
|
Each Class of Certificates (other than the Class R Certificates) will accrue interest on a 30/360 basis. The Class R Certificates will not accrue interest.
|
||
■
|
Distribution of Interest:
|
On each Distribution Date, accrued interest for each Class of Certificates (other than the Class R Certificates) at the applicable pass-through rate will be distributed in the following order of priority to the extent of available funds: first, to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates, on a pro rata basis, based on the interest entitlement for each such Class on such date, and then to the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates, in that order, in each case until the interest entitlement for such date payable to each such Class is paid in full.
|
||
The pass-through rate applicable to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR certificates on each Distribution Date will be a per annum rate equal to one of (i) a fixed rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) the lesser of a specified fixed pass-through rate and the rate described in clause (ii) above or (iv) the rate described in clause (ii) above less a specified percentage.
|
||||
The pass-through rate for the Class X-A Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the weighted average of the pass-through rates on the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB and Class A-S Certificates, weighted on the basis of their respective Certificate Balances immediately prior to that Distribution Date and calculated without giving effect to any exchange and conversion of any Class A-S Certificates for Class EC Certificates.
|
||||
The pass-through rate for the Class X-B Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class B Certificates for that Distribution Date.
|
||||
The pass-through rate for the Class X-C Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class C Certificates for that Distribution Date.
|
||||
The pass-through rate for the Class X-D Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class D Certificates for that Distribution Date.
|
||||
The pass-through rate for the Class X-E Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class E Certificates for that Distribution Date.
|
||||
The pass-through rate for the Class X-F Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate on the Class F Certificates for that Distribution Date.
|
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Structural Overview
|
The pass-through rate for the Class X-NR certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class NR certificates for that Distribution Date.
|
||||
The Class EC Certificates will not have a pass-through rate, but will be entitled to receive the sum of the interest otherwise distributable on the portion of Exchangeable Certificates that have been converted in an exchange for such Class EC Certificates.
|
||||
See “Description of the Certificates—Distributions” in the Free Writing Prospectus.
|
||||
■
|
Distribution of Principal:
|
On any Distribution Date prior to the Cross-Over Date, payments in respect of principal of the Certificates will be distributed first, to the Class A-SB Certificates until the Certificate Balance of the Class A-SB Certificates is reduced to the planned principal balance for the related Distribution Date set forth in Annex E to the Free Writing Prospectus, second, to the Class A-1 Certificates, until the Certificate Balance of such Class is reduced to zero, third, to the Class A-2 Certificates, until the Certificate Balance of such Class is reduced to zero, fourth, to the Class A-3A1 and Class A-3A2 Certificates, pro rata based on the respective Certificate Balances, until the Certificate Balances of such Classes are reduced to zero, fifth, to the Class A-4 Certificates, until the Certificate Balance of such Class is reduced to zero, sixth, to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to zero and then to the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates, in that order, until the Certificate Balance of each such Class is reduced to zero.
|
||
On any Distribution Date on or after the Cross-Over Date, payments in respect of principal of the Certificates will be distributed first, to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates, on a pro rata basis, based on the Certificate Balance of each such Class until the Certificate Balance of each such Class is reduced to zero and then, to the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates, in that order, until the Certificate Balance of each such Class is reduced to zero.
|
||||
The “Cross-Over Date” means the Distribution Date on which the aggregate Certificate Balances of the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates (without giving effect to any exchange of the Exchangeable Certificates for Class EC Certificates) have been reduced to zero (after taking into account any allocation of realized losses on the mortgage loans (exclusive of any related companion loan) to such Classes on or prior to such date). If Exchangeable Certificates are converted in an exchange for Class EC Certificates, all principal that would otherwise be distributable to such converted Exchangeable Certificates will be distributed to such Class EC Certificates.
|
||||
The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates (the “Class X Certificates”) will not be entitled to receive distributions of principal; however, the notional amount of the Class X-A Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to Certificates that are components of the Class X-A Certificates’ notional amount (the Certificate Balances of the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB and Class A-S Certificates (determined without giving effect to any exchange and conversion of any Class A-S Certificates for Class EC Certificates)), the notional amount of the Class X-B Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to Certificates that are components of the Class X-B Certificates’ notional amount (the Certificate Balance of the Class B Certificates (determined without giving effect to any exchange and conversion of any Class B Certificates for Class EC Certificates)), the notional amount of the Class X-C Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to Certificates that are components of the Class X-C Certificates’ notional amount (the Certificate Balance of the
|
15 of 122
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|
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|
Structural Overview
|
Class C Certificates (determined without giving effect to any exchange and conversion of any Class C Certificates for Class EC Certificates)), the notional amount of the Class X-D Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-D Certificates’ notional amount (the Certificate Balance of the Class D Certificates), the notional amount of the Class X-E Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-E Certificates’ notional amount (the Certificate Balance of the Class E Certificates), the notional amount of the Class X-F Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-F Certificates’ notional amount (the Certificate Balance of the Class F Certificates) and the notional amount of the Class X-NR Certificates will be reduced by the aggregate amount of principal distribution, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-NR Certificates’ notional amount (the Certificate Balance of the Class NR Certificates).
|
||||
■
|
Exchangeable Certificates
and the Class EC Certificates:
|
A holder of Class A-S, Class B and Class C Certificates (the “Exchangeable Certificates”) may exchange and convert such Classes of Certificates (on an aggregate basis) for a related amount of Class EC Certificates, and Class EC Certificates may be exchanged and converted for a ratable portion of each Class of Exchangeable Certificates.
|
||
The initial Certificate Balance of a Class of Exchangeable Certificates represents the principal balance of such Class without giving effect to any exchange and conversion for Class EC Certificates. The initial Certificate Balance of the Class EC Certificates is equal to the aggregate of the initial Certificate Balances of the Exchangeable Certificates and represents the maximum principal balance of such Class that could be issued in an exchange. In the event that no Exchangeable Certificates are exchanged and converted for Class EC Certificates, the Class EC Certificate Balance would be equal to zero. Any exchange of (a) a portion of the Exchangeable Certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of a proportionate share of each related component Class of the Exchangeable Certificates and an increase, on a dollar-for-dollar basis, of the Certificate Balance of the Class EC Certificates, and (b) any amount of the Class EC Certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of the Certificate Balance of the Class EC Certificates and an increase, on a dollar-for-dollar basis, of a proportionate share of the related Certificate Balances of each Class of Certificates that are components of the Exchangeable Certificates.
|
||||
The Class EC Certificates will not have a pass-through rate, but will be entitled to receive the sum of the interest otherwise distributable on the portion of Exchangeable Certificates that have been exchanged and converted for such Class EC Certificates.
|
||||
If an exchange and conversion has occurred, the Class EC Certificates received in such exchange will be entitled to receive on each Distribution Date distributions equal to the aggregate amount of Interest Distribution Amounts, Accrued Interest From Recoveries, distributions of principal, Yield Maintenance Charges and reimbursements of Collateral Support Deficits that would be distributable to the Exchangeable Certificates that were exchanged and converted for such Class EC Certificates.
|
||||
If an exchange and conversion has occurred, the Class EC Certificates received in such exchange and conversion will be allocated the aggregate amount of Collateral Support Deficits, Net Prepayment Interest Shortfalls and other interest shortfalls (including those resulting from Appraisal Reduction Events) that would be allocated to the Exchangeable Certificates that were exchanged and converted for such Class EC Certificates.
|
||||
■
|
Yield Maintenance / Fixed
Penalty Allocation:
|
For purposes of the distribution of Yield Maintenance Charges on any Distribution Date, Yield Maintenance Charges collected in respect of the mortgage loans will first be allocated pro rata between four groups (based on the amount of principal distributed to the Principal Balance Certificates in each group), consisting of (a) the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class X-A and Class A-S Certificates
|
16 of 122
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|
JPMBB 2015-C29
|
Structural Overview
|
(calculated without giving effect to any exchange and conversion of Class A-S Certificates for Class EC Certificates), on the one hand (“YM Group A”), (b) the Class B and Class X-B Certificates (calculated without giving effect to any exchange and conversion of Class B Certificates for Class EC Certificates) (“YM Group B”), (c) the Class C and Class X-C Certificates (calculated without giving effect to any exchange and conversion of Class C Certificates for Class EC Certificates) (“YM Group C”) and (d) the Class D and Class X-D Certificates (“YM Group D”). As among the Classes of Certificates in each YM Group, each Class of Certificates entitled to distributions of principal will receive an amount calculated generally in accordance with the following formula and as more specifically described in the Free Writing Prospectus, with any remaining Yield Maintenance Charges on such Distribution Date being distributed to the class of Class X Certificates in such YM Group.
|
||||||||
YM Charge
|
X
|
Principal Paid to Class
|
x
|
(Pass-Through Rate on Class – Discount Rate)
|
||||
Total Principal Paid
|
(Mortgage Rate on Loan – Discount Rate)
|
|||||||
No Yield Maintenance Charges will be distributed to the Class X-E, Class X-F, Class X-NR, Class E, Class F, Class NR or Class R Certificates. Once the Certificate Balances of the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates have been reduced to zero, all Yield Maintenance Charges will be distributed to the holders of the Class X-C Certificates, regardless of whether the notional amount of such Class of Certificates has been reduced to zero.
|
||||||||
If Exchangeable Certificates are converted in an exchange for Class EC Certificates, any Yield Maintenance Charges that otherwise would have been distributable to such Exchangeable Certificates had they not been converted will be distributed to the Class EC Certificates.
|
||||||||
■
|
Realized Losses:
|
Realized losses on the mortgage loans (exclusive of losses on any related companion loan) will be allocated first to the Class NR, Class F, Class E, Class D, Class C, Class B and Class A-S Certificates, in that order, in each case until the Certificate Balance of each such Class has been reduced to zero, and then, to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates, on a pro rata basis, based on the Certificate Balance of each such class, until the Certificate Balance of each such class has been reduced to zero. The notional amount of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates will be reduced by the aggregate amount of realized losses allocated to Certificates that are components of the notional amounts of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates, respectively.
|
||||||
Realized losses on each whole loan will be allocated first to the related subordinate companion loan(s), if any, and then, pro rata, between the related mortgage loan and the related pari passu companion loan(s), based upon their respective Stated Principal Balances.
|
||||||||
The Class EC Certificates will be allocated the realized losses and other shortfalls otherwise allocable to the Class A-S, Class B and Class C Certificates that are converted in an exchange for such Class EC Certificates.
|
||||||||
■
|
Interest Shortfalls:
|
A shortfall with respect to the amount of available funds distributable in respect of interest can result from, among other sources: (a) delinquencies and defaults by borrowers; (b) shortfalls resulting from the application of Appraisal Reductions to reduce P&I Advances; (c) shortfalls resulting from interest on Advances made by the Master Servicer or the Trustee; (d) shortfalls resulting from the payment of Special Servicing Fees and other additional compensation that the Special Servicer is entitled to receive; (e) shortfalls resulting from extraordinary expenses of the trust, including indemnification payments payable to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Senior Trust Advisor; (f) shortfalls resulting from a modification of a mortgage loan’s interest rate or principal balance; and (g) shortfalls resulting from other unanticipated or default-related expenses of the trust. Any such
|
17 of 122
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|
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|
Structural Overview
|
shortfalls that decrease the amount of available funds distributable in respect of interest to the Certificateholders will reduce distributions to the classes of Certificates (other than the Class R Certificates) beginning with those with the lowest payment priorities, in reverse sequential order. See “Description of the Certificates—Distributions—Priority” in the Free Writing Prospectus.
|
||||
■
|
Appraisal Reductions:
|
With respect to mortgage loans serviced under the Pooling and Servicing Agreement, upon the occurrence of certain trigger events with respect to a mortgage loan, which are generally tied to certain events of default under the related mortgage loan documents, the Special Servicer will be obligated to obtain an appraisal of the related mortgaged property and the Master Servicer will calculate the Appraisal Reduction amount. The “Appraisal Reduction” amount is generally the amount by which the current principal balance of the related mortgage loan or whole loan, plus outstanding advances, real estate taxes, unpaid servicing fees and certain similar amounts exceeds 90% of the appraised value of the related mortgaged property, plus the amount of any escrows and letters of credit.
|
||
With respect to the Horizon Outlet Shoppes Portfolio mortgage loan, any Appraisal Reduction will be similarly determined pursuant to the JPMBB 2015-C28 pooling and servicing agreement under which it is serviced.
|
||||
In general, the Appraisal Reduction amounts that are allocated to the mortgage loans (exclusive of amounts allocated to a Companion Loan (defined below)) are notionally allocated to reduce, in reverse sequential order, the Certificate Balance of each Class of Certificates (other than the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates) beginning with the Class NR Certificates for certain purposes, including certain voting rights and the determination of the controlling class.
|
||||
With respect to each whole loan, the Appraisal Reduction amount is notionally allocated first to the related subordinate companion loan(s), if any (until the principal balance of such subordinate companion loan is notionally reduced to zero by such Appraisal Reductions), and then, pro rata, between the related mortgage loan and the related pari passu companion loan(s), based upon their respective Stated Principal Balances.
|
||||
■
|
Appraisal Reduced Interest:
|
Accrued and unpaid interest at the related Mortgage Rate for a mortgage loan that is not advanced by the Master Servicer or the Trustee as backup master servicer due to the application of Appraisal Reduction amounts to such mortgage loan.
|
||
■
|
Master Servicer Advances:
|
The Master Servicer will be required to advance certain delinquent scheduled mortgage loan payments of principal and interest and certain property protection advances, in each case, to the extent the Master Servicer deems such advances to be recoverable. At any time that an Appraisal Reduction amount exists, the amount that would otherwise be required to be advanced by the Master Servicer in respect of delinquent payments of interest on the mortgage loan will be reduced to equal the product of (x) the interest portion of the amount that would be advanced without regard to any Appraisal Reduction and (y) a fraction, the numerator of which is the then-outstanding principal balance of the mortgage loan minus the Appraisal Reduction amount and the denominator of which is the then-outstanding principal balance of the mortgage loan. The Master Servicer will not make any principal or interest advances with respect to any companion loan.
|
||
■
|
Whole Loans:
|
Four mortgage loans are each evidenced by one or more separate notes and are each, together with one or more companion loans (each a “Companion Loan” and collectively with the related mortgage loan, a “Whole Loan”), secured by the same mortgage(s) on the related mortgaged property or portfolio of related mortgaged properties. Each such mortgage loan and its related Companion Loan(s) are subject to an intercreditor agreement. None of these Companion Loans will be part of the trust.
|
||
In the case of these Whole Loans, referred to as the “One City Centre Whole Loan”, the “JAGR Portfolio Whole Loan”, the “Horizon Outlet Shoppes Portfolio Whole Loan” and the “Marriott - Pittsburgh Whole Loan”, a related Companion Loan is pari passu with the related mortgage loan (these Companion Loans are also referred to as the “Pari Passu
|
18 of 122
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|
Structural Overview
|
Companion Loans”). The One City Centre Pari Passu Companion Loan, the JAGR Portfolio Pari Passu Companion Loan and the Marriott - Pittsburgh Pari Passu Companion Loan are referred to as “Serviced Companion Loans”.
|
||||
The One City Centre Whole Loan, the JAGR Portfolio Whole Loan and the Marriott-Pittsburgh Whole Loan (the “Serviced Whole Loans”) will be serviced under the pooling and servicing agreement for the JPMBB 2015-C29 transaction (the “Pooling and Servicing Agreement”).
|
||||
The Horizon Outlet Shoppes Portfolio Whole Loan will be serviced pursuant to the JPMBB 2015-C28 pooling and servicing agreement as described under “Description of the Mortgage Pool—The Whole Loans—Horizon Outlet Shoppes Portfolio Whole Loan” in the Free Writing Prospectus.
|
||||
■
|
Liquidated Loan Waterfall:
|
On liquidation of any mortgage loan, all net liquidation proceeds related to the mortgage loan (but not any related Companion Loan) will be applied so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include any Appraisal Reduced Interest. After the adjusted interest amount is so allocated, any remaining liquidation proceeds will be allocated to offset certain advances and to pay principal on the mortgage loan until the unpaid principal amount of the mortgage loan has been reduced to zero. Any remaining liquidation proceeds will then be allocated to pay Appraisal Reduced Interest. Any liquidation proceeds in respect of each such mortgage loan in excess of the related outstanding balance will first be applied to offset any interest shortfalls allocated to the Certificates (other than the Class X Certificates), in sequential order, and then to offset any realized losses allocated to the Certificates (other than the Class X Certificates), in sequential order. Any liquidation proceeds remaining after such applications will be distributed to the Class R Certificates.
|
||
■
|
Sale of Defaulted Mortgage
Loans and REO Properties:
|
The Special Servicer may offer to sell or may offer to purchase any defaulted mortgage loan or REO property, if the Special Servicer determines that no satisfactory arrangements can be made for collection of delinquent payments and the sale would be in the best economic interests of the trust (or in the case of any Whole Loan, the trust and the holder of the related Pari Passu Companion Loan, as a collective whole, taking into account the pari passu nature of any Pari Passu Companion Loan), on a net present value basis. The Special Servicer is required to accept the highest offer for any defaulted mortgage loan or REO property in an amount at least equal to par plus accrued interest plus all other outstanding amounts due under such mortgage loan and any outstanding expenses of the trust relating to such mortgage loan (the “Defaulted Loan Purchase Price”) except as described in the Free Writing Prospectus.
|
||
With respect to each Serviced Whole Loan, any such sale of the related defaulted mortgage loan will also include the related Pari Passu Companion Loan, and the prices will be adjusted accordingly.
|
||||
In connection with such sale and fair value determination, within 30 days of a mortgage loan becoming a specially serviced mortgage loan, the Special Servicer is required to order an appraisal and, within 30 days of receipt of such appraisal, is required to determine the fair value of such defaulted mortgage loan in accordance with the applicable servicing standard. If, however, the Special Servicer is already in the process of obtaining an appraisal with respect to the related mortgaged property, the Special Servicer is required to make its fair value determination as soon as reasonably practicable (but in any event within 30 days) after its receipt of such appraisal. Additionally, with respect to the mortgage loans that have mezzanine debt (whether in existence now or permitted in the future) the mezzanine lenders may have the option to purchase the related mortgage loan after certain events of default under such mortgage loan.
|
||||
The Directing Certificateholder will not have a right of first refusal to purchase a defaulted mortgage loan.
|
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If the Special Servicer does not receive an offer at least equal to the Defaulted Loan Purchase Price, the Special Servicer may purchase the defaulted mortgage loan or REO property at the Defaulted Loan Purchase Price. If the Special Servicer does not elect to purchase the defaulted mortgage loan or REO property at the Defaulted Loan Purchase Price, the Special Servicer is required to accept the highest offer received from any person that is determined to be a fair price (supported by an appraisal required to be obtained by the Special Servicer within 30 days of a mortgage loan becoming a specially serviced mortgage loan) for such defaulted mortgage loan or REO property, provided that the highest offeror is a person other than the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Senior Trust Advisor, any borrower, any manager of a mortgaged property, any independent contractor engaged by the Special Servicer, a holder of any related Companion Loan (but only with respect to the related Serviced Whole Loan) or mezzanine loan (but only with respect to the related mortgage loan), or any known affiliate of any such person (each, an “Interested Person”). If the highest offer is made by an Interested Person, the Trustee must approve the purchase of the defaulted mortgage loan or REO property based upon its determination of the fair price for the defaulted mortgage loan or REO property (based upon updated appraisals received by the Trustee) and the Trustee may conclusively rely on the opinion of an independent appraiser or other independent expert retained by the Trustee in connection with making such determination. Neither the Trustee nor any of its affiliates may make an offer for or purchase any defaulted mortgage loan or REO property.
|
||||
If the Special Servicer does not receive any offers that are at least equal to the Defaulted Loan Purchase Price, the Special Servicer is not required to accept the highest offer and may accept a lower offer for a defaulted mortgage loan or REO property if the Special Servicer determines, in accordance with the servicing standard, that a rejection of such offer would be in the best interests of the Certificateholders and, with respect to a Serviced Whole Loan, the holder of any related Pari Passu Companion Loan, as a collective whole, so long as such lower offer was not made by the Special Servicer or any of its affiliates.
|
||||
If title to any mortgaged property is acquired by the trust fund, the Special Servicer will be required to sell such mortgaged property prior to the close of the third calendar year beginning after the year of acquisition, unless (a) the IRS grants or has not denied an extension of time to sell such mortgaged property or (b) the Trustee, the Certificate Administrator and the Master Servicer receive an opinion of independent counsel to the effect that the holding of the property by the trust fund longer than the above-referenced three-year period will not result in the imposition of a tax on any REMIC of the trust fund or cause any REMIC of the trust fund to fail to qualify as a REMIC.
|
||||
The foregoing applies to mortgage loans serviced under the Pooling and Servicing Agreement. With respect to the Horizon Outlet Shoppes Portfolio Whole Loan, if the special servicer under the JPMBB 2015-C28 pooling and servicing agreement determines to sell the related Pari Passu Companion Loan as described above, then the JPMBB 2015-C28 special servicer will be required to sell the related Whole Loan, including the related mortgage loan included in the JPMBB 2015-C29 trust (the “JPMBB 2015-C29 Trust”) and the related Pari Passu Companion Loan, as a single loan. In connection with any such sale, the then-applicable special servicer will be required to follow procedures substantially similar to those set forth above.
|
||||
■
|
Control Eligible Certificates:
|
Classes E, F and NR.
|
||
■
|
Control Rights:
|
The Control Eligible Certificates will have certain control rights attached to them. The “Directing Certificateholder” will be the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class Certificateholders; provided, however, that (1) absent that selection, (2) until a Directing Certificateholder is so selected or (3) upon receipt of a notice from a majority of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) will be the Directing Certificateholder; provided,
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however, that in the case of this clause (3), in the event no one holder owns the largest aggregate Certificate Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance with the terms of the Pooling and Servicing Agreement. The Directing Certificateholder will be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to a mortgage loan. Furthermore, the Directing Certificateholder will also have the right to receive notice and provide consent with respect to certain material actions that the Master Servicer and the Special Servicer plan on taking with respect to a mortgage loan. With respect to any mortgage loan that has, or may in the future have, mezzanine debt, pursuant to the related intercreditor agreement, the related mezzanine lender may have certain consent rights with respect to certain modifications related to such mortgage loan.
|
||||
With respect to the Horizon Outlet Shoppes Portfolio mortgage loan, direction, consent and consultation rights with respect to the related Whole Loan will be exercised by the directing certificateholder or controlling class representative under the JPMBB 2015-C28 pooling and servicing agreement.
|
||||
With respect to each of the One City Centre Whole Loan, the JAGR Portfolio Whole Loan and the Marriott - Pittsburgh Whole Loan, direction, consent and consultation rights of the Directing Certificateholder, with respect to the related Whole Loan are subject to certain consultation rights of the holder of the related Pari Passu Companion Loan pursuant to the `related intercreditor agreement.
|
||||
■
|
Directing Certificateholder:
|
BlackRock Realty Advisors, Inc. on behalf of one or more managed funds or accounts is expected to be appointed the initial Directing Certificateholder.
|
||
■
|
Controlling Class:
|
The “Controlling Class” will at any time of determination be the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate Certificate Balance, as notionally reduced by any Appraisal Reduction amounts allocable to such Class, equal to no less than 25% of the initial Certificate Balance for such Class. Each holder of a certificate of the Controlling Class is referred to herein as a “Controlling Class Certificateholder”.
|
||
The Controlling Class as of the Closing Date will be the Class NR Certificates.
|
||||
■
|
Control Event:
|
A “Control Event” will occur when (i) the Certificate Balance of the Class E Certificates (taking into account the application of Appraisal Reductions to notionally reduce the Certificate Balance of the Class E Certificates) has been reduced to less than 25% of the initial Certificate Balance of such Class as of the Closing Date or (ii) a holder of the Class E Certificates becomes the majority Controlling Class Certificateholder and irrevocably waives its right to exercise any rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder.
|
||
Upon the occurrence and during the continuance of a Control Event, the Controlling Class will no longer have any control rights. After the occurrence and during the continuance of a Control Event, the Directing Certificateholder will relinquish its right to direct certain actions of the Special Servicer and will no longer have consent rights with respect to certain actions that the Master Servicer or the Special Servicer plan on taking with respect to a mortgage loan. Following the occurrence and during the continuance of a Control Event, the Directing Certificateholder will retain consultation rights with the Special Servicer with respect to certain material actions that the Special Servicer plans on taking with respect to a mortgage loan. Such consultation rights will continue until the occurrence of a Consultation Termination Event.
|
||||
■
|
Consultation Termination
Event:
|
A “Consultation Termination” Event will occur (i) when, without regard to the application of any Appraisal Reduction amount (i.e., giving effect to principal reductions through principal payments and realized losses only), there is no Class of Control Eligible Certificates that satisfies the requirement of a Controlling Class or (ii) during such time as the Class E Certificates are the only Class of Control Eligible Certificates that have a then-
|
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outstanding Principal Balance, net of Appraisal Reductions, at least equal to 25% of the initial Certificate Balance of such Class, and the then-Controlling Class Certificateholder has irrevocably waived its right to appoint a Directing Certificateholder and to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated.
|
||||
Upon the occurrence of a Consultation Termination Event, there will be no Class of Certificates that will act as the Controlling Class. After the occurrence of a Consultation Termination Event, the Directing Certificateholder will have no rights under the Pooling and Servicing Agreement, other than those rights generally available to all Certificateholders.
|
||||
■
|
Appraised-Out Class:
|
A Class of Control Eligible Certificates that has been determined, as a result of Appraisal Reduction amounts allocable to such Class, to no longer be the Controlling Class.
|
||
■
|
Remedies Available to
Holders of an
Appraised-Out Class:
|
Holders of the majority of any Class of Control Eligible Certificates that are determined at any date of determination to no longer be the Controlling Class as a result of an Appraisal Reduction allocable to such class will have the right, at their sole expense, to require the Special Servicer to order a second appraisal report from an MAI appraiser (selected by the Special Servicer) for any mortgage loan that results in the Class becoming an Appraised-Out Class.
|
||
Upon receipt of that second appraisal, the Special Servicer will be required to determine, in accordance with the Servicing Standard, whether, based on its assessment of the second appraisal, any recalculation of the Appraisal Reduction amount is warranted, and if so warranted, the Special Servicer is required to recalculate the Appraisal Reduction amount based on the second appraisal and if required by such recalculation, the Appraised-Out Class will be reinstated as the Controlling Class. The holders of an Appraised-Out Class requesting a second appraisal are not permitted to exercise any control or consent rights of the Controlling Class until such time, if any, as the Class is reinstated as the Controlling Class.
|
||||
■
|
Senior Trust Advisor:
|
The Senior Trust Advisor will initially be Pentalpha Surveillance LLC. The Senior Trust Advisor will have certain review and consultation rights relating to the performance of the Special Servicer and with respect to its actions taken in connection with the resolution and/or liquidation of specially serviced mortgage loans. The Senior Trust Advisor will generally be responsible for reviewing the Special Servicer’s operational practices with respect to the resolution and liquidation of specially serviced mortgage loans. In addition, after the occurrence and during the continuance of a Control Event, the Senior Trust Advisor will have certain consultation rights with respect to the specially serviced mortgage loans. The Senior Trust Advisor will generally have no obligations or consultation rights under the Pooling and Servicing Agreement with respect to the Horizon Outlet Shoppes Portfolio Whole Loan. However, Pentalpha Surveillance LLC is also the senior trust advisor under the JPMBB Commercial Mortgage Securities Trust 2015-C28 pooling and servicing agreement and, in such capacity, will have certain obligations and consultation rights with respect to the Horizon Outlet Shoppes Portfolio Whole Loan that are substantially similar to those of the senior trust advisor under the Pooling and Servicing Agreement.
|
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The Senior Trust Advisor will be responsible for:
|
|||
●
|
after the occurrence and during the continuance of a Control Event, consulting with the Special Servicer with respect to each asset status report prepared by the Special Servicer and recommending proposed alternative courses of action.
|
||
●
|
after the occurrence and during the continuance of a Control Event, preparing an annual report addressing the Senior Trust Advisor’s overall findings and determinations and setting forth its assessment of the Special Servicer’s performance of its duties under the Pooling and Servicing Agreement on a platform-level basis with respect to the resolution and liquidation of specially serviced mortgage loans that the Special Servicer is responsible for servicing under the Pooling and Servicing Agreement. As used above, “platform-level basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution and liquidation of specially serviced mortgage loans, taking into account the Special Servicer’s specific duties under the Pooling and Servicing Agreement as well as the extent to which those duties were performed in accordance with the servicing standard, with due consideration to (and as limited by) the Senior Trust Advisor’s review of any assessment of compliance report, attestation report, asset status report and other information delivered to the Senior Trust Advisor by the Special Servicer with respect to the specially serviced mortgage loans (other than any communications between the Directing Certificateholder and the Special Servicer that would be privileged information). The annual report will be based on the Senior Trust Advisor’s knowledge of the Special Servicer’s actions taken during the applicable calendar year with respect to the resolution or liquidation of specially serviced mortgage loans that the Special Servicer is responsible for servicing under the Pooling and Servicing Agreement, including knowledge obtained in connection with the Senior Trust Advisor’s review of each asset status report prepared by the Special Servicer.
|
||
●
|
prior to the occurrence and continuance of a Control Event, the Special Servicer will forward any Appraisal Reduction and net present value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a specially serviced mortgage loan to the Senior Trust Advisor after such calculations have been finalized. The Senior Trust Advisor will be required to review such calculations but will not opine on or take any affirmative action with respect to such Appraisal Reduction calculations and/or net present value calculations.
|
||
●
|
after the occurrence and during the continuance of a Control Event, recalculating and verifying, on a limited basis, the accuracy of mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas utilized in connection with any Appraisal Reduction or net present value calculations performed by the Special Servicer. In the event the Senior Trust Advisor does not agree with the mathematical calculations or the application of the non-discretionary portion of the applicable formulas required to be utilized for such calculation, the Senior Trust Advisor and the Special Servicer will consult with each other in order to resolve any disagreement. Any disagreement with respect to such calculations that the Senior Trust Advisor and the Special Servicer are unable to resolve will be determined by the Certificate Administrator.
|
||
In addition, the Senior Trust Advisor is required to promptly review all information available to Privileged Persons (as defined in the Free Writing Prospectus) on the Certificate Administrator’s website related to specially serviced mortgage loans and certain information available to Privileged Persons on the Certificate Administrator’s website related to mortgage loans included on the monthly CREFC® servicer watch list report, each final asset status report delivered to the Senior Trust Advisor by the Special Servicer and each assessment of compliance report and attestation report prepared by the Special Servicer in order to maintain its familiarity with the mortgage loans and the performance of the Special Servicer under the Pooling and Servicing Agreement. |
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Structural Overview
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After the occurrence and during the continuance of a Control Event, the Senior Trust Advisor will also consult with the Special Servicer in connection with certain major decisions and propose possible alternative courses of action.
|
||||
In addition, after the occurrence of a Consultation Termination Event, if the Senior Trust Advisor determines that the Special Servicer is not performing its duties as required under the Pooling and Servicing Agreement or is otherwise not acting in accordance with the Servicing Standard, the Senior Trust Advisor will have the right to recommend the replacement of the Special Servicer and will submit its formal recommendation to the Trustee and the Certificate Administrator (along with its rationale, its proposed replacement special servicer and other relevant information justifying its recommendation).
|
||||
The Senior Trust Advisor’s recommendation to replace the Special Servicer must be confirmed by an affirmative vote of holders of Certificates evidencing at least a majority of the aggregate notional balance of all Classes of Certificates entitled to principal distributions (taking into account the application of any Appraisal Reduction amounts to notionally reduce the Certificate Balances of the Classes to which such Appraisal Reduction amounts are allocable). In the event the holders of such Certificates elect to remove and replace the Special Servicer, the Certificate Administrator will be required to obtain a rating agency confirmation from each of the rating agencies at that time.
|
||||
■
|
Replacement of
Senior Trust Advisor:
|
The Senior Trust Advisor may be terminated or removed under certain circumstances and a replacement Senior Trust Advisor appointed as described in the Free Writing Prospectus.
|
||
Any replacement Senior Trust Advisor (or the personnel responsible for supervising the obligations of the replacement Senior Trust Advisor) must (A) (i) be regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and have at least 5 years of experience in collateral analysis and loss projections and (ii) have at least 5 years of experience in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets or (B) be an institution that is a special servicer, senior trust advisor or operating advisor on a rated CMBS transaction, but has not been a special servicer or a senior trust advisor on a transaction that a rating agency has downgraded, qualified or withdrawn its ratings citing servicing concerns with the special servicer or a senior trust advisor as the sole or a material factor in such rating action. Any Senior Trust Advisor is prohibited from making an investment in any class of certificates in the Trust as described in the Free Writing Prospectus.
|
||||
■
|
Appointment and Replacement
of Special Servicer:
|
The Directing Certificateholder will appoint the initial Special Servicer as of the Closing Date. Prior to the occurrence and continuance of a Control Event, the Special Servicer may generally be replaced at any time by the Directing Certificateholder.
|
||
Upon the occurrence and during the continuance of a Control Event, the Directing Certificateholder will no longer have the right to replace the Special Servicer and such replacement will occur based on a vote of holders of all voting eligible Classes of Certificates as described below.
|
||||
After the occurrence of a Consultation Termination Event, the Senior Trust Advisor may also recommend the replacement of the Special Servicer as described above.
|
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Structural Overview
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■
|
Replacement of Special
Servicer by Vote of
Certificateholders:
|
After the occurrence and during the continuance of a Control Event and upon (a) the written direction of holders of Certificates evidencing not less than 25% of the aggregate notional balance of all Classes of Certificates entitled to principal (taking into account the application of Appraisal Reduction amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction amounts are allocable) requesting a vote to replace the Special Servicer with a replacement special servicer, (b) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery by such holders to the Certificate Administrator and the Trustee of written confirmations from each Rating Agency that the appointment of such replacement special servicer will not result in a downgrade, withdrawal or qualification of the Certificates (which confirmations will be obtained at the expense of such holders), the Certificate Administrator will be required to promptly post such notice on its Internet website, and by mail conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of holders of at least 75% of a Certificateholder Quorum, the Trustee will immediately replace the Special Servicer with the replacement special servicer.
|
||
A “Certificateholder Quorum” means, in connection with any solicitation of votes in connection with the replacement of the Special Servicer described above, the holders of Certificates evidencing at least 75% of the aggregate voting rights (taking into account the application of realized losses and the application of any Appraisal Reductions to notionally reduce the Certificate Balance of the Certificates) of all Classes of Certificates entitled to principal on an aggregate basis.
|
||||
With respect to each of the One City Centre Whole Loan, the JAGR Portfolio Whole Loan and the Marriott - Pittsburgh Whole Loan, the holder of the related Pari Passu Companion Loan, under certain circumstances following a servicer termination event with respect to the special servicer, will be entitled to direct the Trustee (and the Trustee will be required) to terminate the special servicer solely with respect to such Whole Loan. A replacement special servicer will be selected by the Trustee or, prior to a Control Event, by the Directing Certificateholder; provided, however, that any successor special servicer appointed to replace the Special Servicer with respect to such Whole Loan can generally not be the person (or its affiliate) that was terminated at the direction of the holder of the related Pari Passu Companion Loan.
|
||||
With respect to the Horizon Outlet Shoppes Portfolio Whole Loan, the JPMBB 2015-C29 Trust as holder of the related mortgage loan has similar termination rights in the event of a servicer termination event with respect to the special servicer under the JPMBB 2015-C28 pooling and servicing agreement as described above, which may be exercised by the Directing Certificateholder prior to the Control Event. However, the successor special servicer will be selected pursuant to the JPMBB 2015-C28 pooling and servicing agreement by the related directing holder prior to a control event under such pooling and servicing agreement. The Master Servicer and Special Servicer are entitled to certain fees in connection with the servicing and administration of the mortgage loans as more fully described in “Transaction Parties—Servicing and Other Compensation and Payment of Expenses” in the Free Writing Prospectus.
|
||||
■
|
Master Servicer and
Special Servicer Compensation:
|
The Master Servicer is entitled to a fee (the “Servicing Fee”) payable monthly from interest received in respect of each mortgage loan (including any non-serviced mortgage loan), REO loan and any related Serviced Companion Loan that will accrue at the related servicing fee rate described in the Free Writing Prospectus. The Special Servicer is also entitled to a fee (the “Special Servicing Fee”) with respect to each specially serviced mortgage loan and REO loan at the special servicing fee rate described in the Free Writing Prospectus.
|
||
In addition to the Servicing Fee, Special Servicing Fee and certain other fees described below, the Master Servicer and Special Servicer are entitled to retain and share certain additional servicing compensation, including assumption application fees, assumption
|
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fees, defeasance fees and certain Excess Modification Fees and consent fees with respect to the mortgage loans. The Special Servicer may also be entitled to either a Workout Fee or Liquidation Fee, but not both, from recoveries in respect of any particular mortgage loan.
|
||
An “Excess Modification Fee” with respect to any mortgage loan (other than the non-serviced mortgage loan) or Serviced Whole Loan is the sum of (A) the excess of (i) any and all Modification Fees with respect to a mortgage loan or Serviced Whole Loan over (ii) all unpaid or unreimbursed additional expenses described in the Free Writing Prospectus (excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding with respect to the related mortgage loan or Serviced Whole Loan, as applicable, and reimbursed from such Modification Fees and (B) expenses previously paid or reimbursed from Modification Fees as described in clause (A), which expenses have subsequently been recovered from the related borrower or otherwise.
|
||
With respect to the Master Servicer and Special Servicer, the Excess Modification Fees collected and earned by such servicer from the related borrower (taken in the aggregate with any other Excess Modification Fees collected and earned by such servicer from the related borrower within the prior 12 months of the collection of the current Excess Modification Fees) will be subject to a cap of 1.00% of the outstanding principal balance of the related mortgage loan or Serviced Whole Loan on the closing date of the related modification, extension, waiver or amendment. A “Modification Fee” with respect to any mortgage loan (other than the non-serviced mortgage loan) or Serviced Whole Loan is generally any fee with respect to a modification, extension, waiver or amendment of any mortgage loan or Serviced Whole Loan.
|
||
A “Workout Fee” will generally be payable with respect to each corrected mortgage loan (as more specifically described in the Free Writing Prospectus) and will be calculated at a rate of 1.00% of payments of principal and interest on the respective mortgage loan for so long as it remains a corrected mortgage loan. After receipt by the Special Servicer of Workout Fees with respect to a corrected mortgage loan in an amount equal to $25,000, any Workout Fees in excess of such amount will be reduced by the Excess Modification Fee Amount; provided that in the event the Workout Fee, collected over the course of such workout, calculated at the Workout Fee Rate is less than $25,000, then the Special Servicer will be entitled to an amount from the final payment on the related corrected mortgage loan that would result in the total Workout Fees payable to the Special Servicer in respect of that corrected mortgage loan to be $25,000.
|
||
The “Excess Modification Fee Amount” for any corrected mortgage loan is an amount equal to any Excess Modification Fees paid by or on behalf of the related borrower with respect to the related mortgage loan (including any related Serviced Companion Loan) and received and retained by the Master Servicer or the Special Servicer, as applicable, as additional servicing compensation within the prior 12 months of the related modification, waiver, extension or amendment resulting in the mortgage loan or REO loan being a corrected mortgage loan, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.
|
||
A “Liquidation Fee” will generally be payable with respect to each specially serviced mortgage loan or REO property as to which the Special Servicer obtains a full or partial recovery of the related asset. The Liquidation Fee for each specially serviced mortgage loan will be payable at a rate of 1.00% of the liquidation proceeds; provided, however, that no Liquidation Fee will be less than $25,000.
|
||
The Liquidation Fees will be reduced by the amount of any Excess Modification Fees received by the Special Servicer with respect to the related mortgage loan (including any Companion Loan) or REO property as additional compensation within the prior 12 months, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.
|
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Similar fees to those described above will be payable to the special servicer for the Horizon Outlet Shoppes Portfolio Whole Loan under the JPMBB 2015-C28 pooling and servicing agreement. See “Servicing of the Mortgage Loans—Servicing of the Horizon Outlet Shoppes Portfolio Mortgage Loan” in the Free Writing Prospectus.
|
||||||
Subject to certain limited exceptions, in connection with its duties under the Pooling and Servicing Agreement, the Special Servicer and its affiliates are prohibited from receiving or retaining any compensation (other than compensation specifically provided for under the Pooling and Servicing Agreement) from anyone in connection with the disposition, workout or foreclosure of any mortgage loan, the management or disposition of any REO property, or the performance of any other special servicing duties under the Pooling and Servicing Agreement. In the event the Special Servicer does receive any such compensation, it will be required to disclose those fees to the Certificate Administrator who will include it as part of the statement to Certificateholders.
|
||||||
In addition, no liquidation fee will be payable to the Special Servicer if a mortgage loan becomes a specially serviced mortgage loan only because of a maturity default and the related liquidation proceeds are received within 90 days following the stated maturity date as a result of the related mortgage loan being refinanced or otherwise repaid in full.
|
||||||
■
|
Deal Website:
|
The Certificate Administrator will maintain a deal website to which certain persons will have access to certain information including, but not limited to the following, which will be posted:
|
||||
■
|
special notices
|
|||||
■
|
summaries of asset status reports
|
|||||
■
|
appraisals in connection with Appraisal Reductions plus any second appraisals ordered
|
|||||
■
|
an “Investor Q&A Forum”
|
|||||
■
|
a voluntary investor registry
|
|||||
■
|
SEC EDGAR filings
|
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2025 M Street
|
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2025 M Street
|
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2025 M Street
|
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JPMBB 2015-C29
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2025 M Street
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Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
RAIT
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$63,560,000
|
Title:
|
Fee
|
|
Cut-off Date Principal
|
$63,560,000
|
Property Type - Subtype:
|
Office – CBD
|
|
% of Pool by IPB:
|
6.5%
|
Net Rentable Area (SF):
|
191,248
|
|
Loan Purpose:
|
Acquisition
|
Location:
|
Washington, DC
|
|
Borrower:
|
Mikeone EK M Street Holdings,
|
Year Built / Renovated:
|
1971 / 1995
|
|
LLC
|
Occupancy(1):
|
99.5%
|
||
Sponsors:
|
EK 2013 Family Trust and Michael
|
Occupancy Date:
|
2/11/2015
|
|
Klein
|
Number of Tenants:
|
7
|
||
Interest Rate:
|
4.25000%
|
2012 NOI:
|
$6,807,959
|
|
Note Date:
|
3/13/2015
|
2013 NOI:
|
$5,206,586
|
|
Maturity Date:
|
4/1/2025
|
2014 NOI:
|
$5,107,614
|
|
Interest-only Period:
|
36 months
|
UW Economic Occupancy:
|
95.0%
|
|
Original Term:
|
120 months
|
UW Revenues:
|
$9,882,877
|
|
Original Amortization:
|
360 months
|
UW Expenses:
|
$4,278,934
|
|
Amortization Type:
|
IO-Balloon
|
UW NOI(1):
|
$5,603,943
|
|
Call Protection:
|
L(26),Def(90),O(4)
|
UW NCF(1):
|
$5,358,823
|
|
Lockbox:
|
Springing
|
Appraised Value / Per SF:
|
$110,000,000 / $575
|
|
Additional Debt:
|
N/A
|
Appraisal Date:
|
2/11/2015
|
|
Additional Debt Balance:
|
N/A
|
|||
Additional Debt Type:
|
N/A
|
|||
Escrows and Reserves(2)
|
Financial Information
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$332
|
|||
Taxes:
|
$369,150
|
$147,660
|
N/A
|
Maturity Date Loan / SF:
|
$289
|
||
Insurance:
|
$21,945
|
$7,315
|
N/A
|
Cut-off Date LTV:
|
57.8%
|
||
Replacement Reserves:
|
$0
|
$4,489
|
N/A
|
Maturity Date LTV:
|
50.3%
|
||
TI/LC:
|
$2,328,880
|
$80,065
|
N/A
|
UW NCF DSCR:
|
1.43x
|
||
Other:
|
$888,242
|
$0
|
N/A
|
UW NOI Debt Yield:
|
8.8%
|
||
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Mortgage Loan
|
$63,560,000
|
56.2%
|
Purchase Price
|
$105,944,200
|
93.7%
|
|
Sponsor Equity
|
49,518,994
|
43.8
|
Upfront Reserves
|
3,608,217
|
3.2
|
|
Closing Costs
|
3,526,577
|
3.1
|
||||
Total Sources
|
$113,078,994
|
100.0%
|
Total Uses
|
$113,078,994
|
100.0%
|
(1)
|
Occupancy, UW NOI and UW NCF include a newly executed lease to American-Mideast Educational and Training Services, Inc. totaling 20,404 square feet, for which the tenant is not yet in occupancy or paying rent. The tenant is expected to take occupancy on or about July 1, 2015. American-Mideast Educational and Training Services, Inc.’s first year base rent is $816,160. Current occupancy as of February 11, 2015 excluding this tenant is 88.8%.
|
(2)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
32 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
2025 M Street
|
Historical and Current Occupancy (1)
|
|||
2012
|
2013
|
2014
|
Current (2)
|
88.9%
|
88.2%
|
98.6%
|
99.5%
|
(1)
|
Historical Occupancies are as of December 31 of each year.
|
(2)
|
Current Occupancy as of February 11, 2015. Includes one tenant who has signed a lease but is not yet in occupancy. The tenant is expected to take occupancy on or about July 1, 2015. Current occupancy as of February 11, 2015 excluding this tenant is 88.8%.
|
33 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
2025 M Street
|
Tenant Summary(1)
|
|||||||||
Tenant
|
Tenant
Type |
Ratings(2)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of
Total NRA
|
Base Rent PSF
|
Lease Expiration Date
|
|||
Radio Free Asia(3)
|
Office
|
NA / NA / NA
|
72,748
|
38.0%
|
$25.48
|
3/31/2024
|
|||
Smith Bucklin(4)
|
Office
|
NA / NA / NA
|
71,389
|
37.3%
|
$59.21
|
6/30/2020
|
|||
AMID(5)
|
Office
|
NA / NA / NA
|
20,404
|
10.7%
|
$40.00
|
6/30/2026
|
|||
Kaplan(6)
|
Retail
|
NA / NA / NA
|
14,177
|
7.4%
|
$39.46
|
10/31/2019
|
|||
Destination Marketing
|
Office
|
NA / NA / NA
|
7,599
|
4.0%
|
$42.73
|
3/31/2020
|
|||
Salon Prestige
|
Retail
|
NA / NA / NA
|
2,709
|
1.4%
|
$30.00
|
2/28/2025
|
|||
University of Pittsburgh
|
Office
|
NA / NA / NA
|
1,235
|
0.6%
|
$45.00
|
8/31/2018
|
(1)
|
Based on the underwritten rent roll dated February 11, 2015.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
(3)
|
If the U.S. government (1) fails to renew tenant’s annual broadcasting grant or (2) reduces tenant’s annual broadcasting grant by 50% or more, the tenant has the one-time right to terminate its lease with respect to either (A) the entire premises or (B) up to 50% of the premises, in either case effective March 31, 2018 with one year’s prior notice. Such termination is subject to the tenant’s payment of a termination fee equal to the aggregate of (i) rent payments that would have been due but for the termination event for the four month period following the termination, and (ii) the unamortized cost of tenant improvements at the rate of 6.5% per annum.
|
(4)
|
Smith Bucklin subleases approximately (i) 9,059 square feet of its space (or 4.7% of the property’s net rentable area) to YWCA, and (ii) 4,721 square feet of its space (or 2.5% of the property’s net rentable area) to APISF.
|
(5)
|
Assumes a July 1, 2015 lease commencement date and that AMID is paying base rent. Tenant’s lease has been executed and commences on the earlier of (i) July 1, 2015 or (ii) the date that tenant commences business operations at the property.
|
(6)
|
Kaplan has a one-time right to terminate its lease effective September 30, 2016 with one year’s prior notice, which is subject to the payment of a termination fee equal to any unamortized cost of the aggregate of tenant improvements, brokerage commissions, rent abatement and legal costs at the rate of 8.0% per annum.
|
Lease Rollover Schedule(1)
|
|||||||||||||||||||||
Year
|
Number
of Leases Expiring |
Net
Rentable Area Expiring |
% of NRA Expiring
|
Base Rent Expiring
|
% of
Base Rent Expiring |
Cumulative
Net Rentable Area Expiring |
Cumulative
% of NRA Expiring |
Cumulative
Base Rent Expiring |
Cumulative
% of Base Rent Expiring |
||||||||||||
Vacant
|
NAP
|
987
|
0.5
|
% |
NAP
|
NAP
|
987
|
0.5%
|
NAP
|
NAP
|
|||||||||||
2015 & MTM
|
0
|
0
|
0.0
|
$0
|
0.0
|
% |
0
|
0.5%
|
$0
|
0%
|
|||||||||||
2016
|
0
|
0
|
0.0
|
0
|
0.0
|
0
|
0.5%
|
$0
|
0%
|
||||||||||||
2017
|
0
|
0
|
0.0
|
0
|
0.0
|
0
|
0.5%
|
$0
|
0%
|
||||||||||||
2018
|
1
|
1,235
|
0.6
|
55,575
|
0.7
|
1,235
|
1.2%
|
$55,575
|
0.7%
|
||||||||||||
2019
|
1
|
14,177
|
7.4
|
559,424
|
7.0
|
15,412
|
8.6%
|
$614,999
|
7.7%
|
||||||||||||
2020
|
2
|
78,988
|
41.3
|
4,551,983
|
57.0
|
94,400
|
49.9%
|
$5,166,982
|
64.6%
|
||||||||||||
2021
|
0
|
0
|
0.0
|
0
|
0.0
|
94,400
|
49.9%
|
$5,166,982
|
64.6%
|
||||||||||||
2022
|
0
|
0
|
0.0
|
0
|
0.0
|
94,400
|
49.9%
|
$5,166,982
|
64.6%
|
||||||||||||
2023
|
0
|
0
|
0.0
|
0
|
0.0
|
94,400
|
49.9%
|
$5,166,982
|
64.6%
|
||||||||||||
2024
|
1
|
72,748
|
38.0
|
1,927,948
|
24.1
|
167,148
|
87.9%
|
$7,094,930
|
88.8%
|
||||||||||||
2025
|
1
|
2,709
|
1.4
|
81,270
|
1.0
|
169,857
|
89.3%
|
$7,176,200
|
89.8%
|
||||||||||||
2026 & Beyond
|
1
|
20,404
|
10.7
|
816,160
|
10.2
|
190,261
|
100.0%
|
$7,992,360
|
100.0%
|
||||||||||||
Total
|
7
|
191,248
|
100.0
|
% |
$7,992,360
|
100.0
|
% |
|
|
|
|
(1)
|
Based on the underwritten rent roll dated February 11, 2015.
|
34 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
2025 M Street
|
Operating History and Underwritten Net Cash Flow
|
|||||||||||||
2012
|
2013
|
2014
|
Underwritten
|
Per
Square Foot |
%(1)
|
||||||||
Rents in Place(2)
|
$6,896,384
|
$6,600,389
|
$6,916,353
|
$7,992,360
|
41.79
|
83.4
|
% | ||||||
Vacant Income
|
0
|
0
|
0
|
19,740
|
0.10
|
0.2
|
|||||||
Gross Potential Rent
|
$6,896,384
|
$6,600,389
|
$6,916,353
|
$8,012,100
|
$41.89
|
83.6
|
% | ||||||
Total Reimbursements
|
1,035,555
|
1,661,143
|
1,257,619
|
1,567,632
|
8.20
|
16.4
|
|||||||
Net Rental Income
|
$7,931,939
|
$ 8,261,532
|
$ 8,173,972
|
$ 9,579,732
|
$ 50.09
|
100.0
|
% | ||||||
(Vacancy/Credit Loss)
|
0
|
0
|
0
|
(478,987)
|
(2.50)
|
(5.0
|
) | ||||||
Other Income(3)
|
2,113,782
|
364,421
|
67,430
|
2,000
|
0.01
|
0.0
|
|||||||
Submetered Elec. & OT HVAC
|
348,666
|
398,927
|
474,176
|
459,600
|
2.40
|
4.8
|
|||||||
Parking
|
280,571
|
295,483
|
308,046
|
320,531
|
1.68
|
3.3
|
|||||||
Effective Gross Income
|
$10,674,958
|
$9,320,363
|
$9,023,624
|
$9,882,877
|
$51.68
|
103.2
|
% | ||||||
Total Expenses
|
$3,866,999
|
$4,113,777
|
$3,916,010
|
$4,278,934
|
$22.37
|
43.3
|
% | ||||||
Net Operating Income
|
$6,807,959
|
$5,206,586
|
$5,107,614
|
$5,603,943
|
$29.30
|
56.7
|
% | ||||||
Total TI/LC, Capex/RR
|
0
|
0
|
0
|
245,120
|
1.28
|
2.5
|
|||||||
Net Cash Flow
|
$6,807,959
|
$5,206,586
|
$5,107,614
|
$5,358,823
|
$28.02
|
54.2
|
% | ||||||
(1)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(2)
|
The increase in Underwritten Rents in Place from 2014 is primarily due to a new 20,404 square foot AMID lease, which has been executed and is expected to commence on or about July 1, 2015. AMID’s first year base rent is $816,160.
|
(3)
|
2012 Other Income includes a $2,002,822 termination fee paid by then-tenant Arqiva.
|
35 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
2025 M Street
|
36 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
37 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
38 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
39 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance(1):
|
$60,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance(1):
|
$60,000,000
|
Property Type - Subtype:
|
Office - CBD
|
|
% of Pool by IPB:
|
6.1%
|
Net Rentable Area (SF):
|
602,122
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Houston, TX
|
|
Borrower:
|
BRI 1850 Houston OCC, LLC
|
Year Built / Renovated:
|
1961 / 2010
|
|
Sponsor:
|
Accesso Partners, LLC
|
Occupancy(2):
|
82.6%
|
|
Interest Rate:
|
3.95000%
|
Occupancy Date:
|
2/28/2015
|
|
Note Date:
|
3/25/2015
|
Number of Tenants:
|
18
|
|
Maturity Date:
|
4/1/2025
|
2012 NOI(3):
|
$7,911,764
|
|
Interest-only Period:
|
120 months
|
2013 NOI:
|
$9,740,131
|
|
Original Term:
|
120 months
|
2014 NOI:
|
$9,107,191
|
|
Original Amortization:
|
None
|
TTM NOI (as of 2/2015):
|
$9,377,052
|
|
Amortization Type:
|
Interest Only
|
UW Economic Occupancy:
|
81.6%
|
|
Call Protection:
|
L(25),Grtr1%orYM(92),O(3)
|
UW Revenues:
|
$19,305,498
|
|
Lockbox:
|
Hard
|
UW Expenses:
|
$10,216,109
|
|
Additional Debt:
|
Yes
|
UW NOI:
|
$9,089,389
|
|
Additional Debt Balance:
|
$40,000,000
|
UW NCF:
|
$8,176,746
|
|
Additional Debt Type:
|
Pari Passu
|
Appraised Value / Per SF:
|
$162,000,000 / $269
|
|
Appraisal Date:
|
2/20/2015
|
|||
Escrows and Reserves(4)
|
Financial Information(1)
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$166
|
|||
Taxes:
|
$954,924
|
$318,308
|
N/A
|
Maturity Date Loan / SF:
|
$166
|
||
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
61.7%
|
||
Replacement Reserves:
|
$10,036
|
$10,036
|
N/A
|
Maturity Date LTV:
|
61.7%
|
||
TI/LC:
|
$62,500
|
$62,500
|
$2,250,000
|
UW NCF DSCR:
|
2.04x
|
||
Other:
|
$6,625,904
|
Springing
|
$1,500,000
|
UW NOI Debt Yield:
|
9.1%
|
||
Sources and Uses
|
|||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||||
Mortgage Loan(1)
|
$100,000,000
|
100.0
|
% |
Payoff Existing Debt
|
$70,840,321
|
70.8
|
% | ||||
Return of Equity
|
20,382,129
|
20.4
|
|||||||||
Upfront Reserves
|
7,653,364
|
7.7
|
|||||||||
Closing Costs
|
1,124,186
|
1.1
|
|||||||||
Total Sources
|
$100,000,000
|
100.0
|
% |
Total Uses
|
$100,000,000
|
100.0
|
% |
(1)
|
One City Centre is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $100.0 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $100.0 million One City Centre Whole Loan.
|
(2)
|
Occupancy does not include a 21,103 square foot space for which Waste Management has notified the borrower of its plans to vacate at the end of December 2015.
|
(3)
|
2012 NOI represents annualized Q4 figures, as the property was acquired in September 2012.
|
(4)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
40 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
41 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
Historical and Current Occupancy(1)
|
|||
2012
|
2013
|
2014
|
Current(2)
|
86.5%
|
82.3%
|
82.2%
|
82.6%
|
(1)
|
Historical Occupancies are as of December 31 of each respective year.
|
(2)
|
Current Occupancy is as of February 28, 2015.
|
Tenant Summary(1)
|
|||||||||||||
Tenant
|
Ratings(2)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of Total
NRA |
Base Rent
|
Base Rent
PSF |
Lease Expiration
Date |
|||||||
Waste Management(3)(4)
|
Baa2 / A- / BBB
|
243,628
|
40.5%
|
$4,595,568
|
$18.86
|
12/31/2020
|
|||||||
Energy XXI(5)
|
NA / B- / CCC
|
171,016
|
28.4%
|
$3,154,271
|
$18.44
|
12/31/2022
|
|||||||
Ballard Exploration
|
NA / NA / NA
|
18,518
|
3.1%
|
$333,324
|
$18.00
|
8/31/2017
|
|||||||
Wells Fargo Bank
|
A2 / A+ / AA-
|
13,136
|
2.2%
|
$203,608
|
$15.50
|
4/30/2016
|
|||||||
Stone Bond Technologies
|
NA / NA / NA
|
8,823
|
1.5%
|
$136,757
|
$15.50
|
5/31/2016
|
|||||||
Paloma Resources
|
NA / NA / NA
|
7,354
|
1.2%
|
$147,080
|
$20.00
|
1/31/2016
|
|||||||
CT Corporation Systems
|
NA / NA / NA
|
7,071
|
1.2%
|
$141,420
|
$20.00
|
12/31/2015
|
|||||||
McCord Development(6)
|
NA / NA / NA
|
6,843
|
1.1%
|
$136,860
|
$20.00
|
12/31/2016
|
|||||||
Rivington Capital Advisors
|
NA / NA / NA
|
5,214
|
0.9%
|
$97,763
|
$18.75
|
2/28/2019
|
|||||||
Wynne & Wynne LLP
|
NA / NA / NA
|
2,992
|
0.5%
|
$53,856
|
$18.00
|
7/31/2017
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
(3)
|
The Waste Management lease has two five-year extension options.
|
(4)
|
Waste Management has several options to contract its space: (i) approximately 880 square feet in the lower tunnel of the building any time on or after the last day of the 72nd month after lease commencement with respect to this particular space, with 12 months’ prior notice; and (ii) all of the space (but not less than all) either on the 12th floor (9,625 square feet) or the 17th floor (21,266 square feet), as of June 30, 2019, with prior written notice by October 31, 2018. In addition, Waste Management executed a contraction option earlier this year and plans to vacate the space it currently occupies on the 9th floor of the property (21,103 square feet) on December 31, 2015. According to the borrower, Waste Management is in the process of consolidating its Houston office footprint and is in discussions to expand the current lease. The ninth floor give-back is part of this long term strategy.
|
(5)
|
The Energy XXI lease has one five-year extension option.
|
(6)
|
McCord Development has the right to terminate its lease with 30 days’ notice.
|
Lease Rollover Schedule(1)
|
||||||||||||||||||
Year
|
Number of Leases
Expiring |
Net Rentable Area
Expiring |
% of NRA Expiring
|
Base Rent Expiring
|
% of Base
Rent
Expiring |
Cumulative
Net Rentable Area Expiring |
Cumulative
% of NRA Expiring |
Cumulative Base Rent Expiring
|
Cumulative %
of Base Rent Expiring |
|||||||||
Vacant(2)
|
NAP
|
104,612
|
17.4%
|
NAP
|
NAP
|
104,612
|
17.4%
|
NAP
|
NAP
|
|||||||||
2015 & MTM
|
1
|
7,071
|
1.2
|
$141,420
|
1.5%
|
111,683
|
18.5%
|
$141,420
|
1.5%
|
|||||||||
2016
|
7
|
39,421
|
6.5
|
689,752
|
7.4
|
151,104
|
25.1%
|
$831,172
|
9.0%
|
|||||||||
2017
|
4
|
24,097
|
4.0
|
438,299
|
4.7
|
175,201
|
29.1%
|
$1,269,471
|
13.7%
|
|||||||||
2018
|
0
|
0
|
0.0
|
0
|
0.0
|
175,201
|
29.1%
|
$1,269,471
|
13.7%
|
|||||||||
2019
|
1
|
5,214
|
0.9
|
97,763
|
1.1
|
180,415
|
30.0%
|
$1,367,233
|
14.7%
|
|||||||||
2020
|
1
|
243,628
|
40.5
|
4,595,568
|
49.5
|
424,043
|
70.4%
|
$5,962,801
|
64.2%
|
|||||||||
2021
|
1
|
2,848
|
0.5
|
51,264
|
0.6
|
426,891
|
70.9%
|
$6,014,065
|
64.8%
|
|||||||||
2022
|
1
|
171,016
|
28.4
|
3,154,271
|
34.0
|
597,907
|
99.3%
|
$9,168,336
|
98.8%
|
|||||||||
2023
|
0
|
0
|
0.0
|
0
|
0.0
|
597,907
|
99.3%
|
$9,168,336
|
98.8%
|
|||||||||
2024
|
0
|
0
|
0.0
|
0
|
0.0
|
597,907
|
99.3%
|
$9,168,336
|
98.8%
|
|||||||||
2025
|
0
|
0
|
0.0
|
0
|
0.0
|
597,907
|
99.3%
|
$9,168,336
|
98.8%
|
|||||||||
2026 & Beyond
|
2
|
4,215
|
0.7
|
115,653
|
1.2
|
602,122
|
100.0%
|
$9,283,989
|
100.0%
|
|||||||||
Total
|
18
|
602,122
|
100.0%
|
$9,283,989
|
100.0%
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Includes 21,103 square feet of space that Waste Management indicated it will vacate on December 31, 2015.
|
42 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
Operating History and Underwritten Net Cash Flow
|
|||||||||
2012(1)
|
2013
|
2014
|
TTM(2)
|
Underwritten
|
Per Square
Foot |
%(3)
|
|||
Rents in Place(4)
|
$7,817,405
|
$8,844,687
|
$8,858,616
|
$9,170,042
|
$9,283,989
|
$15.42
|
46.2
|
% | |
Vacant Income
|
0
|
0
|
0
|
0
|
2,087,620
|
3.47
|
10.4
|
||
Gross Potential Rent
|
$7,817,405
|
$8,844,687
|
$8,858,616
|
$9,170,042
|
$11,371,609
|
$18.89
|
56.6
|
% | |
Total Reimbursements
|
5,157,272
|
6,701,914
|
7,084,849
|
7,030,988
|
8,732,769
|
14.50
|
43.4
|
||
Net Rental Income
|
$12,974,677
|
$15,546,601
|
$15,943,465
|
$16,201,029
|
$20,104,378
|
$33.39
|
100.0
|
% | |
(Vacancy/Credit Loss)
|
0
|
0
|
(360,886)
|
(541,420)
|
(3,690,797)
|
(6.13
|
) |
(18.4
|
) |
Other Income(5)
|
1,818,819
|
3,352,968
|
2,780,759
|
2,706,353
|
2,891,917
|
4.80
|
14.4
|
||
Effective Gross Income
|
$14,793,495
|
$18,899,569
|
$18,363,338
|
$18,365,962
|
$19,305,498
|
$32.06
|
96.0
|
% | |
Total Expenses
|
$6,881,731
|
$9,159,438
|
$9,256,147
|
$8,988,910
|
$10,216,109
|
$16.97
|
52.9
|
% | |
Net Operating Income
|
$7,911,764
|
$9,740,131
|
$9,107,191
|
$9,377,052
|
$9,089,389
|
$15.10
|
47.1
|
% | |
Total TI/LC, Capex/RR
|
0
|
0
|
0
|
0
|
912,642
|
1.52
|
4.7
|
||
|
|||||||||
Net Cash Flow
|
$7,911,764
|
$9,740,131
|
$9,107,191
|
$9,377,052
|
$8,176,746
|
$13.58
|
42.4
|
% |
(1)
|
2012 NOI represents annualized fourth quarter financials, as the property was acquired in September 2012.
|
(2)
|
TTM column represents the trailing 12-month period ending on February 28, 2015.
|
(3)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(4)
|
Underwritten Rents in Place consist of in-place rents as of February 28, 2015 including rent steps through March 2016.
|
(5)
|
Other Income consists primarily of income from the parking garages, totaling 1,369 spaces. The increase in 2013 Other Income is attributed to the lease termination penalty paid by Electronic Data Systems which had occupied 62,000 square feet at the property. Electronic Data Systems was acquired by Hewlett Packard in 2008 and as part of consolidation, exercised a termination option in 2013 resulting in approximately $1.0 million in termination fees.
|
43 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
One City Centre
|
44 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
45 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
46 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
47 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$55,900,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$55,756,339
|
Property Type - Subtype:
|
Mixed Use - Office/Retail/Parking
|
|
% of Pool by IPB:
|
5.7%
|
Net Rentable Area (SF)(1):
|
595,566
|
|
Loan Purpose:
|
Refinance
|
Location:
|
New Orleans, LA
|
|
Borrower:
|
Hertz Texaco Center, LLC
|
Year Built / Renovated:
|
1983 / N/A
|
|
Sponsors:
|
William Z. Hertz, Isaac Hertz
|
Occupancy:
|
85.2%
|
|
and Sarah Hertz
|
Occupancy Date:
|
2/25/2015
|
||
Interest Rate:
|
4.38984%
|
Number of Tenants:
|
73
|
|
Note Date:
|
3/20/2015
|
2012 NOI:
|
$5,109,642
|
|
Maturity Date:
|
4/1/2025
|
2013 NOI(2):
|
$5,188,598
|
|
Interest-only Period:
|
None
|
2014 NOI(2):
|
$5,708,029
|
|
Original Term:
|
120 months
|
TTM NOI (as of 3/2015)(3):
|
$5,778,132
|
|
Original Amortization:
|
360 months
|
UW Economic Occupancy:
|
88.6%
|
|
Amortization Type:
|
Balloon
|
UW Revenues:
|
$11,390,127
|
|
Call Protection:
|
L(25),Grtr1%orYM(92),O(3)
|
UW Expenses:
|
$5,176,925
|
|
Lockbox:
|
Hard
|
UW NOI(3):
|
$6,213,202
|
|
Additional Debt:
|
Yes
|
UW NCF:
|
$5,379,409
|
|
Additional Debt Balance:
|
$7,000,000
|
Appraised Value / Per SF:
|
$76,700,000 / $129
|
|
Additional Debt Type:
|
Mezzanine Loan
|
Appraisal Date:
|
1/23/2015
|
|
Escrows and Reserves(4)
|
Financial Information
|
|||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$94
|
||||
Taxes:
|
$336,644
|
$84,200
|
N/A
|
Maturity Date Loan / SF:
|
$76
|
|||
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
72.7%
|
|||
Replacement Reserves:
|
$9,925
|
$9,925
|
N/A
|
Maturity Date LTV:
|
58.7%
|
|||
TI/LC:
|
$1,500,000
|
$59,557
|
N/A
|
UW NCF DSCR:
|
1.60x
|
|||
Other:
|
$551,842
|
$0
|
N/A
|
UW NOI Debt Yield:
|
11.1%
|
|||
Sources and Uses | ||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|||||
Mortgage Loan
|
$55,900,000
|
88.9%
|
Payoff Existing Debt
|
$46,241,666
|
73.5
|
% | ||||
Mezzanine Loan
|
7,000,000
|
11.1
|
Return of Equity
|
13,854,425
|
22.0
|
|||||
Upfront Reserves
|
2,398,411
|
3.8
|
||||||||
Closing Costs
|
405,497
|
0.7
|
||||||||
Total Sources
|
$62,900,000
|
100.0%
|
Total Uses
|
$62,900,000
|
100.0
|
% |
(1)
|
Net Rentable Area (SF) excludes 11,042 square feet of structurally vacant space located at the top of the Office Property. For the purpose of underwriting, the space has been removed from any underwriting consideration.
|
(2)
|
The increase in 2014 NOI from 2013 NOI is primarily driven by 20 tenants that either renewed or signed new leases at the Office Property in 2014. The 20 tenants account for 124,824 square feet of net rentable area and pay approximately $2.2 million in annual rent.
|
(3)
|
The increase in UW NOI from TTM NOI is due to rent escalations underwritten through April 1, 2016 totaling $120,526, as well as 12 new tenants which took occupancy between October 2014 and February 2015. The 12 tenants account for 35,359 square feet of net rentable area and pay $596,155 in annual rent and the burning off of concessions from leases signed in 2014.
|
(4)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
48 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
49 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
Historical and Current Occupancy(1)
|
|||
2012
|
2013
|
2014
|
Current(2)
|
79.8%
|
80.9%
|
82.8%
|
85.2%
|
(1)
|
Historical occupancies are as of December 31 of each respective year.
|
(2)
|
Current Occupancy is as of February 25, 2015.
|
Tenant Summary(1)
|
||||||
Tenant
|
Ratings(2)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of
Total NRA
|
Base Rent
PSF
|
Lease
Expiration Date |
|
CACI, Inc. – Commercial(3)
|
Ba2 / BB+ / NA
|
45,188
|
7.6%
|
$20.00
|
6/30/2016
|
|
Irwin Fritchie Urquhart & Moore
|
NA / NA / NA
|
44,317
|
7.4%
|
$16.50
|
12/31/2019
|
|
Fowler Rodriguez(4)
|
NA / NA / NA
|
33,534
|
5.6%
|
$17.00
|
2/28/2019
|
|
Regions Bank
|
Ba1 / BBB / BBB
|
28,625
|
4.8%
|
$18.42
|
12/31/2021
|
|
Entercom New Orleans, LLC
|
NA / NA / NA
|
22,169
|
3.7%
|
$18.50
|
2/28/2023
|
|
Krebs Farley & Pelleteri
|
NA / NA / NA
|
17,203
|
2.9%
|
$17.00
|
7/31/2017
|
|
Social Security Administration
|
NA / NA / NA
|
15,927
|
2.7%
|
$27.99
|
1/11/2024
|
|
GHS-400, LLC
|
NA / NA / NA
|
15,276
|
2.6%
|
$19.80
|
12/31/2020
|
|
Degan Blanchard & Nash
|
NA / NA / NA
|
14,201
|
2.4%
|
$16.75
|
2/28/2020
|
|
Louisiana Department of Justice
|
NA / NA / NA
|
12,709
|
2.1%
|
$17.23
|
2/24/2018
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field, whether or not the parent company guarantees the lease.
|
(3)
|
CACI has the one-time option to terminate its lease on December 31, 2015 with 60 days’ prior written notice.
|
(4)
|
Fowler Rodriguez occupies two suites at the property, 19,880 square feet and 13,654 square feet, respectively. The $17.00 per square foot Base Rent PSF represents a weighted average of the underwritten base rent on Fowler’s two suites.
|
50 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
Lease Rollover Schedule(1)
|
|||||||||||||||||||
Year
|
Number
of Leases Expiring |
Net
Rentable Area Expiring |
% of
NRA Expiring |
Base Rent
Expiring |
% of Base
Rent Expiring |
Cumulative
Net Rentable Area Expiring |
Cumulative
% of NRA Expiring |
Cumulative
Base Rent Expiring |
Cumulative
% of Base Rent Expiring |
||||||||||
Vacant
|
NAP
|
88,366
|
14.8
|
% |
NAP
|
NAP
|
88,366
|
14.8%
|
NAP
|
NAP
|
|||||||||
2015 & MTM
|
3
|
17,279
|
2.9
|
$289,384
|
3.3
|
% |
105,645
|
17.7%
|
$289,384
|
3.3%
|
|||||||||
2016
|
19
|
114,404
|
19.2
|
2,077,738
|
23.7
|
220,049
|
36.9%
|
$2,367,122
|
27.0%
|
||||||||||
2017
|
11
|
56,451
|
9.5
|
957,321
|
10.9
|
276,500
|
46.4%
|
$3,324,443
|
37.9%
|
||||||||||
2018
|
8
|
36,061
|
6.1
|
639,499
|
7.3
|
312,561
|
52.5%
|
$3,963,942
|
45.2%
|
||||||||||
2019
|
15
|
130,034
|
21.8
|
2,160,380
|
24.6
|
442,595
|
74.3%
|
$6,124,322
|
69.8%
|
||||||||||
2020
|
10
|
51,542
|
8.7
|
920,865
|
10.5
|
494,137
|
83.0%
|
$7,045,187
|
80.3%
|
||||||||||
2021
|
2
|
35,735
|
6.0
|
658,542
|
7.5
|
529,872
|
89.0%
|
$7,703,729
|
87.8%
|
||||||||||
2022
|
0
|
0
|
0.0
|
0
|
0.0
|
529,872
|
89.0%
|
$7,703,729
|
87.8%
|
||||||||||
2023
|
1
|
22,169
|
3.7
|
410,127
|
4.7
|
552,041
|
92.7%
|
$8,113,855
|
92.5%
|
||||||||||
2024
|
3
|
27,492
|
4.6
|
641,619
|
7.3
|
579,533
|
97.3%
|
$8,755,474
|
99.8%
|
||||||||||
2025
|
0
|
0
|
0.0
|
0
|
0.0
|
579,533
|
97.3%
|
$8,755,474
|
99.8%
|
||||||||||
2026 & Beyond(2)
|
1
|
16,033
|
2.7
|
17,556
|
0.2
|
595,566
|
100.0%
|
$8,773,030
|
100.0%
|
||||||||||
Total
|
73
|
595,566
|
100.0
|
% |
$8,773,030
|
100.0
|
% |
(1)
|
Based on the underwritten rent roll as of February 25, 2015.
|
(2)
|
2026 & Beyond includes a building parking office totaling 585 square feet, a building storage space totaling 8,242 square feet, a Hertz Investment Group, Inc. storage space totaling 736 square feet and the Hertz Investment Group, Inc. management office totaling 4,342 square feet, none of which have income associated with their respective spaces. The spaces are not considered vacant as they contribute to building amenities and services.
|
Operating History and Underwritten Net Cash Flow
|
|||||||||||||||
2012
|
2013
|
2014
|
TTM(1)
|
Underwritten
|
Per Square
Foot |
%(2)
|
|||||||||
Rents in Place(3)(4)
|
$7,630,122
|
$7,716,120
|
$8,157,547
|
$8,222,481
|
$8,773,030
|
$14.73
|
68.5
|
% | |||||||
Vacant Income
|
0
|
0
|
0
|
0
|
1,458,039
|
2.45
|
11.4
|
||||||||
Gross Potential Rent
|
$7,630,122
|
$7,716,120
|
$8,157,547
|
$8,222,481
|
$10,231,069
|
$17.18
|
79.8
|
% | |||||||
Parking Income
|
1,906,092
|
1,939,325
|
2,137,077
|
2,256,840
|
2,137,077
|
3.59
|
16.7
|
||||||||
Total Reimbursements
|
337,786
|
506,056
|
457,447
|
498,063
|
445,640
|
0.75
|
3.5
|
||||||||
Net Rental Income
|
$9,874,000
|
$10,161,501
|
$10,752,071
|
$10,977,384
|
$12,813,786
|
$21.52
|
100.0
|
% | |||||||
(Vacancy/Credit Loss)
|
0
|
0
|
0
|
0
|
(1,458,038)
|
(2.45)
|
(11.4
|
) | |||||||
Other Income
|
33,176
|
21,306
|
34,379
|
34,419
|
34,379
|
0.06
|
0.3
|
||||||||
Effective Gross Income
|
$9,907,176
|
$10,182,807
|
$10,786,450
|
$11,011,803
|
$11,390,127
|
$19.12
|
88.9
|
% | |||||||
Total Expenses
|
$4,797,534
|
$4,994,209
|
$5,078,421
|
$5,233,671
|
$5,176,925
|
$8.69
|
45.5
|
% | |||||||
Net Operating Income
|
$5,109,642
|
$5,188,598
|
$5,708,029
|
$5,778,132
|
$6,213,202
|
$10.43
|
54.5
|
% | |||||||
Total TI/LC, Capex/RR
|
0
|
0
|
0
|
0
|
833,792
|
1.40
|
7.3
|
||||||||
Net Cash Flow
|
$5,109,642
|
$5,188,598
|
$5,708,029
|
$5,778,132
|
$5,379,409
|
$9.03
|
47.2
|
% |
(1)
|
TTM column represents the trailing 12-month period ending on March 31, 2015.
|
(2)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of the fields.
|
(3)
|
The increase in 2014 Rents in Place from 2013 Rents in Place is primarily driven by 20 tenants that either renewed or signed new leases at the Office Property in 2014. The 20 tenants account for 124,824 square feet of net rentable area and pay approximately $2.2 million in annual rent.
|
(4)
|
The increase in Underwritten Rents in Place from TTM Rents in Place is due to rent escalations underwritten through April 1, 2016 totaling $120,526, as well as 12 new tenants which took occupancy between October 2014 and February 2015. The 12 tenants account for 35,359 square feet of net rentable area and pay $596,155 in annual rent.
|
51 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
400 Poydras
|
52 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
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Cole IV Retail Portfolio – Pool I
|
53 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
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Cole IV Retail Portfolio – Pool I
|
54 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – Pool I
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
Barclays
|
Single Asset / Portfolio:
|
Portfolio
|
|
Original Principal Balance:
|
$50,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$50,000,000
|
Property Type - Subtype:
|
Retail - Anchored
|
|
% of Pool by IPB:
|
5.1%
|
Net Rentable Area (SF):
|
680,486
|
|
Loan Purpose(1):
|
Acquisition
|
Location:
|
Various
|
|
Borrowers(2):
|
Various
|
Year Built / Renovated:
|
Various / N/A
|
|
Sponsor:
|
Cole Operating Partnership IV, LP
|
Occupancy:
|
99.6%
|
|
Interest Rate:
|
3.80300%
|
Occupancy Date:
|
2/10/2015
|
|
Note Date:
|
4/9/2015
|
Number of Tenants:
|
36
|
|
Maturity Date:
|
5/6/2020
|
2012 NOI(3):
|
N/A
|
|
Interest-only Period:
|
60 months
|
2013 NOI(3):
|
N/A
|
|
Original Term:
|
60 months
|
2014 NOI(4):
|
$7,244,804
|
|
Original Amortization:
|
None
|
TTM NOI (as of 2/2015)(5)(6):
|
$7,434,168
|
|
Amortization Type:
|
Interest Only
|
UW Economic Occupancy:
|
95.1%
|
|
Call Protection:
|
L(25),Grtr1%orYM(31),O(4)
|
UW Revenues:
|
$9,818,217
|
|
Lockbox:
|
Hard
|
UW Expenses:
|
$3,098,492
|
|
Additional Debt:
|
N/A
|
UW NOI(6):
|
$6,719,726
|
|
Additional Debt Balance:
|
N/A
|
UW NCF:
|
$6,389,112
|
|
Additional Debt Type:
|
N/A
|
Appraised Value / Per SF:
|
$103,900,000 / $153
|
|
Appraisal Date(7):
|
Various
|
|||
Escrows and Reserves(8)
|
Financial Information
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$73
|
|||
Taxes:
|
$0
|
Springing
|
N/A
|
Maturity Date Loan / SF:
|
$73
|
||
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
48.1%
|
||
Replacement Reserves:
|
$0
|
$5,671
|
N/A
|
Maturity Date LTV:
|
48.1%
|
||
TI/LC:
|
$0
|
$28,354
|
N/A
|
UW NCF DSCR:
|
3.30x
|
||
Other:
|
$0
|
$0
|
N/A
|
UW NOI Debt Yield:
|
13.4%
|
||
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Mortgage Loan
|
$50,000,000
|
51.3%
|
Purchase Price(1)
|
$96,511,983
|
99.0%
|
|
Sponsor Equity
|
47,528,127
|
48.7
|
Closing Costs
|
1,016,144
|
1.0
|
|
Total Sources
|
$97,528,127
|
100.0%
|
Total Uses
|
$97,528,127
|
100.0%
|
(1)
|
A portion of the mortgage loan proceeds were used to remove four of the six properties that served as collateral under the loan sponsor’s line of credit facilities.
|
(2)
|
For a full description of the borrowing entities, please refer to “The Borrowers” below.
|
(3)
|
Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between March 2013 and September 2014 for a combined purchase price of $96,511,983.
|
(4)
|
2014 NOI encompasses the year-end 2014 period for four of the six properties, the trailing seven-month period annualized for Plaza San Mateo and the trailing four-month period for annualized Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
|
(5)
|
TTM NOI encompasses the trailing 12-month period for four of the six properties, the trailing nine-month period annualized for Plaza San Mateo and the trailing six-month period annualized for Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
|
(6)
|
The portfolio was 99.6% occupied as of February 10, 2015. As such, the decrease from TTM NOI to UW NOI is primarily due to the inclusion of a $504,555 vacancy adjustment.
|
(7)
|
The appraisals are dated as of February 12, 2015 through February 27, 2015.
|
(8)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
55 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – Pool I
|
Portfolio Summary
|
|||||||
Property
|
Location
|
Year Built
|
Net Rentable
Area (SF)
|
Allocated
Loan
Amount
|
Appraised
Value |
Underwritten
Net Cash Flow |
% of
Underwritten Net Cash Flow |
Beavercreek Shopping Center
|
Beavercreek, OH
|
1995, 2009, 2013
|
278,112
|
$17,200,000
|
$35,700,000
|
$2,255,795
|
35.3%
|
Marketplace at the Lakes
|
West Covina, CA
|
1994
|
95,628
|
11,300,000
|
23,500,000
|
1,416,057
|
22.2
|
Plaza San Mateo
|
Albuquerque, NM
|
2014
|
63,286
|
6,950,000
|
14,450,000
|
865,576
|
13.6
|
Emerald Place
|
Greenwood, SC
|
2012
|
107,628
|
6,250,000
|
13,000,000
|
697,366
|
10.9
|
Village at Hereford Farms
|
Grovetown, GA
|
2009
|
49,608
|
4,250,000
|
8,850,000
|
666,185
|
10.4
|
University Marketplace
|
Marion, IN
|
2012
|
86,224
|
4,050,000
|
8,400,000
|
488,134
|
7.6
|
Total
|
|
680,486
|
$50,000,000
|
$103,900,000
|
$6,389,112
|
100.0%
|
56 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – Pool I
|
57 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
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Cole IV Retail Portfolio – Pool I
|
Reporting Tenant Sales Summary
|
|||||||
Tenant
|
Property Name
|
Ratings(1)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of Total
NRA |
Gross Sales
($ Million)(2) |
Sales Per
Square Foot |
|
Toys R Us / Babies R Us
|
Marketplace at the Lakes
|
Caa2 / B- / CC
|
65,027
|
9.6%
|
$9.1
|
$140
|
|
Bed Bath & Beyond(3)
|
Plaza San Mateo
|
Baa1 / A- / NA
|
58,001
|
8.5%
|
$2.6
|
$113
|
|
Kohl’s
|
Emerald Place
|
Baa1 / BBB / BBB+
|
55,459
|
8.1%
|
$16.9
|
$305
|
|
Hobby Lobby
|
University Marketplace
|
NA / NA / NA
|
50,000
|
7.3%
|
$6.5
|
$130
|
|
Toys R Us
|
Beavercreek Shopping Center
|
NA / NA / NA
|
49,000
|
7.2%
|
$9.1
|
$186
|
|
Food Lion(4)(5)
|
Village at Hereford Farms
|
Baa3 / BBB- / NA
|
34,928
|
5.1%
|
$8.5
|
$242
|
|
Kings Furniture(4)(6)
|
Beavercreek Shopping Center
|
NA / NA / NA
|
30,724
|
4.5%
|
$1.6
|
$52
|
|
Michaels
|
Marketplace at the Lakes
|
NA / B+ / NA
|
30,601
|
4.5%
|
$4.7
|
$153
|
|
HomeGoods(4)
|
Beavercreek Shopping Center
|
A3 / A+ / NA
|
28,487
|
4.2%
|
$5.3
|
$187
|
|
PetSmart
|
Beavercreek Shopping Center
|
NA / B+ / NA
|
25,760
|
3.8%
|
$5.2
|
$202
|
|
TJ Maxx(4)
|
University Marketplace
|
A3 / A+ / NA
|
24,000
|
3.5%
|
$3.4
|
$140
|
|
Michaels(4)(7)
|
Beavercreek Shopping Center
|
NA / B+ / NA
|
22,447
|
3.3%
|
$4.3
|
$192
|
|
Five Below(4)(8)
|
Beavercreek Shopping Center
|
NA / NA / NA
|
10,000
|
1.5%
|
$1.0
|
$101
|
|
(1)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
|
(2)
|
Gross Sales are third party service estimates as of March 19, 2015, unless otherwise noted.
|
|
(3)
|
Gross Sales for Bed Bath & Beyond are only for the buybuy BABY portion of the store. Sales Per Square Foot are based on the portion occupied by buybuy BABY, 23,000 square feet.
|
|
(4)
|
Gross Sales are as reported per the loan sponsor.
|
|
(5)
|
Food Lion Gross Sales are as of year-end 2013.
|
|
(6)
|
Kings Furniture Gross Sales are for the 11-month period ending in November 2014.
|
|
(7)
|
Michaels, located at the Beavercreek Shopping Center, Gross Sales are as of year-end 2012.
|
|
(8)
|
Five Below Gross Sales are for the eight-month period ending in August 2013.
|
Historical and Current Occupancy(1)
|
|||
2012(2)
|
2013(2)
|
2014
|
Current(3)
|
88.6%
|
99.7%
|
100.0%
|
99.6%
|
(1)
|
Historical occupancies are as of December 31 of each respective year.
|
(2)
|
2012 Historical Occupancy and 2013 Historical Occupancy exclude Plaza San Mateo as it was built in 2014.
|
(3)
|
Current Occupancy is as of February 10, 2015.
|
Top 10 Tenant Summary(1)
|
||||||
Tenant
|
Property
|
Ratings(2)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of
Total NRA
|
Base
Rent PSF |
Lease
Expiration Date |
Toys R Us(3)
|
Various
|
Caa2 / B- / CC
|
114,027
|
16.8%
|
$14.13
|
Various
|
Bed Bath & Beyond
|
Plaza San Mateo
|
Baa1 / A- / NA
|
58,001
|
8.5%
|
$14.00
|
1/31/2025
|
Kohl’s
|
Emerald Place
|
Baa1 / BBB / BBB+
|
55,459
|
8.1%
|
$2.70
|
1/31/2033
|
Michaels(4)
|
Various
|
NA / B+ / NA
|
53,048
|
7.8%
|
$12.74
|
Various
|
PetSmart(5)
|
Various
|
NA / B+ / NA
|
50,141
|
7.4%
|
$11.55
|
Various
|
Hobby Lobby
|
University Marketplace
|
NA / NA / NA
|
50,000
|
7.3%
|
$5.50
|
9/30/2027
|
Gabriel Brothers
|
Beavercreek Shopping Center
|
NA / NA / NA
|
49,853
|
7.3%
|
$5.25
|
11/30/2018
|
LA Fitness
|
Beavercreek Shopping Center
|
NA / NA / NA
|
49,776
|
7.3%
|
$14.75
|
5/31/2024
|
Food Lion
|
Village at Hereford Farms
|
Baa3 / NA / NA
|
34,928
|
5.1%
|
$14.52
|
10/20/2029
|
Kings Furniture
|
Beavercreek Shopping Center
|
NA / NA / NA
|
30,724
|
4.5%
|
$6.10
|
9/30/2023
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
(3)
|
Toys R Us / Babies R Us at the Marketplace at the Lakes property (65,027 square feet) has a lease expiration of January 31, 2027 and a rent of $17.65 per square foot. Toys R Us at the Beavercreek Shopping Center property (49,000 square feet) has a lease expiration of January 31, 2024 and a rent of $9.45 per square foot.
|
(4)
|
Michaels at the Marketplace at the Lakes property (30,601 square feet) has a lease expiration of February 28, 2022 and a rent of $16.77 per square foot. Michaels at the Beavercreek Shopping Center property (22,447 square feet) has a lease expiration of September 30, 2018 and a rent of $7.25 per square foot.
|
(5)
|
PetSmart at the Beavercreek Shopping Center property (25,760 square feet) has a lease expiration of January 31, 2021 and a rent of $9.00 per square foot. PetSmart at the University Marketplace property (12,224 square feet) has a lease expiration of January 31, 2023 and a rent of $12.50 per square foot. PetSmart at the Emerald Place property (12,157 square feet) has a lease expiration of January 31, 2023 and a rent of $16.00 per square foot.
|
58 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – Pool I
|
Lease Rollover Schedule(1)
|
|||||||||||
Year
|
Number of Leases
Expiring |
Net Rentable
Area Expiring |
% of NRA Expiring
|
Base Rent Expiring
|
% of Base
Rent
Expiring |
Cumulative
Net Rentable Area Expiring |
Cumulative
% of NRA Expiring |
Cumulative Base Rent Expiring
|
Cumulative
% of Base Rent Expiring |
||
Vacant
|
NAP
|
2,994
|
0.4
|
% |
NAP
|
NAP
|
2,994
|
0.4%
|
NAP
|
NAP
|
|
2015 & MTM
|
1
|
1
|
0.0
|
$9,450
|
0.1
|
% |
2,995
|
0.4%
|
$9,450
|
0.1%
|
|
2016
|
2
|
2,954
|
0.4
|
52,625
|
0.7
|
5,949
|
0.9%
|
$62,075
|
0.8%
|
||
2017
|
2
|
2,800
|
0.4
|
46,480
|
0.6
|
8,749
|
1.3%
|
$108,555
|
1.4%
|
||
2018
|
5
|
78,750
|
11.6
|
546,869
|
7.2
|
87,499
|
12.9%
|
$655,424
|
8.7%
|
||
2019
|
1
|
1,600
|
0.2
|
32,000
|
0.4
|
89,099
|
13.1%
|
$687,424
|
9.1%
|
||
2020
|
3
|
8,482
|
1.2
|
233,107
|
3.1
|
97,581
|
14.3%
|
$920,531
|
12.2%
|
||
2021
|
1
|
25,760
|
3.8
|
231,840
|
3.1
|
123,341
|
18.1%
|
$1,152,371
|
15.2%
|
||
2022
|
2
|
59,088
|
8.7
|
765,252
|
10.1
|
182,429
|
26.8%
|
$1,917,623
|
25.3%
|
||
2023
|
8
|
126,717
|
18.6
|
1,281,128
|
16.9
|
309,146
|
45.4%
|
$3,198,752
|
42.3%
|
||
2024
|
5
|
106,857
|
15.7
|
1,449,437
|
19.1
|
416,003
|
61.1%
|
$4,648,189
|
61.4%
|
||
2025
|
1
|
58,001
|
8.5
|
812,014
|
10.7
|
474,004
|
69.7%
|
$5,460,203
|
72.1%
|
||
2026 & Beyond
|
5
|
206,482
|
30.3
|
2,110,319
|
27.9
|
680,486
|
100.0%
|
$7,570,522
|
100.0%
|
||
Total
|
36
|
680,486
|
100.0
|
% |
$7,570,522
|
100.0
|
% |
|
|
|
|
(1)
|
Based on the underwritten rent roll.
|
Operating History and Underwritten Net Cash Flow(1)
|
||||||
2014(2)
|
TTM(3)
|
Underwritten
|
Per Square
Foot |
%(4)
|
||
Rents in Place
|
$7,746,978
|
$7,772,379
|
$7,570,522
|
$11.13
|
73.3
|
% |
Vacant Income
|
0
|
0
|
67,301
|
0.10
|
0.7
|
|
Gross Potential Rent
|
$7,746,978
|
$7,772,379
|
$7,637,823
|
$11.22
|
74.0
|
% |
Total Reimbursements
|
2,101,485
|
2,145,545
|
2,684,949
|
3.95
|
26.0
|
|
Net Rental Income
|
$9,848,464
|
$9,917,923
|
$10,322,772
|
$15.17
|
100.0
|
% |
(Vacancy/Credit Loss)
|
0
|
0
|
(504,555)
|
(0.74)
|
(4.9)
|
|
Other Income
|
24,079
|
123,304
|
0
|
0.00
|
0.0
|
|
Effective Gross Income
|
$9,872,543
|
$10,041,227
|
$9,818,217
|
$14.43
|
95.1
|
% |
|
||||||
Total Expenses
|
$2,627,738
|
$2,607,059
|
$3,098,492
|
$4.55
|
31.6
|
% |
|
||||||
Net Operating Income(5)
|
$7,244,804
|
$7,434,168
|
$6,719,726
|
$9.87
|
68.4
|
% |
|
||||||
Total TI/LC, Capex/RR
|
0
|
0
|
330,613
|
0.49
|
3.4
|
|
Net Cash Flow
|
$7,244,804
|
$7,434,168
|
$6,389,112
|
$9.39
|
65.1
|
% |
|
(1)
|
Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between March 2013 and September 2014 for a combined purchase price of $96,511,983.
|
(2)
|
2014 NOI encompasses the year-end 2014 period for four of the six properties, the trailing seven-month period annualized for Plaza San Mateo and the trailing four-month period annualized for Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
|
(3)
|
TTM encompasses the trailing 12-month period ending February 28, 2015 for four of the six properties, trailing nine-month period annualized for Plaza San Mateo and the trailing six-month period annualized for Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
|
(4)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(5)
|
The portfolio was 99.6% occupied as of February 10, 2015. As such the decrease from TTM NOI to UW NOI is primarily due to the inclusion of a $504,555 vacancy adjustment.
|
59 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – Pool I
|
60 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
61 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
62 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
Barclays
|
Single Asset / Portfolio:
|
Portfolio
|
|
Original Principal Balance:
|
$50,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$50,000,000
|
Property Type - Subtype:
|
Retail - Anchored
|
|
% of Pool by IPB:
|
5.1%
|
Net Rentable Area (SF):
|
551,854
|
|
Loan Purpose(1):
|
Acquisition
|
Location:
|
Various
|
|
Borrowers(2):
|
Various
|
Year Built / Renovated:
|
Various / Various
|
|
Sponsor:
|
Cole Operating Partnership IV, LP
|
Occupancy:
|
96.9%
|
|
Interest Rate:
|
3.80300%
|
Occupancy Date:
|
2/10/2015
|
|
Note Date:
|
4/9/2015
|
Number of Tenants:
|
47
|
|
Maturity Date:
|
5/6/2020
|
2012 NOI(3):
|
N/A
|
|
Interest-only Period:
|
60 months
|
2013 NOI(3):
|
N/A
|
|
Original Term:
|
60 months
|
2014 NOI(4):
|
$6,387,484
|
|
Original Amortization:
|
None
|
TTM NOI (as of 2/2015)(5):
|
$6,649,019
|
|
Amortization Type:
|
Interest Only
|
UW Economic Occupancy:
|
94.0%
|
|
Call Protection:
|
L(25),Grtr1%orYM(31),O(4)
|
UW Revenues:
|
$8,984,006
|
|
Lockbox:
|
Hard
|
UW Expenses:
|
$2,285,884
|
|
Additional Debt:
|
N/A
|
UW NOI:
|
$6,698,122
|
|
Additional Debt Balance:
|
N/A
|
UW NCF:
|
$6,329,251
|
|
Additional Debt Type:
|
N/A
|
Appraised Value / Per SF:
|
$103,370,000 / $187
|
|
Appraisal Date(6):
|
Various
|
|||
Escrows and Reserves(7)
|
Financial Information
|
|||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$91
|
||
Taxes:
|
$0
|
Springing
|
N/A
|
Maturity Date Loan / SF:
|
$91
|
|
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
48.4%
|
|
Replacement Reserves:
|
$0
|
$4,599
|
N/A
|
Maturity Date LTV:
|
48.4%
|
|
TI/LC:
|
$0
|
$22,994
|
N/A
|
UW NCF DSCR:
|
3.27x
|
|
Other:
|
$0
|
$0
|
N/A
|
UW NOI Debt Yield:
|
13.4%
|
|
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Mortgage Loan
|
$50,000,000
|
50.5%
|
Purchase Price(1)
|
$98,225,000
|
99.1%
|
|
Sponsor Equity
|
49,101,303
|
49.5
|
Closing Costs
|
876,303
|
0.9
|
|
Total Sources
|
$99,101,303
|
100.0%
|
Total Uses
|
$99,101,303
|
100.0%
|
(1)
|
A portion of the mortgage loan proceeds were used to remove two of the six properties that served as collateral under the loan sponsor’s line of credit facilities.
|
(2)
|
For a full description of the borrowing entities, please refer to “The Borrowers” below.
|
(3)
|
Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between December 2012 and September 2014 for a combined purchase price of $98,225,000.
|
(4)
|
2014 NOI encompasses the year-end period for three of the six properties, the trailing eleven-month period annualized for Terrell Mill Village, the trailing nine-month period annualized for Target Center and the trailing four-month period annualized for Inglewood Plaza, as these properties were acquired in January 2014, March 2014 and September 2014, respectively.
|
(5)
|
TTM NOI encompasses the trailing 12-month period for four of the six properties, the trailing 11-month period annualized for Target Center and the trailing six-month period annualized for Inglewood Plaza, as these properties were acquired in March 2014 and September 2014, respectively.
|
(6)
|
The appraisals are dated as of February 15, 2015 through February 25, 2015.
|
(7)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
63 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
Portfolio Summary
|
||||||||||||||||||
Property
|
Location
|
Year Built / Year Renovated
|
Net Rentable Area
(SF)
|
Allocated
Loan
Amount
|
Appraised
Value
|
Underwritten
Net Cash Flow
|
% of Underwritten
Net Cash Flow
|
|||||||||||
Inglewood Plaza
|
Inglewood, CA
|
2008 / N/A
|
96,919
|
$12,700,000
|
$26,200,000
|
$1,604,041
|
25.3%
|
|||||||||||
Hickory Flat Commons
|
Canton, GA
|
2008 / N/A
|
114,830
|
9,850,000
|
20,400,000
|
1,037,339
|
16.4
|
|||||||||||
East Manchester Village Centre
|
Manchester, PA
|
1995, 2009 / 2008
|
120,584
|
8,300,000
|
17,200,000
|
1,092,834
|
17.3
|
|||||||||||
Terrell Mill Village
|
Marietta, GA
|
1974 / 2012
|
75,184
|
7,500,000
|
15,500,000
|
1,060,878
|
16.8
|
|||||||||||
Westover Marketplace
|
San Antonio, TX
|
2013 / N/A
|
60,646
|
6,200,000
|
12,770,000
|
789,151
|
12.5
|
|||||||||||
Target Center
|
Columbia, SC
|
2001 / 2012
|
83,691
|
5,450,000
|
11,300,000
|
745,008
|
11.8
|
|||||||||||
Total
|
|
551,854
|
$50,000,000
|
$103,370,000
|
$6,329,251
|
100.0%
|
64 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
65 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
Reporting Tenant Sales Summary
|
||||||||||||
Tenant
|
Property Name
|
Ratings(1)
Moody’s/S&P/Fitch
|
Net
Rentable
Area (SF)
|
% of
Total
NRA
|
Gross Sales
($ Million)(2)
|
Sales Per
Square Foot
|
||||||
Burlington Coat Factory(3)(4)
|
Inglewood Plaza
|
B3 / NA / NA
|
80,000
|
14.5%
|
$11.1
|
$139
|
||||||
Kroger(3)(4)
|
Hickory Flat Commons
|
Baa2 / BBB / BBB
|
78,846
|
14.3%
|
$35.3
|
$448
|
||||||
Giant(5)
|
East Manchester Village Center
|
Baa3 / BBB / BBB
|
59,063
|
10.7%
|
$33.8
|
$572
|
||||||
Toys R Us
|
Westover Marketplace
|
Caa2 / B- / CC
|
50,646
|
9.2%
|
$9.1
|
$180
|
||||||
Michaels
|
Target Center
|
NA / B+ / NA
|
23,396
|
4.2%
|
$3.1
|
$133
|
||||||
Dollar Tree
|
East Manchester Village Center
|
Ba2 / BB / NA
|
14,000
|
2.5%
|
$1.3
|
$93
|
||||||
Dollar Tree
|
Terrell Mill Village
|
Ba2 / BB / NA
|
12,000
|
2.2%
|
$1.3
|
$108
|
||||||
CVS
|
Inglewood Plaza
|
Baa1 / BBB+ / NA
|
12,900
|
2.3%
|
$10.4
|
$806
|
|
(1)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
|
(2)
|
Gross Sales are third party service estimates as of March 19, 2015, unless otherwise noted.
|
|
(3)
|
Gross Sales are as reported per the loan sponsor.
|
|
(4)
|
Burlington Coat Factory Gross Sales and Kroger Gross Sales are as of year-end 2014.
|
|
(5)
|
Giant Gross Sales figures exclude any income derived from the gas station portion of the tenant.
|
Historical and Current Occupancy(1)
|
|||
2012(2)
|
2013
|
2014
|
Current(3)
|
89.5%
|
98.4%
|
97.7%
|
96.9%
|
|
(1)
|
Historical Occupancies are as of December 31 of each respective year.
|
|
(2)
|
2012 historical occupancy excludes the Westover Marketplace property, as it was built in 2013.
|
|
(3)
|
Current Occupancy is as of February 10, 2015.
|
Top 10 Tenant Summary(1)
|
||||||||||||
Tenant
|
Property
|
Ratings(2)
Moody’s/S&P/Fitch
|
Net
Rentable
Area (SF)
|
% of
Total
NRA
|
Base
Rent PSF
|
Lease
Expiration Date
|
||||||
Burlington Coat Factory
|
Inglewood Plaza
|
B3 / NA / NA
|
80,000
|
14.5%
|
$15.60
|
1/31/2019
|
||||||
Kroger
|
Hickory Flat Commons
|
Baa2 / BBB / BBB
|
78,846
|
14.3%
|
$8.18
|
11/30/2028
|
||||||
Giant(3)
|
East Manchester Village Center
|
Baa3 / BBB / BBB
|
61,463
|
11.1%
|
$11.34
|
9/30/2029
|
||||||
Toys R Us
|
Westover Marketplace
|
Caa2 / B- / CC
|
50,646
|
9.2%
|
$16.00
|
1/31/2029
|
||||||
Dick’s Sporting Goods
|
Target Center
|
NA / NA / NA
|
47,511
|
8.6%
|
$12.00
|
1/31/2023
|
||||||
LA Fitness
|
Terrell Mill Village
|
NA / NA / NA
|
45,000
|
8.2%
|
$17.00
|
7/31/2027
|
||||||
Dollar Tree(4)
|
Various
|
Ba2 / BB / NA
|
36,000
|
6.5%
|
$9.65
|
Various
|
||||||
Michaels
|
Target Center
|
NA / B+ / NA
|
23,396
|
4.2%
|
$4.88
|
3/31/2022
|
||||||
Gold’s Gym
|
East Manchester Village Center
|
NA / NA / NA
|
19,105
|
3.5%
|
$6.50
|
1/31/2026
|
||||||
CVS
|
Inglewood Plaza
|
Baa1 / BBB+ / NA
|
12,900
|
2.3%
|
$28.47
|
1/31/2035
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
(3)
|
Giant is comprised of the Giant Food Store (59,063 square feet) with a lease expiration of September 30, 2029 and a rent of $10.95 per square foot and Giant Food Gas Station (2,400 square feet) with a lease expiration of September 30, 2029 and a rent of $20.83 per square foot.
|
(4)
|
Dollar Tree at the East Manchester Village Center property (14,000 square feet) has a lease expiration of January 31, 2019 and a rent of $6.43 per square foot. Dollar Tree at the Terrell Mill Village property (12,000 square feet) has a lease expiration of July 31, 2017 and a rent of $11.25 per square foot. Dollar Tree at the Westover Marketplace property (10,000 square feet) has a lease expiration of June 30, 2018 and a rent of $12.25 per square foot.
|
66 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
Lease Rollover Schedule(1)
|
||||||||||||||||||
Year
|
Number of Leases
Expiring
|
Net Rentable Area Expiring
|
% of NRA Expiring
|
Base Rent Expiring
|
% of Base
Rent
Expiring
|
Cumulative
Net Rentable Area
Expiring
|
Cumulative
% of NRA Expiring
|
Cumulative Base Rent Expiring
|
Cumulative
% of Base
Rent Expiring
|
|||||||||
Vacant
|
NAP
|
17,044
|
3.1%
|
NAP
|
NAP
|
17,044
|
3.1%
|
NAP
|
NAP
|
|||||||||
2015 & MTM
|
2
|
2,900
|
0.5
|
$54,575
|
0.8%
|
19,944
|
3.6%
|
$54,575
|
0.8%
|
|||||||||
2016
|
1
|
1,600
|
0.3
|
28,800
|
0.4
|
21,544
|
3.9%
|
$83,375
|
1.2%
|
|||||||||
2017
|
6
|
19,430
|
3.5
|
269,160
|
3.7
|
40,974
|
7.4%
|
$352,535
|
4.9%
|
|||||||||
2018
|
9
|
29,460
|
5.3
|
421,436
|
5.8
|
70,434
|
12.8%
|
$773,971
|
10.7%
|
|||||||||
2019
|
9
|
110,789
|
20.1
|
1,813,682
|
25.1
|
181,223
|
32.8%
|
$2,587,653
|
35.8%
|
|||||||||
2020
|
0
|
0
|
0.0
|
0
|
0.0
|
181,223
|
32.8%
|
$2,587,653
|
35.8%
|
|||||||||
2021
|
1
|
3,796
|
0.7
|
37,200
|
0.5
|
185,019
|
33.5%
|
$2,624,853
|
36.3%
|
|||||||||
2022
|
2
|
24,996
|
4.5
|
139,772
|
1.9
|
210,015
|
38.1%
|
$2,764,625
|
38.2%
|
|||||||||
2023
|
5
|
54,370
|
9.9
|
711,852
|
9.8
|
264,385
|
47.9%
|
$3,476,477
|
48.1%
|
|||||||||
2024
|
3
|
12,009
|
2.2
|
216,403
|
3.0
|
276,394
|
50.1%
|
$3,692,880
|
51.1%
|
|||||||||
2025
|
0
|
0
|
0.0
|
0
|
0.0
|
276,394
|
50.1%
|
$3,692,880
|
51.1%
|
|||||||||
2026 & Beyond
|
9
|
275,460
|
49.9
|
3,536,604
|
48.9
|
551,854
|
100.0%
|
$7,229,484
|
100.0%
|
|||||||||
Total
|
47
|
551,854
|
100.0%
|
$7,229,484
|
100.0%
|
|
|
|
|
(1)
|
Based on the underwritten rent roll.
|
Operating History and Underwritten Net Cash Flow(1)
|
|||||||
2014(2)
|
TTM(3)
|
Underwritten
|
Per Square
Foot
|
%(4)
|
|||
Rents in Place
|
$7,371,429
|
$7,438,488
|
$7,229,484
|
$13.10
|
75.6%
|
||
Vacant Income
|
0
|
0
|
333,660
|
0.60
|
3.5
|
||
Gross Potential Rent
|
$7,371,429
|
$7,438,488
|
$7,563,144
|
$13.70
|
79.1%
|
||
Total Reimbursements
|
1,101,194
|
1,318,938
|
1,997,628
|
3.62
|
20.9
|
||
Net Rental Income
|
$8,472,624
|
$8,757,426
|
$9,560,772
|
$17.32
|
100.0%
|
||
(Vacancy/Credit Loss)
|
0
|
0
|
(576,766)
|
(1.05)
|
(6.0)
|
||
Other Income
|
21,187
|
25,283
|
0
|
0.00
|
0.0
|
||
Effective Gross Income
|
$8,493,811
|
$8,782,710
|
$8,984,006
|
$16.28
|
94.0%
|
||
|
|||||||
Total Expenses
|
$2,106,327
|
$2,133,691
|
$2,285,884
|
$4.14
|
25.4%
|
||
|
|||||||
Net Operating Income
|
$6,387,484
|
$6,649,019
|
$6,698,122
|
$12.14
|
74.6%
|
||
|
|||||||
Total TI/LC, Capex/RR
|
0
|
0
|
368,871
|
0.67
|
4.1
|
||
Net Cash Flow
|
$6,387,484
|
$6,649,019
|
$6,329,251
|
$11.47
|
70.5%
|
||
|
(1)
|
Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between December 2012 and September 2014 for a combined purchase price of $98,225,000.
|
(2)
|
2014 NOI encompasses the year-end period for three of the six properties, the trailing eleven-month period annualized for Terrell Mill Village, the trailing nine-month period annualized for Target Center and the trailing four-month period annualized for Inglewood Plaza, as these properties were acquired in January 2014, March 2014 and September 2014, respectively.
|
(3)
|
TTM encompasses the trailing 12-months ending February 28, 2015 for four of the six properties, the trailing 11-month period annualized for Target Center and the trailing six-month period annualized for Inglewood Plaza, as these properties were acquired in March 2014 and September 2014, respectively.
|
(4)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
67 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Cole IV Retail Portfolio – PooI II
|
68 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Alta Woodlake Square
|
69 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Alta Woodlake Square
|
70 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Alta Woodlake Square
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$31,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$31,000,000
|
Property Type - Subtype:
|
Multifamily - Garden
|
|
% of Pool by IPB:
|
3.1%
|
Net Rentable Area (Units):
|
256
|
|
Loan Purpose:
|
Acquisition
|
Location:
|
Houston, TX
|
|
Borrower:
|
Elite Street Alta Woodlake
|
Year Built / Renovated:
|
2013 / N/A
|
|
Square, LLC
|
Occupancy:
|
93.4%
|
||
Sponsor:
|
Yehonatan Sade
|
Occupancy Date:
|
4/28/2015
|
|
Interest Rate:
|
4.18600%
|
Number of Tenants:
|
N/A
|
|
Note Date:
|
5/18/2015
|
2012 NOI(1):
|
N/A
|
|
Maturity Date:
|
6/1/2025
|
2013 NOI(1):
|
N/A
|
|
Interest-only Period:
|
60 months
|
2014 NOI(1):
|
N/A
|
|
Original Term:
|
120 months
|
TTM NOI (as of 4/2015)(2):
|
$1,376,182
|
|
Original Amortization:
|
360 months
|
UW Economic Occupancy:
|
88.3%
|
|
Amortization Type:
|
IO-Balloon
|
UW Revenues:
|
$4,171,728
|
|
Call Protection:
|
L(25),Grtr1%orYM(93),O(2)
|
UW Expenses:
|
$1,692,641
|
|
Lockbox:
|
Springing
|
UW NOI(2):
|
$2,479,086
|
|
Additional Debt:
|
Yes
|
UW NCF:
|
$2,427,886
|
|
Additional Debt Balance:
|
$4,000,000
|
Appraised Value / Per Unit:
|
$40,280,000 / $157,344
|
|
Additional Debt Type:
|
Mezzanine Loan / Permitted Mezzanine
|
Appraisal Date:
|
4/8/2015
|
|
Escrows and Reserves(3)
|
Financial Information
|
|||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Unit:
|
$121,094
|
||
Taxes:
|
$367,577
|
$61,263
|
N/A
|
Maturity Date Loan / Unit:
|
$110,242
|
|
Insurance:
|
$22,936
|
$7,645
|
N/A
|
Cut-off Date LTV:
|
77.0%
|
|
Replacement Reserves:
|
$4,267
|
$4,267
|
N/A
|
Maturity Date LTV:
|
70.1%
|
|
TI/LC
|
$0
|
$0
|
N/A
|
UW NCF DSCR:
|
1.34x
|
|
Other:
|
$33,000
|
$0
|
N/A
|
UW NOI Debt Yield:
|
8.0%
|
|
Sources and Uses
|
||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|||
Mortgage Loan
|
$31,000,000
|
75.7%
|
Purchase Price
|
$40,150,000
|
98.1%
|
|||
Mezzanine Loan
|
4,000,000
|
9.8
|
Upfront Reserves
|
427,780
|
1.0
|
|||
Sponsor Equity
|
5,936,672
|
14.5
|
Closing Costs
|
358,892
|
0.9
|
|||
Total Sources
|
$40,936,672
|
100.0%
|
Total Uses
|
$40,936,672
|
100.0%
|
(1)
|
Historical NOI is not available as the property was built in 2013.
|
(2)
|
Increase from TTM NOI to UW NOI is due to the lease up of residential units from occupancy of approximately 65.0% in May 2014 to 93.4% as of April 2015.
|
(3)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
71 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Alta Woodlake Square
|
Historical and Current Occupancy(1)
|
|||
TTM
|
T-6
|
T-3
|
Current(2)
|
83.9%
|
91.9%
|
94.6%
|
93.4%
|
(1)
|
Historical occupancies represent the average occupancies for the trailing twelve-, six- and three-month periods ended April 28, 2015.
|
(2)
|
Current occupancy is as of April 28, 2015.
|
Multifamily Unit Mix(1)
|
|||||||||||||
Unit Type
|
# of
Units |
% of
Total |
Occupied Units
|
Occupancy
|
Average Unit
Size (Square Feet)
|
Average
Monthly Rental Rate
|
Average
Monthly Rental Rate PSF |
||||||
Studio
|
30
|
11.7%
|
30
|
100.0%
|
696
|
$1,303
|
$1.87
|
||||||
1 Bedroom
|
162
|
63.3
|
152
|
93.8%
|
806
|
$1,404
|
$1.74
|
||||||
2 Bedroom
|
64
|
25.0
|
57
|
89.1%
|
1,159
|
$1,801
|
$1.55
|
||||||
Total / Wtd. Avg.
|
256
|
100.0%
|
239
|
93.4%
|
881
|
$1,492
|
$1.69
|
(1)
|
Based on the underwritten rent roll.
|
72 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Alta Woodlake Square
|
Operating History and Underwritten Net Cash Flow(1)
|
|||||||||||||
TTM(2)
|
T-6(2)(3)
|
T-3(2)(3)
|
Underwritten
|
Per Unit
|
%(4)
|
||||||||
Rents in Place
|
$4,416,860
|
$4,392,240
|
$4,392,240
|
$4,262,715
|
$16,651
|
90.4%
|
|||||||
Vacant Income
|
0
|
0
|
0
|
319,841
|
1,249
|
6.8
|
|||||||
Gross Potential Rent
|
$4,416,860
|
$4,392,240
|
$4,392,240
|
$4,582,556
|
$17,901
|
97.2%
|
|||||||
Reimbursements
|
117,447
|
128,630
|
138,184
|
132,976
|
519
|
2.8
|
|||||||
Net Rental Income
|
$4,534,307
|
$4,520,870
|
$4,530,424
|
$4,715,532
|
$18,420
|
100.0%
|
|||||||
(Vacancy/Credit Loss/Concessions)(5)
|
(1,062,028)
|
(729,842)
|
(561,248)
|
(550,284)
|
(2,150)
|
(11.7)
|
|||||||
Other Income
|
6,144
|
0
|
0
|
6,480
|
25
|
0.1
|
|||||||
Effective Gross Income
|
$3,478,423
|
$3,791,028
|
$3,969,176
|
$4,171,728
|
$16,296
|
88.5%
|
|||||||
|
|||||||||||||
Total Expenses(5)
|
$2,102,241
|
$2,054,680
|
$1,831,696
|
$1,692,641
|
$6,612
|
40.6%
|
|||||||
|
|||||||||||||
Net Operating Income
|
$1,376,182
|
$1,736,348
|
$2,137,480
|
$2,479,086
|
$9,684
|
59.4%
|
|||||||
|
|||||||||||||
Replacement Reserves
|
14,004
|
13,310
|
19,856
|
51,200
|
200
|
1.2
|
|||||||
Net Cash Flow(6)
|
$1,362,178
|
$1,723,038
|
$2,117,624
|
$2,427,886
|
$9,484
|
58.2%
|
(1)
|
No historical cash flows are available as the property was constructed in late 2013.
|
(2)
|
T3, T6 and TTM columns represent the trailing twelve-, six- and three-month periods, respectively, each as of April 30, 2015.
|
(3)
|
T3 and T6 columns represent annualized figures.
|
(4)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(5)
|
The decrease in Underwritten Vacancy/Credit Loss/Concessions and Total Expenses from TTM Vacancy/Credit Loss/Concessions and Total Expenses is due to concessions offered in connection with the lease up of the property and the related payroll and marketing expenses.
|
(6)
|
The increase from TTM Net Cash Flow to Underwritten Net Cash Flow is due to the lease up of residential units during the latter half of 2014 and early 2015.
|
73 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Alta Woodlake Square
|
74 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Little Palm Island Resort
|
75 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Little Palm Island Resort
|
76 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Little Palm Island Resort
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
Barclays
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$31,000,000
|
Title(1):
|
Fee
|
|
Cut-off Date Principal Balance:
|
$30,963,678
|
Property Type - Subtype:
|
Hotel - Full Service
|
|
% of Pool by IPB:
|
3.1%
|
Net Rentable Area (Rooms):
|
30
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Little Torch Key, FL
|
|
Borrower:
|
Little Palm Island Associates, Ltd.
|
Year Built / Renovated:
|
1988 / 2009
|
|
Sponsors(2):
|
Various
|
Occupancy / ADR / RevPAR:
|
75.5% / $1,135.05 / $857.15
|
|
Interest Rate:
|
4.57600%
|
Occupancy / ADR / RevPAR Date:
|
3/31/2015
|
|
Note Date:
|
4/23/2015
|
Number of Tenants:
|
N/A
|
|
Maturity Date:
|
5/6/2020
|
2012 NOI:
|
$1,979,512
|
|
Interest-only Period:
|
None
|
2013 NOI:
|
$2,933,157
|
|
Original Term:
|
60 months
|
2014 NOI:
|
$3,354,724
|
|
Original Amortization:
|
360 months
|
TTM NOI (as of 3/2015):
|
$3,547,169
|
|
Amortization Type:
|
Balloon
|
UW Occupancy / ADR / RevPAR:
|
75.5% / $1,135.19 / $857.15
|
|
Call Protection:
|
L(25),Def(31),O(4)
|
UW Revenues:
|
$17,410,213
|
|
Lockbox:
|
CMA
|
UW Expenses:
|
$13,800,756
|
|
Additional Debt:
|
N/A
|
UW NOI:
|
$3,609,457
|
|
Additional Debt Balance:
|
N/A
|
UW NCF:
|
$3,609,457
|
|
Additional Debt Type:
|
N/A
|
Appraised Value / Per Room:
|
$55,200,000 / $1,840,000
|
|
Appraisal Date:
|
1/27/2015
|
|||
Escrows and Reserves(3)
|
Financial Information
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Room:
|
$1,032,123
|
|||
Taxes:
|
$59,523
|
$11,905
|
N/A
|
Maturity Date Loan / Room:
|
$946,905
|
||
Insurance:
|
$168,661
|
$60,475
|
N/A
|
Cut-off Date LTV:
|
56.1%
|
||
FF&E Reserves:
|
$0
|
4% of Gross Revenues
|
N/A
|
Maturity Date LTV:
|
51.5%
|
||
TI/LC:
|
$0
|
$0
|
N/A
|
UW NCF DSCR:
|
1.90x
|
||
Other:
|
$1,650,000
|
Springing
|
N/A
|
UW NOI Debt Yield:
|
11.7%
|
||
Sources and Uses
|
|||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||
Mortgage Loan
|
$31,000,000
|
100.0
|
% |
Payoff Existing Debt
|
$22,915,988
|
73.9
|
% | ||
Return of Equity
|
5,558,717
|
17.9
|
|||||||
Upfront Reserves
|
1,878,184
|
6.1
|
|||||||
Closing Costs
|
647,111
|
2.1
|
|||||||
Total Sources
|
$31,000,000
|
100.0
|
% |
Total Uses
|
$31,000,000
|
100.0
|
% |
(1)
|
The property also consists of an access lease and a submerged land lease. For a full description, please refer to “Shore Station Access Agreement” and “Submerged Land Lease” below.
|
(2)
|
For a full description of Sponsors, please refer to “The Sponsors” below.
|
(3)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
77 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Little Palm Island Resort
|
Historical Occupancy, ADR, RevPAR
|
||||||||||
|
Competitive Set(1)
|
Little Palm Island Resort(2)
|
Penetration Factor(3)
|
|||||||
Year
|
Occupancy
|
ADR
|
RevPAR
|
Occupancy
|
ADR
|
RevPAR
|
Occupancy
|
ADR
|
RevPAR
|
|
2012
|
53.0%
|
$843.86
|
$447.31
|
68.2%
|
$947.98
|
$646.32
|
128.7%
|
112.3%
|
144.5%
|
|
2013
|
54.9%
|
$876.18
|
$481.34
|
74.1%
|
$1,050.62
|
$778.61
|
135.0%
|
119.9%
|
161.8%
|
|
2014
|
56.9%
|
$903.49
|
$513.70
|
74.1%
|
$1,127.51
|
$835.29
|
130.2%
|
124.8%
|
162.6%
|
|
TTM(4)
|
55.0%
|
$937.93
|
$515.54
|
75.5%
|
$1,135.05
|
$857.15
|
137.3%
|
121.0%
|
166.3%
|
(1)
|
Data provided by Smith Travel Research. The competitive set contains the following properties: Elbow Beach Bermuda, One & Only Ocean Club, Rosewood Jumby Bay Resort, Boutique Peter Island Resort, Rosewood Little Dix Bay, Cotton House Hotel, Cap Juluca Hotel and CuisinArt Resort & Spa.
|
(2)
|
Based on operating statements provided by the borrower.
|
(3)
|
Penetration Factor is calculated based on data provided by Smith Travel Research for the competitive set and operating statements for the property provided by the borrower.
|
(4)
|
TTM represents trailing 12-month period ending on March 31, 2015.
|
78 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Little Palm Island Resort
|
Competitive Hotels Profile(1)
|
||||||||||||||||||
2014 Market Mix
|
2014 Estimated Operating Statistics
|
|||||||||||||||||
Property
|
Rooms
|
Year Built
|
Meeting Space
(SF) |
Meeting & Group
|
Leisure
|
Occupancy
|
ADR
|
RevPAR
|
||||||||||
Little Palm Island Resort
|
30
|
1988
|
0
|
8%
|
92%
|
76.7%
|
$1,088.60
|
$835.29
|
||||||||||
Cheeca Lodge & Spa
|
214
|
1988
|
5,400
|
12%
|
88%
|
85.0%
|
$370.00
|
$314.50
|
||||||||||
Westin Sunset Key
|
40
|
1997
|
0
|
5%
|
95%
|
74.0%
|
$942.00
|
$697.08
|
||||||||||
Waldorf Astoria Casa Marina Resort
|
311
|
1920, 1977
|
11,400
|
20%
|
80%
|
89.0%
|
$356.00
|
$316.84
|
||||||||||
Ocean Key Resort
|
100
|
1983
|
870
|
10%
|
90%
|
91.0%
|
$437.00
|
$396.80
|
||||||||||
Waldorf Astoria The Reach Resort
|
150
|
1985
|
4,800
|
5%
|
95%
|
87.0%
|
$322.00
|
$280.14
|
||||||||||
Pier House Resort
|
142
|
1967
|
4,600
|
10%
|
90%
|
87.0%
|
$386.00
|
$334.08
|
||||||||||
Westin Key West Resort
|
178
|
1996
|
10,000
|
20%
|
80%
|
88.0%
|
$341.00
|
$300.08
|
||||||||||
Hyatt Key West
|
118
|
1988
|
2,400
|
10%
|
90%
|
96.0%
|
$372.00
|
$357.86
|
||||||||||
Total(2)
|
1,253
|
(1)
|
Based on the appraisal.
|
(2)
|
Excludes the Little Palm Island Resort property.
|
Operating History and Underwritten Net Cash Flow(1)
|
|||||||||||||||
2012
|
2013
|
2014
|
TTM(2)
|
Underwritten
|
Per Room(3)
|
% of Total Revenue(4)
|
|||||||||
Occupancy
|
68.2%
|
74.1%
|
74.1%
|
75.5%
|
75.5%
|
||||||||||
ADR
|
$947.98
|
$1,050.62
|
$1,127.51
|
$1,135.05
|
$1,135.19
|
||||||||||
RevPAR
|
$646.32
|
$778.61
|
$835.29
|
$857.15
|
$857.15
|
||||||||||
Room Revenue
|
$7,096,584
|
$8,525,801
|
$9,146,398
|
$9,385,754
|
$9,385,754
|
$312,858
|
53.9
|
% | |||||||
Food and Beverage Revenues
|
4,051,363
|
4,196,933
|
4,394,916
|
4,457,782
|
4,457,782
|
148,593
|
25.6
|
||||||||
Other Departmental Revenues
|
3,321,133
|
3,346,949
|
3,612,720
|
3,566,677
|
3,566,677
|
118,889
|
20.5
|
||||||||
Total Revenue
|
$14,469,080
|
$16,069,683
|
$17,154,034
|
$17,410,213
|
$17,410,213
|
$580,340
|
100.0
|
% | |||||||
Room Expense
|
$1,308,086
|
$1,350,383
|
$1,438,506
|
$1,417,882
|
$1,417,882
|
$47,263
|
15.1
|
% | |||||||
Food and Beverage Expenses
|
2,940,398
|
3,174,693
|
3,144,286
|
3,160,993
|
3,160,993
|
105,366
|
70.9
|
||||||||
Other Departmental Expenses
|
2,297,387
|
2,273,131
|
2,605,258
|
2,562,510
|
2,562,510
|
85,417
|
71.8
|
||||||||
Departmental Expenses
|
$6,545,871
|
$6,798,207
|
$7,188,050
|
$7,141,385
|
$7,141,385
|
$238,046
|
41.0
|
% | |||||||
Departmental Profit
|
$7,923,209
|
$9,271,476
|
$9,965,984
|
$10,268,828
|
$10,268,828
|
$342,294
|
59.0
|
% | |||||||
Operating Expenses
|
$3,804,704
|
$4,078,530
|
$4,195,843
|
$4,314,637
|
$4,314,637
|
$143,821
|
24.8
|
% | |||||||
Gross Operating Profit
|
$4,118,505
|
$5,192,946
|
$5,770,141
|
$5,954,191
|
$5,954,191
|
$198,473
|
34.2
|
% | |||||||
Management Fee
|
$578,763
|
$642,787
|
$750,857
|
$762,184
|
$696,409
|
$23,214
|
4.0
|
% | |||||||
Fixed Expenses
|
981,467
|
975,238
|
978,399
|
951,916
|
951,916
|
31,731
|
5.5
|
||||||||
FF&E
|
578,763
|
641,764
|
686,161
|
692,922
|
696,409
|
23,214
|
4.0
|
||||||||
Total Other Expenses
|
$2,138,993
|
$2,259,789
|
$2,415,417
|
$2,407,022
|
$2,344,734
|
$78,158
|
13.5
|
% | |||||||
Net Operating Income
|
$1,979,512
|
$2,933,157
|
$3,354,724
|
$3,547,169
|
$3,609,457
|
$120,315
|
20.7
|
% | |||||||
Net Cash Flow
|
$1,979,512
|
$2,933,157
|
$3,354,724
|
$3,547,169
|
$3,609,457
|
$120,315
|
20.7
|
% |
(1)
|
The information provided in the table reflects the cash flow from operations of the hotel.
|
(2)
|
TTM column represents the trailing 12-month period ending on March 31, 2015.
|
(3)
|
Per Room values are based on 30 guest rooms.
|
(4)
|
% of Total Revenue column for Room Expense, Food and Beverage Expenses and Other Departmental Expenses is based on their corresponding revenue line item.
|
79 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Little Palm Island Resort
|
80 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
81 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
82 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Portfolio
|
|
Original Principal Balance(1):
|
$30,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance(1):
|
$30,000,000
|
Property Type - Subtype:
|
Hotel – Full Service
|
|
% of Pool by IPB:
|
3.0%
|
Net Rentable Area (Rooms):
|
721
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Various
|
|
Borrowers(2):
|
Various
|
Year Built / Renovated:
|
Various / Various
|
|
Sponsors(3):
|
Various
|
Occupancy / ADR / RevPAR:
|
64.2% / $116.23 / $74.62
|
|
Interest Rate:
|
4.95950%
|
Occupancy / ADR / RevPAR Date:
|
2/28/2015
|
|
Note Date:
|
3/3/2015
|
Number of Tenants:
|
N/A
|
|
Maturity Date:
|
4/1/2020
|
2012 NOI:
|
$4,027,349
|
|
Interest-only Period:
|
24 months
|
2013 NOI(4):
|
$4,301,723
|
|
Original Term:
|
60 months
|
2014 NOI(4):
|
$5,072,210
|
|
Original Amortization:
|
360 months
|
TTM NOI (as of 2/2015):
|
$5,227,459
|
|
Amortization Type:
|
IO-Balloon
|
UW Occupancy / ADR / RevPAR:
|
64.2% / $116.23 / $74.62
|
|
Call Protection:
|
L(6),Grtr1%orYM(18),O(36)
|
UW Revenues:
|
$35,641,818
|
|
Lockbox:
|
Hard
|
UW Expenses:
|
$30,231,368
|
|
Additional Debt:
|
Yes
|
UW NOI:
|
$5,410,450
|
|
Additional Debt Balance:
|
$17,500,000 / $7,500,000
|
UW NCF:
|
$5,410,450
|
|
Additional Debt Type:
|
Pari Passu / Mezzanine Loan
|
Appraised Value / Per Room:
|
$73,500,000 / $101,942
|
|
Appraisal Date:
|
1/1/2015
|
|||
Escrows and Reserves(5)
|
Financial Information(1)
|
||||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Room:
|
$65,881
|
|||||
Taxes:
|
$375,291
|
$78,882
|
N/A
|
Maturity Date Loan / Room:
|
$62,945
|
||||
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
64.6%
|
||||
FF&E Reserves:
|
$116,939
|
4% of Gross Revenues
|
N/A
|
Maturity Date LTV:
|
61.7%
|
||||
TI/LC:
|
$0
|
$0
|
N/A
|
UW NCF DSCR:
|
1.78x
|
||||
Other:
|
$1,586,174
|
Springing
|
N/A
|
UW NOI Debt Yield:
|
11.4%
|
||||
Sources and Uses
|
|||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||
Mortgage Loan(1)
|
$47,500,000
|
86.4%
|
Payoff Existing Debt
|
$41,423,800
|
75.3%
|
||||
Mezzanine Loan
|
7,500,000
|
13.6
|
Return of Equity
|
10,465,785
|
19.0
|
||||
Upfront Reserves
|
2,078,404
|
3.8
|
|||||||
Closing Costs
|
1,032,012
|
1.9
|
|||||||
Total Sources
|
$55,000,000
|
100.0%
|
Total Uses
|
$55,000,000
|
100.0%
|
(1)
|
JAGR Portfolio is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $47.5 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $47.5 million JAGR Portfolio Whole Loan.
|
(2)
|
For a full description of the Borrowers, please refer to “The Borrowers” below.
|
(3)
|
For a full description of the Sponsors, please refer to “The Sponsors” below.
|
(4)
|
The increase from 2013 NOI to 2014 NOI is primarily due to the opening of the Drago’s Seafood Restaurant at the Hilton Jackson property in 2014, as well as increased occupancy across all three JAGR Portfolio properties.
|
(5)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
83 of 122
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Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
Portfolio Summary
|
||||||||||||||||
Property
|
Location
|
Rooms
|
Year Built / Renovated
|
Cut-off Date Allocated
Loan Amount |
% of
Allocated Loan Amount |
Appraised Value
|
Underwritten
Net Cash Flow |
% of Underwritten
Net Cash Flow |
||||||||
Hilton Jackson
|
Jackson, MS
|
276
|
1984 / 2013
|
$14,256,632
|
47.5%
|
$34,500,000
|
$2,764,383
|
51.1%
|
||||||||
Doubletree Grand Rapids
|
Grand Rapids, MI
|
226
|
1979, 1987 / 2015
|
8,480,211
|
28.3
|
20,500,000
|
1,513,724
|
28.0
|
||||||||
Doubletree Annapolis
|
Annapolis, MD
|
219
|
1961, 1985 / 2015
|
7,263,158
|
24.2
|
18,500,000
|
1,132,343
|
20.9
|
||||||||
Total
|
721
|
$30,000,000
|
100.0%
|
$73,500,000
|
$5,410,450
|
100.0%
|
84 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
Historical Occupancy, ADR and RevPAR(1)
|
||||||||||||||||||||||||
|
Occupancy
|
ADR
|
RevPAR
|
|||||||||||||||||||||
Property
|
2012
|
2013
|
2014
|
TTM(2)
|
2012
|
2013
|
2014
|
TTM(2)
|
2012
|
2013
|
2014
|
TTM(2)
|
||||||||||||
Hilton Jackson
|
65.2%
|
66.9%
|
67.5%
|
68.1%
|
$112.02
|
$115.35
|
$118.63
|
$120.23
|
$72.99
|
$77.15
|
$80.09
|
$81.90
|
||||||||||||
Doubletree Grand Rapids
|
62.6%
|
66.5%
|
67.4%
|
65.0%
|
$106.11
|
$108.89
|
$113.83
|
$114.77
|
$66.45
|
$72.42
|
$76.74
|
$74.63
|
||||||||||||
Doubletree Annapolis
|
60.3%
|
57.7%
|
59.3%
|
58.4%
|
$111.49
|
$116.15
|
$114.10
|
$114.34
|
$67.24
|
$67.00
|
$67.61
|
$66.79
|
||||||||||||
Weighted Average(3)
|
62.9%
|
64.0%
|
65.0%
|
64.2%
|
$110.02
|
$113.46
|
$115.81
|
$116.73
|
$69.20
|
$72.58
|
$75.25
|
$75.03
|
(1)
|
Based on operating statements provided by the borrowers.
|
(2)
|
TTM as of March 31, 2015.
|
(3)
|
Weighted by room count.
|
Historical Occupancy, ADR and RevPAR Penetration Rates(1)
|
||||||||||||||||||||||||
|
Occupancy
|
ADR
|
RevPAR
|
|||||||||||||||||||||
Property
|
2012
|
2013
|
2014
|
TTM(2)
|
2012
|
2013
|
2014
|
TTM(2)
|
2012
|
2013
|
2014
|
TTM(2)
|
||||||||||||
Hilton Jackson
|
104.1%
|
104.2%
|
108.1%
|
110.3%
|
105.1%
|
105.5%
|
107.8%
|
109.1%
|
109.4%
|
109.9%
|
116.6%
|
120.3%
|
||||||||||||
Doubletree Grand Rapids(3)
|
110.0%
|
109.8%
|
104.1%
|
99.5%
|
120.2%
|
119.9%
|
123.4%
|
122.5%
|
132.3%
|
131.7%
|
128.5%
|
121.8%
|
||||||||||||
Doubletree Annapolis
|
89.9%
|
92.5%
|
89.9%
|
87.6%
|
105.2%
|
107.8%
|
103.8%
|
104.5%
|
94.6%
|
99.7%
|
93.3%
|
91.6%
|
||||||||||||
Weighted Average(4)
|
101.7%
|
102.4%
|
101.3%
|
100.0%
|
109.9%
|
110.7%
|
111.5%
|
111.9%
|
112.1%
|
113.6%
|
113.3%
|
112.1%
|
(1)
|
2012, 2013, 2014 and TTM Penetration Rates are per reports provided by a third party data provider.
|
(2)
|
TTM as of March 31, 2015.
|
(3)
|
2012, 2013 and 2014 figures presented are for the Hilton Grand Rapids Airport.
|
(4)
|
Weighted by room count.
|
85 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
86 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
Operating History and Underwritten Net Cash Flow | |||||||||||||||
2012
|
2013
|
2014
|
TTM(1)
|
Underwritten
|
Per Room(2)
|
% of Total Revenue(3)
|
|||||||||
Occupancy
|
62.9%
|
64.0%
|
65.0%
|
64.2%
|
64.2%
|
||||||||||
ADR
|
$110.02
|
$113.46
|
$115.81
|
$116.23
|
$116.23
|
||||||||||
RevPAR
|
$69.20
|
$72.58
|
$75.25
|
$74.62
|
$74.62
|
||||||||||
Room Revenue
|
$18,228,891
|
$19,101,808
|
$19,802,872
|
$19,636,397
|
$19,636,397
|
$27,235
|
55.1%
|
||||||||
Food & Beverage Revenue
|
11,026,565
|
11,086,681
|
10,895,887
|
10,800,609
|
10,757,484
|
14,920
|
30.2
|
||||||||
Telephone Revenue
|
9,254
|
6,487
|
4,257
|
3,657
|
3,657
|
5
|
0.0
|
||||||||
Other Departmental Revenues(4)(5)
|
424,317
|
431,768
|
962,323
|
2,438,172
|
5,244,280
|
7,274
|
14.7
|
||||||||
Total Revenue
|
$29,689,027
|
$30,626,744
|
$31,665,339
|
$32,878,835
|
$35,641,818
|
$49,434
|
100.0%
|
||||||||
Room Expense
|
$4,699,042
|
$4,864,420
|
$4,853,051
|
$4,782,198
|
$4,782,198
|
$6,633
|
24.4%
|
||||||||
Food & Beverage Expense
|
7,803,732
|
7,967,275
|
7,487,987
|
7,306,295
|
7,279,118
|
10,096
|
67.7
|
||||||||
Telephone Expense
|
193,314
|
230,069
|
229,971
|
227,449
|
227,449
|
315
|
6,219.6
|
||||||||
Other Departmental Expenses
|
141,248
|
157,287
|
561,029
|
1,725,551
|
4,191,517
|
5,813
|
79.9
|
||||||||
Departmental Expenses
|
$12,837,336
|
$13,219,051
|
$13,132,038
|
$14,041,493
|
$16,480,282
|
$22,858
|
46.2%
|
||||||||
Departmental Profit
|
$16,851,691
|
$17,407,694
|
$18,533,301
|
$18,837,342
|
$19,161,536
|
$26,576
|
53.8%
|
||||||||
Operating Expenses
|
$7,931,581
|
$8,149,992
|
$8,387,516
|
$8,464,470
|
$8,464,470
|
$11,740
|
23.7%
|
||||||||
Gross Operating Profit
|
$8,920,110
|
$9,257,702
|
$10,145,785
|
$10,372,872
|
$10,697,066
|
$14,836
|
30.0%
|
||||||||
Fixed Expenses
|
$1,227,677
|
$1,146,452
|
$1,127,241
|
$1,128,275
|
$1,125,067
|
$1,560
|
3.2%
|
||||||||
Management Fees
|
890,671
|
918,803
|
951,385
|
987,773
|
1,069,255
|
1,483
|
3.0
|
||||||||
Franchise Fee
|
1,586,853
|
1,665,654
|
1,728,337
|
1,714,212
|
1,763,033
|
2,445
|
4.9
|
||||||||
FF&E
|
1,187,561
|
1,225,070
|
1,266,612
|
1,315,153
|
1,329,261
|
1,844
|
3.7
|
||||||||
Total Other Expenses
|
$4,892,761
|
$4,955,979
|
$5,073,575
|
$5,145,413
|
$5,286,616
|
$7,332
|
14.8%
|
||||||||
Net Operating Income
|
$4,027,349
|
$4,301,723
|
$5,072,210
|
$5,227,459
|
$5,410,450
|
$7,504
|
15.2%
|
||||||||
Net Cash Flow
|
$4,027,349
|
$4,301,723
|
$5,072,210
|
$5,227,459
|
$5,410,450
|
$7,504
|
15.2%
|
(1)
|
TTM column represents the trailing 12-month period ending on February 28, 2015.
|
(2)
|
Per Room values are based on 721 guest rooms.
|
(3)
|
% of Total Revenue column for Room Expense, Food & Beverage Expense, Telephone Expense and Other Departmental Expenses is based on their corresponding revenue line item.
|
(4)
|
Underwritten Other Departmental Revenues associated with Drago’s Seafood Restaurant is based on the sponsor’s 2015 budgeted revenue. To date, Drago’s Seafood Restaurant has outperformed the monthly budgeted performance.
|
(5)
|
The increase from TTM Other Departmental Revenues to Underwritten Other Departmental Revenues is due to the opening of the Drago’s Seafood Restaurant at the Hilton Jackson property in 2014.
|
87 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
JAGR Portfolio
|
Franchise Agreement Summary
|
|||
Property
|
Flag
|
Franchise Fee(1)
|
Expiration Date
|
Hilton Jackson
|
Hilton Hotel Corporation
|
9.0%
|
July 2027
|
Doubletree Grand Rapids
|
Doubletree Franchise
|
9.0%
|
October 2028
|
Doubletree Annapolis
|
Doubletree Franchise
|
9.0%
|
October 2028
|
(1)
|
Includes marketing fees due under the franchise agreements.
|
88 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
89 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
90 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
91 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
92 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$27,500,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$27,500,000
|
Property Type - Subtype:
|
Office - CBD
|
|
% of Pool by IPB:
|
2.8%
|
Net Rentable Area (SF):
|
378,838
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Atlanta, GA
|
|
Borrower:
|
Lenox Towers, L.P.
|
Year Built / Renovated:
|
1962, 1966 / 1995
|
|
Sponsor:
|
Robert C. Goddard, III
|
Occupancy(1):
|
77.6%
|
|
Interest Rate:
|
3.98000%
|
Occupancy Date:
|
4/1/2015
|
|
Note Date:
|
5/12/2015
|
Number of Tenants:
|
81
|
|
Maturity Date:
|
6/1/2020
|
2012 NOI:
|
$2,057,941
|
|
Interest-only Period:
|
None
|
2013 NOI:
|
$1,960,033
|
|
Original Term:
|
60 months
|
2014 NOI:
|
$2,653,613
|
|
Original Amortization:
|
360 months
|
TTM NOI (as of 4/2015)(2):
|
2,880,723
|
|
Amortization Type:
|
Balloon
|
UW Economic Occupancy:
|
77.2%
|
|
Call Protection:
|
L(25),Grtr1%orYM(32),O(3)
|
UW Revenues:
|
$6,472,524
|
|
Lockbox:
|
Springing
|
UW Expenses:
|
$3,431,162
|
|
Additional Debt:
|
N/A
|
UW NOI(1)(2):
|
$3,041,362
|
|
Additional Debt Balance:
|
N/A
|
UW NCF(1):
|
$2,456,811
|
|
Additional Debt Type:
|
N/A
|
Appraised Value / Per SF:
|
$50,000,000 / $132
|
|
Appraisal Date:
|
4/17/2015
|
|||
Escrows and Reserves(3)
|
Financial Information
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$73
|
|||
Taxes:
|
$516,948
|
$57,439
|
N/A
|
Maturity Date Loan / SF:
|
$66
|
||
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
55.0%
|
||
Replacement Reserves:
|
$6,314
|
$6,314
|
$227,303
|
Maturity Date LTV:
|
49.9%
|
||
TI/LC:
|
$41,667
|
$41,667
|
$1,500,000
|
UW NCF DSCR:
|
1.56x
|
||
Other:
|
$1,159,257
|
$0
|
N/A
|
UW NOI Debt Yield:
|
11.1%
|
||
Sources and Uses
|
||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|||
Mortgage Loan
|
$27,500,000
|
100.0%
|
Payoff Existing Debt
|
$23,830,756
|
86.7%
|
|||
Upfront Reserves
|
1,724,185
|
6.3
|
||||||
Return of Equity
|
1,570,033
|
5.7
|
||||||
Closing Costs
|
375,025
|
1.4
|
||||||
Total Sources
|
$27,500,000
|
100.0%
|
Total Uses
|
$27,500,000
|
100.0%
|
(1)
|
Occupancy, UW NOI and UW NCF include the Arke Systems, LLC expansion space totaling 11,477 square feet, for which the tenant has executed a lease but is not yet in occupancy or paying rent. Arke Systems, LLC is expected to take occupancy and begin paying rent on October 1, 2015, subject to a rent abatement through December 2016. The borrower deposited $389,853 in escrow at closing for free rent associated with tenants currently in occupancy.
|
(2)
|
Increase from TTM NOI to UW NOI is primarily due to the execution of two leases in early 2015, totaling 22,642 square feet and accounting for $524,590 in annual rent, comprised of expansion spaces for existing tenants, Arke Systems, LLC and Cox Delta, LLC.
|
(3)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
93 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
Historical and Current Occupancy(1)
|
|||
2012
|
2013
|
2014
|
Current(2)(3)
|
70.0%
|
73.0%
|
75.0%
|
77.6%
|
(1)
|
Historical Occupancies are as of December 31 of each respective year.
|
(2)
|
Current Occupancy is as of April 1, 2015.
|
(3)
|
Current Occupancy includes the Arke Systems, LLC expansion space, for which Arke Systems, LLC has signed a lease but is not yet in occupancy. The tenant is expected to take occupancy and begin paying rent in October 2015, subject to a rent abatement through December 2016.
|
94 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
Tenant Summary(1)
|
|||||||||||||
Tenant
|
Ratings(2)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of
Total NRA
|
Base Rent
PSF
|
Lease Expiration
Date |
||||||||
TransUnion
|
B2 / NA / NA
|
23,144
|
6.1%
|
$22.29
|
1/31/2017
|
||||||||
BKV, Inc.
|
NA / NA / NA
|
23,144
|
6.1%
|
$21.63
|
6/30/2017
|
||||||||
Arke Systems, LLC(3)
|
NA / NA / NA
|
23,013
|
6.1%
|
$23.15
|
3/31/2022
|
||||||||
Davis Matthews
|
NA / NA / NA
|
15,287
|
4.0%
|
$17.01
|
11/30/2023
|
||||||||
Goddard Investment Group
|
NA / NA / NA
|
13,392
|
3.5%
|
$15.00
|
7/31/2027
|
||||||||
Counsel on Call
|
NA / NA / NA
|
11,603
|
3.1%
|
$23.49
|
7/31/2017
|
||||||||
Cox Delta, LLC
|
NA / NA / NA
|
11,603
|
3.1%
|
$20.56
|
5/31/2017
|
||||||||
Wimberly & Lawson
|
NA / NA / NA
|
11,600
|
3.1%
|
$21.71
|
9/30/2016
|
||||||||
RMI
|
NA / NA / NA
|
11,572
|
3.1%
|
$21.63
|
6/30/2017
|
||||||||
Interventional Management
|
NA / NA / NA
|
11,572
|
3.1%
|
$19.89
|
11/1/2020
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
(3)
|
Arke Systems, LLC recently executed a lease on an 11,477 square foot expansion space. The tenant is expected to take occupancy and begin paying rent in October 2015, subject to a rent abatement through December 2016.
|
Lease Rollover Schedule(1)
|
||||||||||||||||||||
Year
|
Number
of Leases Expiring |
Net
Rentable Area Expiring |
% of
NRA Expiring |
Base Rent Expiring
|
% of Base Rent
Expiring |
Cumulative Net Rentable Area
Expiring |
Cumulative
% of NRA Expiring |
Cumulative Base Rent Expiring
|
Cumulative
% of Base Rent Expiring |
|||||||||||
Vacant
|
NAP
|
84,896
|
22.4
|
% |
NAP
|
NAP
|
84,896
|
22.4%
|
NAP
|
NAP
|
||||||||||
2015 & MTM(2)
|
16
|
19,028
|
5.0
|
326,064
|
5.4
|
% |
103,924
|
27.4%
|
$326,064
|
5.4%
|
||||||||||
2016
|
10
|
29,364
|
7.8
|
633,195
|
10.4
|
133,288
|
35.2%
|
$959,259
|
15.8%
|
|||||||||||
2017
|
21
|
122,488
|
32.3
|
2,646,915
|
43.6
|
255,776
|
67.5%
|
$3,606,174
|
59.4%
|
|||||||||||
2018
|
18
|
36,227
|
9.6
|
754,464
|
12.4
|
292,003
|
77.1%
|
$4,360,639
|
71.8%
|
|||||||||||
2019
|
6
|
10,519
|
2.8
|
219,538
|
3.6
|
302,522
|
79.9%
|
$4,580,177
|
75.4%
|
|||||||||||
2020
|
5
|
22,216
|
5.9
|
453,197
|
7.5
|
324,738
|
85.7%
|
$5,033,374
|
82.8%
|
|||||||||||
2021
|
0
|
0
|
0.0
|
0
|
0.0
|
324,738
|
85.7%
|
$5,033,374
|
82.8%
|
|||||||||||
2022
|
1
|
23,013
|
6.1
|
532,728
|
8.8
|
347,751
|
91.8%
|
$5,566,101
|
91.6%
|
|||||||||||
2023
|
1
|
15,287
|
4.0
|
260,032
|
4.3
|
363,038
|
95.8%
|
$5,826,133
|
95.9%
|
|||||||||||
2024
|
2
|
2,408
|
0.6
|
49,028
|
0.8
|
365,446
|
96.5%
|
$5,875,162
|
96.7%
|
|||||||||||
2025
|
0
|
0
|
0.0
|
0
|
0.0
|
365,446
|
96.5%
|
$5,875,162
|
96.7%
|
|||||||||||
2026 & Beyond
|
1
|
13,392
|
3.5
|
200,880
|
3.3
|
378,838
|
100.0%
|
$6,076,042
|
100.0%
|
|||||||||||
Total
|
81
|
378,838
|
100.0
|
% |
$6,076,042
|
100.0
|
% |
|
|
|
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
2015 & MTM includes a management office and exercise room totaling 3,232 square feet with no attributable base rent. The space is not considered vacant for underwriting purposes as the facilities contribute to building amenities and services.
|
95 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Lenox Towers
|
Operating History and Underwritten Net Cash Flow
|
|||||||||||||||
2012
|
2013
|
2014
|
TTM(1)
|
Underwritten
|
Per
Square Foot |
%(2)
|
|||||||||
Rents in Place
|
$4,559,138
|
$4,544,837
|
$4,947,359
|
$5,008,191
|
$6,076,042
|
$16.04
|
72.5%
|
||||||||
Vacant Income
|
0
|
0
|
0
|
0
|
1,795,441
|
4.74
|
21.4
|
||||||||
Gross Potential Rent
|
$4,559,138
|
$4,544,837
|
$4,947,359
|
$5,008,191
|
$7,871,483
|
$20.78
|
93.9%
|
||||||||
Total Reimbursements
|
894,097
|
662,397
|
628,900
|
714,013
|
513,641
|
1.36
|
6.1
|
||||||||
Net Rental Income
|
$5,453,235
|
$5,207,234
|
$5,576,259
|
$5,722,204
|
$8,385,123
|
$22.13
|
100.0%
|
||||||||
(Vacancy/Credit Loss)
|
0
|
0
|
0
|
0
|
(1,912,600)
|
(5.05)
|
(22.8)
|
||||||||
Other Income
|
38,067
|
27,986
|
15,428
|
18,531
|
0
|
0.00
|
0.0
|
||||||||
Effective Gross Income
|
$5,491,302
|
$5,235,220
|
$5,591,687
|
$5,740,735
|
$6,472,524
|
$17.09
|
77.2%
|
||||||||
|
|||||||||||||||
Total Expenses
|
$3,433,361
|
$3,275,187
|
$2,938,075
|
$2,860,012
|
$3,431,162
|
$9.06
|
53.0%
|
||||||||
|
|||||||||||||||
Net Operating Income(3)
|
$2,057,941
|
$1,960,033
|
$2,653,613
|
$2,880,723
|
$3,041,362
|
$8.03
|
47.0%
|
||||||||
|
|||||||||||||||
Total TI/LC, Capex/RR
|
0
|
0
|
0
|
0
|
584,551
|
1.54
|
9.0
|
||||||||
Net Cash Flow
|
$2,057,941
|
$1,960,033
|
$2,653,613
|
$2,880,723
|
$2,456,811
|
$6.49
|
38.0%
|
(1)
|
TTM column represents the trailing 12-month period ending on April 30, 2015.
|
(2)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(3)
|
Increase from TTM Net Operating Income to Underwritten Net Operating Income is primarily due to the execution of two leases in early 2015, totaling 22,642 square feet and accounting for $524,590 in annual rent, comprised of expansion spaces for existing tenants, Arke Systems, LLC and Cox Delta, LLC.
|
96 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
97 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
98 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
SMF II
|
Single Asset / Portfolio:
|
Portfolio
|
|
Original Principal Balance(1):
|
$26,675,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance(1):
|
$26,675,000
|
Property Type - Subtype:
|
Retail - Outlet Centers
|
|
% of Pool by IPB:
|
2.7%
|
Net Rentable Area (SF):
|
555,682
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Various
|
|
Borrower:
|
BFO Factory Shoppes LLC
|
Year Built / Renovated:
|
Various / Various
|
|
Sponsor:
|
Horizon Group Properties, Inc.
|
Occupancy:
|
85.6%
|
|
Interest Rate:
|
4.50900%
|
Occupancy Date:
|
2/1/2015
|
|
Note Date:
|
2/17/2015
|
Number of Tenants:
|
92
|
|
Maturity Date:
|
3/6/2025
|
2012 NOI:
|
$5,275,426
|
|
Interest-only Period:
|
24 months
|
2013 NOI:
|
$5,529,549
|
|
Original Term:
|
120 months
|
2014 NOI:
|
$5,309,914
|
|
Original Amortization:
|
360 months
|
UW Economic Occupancy:
|
86.5%
|
|
Amortization Type:
|
IO-Balloon
|
UW Revenues:
|
$9,360,656
|
|
Call Protection:
|
L(27),Def(89),O(4)
|
UW Expenses:
|
$4,107,547
|
|
Lockbox:
|
Hard
|
UW NOI:
|
$5,253,108
|
|
Additional Debt:
|
Yes
|
UW NCF:
|
$4,711,470
|
|
Additional Debt Balance:
|
$28,000,000
|
Appraised Value / Per SF:
|
$87,400,000 / $157
|
|
Additional Debt Type:
|
Pari Passu
|
Appraisal Date(2):
|
January 2015
|
|
Escrows and Reserves(3)
|
Financial Information(1)
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$98
|
|||
Taxes:
|
$151,880
|
$89,263
|
N/A
|
Maturity Date Loan / SF:
|
$84
|
||
Insurance:
|
$133,817
|
$18,572
|
N/A
|
Cut-off Date LTV:
|
62.6%
|
||
Replacement Reserves:
|
$0
|
$10,406
|
N/A
|
Maturity Date LTV:
|
53.4%
|
||
TI/LC:
|
$200,000
|
$34,730
|
$1,000,000
|
UW NCF DSCR:
|
1.42x
|
||
Other:
|
$0
|
$0
|
N/A
|
UW NOI Debt Yield:
|
9.6%
|
Sources and Uses
|
|||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||
Mortgage Loan(1)
|
$54,675,000
|
100.0%
|
Payoff Existing Debt
|
$47,974,957
|
87.7
|
% | |
Return of Equity
|
4,991,532
|
9.1
|
|||||
Closing Costs
|
1,222,814
|
2.2
|
|||||
Upfront Reserves
|
485,697
|
0.9
|
|||||
Total Sources
|
$54,675,000
|
100.0%
|
Total Uses
|
$54,675,000
|
100.0
|
% |
(1)
|
Horizon Outlet Shoppes Portfolio is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $54.675 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $54.675 million Horizon Outlet Shoppes Portfolio Whole Loan.
|
(2)
|
The Appraisal Dates range from January 6, 2015 through January 13, 2015.
|
(3)
|
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
|
99 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
Portfolio Summary
|
||||||||||||||||||
Property
|
Location
|
Net
Rentable Area (SF) |
Allocated Cut-off
Balance |
Appraised
Value |
Underwritten
Net Cash Flow |
% of Underwritten
Net Cash Flow |
2014
Sales |
Occupancy
Cost |
||||||||||
Oshkosh
|
Oshkosh, WI
|
270,512
|
$15,453,692
|
$45,500,000
|
$2,749,765
|
58.4%
|
$278
|
7.4%
|
||||||||||
Burlington
|
Burlington, WA
|
174,660
|
6,391,267
|
23,200,000
|
1,132,004
|
24.0
|
$298
|
6.3%
|
||||||||||
Fremont
|
Fremont, IN
|
110,510
|
4,830,041
|
18,700,000
|
829,701
|
17.6
|
$287
|
5.9%
|
||||||||||
Total / Wtd. Avg.
|
555,682
|
$26,675,000
|
$87,400,000
|
$4,711,470
|
100.0%
|
$286
|
6.8%
|
100 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
Historical and Current Occupancy(1)
|
|||
2012
|
2013
|
2014(2)
|
Current(3)
|
91.7%
|
87.2%
|
89.4%
|
85.6%
|
(1)
|
Historical Occupancies are as of December 1 of each respective year.
|
(2)
|
Based on the rent roll dated January 1, 2015.
|
(3)
|
Current Occupancy is as of February 1, 2015.
|
Tenant Summary(1)
|
||||||||||
Tenant
|
Property
|
Ratings(2)
Moody’s/S&P/Fitch |
Net Rentable
Area (SF) |
% of Total
NRA |
Base Rent
PSF |
Lease
Expiration Date |
||||
VF Outlet
|
Oshkosh
|
NA / NA / NA
|
27,402
|
4.9%
|
$11.25
|
4/30/2016
|
||||
Old Navy
|
Oshkosh
|
Baa3 / BBB- / BBB-
|
14,400
|
2.6%
|
$13.03
|
1/31/2016
|
||||
Gap Outlet(3)
|
Oshkosh
|
Baa3 / BBB- / BBB-
|
12,960
|
2.3%
|
$13.93
|
6/30/2016
|
||||
Nike Factory Store
|
Burlington
|
A1 / AA- / NA
|
10,000
|
1.8%
|
$19.00
|
1/31/2016
|
||||
Land’s End
|
Oshkosh
|
NA / NA / NA
|
10,000
|
1.8%
|
$16.75
|
7/31/2016
|
||||
Brooks Brothers(3)
|
Oshkosh
|
NA / NA / NA
|
9,940
|
1.8%
|
$6.47
|
8/31/2017
|
||||
Nike
|
Oshkosh
|
A1 / AA- / NA
|
9,642
|
1.7%
|
$19.50
|
1/31/2019
|
||||
Gap Outlet(3)
|
Fremont
|
Baa3 / BBB- / BBB-
|
9,231
|
1.7%
|
$5.24
|
3/31/2016
|
||||
Gap Outlet(3)(4)
|
Burlington
|
Baa3 / BBB- / BBB-
|
9,200
|
1.7%
|
$4.27
|
7/31/2015
|
||||
Eddie Bauer
|
Oshkosh
|
NA / NA / NA
|
9,000
|
1.6%
|
$17.50
|
1/31/2018
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
(3)
|
Tenant pays percentage of gross sales in lieu of base rent (“PIL”). PIL is based on the sales provided by the borrower.
|
(4)
|
The Gap Outlet at the Burlington Property has the right to terminate its lease at any time with 90 days’ written notice.
|
101 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
Percent-in-lieu Rent Schedule
|
|||||||||||
Tenant
|
Property
|
Estimated 2014
Sales(1) |
Estimated
Sales PSF |
PIL
|
Underwritten
Rent |
||||||
Gap Outlet
|
Oshkosh
|
$3,641,760
|
$281
|
5.00%
|
$180,516
|
||||||
Eddie Bauer(2)
|
Burlington
|
1,668,000
|
$278
|
10.00%
|
167,672
|
||||||
Dress Barn(2)
|
Burlington
|
993,300
|
$129
|
12.00%
|
125,762
|
||||||
Puma
|
Burlington
|
1,259,600
|
$235
|
8.00%
|
103,458
|
||||||
Bath & Body Works(2)
|
Fremont
|
1,778,000
|
$508
|
6.00%
|
97,416
|
||||||
Coach Factory Store
|
Fremont
|
3,098,244
|
$1,228
|
3.00%
|
93,865
|
||||||
Coach
|
Oshkosh
|
3,569,736
|
$708
|
2.50%
|
90,859
|
||||||
Factory Brand Shoes(2)
|
Burlington
|
800,100
|
$254
|
8.00%
|
88,703
|
||||||
Puma
|
Oshkosh
|
1,188,800
|
$238
|
7.00%
|
83,216
|
||||||
Tommy Hilfiger
|
Fremont
|
1,027,000
|
$158
|
7.50%
|
76,812
|
||||||
Nine West(2)
|
Burlington
|
742,500
|
$275
|
9.00%
|
74,219
|
||||||
Helly Hansen
|
Burlington
|
891,708
|
$160
|
(3)
|
69,045
|
||||||
Brooks Brothers
|
Oshkosh
|
795,200
|
$80
|
8.00%
|
64,315
|
||||||
Filson(2)
|
Burlington
|
996,300
|
$369
|
7.00%
|
62,509
|
||||||
Pendleton Woolen Mills
|
Burlington
|
663,825
|
$159
|
(4)
|
58,858
|
||||||
Jockey(2)
|
Oshkosh
|
639,900
|
$237
|
8.00%
|
51,661
|
||||||
Van Heusen
|
Burlington
|
820,000
|
$205
|
6.00%
|
50,117
|
||||||
Gap Outlet
|
Fremont
|
2,418,522
|
$262
|
2.00%
|
48,358
|
||||||
Jockey(2)
|
Fremont
|
619,200
|
$172
|
8.00%
|
48,244
|
||||||
Bass Company Store
|
Fremont
|
966,555
|
$141
|
5.00%
|
48,028
|
||||||
Gymboree
|
Oshkosh
|
425,040
|
$161
|
10.00%
|
42,928
|
||||||
Wilson’s Leather Outlet
|
Oshkosh
|
602,800
|
$137
|
7.00%
|
41,306
|
||||||
Bass Company Store
|
Burlington
|
651,000
|
$93
|
6.00%
|
40,916
|
||||||
Polo Ralph Lauren
|
Oshkosh
|
1,972,592
|
$248
|
2.00%
|
39,992
|
||||||
Gap Outlet
|
Burlington
|
1,932,000
|
$210
|
2.00%
|
39,264
|
||||||
Bass Company Store
|
Oshkosh
|
952,000
|
$112
|
4.00%
|
37,699
|
||||||
Motherhood Maternity Outlet
|
Oshkosh
|
342,000
|
$152
|
11.00%
|
37,690
|
||||||
Maurices
|
Fremont
|
756,000
|
$216
|
5.00%
|
37,324
|
||||||
Maidenform
|
Burlington
|
456,300
|
$169
|
3.50%
|
15,713
|
||||||
Total
|
$36,667,982
|
$2,016,465
|
(1)
|
Based on actual sales from January through November 2014 and sponsor’s estimates for December 2014.
|
(2)
|
Tenant pays the greater of PIL and base rent.
|
(3)
|
Helly Hansen pays 7.00% PIL rent up to $100 PSF of gross sales plus 8.00% PIL rent in excess of $100 PSF of gross sales.
|
(4)
|
Pendleton Woolen Mills pays 8.00% PIL rent up to $175 PSF of gross sales plus 10.00% PIL rent in excess of $175 PSF of gross sales.
|
102 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
Lease Rollover Schedule(1)(2)
|
||||||||||||||||||||||||||
Year
|
Number
of Leases Expiring |
Net
Rentable Area Expiring |
% of
NRA Expiring |
Base Rent Expiring
|
% of Base
Rent Expiring |
Cumulative
Net Rentable Area Expiring |
Cumulative
% of NRA Expiring |
Cumulative
Base Rent Expiring |
Cumulative
% of Base Rent Expiring |
|||||||||||||||||
Vacant
|
NAP
|
79,746
|
14.4
|
% |
NAP
|
NAP
|
79,746
|
14.4%
|
NAP
|
NAP
|
||||||||||||||||
2015 & MTM
|
22
|
90,893
|
16.4
|
$1,100,184
|
14.4
|
% |
170,639
|
30.7%
|
$1,100,184
|
14.4%
|
||||||||||||||||
2016
|
30
|
208,207
|
37.5
|
3,160,154
|
41.4
|
378,846
|
68.2%
|
$4,260,338
|
55.9%
|
|||||||||||||||||
2017
|
15
|
67,574
|
12.2
|
1,268,931
|
16.6
|
446,420
|
80.3%
|
$5,529,269
|
72.5%
|
|||||||||||||||||
2018
|
6
|
27,994
|
5.0
|
456,318
|
6.0
|
474,414
|
85.4%
|
$5,985,587
|
78.5%
|
|||||||||||||||||
2019
|
9
|
40,802
|
7.3
|
731,415
|
9.6
|
515,216
|
92.7%
|
$6,717,002
|
88.1%
|
|||||||||||||||||
2020
|
2
|
8,222
|
1.5
|
134,752
|
1.8
|
523,438
|
94.2%
|
$6,851,754
|
89.9%
|
|||||||||||||||||
2021
|
2
|
7,720
|
1.4
|
191,460
|
2.5
|
531,158
|
95.6%
|
$7,043,214
|
92.4%
|
|||||||||||||||||
2022
|
3
|
10,525
|
1.9
|
330,059
|
4.3
|
541,683
|
97.5%
|
$7,373,273
|
96.7%
|
|||||||||||||||||
2023
|
2
|
9,580
|
1.7
|
176,560
|
2.3
|
551,263
|
99.2%
|
$7,549,833
|
99.0%
|
|||||||||||||||||
2024
|
1
|
4,419
|
0.8
|
75,123
|
1.0
|
555,682
|
100.0%
|
$7,624,956
|
100.0%
|
|||||||||||||||||
2025
|
0
|
0
|
0.0
|
0
|
0.0
|
555,682
|
100.0%
|
$7,624,956
|
100.0%
|
|||||||||||||||||
2026 & Beyond
|
0
|
0
|
0.0
|
0
|
0.0
|
555,682
|
100.0%
|
$7,624,956
|
100.0%
|
|||||||||||||||||
Total
|
92
|
555,682
|
100.0
|
% |
$7,624,956
|
100.0
|
% |
|
|
|
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Base rent includes underwritten base rent and 2014 PIL as estimated by the borrower.
|
Operating History and Underwritten Net Cash Flow
|
||||||||||||
2012
|
2013
|
2014
|
Underwritten
|
Per Square
Foot |
%(1)
|
|||||||
Rents in Place(2)
|
$7,237,468
|
$7,648,591
|
$7,583,594
|
$7,624,956
|
$13.72
|
71.2
|
% | |||||
Vacant Income
|
0
|
0
|
0
|
1,405,016
|
2.53
|
13.1
|
||||||
Gross Potential Rent
|
$7,237,468
|
$7,648,591
|
$7,583,594
|
$9,029,972
|
$16.25
|
84.3
|
% | |||||
Total Reimbursements
|
1,022,068
|
1,039,405
|
1,082,225
|
1,082,225
|
1.95
|
10.1
|
||||||
Percentage Rent(3)
|
318,058
|
408,302
|
550,645
|
601,748
|
1.08
|
5.6
|
||||||
Net Rental Income
|
$8,577,594
|
$9,096,299
|
$9,216,464
|
$10,713,944
|
$19.28
|
100.0
|
% | |||||
(Vacancy/Credit Loss)
|
(4,075)
|
(2,171)
|
(1,428)
|
(1,445,701)
|
(2.60)
|
(13.5)
|
||||||
Other Income(4)
|
197,614
|
162,662
|
92,412
|
92,412
|
0.17
|
0.9
|
||||||
Effective Gross Income
|
$8,771,132
|
$9,256,790
|
$9,307,447
|
$9,360,656
|
$16.85
|
87.4
|
% | |||||
|
||||||||||||
Total Expenses
|
$3,495,707
|
$3,727,241
|
$3,997,533
|
$4,107,547
|
$7.39
|
43.9
|
% | |||||
|
||||||||||||
Net Operating Income
|
$5,275,426
|
$5,529,549
|
$5,309,914
|
$5,253,108
|
$9.45
|
56.1
|
% | |||||
|
||||||||||||
Total TI/LC, Capex/RR
|
0
|
0
|
0
|
541,638
|
0.97
|
5.8
|
||||||
Net Cash Flow
|
$5,275,426
|
$5,529,549
|
$5,309,914
|
$4,711,470
|
$8.48
|
50.3
|
% |
(1)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(2)
|
Underwritten Rents in Place are based on February 1, 2015 rent roll. Twenty-nine tenants currently pay PIL (in the case of eight tenants, the greater of base rent or PIL), which comprises approximately $2.0 million of Underwritten Rents in Place.
|
(3)
|
Percentage Rent includes overage income derived from tenants that have met their sales breakpoints.
|
(4)
|
Other Income primarily consists of temporary tenant space income and miscellaneous fees.
|
103 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Horizon Outlet Shoppes Portfolio
|
104 of 122 |
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Aspen Heights – Texas A&M University Corpus Christi
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
RAIT
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$26,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$26,000,000
|
Property Type - Subtype:
|
Multifamily – Student
|
|
% of Pool by IPB:
|
2.6%
|
Number of Beds:
|
500
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Corpus Christi, TX
|
|
Borrower:
|
Breckenridge Group Corpus Christi
|
Year Built / Renovated:
|
2014 / N/A
|
|
Texas, LP
|
Occupancy:
|
97.8%
|
||
Sponsors:
|
Aspen Heights, Capital Solutions, Inc.
|
Occupancy Date:
|
3/31/2015
|
|
and Gregory Henry
|
Number of Tenants:
|
N/A
|
||
Interest Rate:
|
4.18000%
|
2012 NOI(1):
|
N/A
|
|
Note Date:
|
12/18/2014
|
2013 NOI(1):
|
N/A
|
|
Maturity Date:
|
1/1/2025
|
2014 NOI(1):
|
N/A
|
|
Interest-only Period:
|
60 months
|
TTM NOI (as of 3/2015)(2):
|
$2,775,487
|
|
Original Term:
|
120 months
|
UW Economic Occupancy:
|
94.5%
|
|
Original Amortization(3):
|
360 months
|
UW Revenues:
|
$4,215,154
|
|
Amortization Type:
|
IO-Balloon
|
UW Expenses:
|
$1,885,214
|
|
Call Protection:
|
L(29),Def(87),O(4)
|
UW NOI:
|
$2,329,939
|
|
Lockbox:
|
Springing
|
UW NCF:
|
$2,279,939
|
|
Additional Debt:
|
Yes
|
Appraised Value / Per Bed:
|
$39,200,000 / $78,400
|
|
Additional Debt Balance:
|
$4,380,000
|
Appraisal Date:
|
11/18/2014
|
|
Additional Debt Type:
|
Mezzanine Loan
|
|||
Escrows and Reserves
|
Financial Information
|
|||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Bed:
|
$52,000
|
||
Taxes:
|
$62,016
|
$62,016
|
N/A
|
Maturity Date Loan / Bed:
|
$47,779
|
|
Insurance:
|
$55,026
|
$11,005
|
N/A
|
Cut-off Date LTV:
|
66.3%
|
|
Replacement Reserves:
|
$0
|
$4,167
|
N/A
|
Maturity Date LTV:
|
60.9%
|
|
TI/LC:
|
$0
|
$0
|
N/A
|
UW NCF DSCR(4):
|
1.54x
|
|
Other:
|
$0
|
$0
|
N/A
|
UW NOI Debt Yield:
|
9.0%
|
|
Sources and Uses
|
||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|||
Mortgage Loan
|
$26,000,000
|
85.6%
|
Payoff Existing Debt
|
$24,359,611
|
80.2%
|
|||
Mezzanine Loan
|
4,380,000
|
14.4
|
Return of Equity
|
5,349,447
|
17.6
|
|||
Closing Costs
|
553,899
|
1.8
|
||||||
Upfront Reserves
|
117,043
|
0.4
|
||||||
Total Sources
|
$30,380,000
|
100.0%
|
Total Uses
|
$30,380,000
|
100.0%
|
(1)
|
Historical NOI is not available because the property was newly constructed in 2014.
|
(2)
|
The TTM NOI is based on the trailing eight-month period ending on March 31, 2015, annualized.
|
(3)
|
The Aspen Heights – Texas A&M University Corpus Christi loan is structured with a principal payment schedule based on a 360-month amortization period. See Annex F of the Free Writing Prospectus.
|
(4)
|
The UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the initial interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
|
105 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Aspen Heights – Texas A&M University Corpus Christi
|
Multifamily Unit Mix(1)
|
||||||||||||||
Unit Type
|
# of
Beds |
% of
Total |
Occupied
Beds |
Occupancy
|
Average Bed
Size (SF) |
Average
Monthly In- Place Rent per Bed |
Average
Monthly Rental Rate PSF |
|||||||
Aspen - 2 Bedroom / 2.5 Bath
|
40
|
8.0%
|
40
|
100.0%
|
734
|
$785
|
$1.07
|
|||||||
Keystone – 2 Bedroom / 2.5 Bath
|
56
|
11.2
|
55
|
98.2%
|
745
|
$786
|
$1.05
|
|||||||
Frisco – 3 Bedroom / 3.5 Bath
|
78
|
15.6
|
75
|
96.2%
|
609
|
$702
|
$1.15
|
|||||||
Telluride – 3 Bedroom / 3.5 Bath
|
48
|
9.6
|
47
|
97.9%
|
609
|
$705
|
$1.16
|
|||||||
Vail – 4 Bedroom / 4.5 Bath
|
48
|
9.6
|
48
|
100.0%
|
492
|
$684
|
$1.39
|
|||||||
Breckenridge – 4 Bedroom / 4.5 Bath
|
52
|
10.4
|
48
|
92.3%
|
492
|
$682
|
$1.39
|
|||||||
Boulder – 4 Bedroom / 4.5 Bath
|
48
|
9.6
|
47
|
97.9%
|
492
|
$684
|
$1.39
|
|||||||
A-Basin – 5 Bedroom / 5.5 Bath
|
100
|
20.0
|
100
|
100.0%
|
460
|
$685
|
$1.49
|
|||||||
Durango – 5 Bedroom / 5.5 Bath
|
30
|
6.0
|
29
|
96.7%
|
469
|
$679
|
$1.45
|
|||||||
Total / Wtd. Avg.
|
500
|
100.0%
|
489
|
97.8%
|
561
|
$708
|
$1.26
|
(1)
|
Based on the underwritten rent roll dated March 31, 2015.
|
106 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Aspen Heights – Texas A&M University Corpus Christi
|
Operating History and Underwritten Net Cash Flow
|
|||||
TTM(1)
|
Underwritten
|
Per Bed
|
%(2)
|
||
Rents in Place(3)
|
$4,306,080
|
$4,154,412
|
$8,309
|
97.8%
|
|
Vacant Income
|
0
|
94,428
|
189
|
2.2
|
|
Gross Potential Rent
|
$4,306,080
|
$4,248,840
|
$8,498
|
100.0%
|
|
Reimbursements
|
0
|
0
|
0
|
0.0
|
|
Net Rental Income
|
$4,306,080
|
$4,248,840
|
$8,498
|
100.0%
|
|
(Vacancy/Credit Loss/Concessions)
|
(180,702)
|
(233,686)
|
(467)
|
(5.5)
|
|
Other Income
|
213,332
|
200,000
|
400
|
4.7
|
|
Effective Gross Income
|
$4,338,710
|
$4,215,154
|
$8,430
|
99.2%
|
|
Total Expenses
|
$1,563,223
|
$1,885,214
|
$3,770
|
44.7%
|
|
Net Operating Income
|
$2,775,487
|
$2,329,939
|
$4,660
|
55.3%
|
|
Replacement Reserves
|
0
|
50,000
|
100
|
1.2
|
|
Net Cash Flow
|
$2,775,487
|
$2,279,939
|
$4,560
|
54.1%
|
|
Occupancy(4)
|
97.8%
|
94.5%
|
(1)
|
The TTM column represents a trailing eight-month period ending March 31, 2015, annualized.
|
(2)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(3)
|
Underwritten Rents in Place are based on the November 11, 2014 rent roll.
|
(4)
|
TTM Occupancy is based on the underwritten rent roll dated March 31, 2015. Underwritten Occupancy represents economic occupancy.
|
107 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
108 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Marriott - Pittsburgh
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance(1):
|
$25,000,000
|
Title:
|
Leasehold
|
|
Cut-off Date Principal Balance(1):
|
$25,000,000
|
Property Type - Subtype:
|
Hotel - Full Service
|
|
% of Pool by IPB:
|
2.5%
|
Net Rentable Area (Rooms):
|
402
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Pittsburgh, PA
|
|
Borrower:
|
Shaner Pittsburgh Hotel
|
Year Built / Renovated:
|
1964 / 2012
|
|
Limited Partnership
|
Occupancy / ADR / RevPAR:
|
72.1% / $151.89 / $109.44
|
||
Sponsor:
|
Lance T. Shaner
|
Occupancy / ADR / RevPAR Date:
|
3/31/2015
|
|
Interest Rate:
|
4.52700%
|
Number of Tenants:
|
N/A
|
|
Note Date:
|
10/31/2014
|
2012 NOI:
|
$3,256,231
|
|
Maturity Date:
|
11/1/2024
|
2013 NOI:
|
$4,206,031
|
|
Interest-only Period:
|
24 months
|
2014 NOI:
|
$4,866,696
|
|
Original Term:
|
120 months
|
TTM NOI (as of 3/2015):
|
$5,241,956
|
|
Original Amortization:
|
360 months
|
UW Occupancy / ADR / RevPAR:
|
71.1% / $150.23 / $106.89
|
|
Amortization Type:
|
IO-Balloon
|
UW Revenues:
|
$21,506,160
|
|
Call Protection(2):
|
L(31),Def(85),O(4)
|
UW Expenses:
|
$16,721,048
|
|
Lockbox:
|
Hard
|
UW NOI:
|
$4,785,112
|
|
Additional Debt:
|
Yes
|
UW NCF:
|
$4,785,112
|
|
Additional Debt Balance:
|
$19,060,000 / $7,140,000
|
Appraised Value / Per Room:
|
$64,000,000 / $159,204
|
|
Additional Debt Type:
|
Pari Passu / Mezzanine Loan
|
Appraisal Date:
|
9/1/2014
|
|
Escrows and Reserves
|
Financial Information(1)
|
|||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Room:
|
$109,602 | ||
Taxes:
|
$267,171
|
$30,400
|
N/A
|
Maturity Date Loan / Room:
|
$93,668 | |
Insurance:
|
$101,105
|
$16,851
|
N/A
|
Cut-off Date LTV:
|
68.8% | |
FF&E Reserves:
|
$0
|
4% of Gross Revenues
|
N/A
|
Maturity Date LTV:
|
58.8% | |
TI/LC:
|
$0
|
$0
|
N/A
|
UW NCF DSCR:
|
1.78x | |
Other(3):
|
$60,455
|
$2,925
|
N/A
|
UW NOI Debt Yield:
|
10.9% | |
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Mortgage Loan(1)
|
$44,060,000
|
86.1%
|
Payoff Existing Debt
|
$31,869,660
|
62.2%
|
|
Mezzanine Loan
|
7,140,000
|
13.9
|
Return of Equity
|
18,530,586
|
36.2
|
|
Upfront Reserves
|
428,731
|
0.8
|
||||
Closing Costs
|
371,023
|
0.7
|
||||
Total Sources
|
$51,200,000
|
100.0%
|
Total Uses
|
$51,200,000
|
100.0%
|
(1)
|
Marriott - Pittsburgh is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $44.06 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of $44.06 million for the Marriott - Pittsburgh Whole Loan.
|
(2)
|
The lockout period will be at least 31 payments beginning with and including the first payment date of December 1, 2014. Defeasance of the full $44.06 million Marriott - Pittsburgh Whole Loan is permitted after the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized.
|
(3)
|
The Initial Other Escrows and Reserves represent a ground rent reserve and deferred maintenance reserve.
|
109 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Marriott - Pittsburgh
|
Historical Occupancy, ADR, RevPAR
|
|||||||||
|
Competitive Set(1)
|
Marriott - Pittsburgh(2)
|
Penetration Factor(3)
|
||||||
Year
|
Occupancy
|
ADR
|
RevPAR
|
Occupancy
|
ADR
|
RevPAR
|
Occupancy
|
ADR
|
RevPAR
|
2012
|
65.0%
|
$148.10
|
$96.20
|
71.0%
|
$135.88
|
$96.45
|
109.2%
|
91.7%
|
100.3%
|
2013
|
64.7%
|
$149.17
|
$96.49
|
70.7%
|
$142.58
|
$100.87
|
109.3%
|
95.6%
|
104.5%
|
2014
|
67.9%
|
$152.16
|
$103.37
|
71.3%
|
$149.68
|
$106.68
|
105.0%
|
98.4%
|
103.2%
|
TTM(4)
|
68.8%
|
$153.64
|
$105.70
|
72.1%
|
$151.89
|
$109.44
|
104.8%
|
98.9%
|
103.5%
|
(1)
|
Data provided by Smith Travel Research. The competitive set contains the following properties: Wyndham Grand Pittsburgh Downtown, Omni William Penn Hotel, Doubletree Hotel Pittsburgh Downtown, Westin Convention Center Pittsburgh and Renaissance Pittsburgh Hotel.
|
(2)
|
Based on operating statements provided by the borrower.
|
(3)
|
Penetration Factor is calculated based on data provided by Smith Travel Research for the competitive set and operating statements for the property provided by the borrower.
|
(4)
|
TTM represents the trailing 12-month period ending on March 31, 2015.
|
110 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Marriott - Pittsburgh
|
Competitive Hotels Profile(1)
|
||||||||||||||||||
2013 Market Mix
|
2013 Estimated Operating Statistics
|
|||||||||||||||||
Property
|
Rooms
|
Year
Built
|
Meeting Space (SF)
|
Commercial
|
Meeting & Group
|
Leisure
|
Occupancy
|
ADR
|
RevPAR
|
|||||||||
Marriott - Pittsburgh
|
402
|
1964
|
16,784
|
55%
|
25%
|
20%
|
71%
|
$142.58
|
$100.87
|
|||||||||
Wyndham Grand Pittsburgh Downtown
|
712
|
1959
|
40,000
|
55%
|
25%
|
20%
|
55%
|
$130.00
|
$71.50
|
|||||||||
Omni William Penn Hotel
|
596
|
1916
|
52,000
|
60%
|
20%
|
20%
|
70%
|
$167.00
|
$116.90
|
|||||||||
Doubletree Hotel Pittsburgh Downtown
|
337
|
1952
|
10,000
|
55%
|
30%
|
15%
|
65%
|
$140.00
|
$91.00
|
|||||||||
Westin Convention Center Pittsburgh
|
616
|
1987
|
42,000
|
50%
|
30%
|
20%
|
68%
|
$150.00
|
$102.00
|
|||||||||
Renaissance Pittsburgh Hotel
|
300
|
2001
|
9,500
|
65%
|
20%
|
15%
|
71%
|
$160.00
|
$113.60
|
|||||||||
Total(2)
|
2,561
|
|
(1)
|
Based on the appraisal.
|
(2)
|
Excludes the subject property.
|
Operating History and Underwritten Net Cash Flow(1)
|
|||||||
2012
|
2013
|
2014
|
TTM(2)
|
Underwritten
|
Per Room(3)
|
% of Total
Revenue(4)
|
|
Occupancy
|
71.0%
|
70.7%
|
71.3%
|
72.1%
|
71.1%
|
||
ADR
|
$135.88
|
$142.58
|
$149.68
|
$151.89
|
$150.23
|
||
RevPAR
|
$96.45
|
$100.87
|
$106.68
|
$109.44
|
$106.89
|
||
Room Revenue
|
$14,190,942
|
$14,800,895
|
$15,653,243
|
$16,057,684
|
$15,683,283
|
$39,013
|
72.9%
|
Food and Beverage
|
4,253,940
|
5,325,410
|
5,233,337
|
5,440,272
|
5,182,934
|
12,893
|
24.1
|
Other Departmental Revenues
|
646,687
|
661,480
|
641,163
|
653,467
|
639,943
|
1,592
|
3.0
|
Total Revenue
|
$19,091,569
|
$20,787,785
|
$21,527,743
|
$22,151,423
|
$21,506,160
|
$53,498
|
100.0%
|
Room Expense
|
$4,763,288
|
$4,758,970
|
$4,883,061
|
$5,010,332
|
$4,903,897
|
$12,199
|
31.3%
|
Food and Beverage Expense
|
3,028,719
|
3,445,633
|
3,226,876
|
3,301,637
|
3,198,961
|
7,958
|
61.7
|
Other Departmental Expenses
|
448,720
|
453,322
|
464,562
|
468,462
|
461,834
|
1,149
|
72.2
|
Departmental Expenses
|
$8,240,727
|
$8,657,925
|
$8,574,499
|
$8,780,431
|
$8,564,692
|
$21,305
|
39.8%
|
Departmental Profit
|
$10,850,842
|
$12,129,860
|
$12,953,244
|
$13,370,992
|
$12,941,468
|
$32,193
|
60.2%
|
Operating Expenses
|
$5,351,346
|
$5,557,479
|
$5,634,508
|
$5,632,683
|
$5,624,864
|
$13,992
|
26.2%
|
Gross Operating Profit
|
$5,499,496
|
$6,572,381
|
$7,318,736
|
$7,738,309
|
$7,316,604
|
$18,201
|
34.0%
|
Management Fee
|
$572,747
|
$623,633
|
$645,832
|
$664,598
|
$645,185
|
$1,605
|
3.0%
|
Fixed Expenses
|
715,939
|
703,327
|
729,821
|
724,184
|
811,000
|
2,017
|
3.8
|
FF&E
|
954,578
|
1,039,389
|
1,076,387
|
1,107,571
|
1,075,308
|
2,675
|
5.0
|
Total Other Expenses
|
$2,243,265
|
$2,366,350
|
$2,452,040
|
$2,496,353
|
$2,531,493
|
$6,297
|
11.8%
|
Net Operating Income
|
$3,256,231
|
$4,206,031
|
$4,866,696
|
$5,241,956
|
$4,785,112
|
$11,903
|
22.2%
|
Net Cash Flow
|
$3,256,231
|
$4,206,031
|
$4,866,696
|
$5,241,956
|
$4,785,112
|
$11,903
|
22.2%
|
(1)
|
The information provided in the table reflects the cash flow from operations of the hotel.
|
(2)
|
TTM column represents the trailing twelve month period ending on March 31, 2015.
|
(3)
|
Per Room values are based on 402 guest rooms.
|
(4)
|
% of Total Revenue column for Room Expense, Food and Beverage Expense and Other Departmental Expenses is based on their corresponding revenue line item.
|
111 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Marriott - Pittsburgh
|
112 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Crest at Greylyn
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
SMF II
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$24,000,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$24,000,000
|
Property Type - Subtype:
|
Multifamily – Garden
|
|
% of Pool by IPB:
|
2.4%
|
Net Rentable Area (Units):
|
259
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Charlotte, NC
|
|
Borrower:
|
Golden Triangle #1, LLC
|
Year Built / Renovated:
|
2013 / N/A
|
|
Sponsor:
|
Daniel S. Levine
|
Occupancy:
|
99.6%
|
|
Interest Rate:
|
4.27800%
|
Occupancy Date:
|
4/27/2015
|
|
Note Date:
|
5/6/2015
|
Number of Tenants:
|
N/A
|
|
Maturity Date:
|
5/6/2025
|
2012 NOI(1):
|
N/A
|
|
Interest-only Period:
|
48 months
|
2013 NOI(1):
|
N/A
|
|
Original Term:
|
120 months
|
2014 NOI:
|
$1,991,421
|
|
Original Amortization:
|
360 months
|
TTM NOI (as of 3/2015):
|
$2,014,190
|
|
Amortization Type:
|
IO-Balloon
|
UW Economic Occupancy:
|
92.6%
|
|
Call Protection:
|
L(25),Def(91),O(4)
|
UW Revenues:
|
$3,192,720
|
|
Lockbox:
|
Springing
|
UW Expenses:
|
$1,273,213
|
|
Additional Debt:
|
N/A
|
UW NOI:
|
$1,919,507
|
|
Additional Debt Balance:
|
N/A
|
UW NCF:
|
$1,861,232
|
|
Additional Debt Type:
|
N/A
|
Appraised Value / Per Unit:
|
$34,000,000 / $131,274
|
|
Appraisal Date:
|
3/26/2015
|
|||
Escrows and Reserves
|
Financial Information
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Unit:
|
$92,664
|
|||
Taxes:
|
$70,723
|
$14,145
|
N/A
|
Maturity Date Loan / Unit:
|
$82,644
|
||
Insurance:
|
$32,803
|
$3,645
|
N/A
|
Cut-off Date LTV:
|
70.6%
|
||
Replacement Reserves:
|
$0
|
$5,396
|
$129,500
|
Maturity Date LTV:
|
63.0%
|
||
TI/LC:
|
$0
|
$0
|
N/A
|
UW NCF DSCR:
|
1.31x
|
||
Other:
|
$0
|
$0
|
N/A
|
UW NOI Debt Yield:
|
8.0%
|
Sources and Uses
|
||||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|||||
Mortgage Loan
|
$24,000,000
|
100.0
|
% |
Payoff Existing Debt
|
$18,028,321
|
75.1
|
% | |||
Return of Equity
|
5,788,028
|
24.1
|
||||||||
Upfront Reserves
|
103,526
|
0.4
|
||||||||
Closing Costs
|
80,126
|
0.3
|
||||||||
Total Sources
|
$24,000,000
|
100.0
|
% |
Total Uses
|
$24,000,000
|
100.0
|
% |
(1)
|
2012 and 2013 NOI are unavailable because the property was built in 2014.
|
113 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Crest at Greylyn
|
Multifamily Unit Mix(1)
|
||||||||||||||||||||||
Unit Type
|
# of
Units |
% of
Total |
Occupied Units
|
Occupancy
|
Average Unit
Size (SF) |
Monthly
Market Rent |
Monthly In-
Place Rents |
|||||||||||||||
Studio
|
5
|
1.9
|
% |
5
|
100.0
|
% |
435
|
$755
|
$650
|
|||||||||||||
1 BR / 1 BA
|
110
|
42.5
|
110
|
100.0
|
% |
657
|
$890
|
$779
|
||||||||||||||
2 BR / 2 BA
|
132
|
51.0
|
131
|
99.2
|
% |
981
|
$1,178
|
$1,082
|
||||||||||||||
3 BR / 2 BA
|
12
|
4.6
|
12
|
100.0
|
% |
1,287
|
$1,376
|
$1,257
|
||||||||||||||
Total / Wtd. Average
|
259
|
100.0
|
% |
258
|
99.6
|
% |
847
|
$1,057
|
$953
|
(1)
|
Based on the rent roll dated April 27, 2015 provided by the borrower.
|
Operating History and Underwritten Net Cash Flow
|
||||||||
|
2014
|
TTM(1)
|
Underwritten
|
Per Unit
|
%(2)
|
|||
Rents in Place
|
$2,696,685
|
$2,744,097
|
$2,948,928
|
$11,386
|
99.5
|
% | ||
Vacant Income
|
0
|
0
|
15,060
|
58
|
0.5
|
|||
Gross Potential Rent
|
$2,696,685
|
$2,744,097
|
$2,963,988
|
$11,444
|
100.0
|
% | ||
Total Reimbursements
|
0
|
0
|
0
|
0
|
0.0
|
|||
Net Rental Income
|
$2,696,685
|
$2,744,097
|
$2,963,988
|
$11,444
|
100.0
|
% | ||
(Vacancy/Credit Loss)
|
0
|
0
|
(219,891)
|
(849)
|
(7.4
|
) | ||
Other Income(3)
|
430,869
|
448,624
|
448,624
|
1,732
|
15.1
|
|||
Effective Gross Income
|
$3,127,555
|
$3,192,720
|
$3,192,720
|
$12,327
|
107.7
|
% | ||
Total Expenses
|
$1,136,134
|
$1,178,530
|
$1,273,213
|
$4,916
|
39.9
|
% | ||
Net Operating Income
|
$1,991,421
|
$2,014,190
|
$1,919,507
|
$7,411
|
60.1
|
% | ||
Replacement Reserves
|
0
|
0
|
58,275
|
225
|
1.8
|
|||
Net Cash Flow
|
$1,991,421
|
$2,014,190
|
$1,861,232
|
$7,186
|
58.3
|
% | ||
Occupancy(4)
|
92.5%
|
99.6%
|
92.6%
|
(1)
|
TTM column represents the trailing 12-month period ending on March 31, 2015.
|
(2)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
(3)
|
Other Income represents cable rebill, trash removal rebill, water/sewage rebill and miscellaneous fees.
|
(4)
|
2014 Occupancy represents economic occupancy. TTM Occupancy represents occupancy as of April 27, 2015. Underwritten Occupancy represents economic occupancy.
|
114 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Pinecrest Town Center
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
JPMCB
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$23,525,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$23,525,000
|
Property Type - Subtype:
|
Mixed Use – Retail/Office
|
|
% of Pool by IPB:
|
2.4%
|
Net Rentable Area (SF):
|
94,175
|
|
Loan Purpose:
|
Acquisition
|
Location:
|
Pinecrest, FL
|
|
Borrower:
|
COFE Town Center, LLC
|
Year Built / Renovated:
|
1985 / 2004
|
|
Sponsors:
|
Eugenio Cosculluela, Jr. and
|
Occupancy:
|
86.8%
|
|
Mario A. Fernandez
|
Occupancy Date:
|
2/26/2015
|
||
Interest Rate:
|
4.10000%
|
Number of Tenants:
|
52
|
|
Note Date:
|
5/1/2015
|
2012 NOI:
|
$1,146,726
|
|
Maturity Date:
|
5/1/2025
|
2013 NOI:
|
$1,377,511
|
|
Interest-only Period:
|
36 months
|
2014 NOI(1):
|
$1,495,781
|
|
Original Term:
|
120 months
|
TTM NOI(2)
|
N/A
|
|
Original Amortization:
|
360 months
|
UW Economic Occupancy:
|
87.4%
|
|
Amortization Type:
|
IO-Balloon
|
UW Revenues:
|
$3,226,426
|
|
Call Protection:
|
L(25),Grtr1%orYM(92),O(3)
|
UW Expenses:
|
$1,214,945
|
|
Lockbox:
|
Springing
|
UW NOI(1):
|
$2,011,481
|
|
Additional Debt:
|
N/A
|
UW NCF:
|
$1,856,093
|
|
Additional Debt Balance:
|
N/A
|
Appraised Value / Per SF:
|
$32,000,000 / $340
|
|
Additional Debt Type:
|
N/A
|
Appraisal Date:
|
3/6/2015
|
|
Escrows and Reserves
|
Financial Information
|
||||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / SF:
|
$250
|
|||
Taxes:
|
$122,526
|
$17,504
|
N/A
|
Maturity Date Loan / SF:
|
$217
|
||
Insurance:
|
$0
|
Springing
|
N/A
|
Cut-off Date LTV:
|
73.5%
|
||
Replacement Reserves(3):
|
$75,000
|
Springing
|
$28,272
|
Maturity Date LTV:
|
63.8%
|
||
TI/LC(4):
|
$475,000
|
Springing
|
$423,792
|
UW NCF DSCR:
|
1.36x
|
||
Other(5):
|
$1,140,425
|
$0
|
N/A
|
UW NOI Debt Yield:
|
8.6%
|
||
Sources and Uses
|
||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
|
Mortgage Loan
|
$23,525,000
|
68.6%
|
Purchase Price
|
$32,000,000
|
93.3%
|
|
Sponsor Equity
|
10,787,566
|
31.4
|
Upfront Reserves
|
1,875,451
|
5.5
|
|
Closing Costs
|
437,116
|
1.3
|
||||
Total Sources
|
$34,312,566
|
100.0%
|
Total Uses
|
$34,312,566
|
100.0%
|
(1)
|
UW NOI is higher than 2014 NOI due to new leasing, burn-off of rent concessions, reduced expenses and increased common area maintenance reimbursements attributable to new or renewal tenants in 2014 and 2015.
|
(2)
|
TTM NOI was not provided by the seller.
|
(3)
|
Monthly deposits of $1,178 into the Replacement Reserve are required on the first payment date the Replacement Reserve balance is below the $28,272 cap, and on each payment date thereafter, until such time the Replacement Reserve balance exceeds the cap.
|
(4)
|
Monthly deposits of $11,772 into the TI/LC reserve are required beginning on the earlier to occur of (i) the first payment date after the aggregate amount on reserve (excluding all amounts attributable to any lease termination payments) is less than $200,000 or (ii) the payment date occurring in June, 2018, until such time the amount on deposit equals or exceeds $423,792.
|
(5)
|
Initial Other Escrows and Reserves consist of a capital expenditures reserve in the amount of $880,000, an outstanding tenant improvement reserve in the amount of $173,492, a free rent reserve in the amount of $86,933 and an environmental remediation reserve in the amount of $62,500.
|
115 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Pinecrest Town Center
|
Tenant Summary(1)
|
|||||||||||||
Tenant
|
Ratings(2)
Moody’s/S&P/Fitch
|
Net Rentable
Area (SF) |
% of
Total NRA
|
Base Rent
PSF |
Lease Expiration
Date |
||||||||
Coldwell Banker
|
NA / NA / NA
|
7,982
|
8.5%
|
$40.52
|
5/31/2016
|
||||||||
Get Smart
|
NA / NA / NA
|
6,002
|
6.4%
|
$20.31
|
3/31/2024
|
||||||||
Esslinger Wooten-Maxwell
|
Aa2 / AA / A+
|
4,390
|
4.7%
|
$32.79
|
9/30/2018
|
||||||||
Sea Siam
|
NA / NA / NA
|
4,000
|
4.2%
|
$40.84
|
4/30/2026
|
||||||||
ProMD Practice
|
NA / NA / NA
|
3,591
|
3.8%
|
$20.80
|
12/31/2018
|
||||||||
Westside Bagels too Pinecrest
|
NA / NA / NA
|
3,552
|
3.8%
|
$36.26
|
2/28/2025
|
||||||||
State Farm
|
NA / AA / NA
|
2,973
|
3.2%
|
$26.03
|
1/31/2021
|
||||||||
Miami Postal Credit Union
|
NA / NA / NA
|
2,800
|
3.0%
|
$29.87
|
6/30/2023
|
||||||||
Premiere Dental
|
NA / NA / NA
|
2,606
|
2.8%
|
$28.09
|
1/31/2024
|
||||||||
Corbett Companies
|
NA / NA / NA
|
2,450
|
2.6%
|
$26.61
|
8/31/2018
|
(1)
|
Based on the underwritten rent roll.
|
(2)
|
Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
|
116 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Pinecrest Town Center
|
Lease Rollover Schedule(1)
|
|||||||||||||||||||||
Year
|
Number of Leases
Expiring |
Net Rentable
Area Expiring |
% of NRA
Expiring |
Base Rent Expiring
|
% of Base
Rent Expiring |
Cumulative
Net Rentable Area Expiring |
Cumulative
% of NRA Expiring |
Cumulative Base Rent Expiring
|
Cumulative
% of Base Rent Expiring |
||||||||||||
Vacant
|
NAP
|
12,456
|
13.2
|
% |
NAP
|
NAP
|
12,456
|
13.2%
|
NAP
|
NAP
|
|||||||||||
2015 & MTM
|
13
|
7,204
|
7.6
|
$212,534
|
8.4
|
% |
19,660
|
20.9%
|
$212,534
|
8.4%
|
|||||||||||
2016
|
20
|
26,644
|
28.3
|
870,078
|
34.5
|
46,304
|
49.2%
|
$1,082,612
|
42.9%
|
||||||||||||
2017
|
3
|
4,980
|
5.3
|
164,515
|
6.5
|
51,284
|
54.5%
|
$1,247,127
|
49.4%
|
||||||||||||
2018
|
5
|
12,783
|
13.6
|
330,884
|
13.1
|
64,067
|
68.0%
|
$1,578,011
|
62.5%
|
||||||||||||
2019
|
3
|
4,015
|
4.3
|
137,549
|
5.4
|
68,082
|
72.3%
|
$1,715,560
|
68.0%
|
||||||||||||
2020
|
0
|
0
|
0.0
|
0
|
0.0
|
68,082
|
72.3%
|
$1,715,560
|
68.0%
|
||||||||||||
2021
|
3
|
7,133
|
7.6
|
237,684
|
9.4
|
75,215
|
79.9%
|
$1,953,244
|
77.4%
|
||||||||||||
2022
|
0
|
0
|
0.0
|
0
|
0.0
|
75,215
|
79.9%
|
$1,953,244
|
77.4%
|
||||||||||||
2023
|
1
|
2,800
|
3.0
|
83,636
|
3.3
|
78,015
|
82.8%
|
$2,036,880
|
80.7%
|
||||||||||||
2024
|
2
|
8,608
|
9.1
|
195,105
|
7.7
|
86,623
|
92.0%
|
$2,231,986
|
88.4%
|
||||||||||||
2025
|
1
|
3,552
|
3.8
|
128,796
|
5.1
|
90,175
|
95.8%
|
$2,360,781
|
93.5%
|
||||||||||||
2026 & Beyond
|
1
|
4,000
|
4.2
|
163,363
|
6.5
|
94,175
|
100.0%
|
$2,524,144
|
100.0%
|
||||||||||||
Total
|
52
|
94,175
|
100.0
|
% |
$2,524,144
|
100.0
|
% |
|
|
|
|
(1)
|
Based on the underwritten rent roll.
|
Operating History and Underwritten Net Cash Flow
|
|||||||||||||
2012
|
2013
|
2014
|
Underwritten
|
Per Square
Foot |
%(1)
|
||||||||
Rents in Place
|
$2,009,300
|
$2,102,837
|
$2,319,310
|
$2,524,144
|
$26.80
|
68.3%
|
|||||||
Vacant Income
|
0
|
0
|
0
|
365,422
|
3.88
|
9.9
|
|||||||
Gross Potential Rent
|
$2,009,300
|
$2,102,837
|
$2,319,310
|
$2,889,566
|
$30.68
|
78.2%
|
|||||||
Total Reimbursements
|
515,903
|
446,498
|
386,644
|
803,952
|
8.54
|
21.8
|
|||||||
Net Rental Income
|
$2,525,203
|
$2,549,335
|
$2,705,955
|
$3,693,518
|
$39.22
|
100.0%
|
|||||||
(Vacancy/Credit Loss)
|
(214,451)
|
(132,308)
|
(120,422)
|
(467,092)
|
(4.96)
|
(12.6)
|
|||||||
Effective Gross Income
|
$2,310,752
|
$2,417,027
|
$2,585,532
|
$3,226,426
|
$34.26
|
87.4%
|
|||||||
Total Expenses
|
$1,164,026
|
$1,039,517
|
$1,089,751
|
$1,214,945
|
$12.90
|
37.7%
|
|||||||
Net Operating Income(2)
|
$1,146,726
|
$1,377,511
|
$1,495,781
|
$2,011,481
|
$21.36
|
62.3%
|
|||||||
Total TI/LC, Capex/RR
|
0
|
0
|
0
|
155,389
|
1.65
|
4.8
|
|||||||
Net Cash Flow
|
$1,146,726
|
$1,377,511
|
$1,495,781
|
$1,856,093
|
$19.71
|
57.5%
|
|||||||
Occupancy(3)
|
82.5%
|
83.3%
|
90.9%
|
87.4%
|
|
(1)
|
Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
|
|
(2)
|
The increase in Underwritten Net Operating Income from 2014 Net Operating Income is due to new leasing, burn off of rent concessions, reduced expenses and increased common area maintenance reimbursements attributable to new or renewal tenants in 2014 and 2015.
|
|
(3)
|
Historical occupancies are as of December 31 of each respective year. Underwritten occupancy represents economic occupancy.
|
117 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
118 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Doubletree - Carson
|
Mortgage Loan Information
|
Property Information
|
|||
Mortgage Loan Seller:
|
RCMC
|
Single Asset / Portfolio:
|
Single Asset
|
|
Original Principal Balance:
|
$22,650,000
|
Title:
|
Fee
|
|
Cut-off Date Principal Balance:
|
$22,586,644
|
Property Type - Subtype:
|
Hotel – Full Service
|
|
% of Pool by IPB:
|
2.3%
|
Net Rentable Area (Rooms):
|
225
|
|
Loan Purpose:
|
Refinance
|
Location:
|
Carson, CA
|
|
Borrower:
|
Carson Hotel, LLC
|
Year Built / Renovated:
|
1988 / 2012
|
|
Sponsor:
|
Ensemble Investments, LLC
|
Occupancy / ADR / RevPAR:
|
81.6% / $119.87 / $97.77
|
|
Interest Rate:
|
3.96000%
|
Occupancy / ADR / RevPAR Date:
|
1/31/2015
|
|
Note Date:
|
3/27/2015
|
Number of Tenants:
|
N/A
|
|
Maturity Date:
|
4/5/2025
|
2012 NOI(1):
|
$1,849,764
|
|
Interest-only Period:
|
None
|
2013 NOI(1):
|
$2,113,029
|
|
Original Term:
|
120 months
|
2014 NOI(1):
|
$2,421,178
|
|
Original Amortization:
|
360 months
|
TTM NOI (as of 1/2015):
|
$2,494,532
|
|
Amortization Type:
|
Balloon
|
UW Occupancy / ADR/ RevPAR:
|
81.5% / $118.93 / $96.92
|
|
Call Protection:
|
L(26),Def(90),O(4)
|
UW Revenues:
|
$10,391,208
|
|
Lockbox:
|
CMA
|
UW Expenses:
|
$7,993,978
|
|
Additional Debt:
|
N/A
|
UW NOI(1):
|
$2,397,230
|
|
Additional Debt Balance:
|
N/A
|
UW NCF:
|
$2,397,230
|
|
Additional Debt Type:
|
N/A
|
Appraised Value / Per Room:
|
$31,800,000 / $141,333
|
|
Appraisal Date:
|
2/17/2015
|
|||
Escrows and Reserves
|
Financial Information
|
|||||
Initial
|
Monthly
|
Initial Cap
|
Cut-off Date Loan / Room:
|
$100,385
|
||
Taxes:
|
$60,735
|
$30,368
|
N/A
|
Maturity Date Loan / Room:
|
$79,860
|
|
Insurance:
|
$32,224
|
$8,056
|
N/A
|
Cut-off Date LTV:
|
71.0%
|
|
FF&E Reserves(2):
|
$0
|
4% of Gross Revenues
|
N/A
|
Maturity Date LTV:
|
56.5%
|
|
TI/LC:
|
$0
|
$0
|
N/A
|
UW NCF DSCR:
|
1.86x
|
|
Other(2):
|
$0
|
Springing
|
N/A
|
UW NOI Debt Yield:
|
10.6%
|
|
Sources and Uses
|
|||||||||
Sources
|
Proceeds
|
% of Total
|
Uses
|
Proceeds
|
% of Total
|
||||
Mortgage Loan
|
$22,650,000
|
100.0%
|
Payoff Existing Debt
|
$19,864,199
|
87.7%
|
||||
Return of Equity
|
2,283,213
|
10.1
|
|||||||
Closing Costs
|
409,629
|
1.8
|
|||||||
Upfront Reserves
|
92,959
|
0.4
|
|||||||
Total Sources
|
$22,650,000
|
100.0%
|
Total Uses
|
$22,650,000
|
100.0%
|
(1)
|
The increase in historical NOI and UW NOI is partially due to an approximately $5.2 million property renovation that took place between 2010 and 2014 and was primarily completed in 2012.
|
(2)
|
The borrower will make monthly deposits into the FF&E Reserve equal to $34,638. Based on the annual operating statements for the property, the lender may adjust the FF&E Reserve monthly deposit to the greater of (x) the then-existing FF&E Reserve monthly deposit, (y) one-twelfth of 4% of the total gross revenue for the prior fiscal year or (z) any greater amount required to be paid under the franchise agreement, the physical conditions report or the annual budget. In addition, at any time, (i) if additional PIP work is required by the franchisor under the franchise agreement, or (ii) at any time after the date that is 24 months prior to expiration of the franchise agreement the lender determines in its reasonable discretion that any future PIP work may be required, then in either case, the borrower will deposit into the PIP reserve an amount equal to 110% of the estimated costs to complete such additional PIP work, as reasonably determined by lender.
|
119 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Doubletree - Carson
|
Historical Occupancy, ADR, RevPAR
|
|||||||||
|
Competitive Set(1)
|
DoubleTree - Carson(2)
|
Penetration Factor(3)
|
||||||
Year
|
Occupancy
|
ADR
|
RevPAR
|
Occupancy
|
ADR
|
RevPAR
|
Occupancy
|
ADR
|
RevPAR
|
2012
|
77.8%
|
$96.22
|
$74.83
|
71.7%
|
$113.24
|
$81.24
|
92.2%
|
117.7%
|
108.6%
|
2013
|
80.4%
|
$99.32
|
$79.82
|
73.7%
|
$117.27
|
$86.45
|
91.7%
|
118.1%
|
108.3%
|
2014
|
82.2%
|
$106.29
|
$87.32
|
81.5%
|
$118.93
|
$96.92
|
99.1%
|
111.9%
|
111.0%
|
TTM(4)
|
83.4%
|
$107.36
|
$89.49
|
82.3%
|
$121.16
|
$99.73
|
98.8%
|
112.9%
|
111.4%
|
(1)
|
Data provided by Smith Travel Research. The competitive set contains the following properties: DoubleTree - Torrance South Bay, Holiday Inn - Long Beach Airport, DoubleTree - San Pedro Port of Los Angeles, Holiday Inn - Los Angeles Gateway Torrance, Courtyard - Los Angeles Torrance Palos and Hampton Inn - Los Angeles Carson Torrance.
|
(2)
|
2012-2014 information is based on operating statements provided by the borrower.
|
(3)
|
Penetration Factor is calculated based on data provided by Smith Travel Research for the competitive set and borrower provided operating statements for the property for 2012-2014 and Smith Travel Research for the property’s TTM.
|
(4)
|
TTM represents period ending March 31, 2015 provided by Smith Travel Research.
|
Competitive Hotels Profile(1)
|
|||||||||||||||||||
2014 Estimated Market Mix
|
2014 Estimated Operating Statistics
|
||||||||||||||||||
Property
|
Rooms
|
Year
Built |
Meeting Space (SF)
|
Commercial
|
Meeting & Group
|
Leisure
|
Occupancy
|
ADR
|
RevPAR
|
||||||||||
DoubleTree - Carson
|
225
|
1988
|
5,764
|
40%
|
20%
|
15%
|
81%
|
$118.93
|
$96.92
|
||||||||||
Hampton Inn - Los Angeles Carson Torrance
|
137
|
1990
|
0
|
70%
|
10%
|
20%
|
80%
|
$110.00
|
$88.00
|
||||||||||
Courtyard - Los Angeles Torrance South Bay
|
330
|
1987
|
1,358
|
60%
|
20%
|
20%
|
80%
|
$125.00
|
$100.00
|
||||||||||
Holiday Inn - Los Angeles Gateway Torrance
|
320
|
1986
|
3,780
|
30%
|
10%
|
10%
|
80%
|
$85.00
|
$68.00
|
||||||||||
DoubleTree - Torrance South Bay
|
367
|
1976
|
13,253
|
30%
|
10%
|
20%
|
90%
|
$115.00
|
$103.50
|
||||||||||
DoubleTree - San Pedro Port of Los Angeles
|
226
|
1987
|
15,958
|
30%
|
15%
|
30%
|
90%
|
$105.00
|
$94.50
|
||||||||||
Holiday Inn - Long Beach Airport
|
222
|
1969
|
6,029
|
40%
|
20%
|
20%
|
70%
|
$105.00
|
$73.50
|
||||||||||
Total(2)
|
1,602
|
120 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Doubletree - Carson
|
Operating History and Underwritten Net Cash Flow
|
||||||||||||||
2012
|
2013
|
2014
|
TTM(1)
|
Underwritten
|
Per Room (2)
|
% of Total Revenue(3)
|
||||||||
Occupancy
|
71.7%
|
73.7%
|
81.5%
|
81.6%
|
81.5%
|
|||||||||
ADR
|
$113.24
|
$117.27
|
$118.93
|
$119.87
|
$118.93
|
|||||||||
RevPAR
|
$81.24
|
$86.45
|
$96.92
|
$97.77
|
$96.92
|
|||||||||
Room Revenue
|
$6,641,957
|
$7,099,805
|
$7,959,281
|
$8,028,985
|
$7,959,281
|
$35,375
|
76.6%
|
|||||||
Food and Beverage Revenue
|
2,113,511
|
2,109,815
|
2,356,382
|
2,358,574
|
2,356,382
|
10,473
|
22.7
|
|||||||
Telephone Revenue
|
3,754
|
3,900
|
2,544
|
4,546
|
2,544
|
11
|
0.0
|
|||||||
Other Revenue
|
133,753
|
189,389
|
73,001
|
69,288
|
73,001
|
324
|
0.7
|
|||||||
Total Revenue
|
$8,892,975
|
$9,402,909
|
$10,391,208
|
$10,461,393
|
$10,391,208
|
$46,183
|
100.0%
|
|||||||
Room Expense
|
$1,582,596
|
$1,655,906
|
$2,096,734
|
$2,113,335
|
$2,096,734
|
$9,319
|
20.2%
|
|||||||
Food and Beverage Expense
|
1,558,447
|
1,552,016
|
1,654,456
|
1,653,744
|
1,654,456
|
7,353
|
15.9
|
|||||||
Telephone Expense
|
16,406
|
16,202
|
21,551
|
22,485
|
21,551
|
96
|
0.2
|
|||||||
Departmental Expenses
|
$3,157,449
|
$3,224,124
|
$3,772,741
|
$3,789,564
|
$3,772,741
|
$16,768
|
36.3%
|
|||||||
Departmental Profit
|
$5,735,526
|
$6,178,785
|
$6,618,467
|
$6,671,829
|
$6,618,467
|
$29,415
|
63.7%
|
|||||||
Operating Expenses
|
$2,279,723
|
$2,355,709
|
$2,278,414
|
$2,247,031
|
$2,278,414
|
$10,126
|
21.9%
|
|||||||
Gross Operating Profit
|
$3,455,803
|
$3,823,076
|
$4,340,053
|
$4,424,798
|
$4,340,053
|
$19,289
|
41.8%
|
|||||||
Fixed Expenses
|
$422,541
|
$378,401
|
$455,324
|
$461,081
|
$467,266
|
$2,077
|
4.5%
|
|||||||
Management Fee
|
266,778
|
283,482
|
308,228
|
310,039
|
311,736
|
1,385
|
3.0
|
|||||||
Franchise Fee
|
561,001
|
672,048
|
739,675
|
740,691
|
748,172
|
3,325
|
7.2
|
|||||||
FF&E (4)
|
355,719
|
376,116
|
415,648
|
418,456
|
415,648
|
1,847
|
4.0
|
|||||||
Total Other Expenses
|
$1,606,039
|
$1,710,047
|
$1,918,875
|
$1,930,267
|
$1,942,822
|
$8,635
|
18.7%
|
|||||||
Net Operating Income
|
$1,849,764
|
$2,113,029
|
$2,421,178
|
$2,494,532
|
$2,397,230
|
$10,654
|
23.1%
|
|||||||
Net Cash Flow
|
$1,849,764
|
$2,113,029
|
$2,421,178
|
$2,494,532
|
$2,397,230
|
$10,654
|
23.1%
|
(1)
|
TTM is based on the 12 month period ending January 31, 2015.
|
(2)
|
Per Room values are based on 225 guest rooms.
|
(3)
|
% of Total Revenue column for Room Expense, Food and Beverage Expenses and Telephone Expenses is based on their corresponding revenue line item.
|
(4)
|
The borrower will make monthly deposits into the FF&E reserve equal to $34,638. Based on the annual operating statements for the property, the lender may adjust the FF&E reserve monthly deposit to the greater of (x) the then-existing FF&E reserve monthly deposit, (y) one-twelfth of 4% of the total gross revenue for the prior fiscal year or (z) any greater amount required to be paid under the franchise agreement, the physical conditions report, or the annual budget.
|
121 of 122
|
Structural and Collateral Term Sheet
|
JPMBB 2015-C29
|
|
Contacts
|
J.P. Morgan CMBS Capital Markets & Banking
|
||
Contact
|
E-mail
|
Phone Number
|
Kunal Singh
Managing Director
|
kunal.k.singh@jpmorgan.com
|
(212) 834-5467
|
Brad Horn
Vice President
|
bradley.j.horn@jpmorgan.com
|
(212) 834-9708
|
J.P. Morgan CMBS Trading
|
||
Contact
|
E-mail
|
Phone Number
|
Andy Taylor
Managing Director
|
andrew.b.taylor@jpmorgan.com
|
(212) 834-3813
|
Avinash Sharma
Vice President
|
avinash.sharma@jpmorgan.com
|
(212) 272-6108
|
J.P. Morgan Securitized Products Syndicate
|
||
Contact
|
E-mail
|
Phone Number
|
Andy Cherna
Managing Director
|
andy.cherna@jpmorgan.com
|
(212) 834-4154
|
Mick Wiedrick
Executive Director
|
mick.k.wiedrick@jpmorgan.com
|
(212) 834-4154
|
Barclays CMBS Capital Markets & Banking
|
||
Contact
|
E-mail
|
Phone Number
|
Daniel Vinson
Managing Director
|
daniel.vinson@barclays.com
|
(212) 528-8224
|
Luke Adovasio
Director
|
luke.adovasio@barclays.com
|
(212) 526-5248
|
Barclays CMBS Trading
|
||
Contact
|
E-mail
|
Phone Number
|
Max Baker
Director
|
max.baker@barclays.com
|
(212) 412-2084
|
David Kung
Director
|
david.kung@barclays.com
|
(212) 528-7970
|
Barclays Securitized Products Syndicate
|
||
Contact
|
E-mail
|
Phone Number
|
Brian Wiele
Managing Director
|
brian.wiele@barclays.com
|
(212) 412-5780
|
Kenneth Rosenberg
Director
|
kenneth.rosenberg@barclays.com
|
(212) 412-5780
|
122 of 122
|
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