| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226123-09 | ||
From:
Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent:
Tuesday, June 23, 2020 10:56 AM
Subject: ★NEW ISSUE CMBS★ $628.296MM JPMDB 2020-COR7 **PUBLIC CMBS**
JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COR7 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-COR7
JOINT BOOKRUNNERS: J.P. MORGAN SECURITIES LLC, DEUTSCHE BANK SECURITIES INC. AND GOLDMAN SACHS & CO. LLC
CO-MANAGERS: JEFFERIES LLC AND DREXEL HAMILTON, LLC
RATING AGENCIES: S&P/FITCH/KBRA
OFFERING TYPE: SEC-REGISTERED
***AVAILABLE OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS | SIZE | WAL | CERT | CERT | CERT | CERT NOI |
| (S/F/K) | ($MM) | (YR) | P.WIN | C/E | LTV | DEBT YLD | |
| A-1 | AAA/AAA/AAA | 13.360 | 2.76 | 7/20 - 2/25 | 30.000% | 39.8% | 15.3% |
| A-2 | AAA/AAA/AAA | 49.250 | 4.68 | 2/25 - 3/25 | 30.000% | 39.8% | 15.3% |
| A-3 | AAA/AAA/AAA | 80.800 | 6.51 | 10/26 - 3/27 | 30.000% | 39.8% | 15.3% |
| A-4 | AAA/AAA/AAA | ***** SEE BELOW ***** | 30.000% | 39.8% | 15.3% | ||
| A-5 | AAA/AAA/AAA | ***** SEE BELOW ***** | 30.000% | 39.8% | 15.3% | ||
| A-SB | AAA/AAA/AAA | 26.960 | 7.00 | 3/25 – 8/29 | 30.000% | 39.8% | 15.3% |
| A-S | AA-/AAA/AAA | 56.374 | 9.70 | 3/30 – 3/30 | 22.250% | 44.2% | 13.8% |
| B | NR/AA-/AA | 25.460 | 9.70 | 3/30 – 3/30 | 18.750% | 46.1% | 13.2% |
| C | NR/A-/A- | 37.279 | 9.70 | 3/30 – 3/30 | 13.625% | 49.1% | 12.4% |
**The exact initial certificate balances of the Class A-4 and Class A-5 certificates are unknown and will be determined based on the final pricing of those classes of certificates. However, the respective initial certificate balances, weighted average lives and principal windows of the Class A-4 and Class A-5 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial certificate balance of the Class A-4 and Class A-5 certificates is expected to be approximately $338,813,000, subject to a variance of plus or minus 5%.
| Class of Certificates | Exp. Range of Initial Balance | Exp. Range of WAL | Expected Principal Window |
| Class A-4 | $0 - $145.000 | N/A - 9.14 | N/A - 4/29-12/29 |
| Class A-5 | $193.813 - $338.813 | 9.56 - 9.38 | 12/29-3/30 - 4/29-3/30 |
COLLATERAL SUMMARY
| CUT-OFF DATE BALANCE: | $727,405,614 |
| NUMBER OF LOANS: | 34 |
| NUMBER OF PROPERTIES: | 149 |
| WA CUT-OFF LTV: | 56.8% |
| WA MATURITY LTV: | 52.7% |
| WA U/W DSCR: | 2.47x |
| WA U/W NOI DEBT YIELD: | 10.7% |
| TOP TEN LOANS %: | 59.0% |
| WA REMAINING TERM TO MATURITY (MOS): | 107 |
| WA REMAINING AMORTIZATION TERM (MOS): | 357 |
| WA SEASONING (MOS): | 5 |
| TOP 5 PROPERTY TYPES: | OFFICE (71.2%), MIXED USE (11.1%), INDUSTRIAL (8.5%), RETAIL (3.9%), LEASED FEE (3.4%). |
| TOP 5 STATES: | CA (37.4%), NY (15.3%), VA (7.1%), PA (6.3%), NC (5.2%). |
| LOAN SELLERS: | JPMORGAN CHASE BANK, N.A. (21.1%), LOANCORE CAPITAL MARKETS LLC (40.4%), GERMAN AMERICAN CAPITAL CORPORATION (20.5%) AND GOLDMAN SACHS MORTGAGE COMPANY (17.9%). |
| RISK RETENTION: | LOANCORE CAPITAL MARKETS LLC IS EXPECTED TO ACT AS RETAINING SPONSOR AND SATISY U.S. CREDIT RISK RETENTION REQUIREMENT THROUGH PURCHASE OF AN ELIGIBLE HORIZONTAL RESIDUAL INTEREST, WHICH WILL BE COMPRISED OF THE CLASS F-RR, CLASS G-RR, CLASS H-RR AND CLASS NR-RR CERTIFICATES. THE AGGREGATE ESTIMATED FAIR MARKET VALUE OF THE CLASS F-RR, CLASS G-RR, CLASS H-RR AND CLASS NR-RR CERTIFICATES WILL BE AT LEAST EQUAL TO 5% OF THE ESTIMATED FAIR VALUE OF ALL OF THE CERTIFICATES (OTHER THAN THE CLASS R CERTIFICATES) ISSUED BY THE ISSUING ENTITY. |
| MASTER SERVICER: | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER: | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| OPERATING ADVISOR: | PENTALPHA SURVEILLANCE LLC |
| ASSET REPRESENTATIONS REVIEWER: | PENTALPHA SURVEILLANCE LLC |
| DIRECTING CERTIFICATEHOLDER: | LOANCORE CAPITAL MARKETS LLC OR ITS AFFILIATE |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A: | ATTACHED |
| PRELIMINARY PROSPECTUS: | ATTACHED |
| PRICE GUIDANCE: | ON OR ABOUT JUNE 23, 2020 |
| ANTICIPATED PRICING: | ON OR ABOUT JUNE 25, 2020 |
| ANTICIPATED SETTLEMENT: | ON OR ABOUT JUNE 30, 2020 |
| JPM SPG SYNDICATE CONTACTS | |
| ANDY CHERNA | 212-834-4154 |
| JENNIFER KORNBLAU | 212-834-4154 |
| KAILIN TWOMEY | 212-834-4154 |
| JPM CMBS BANKING CONTACTS | |
| KUNAL SINGH | 212-834-5467 |
| BRAD HORN | 212-834-9708 |
| HARRIS RENDELSTEIN | 212-834-6737 |
| JPM CMBS TRADING DESK CONTACTS | |
| AVINASH SHARMA | 212-834-3111 |
| DERRICK FETZER | 212-834-3111 |
| DEUTSCHE BANK CMBS BANKING CONTACTS | |
| LAINIE KAYE | 212-250-5270 |
| NATALIE GRAINGER | 212-250-1254 |
| DEUTSCHE BANK TRADING DESK CONTACTS | |
| RYAN HORVATH | 212-250-5149 |
| DAN PENN | 212-250-5149 |
| GOLDMAN SACHS CMBS BANKING CONTACTS | |
| LEAH NIVISON | 212-357-2702 |
| SCOTT EPPERSON | 212-934-2882 |
| JUSTIN PETERSON | 212-902-4283 |
| GOLDMAN SACHS SYNDICATE CONTACTS | |
| SCOTT WALTER | 212-357-8910 |
| ALEX SMITH-CONSTATINE | 212-855-9035 |
| GOLDMAN SACHS CAPITAL MARKETS CONTACTS | |
| MARK ROMANCZUK | 212-902-0290 |
| NITIN JAGGA | 212-855-9035 |
*******************************************************************************
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com. You should not reply to this announcement. Any reply e-mail communications, including those you generate by using the “Reply” function on your e-mail software, will be ignored or rejected. This notice does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation would be unlawful, and does not constitute an offer to sell or a solicitation of an offer to buy or an advertisement in respect of securities in any province or territory of Canada other than the provinces of Ontario, Quebec, Alberta, British Columbia, Nova Scotia and New Brunswick unless the issuer has securities listed or quoted on one of the exchanges or markets referred to in the definition of “OTC Issuer” in Multilateral Instrument 51-105. Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
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