| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-258342-03 |
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Wednesday, December 13, 2023 2:36 PM
Subject: ★CLASS XB LAUNCH★ BMARK 2023-B40 **PUBLIC CMBS**
★CLASS XB LAUNCH★ BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2023-B40 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2023-B40
| JOINT BOOKRUNNERS & CO-LEAD MANAGERS : | J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS & CO. AND BOFA SECURITIES, INC. |
| CO-MANAGERS : | DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC. |
| RATING AGENCIES : | S&P/FITCH/KBRA |
| OFFERING TYPE : | SEC-REGISTERED |
| Class | S&P/Fitch/KBRA | Size($mm) | Approx Proceeds |
LAUNCH* | |
| XB | NR/A-/AAA | 84.558 | ~$4.5mm | J+265 |
* PRICING SPEED IS 100 CPY
COLLATERAL SUMMARY
| CUT-OFF DATE BALANCE : | $484,404,598 |
| NUMBER OF LOANS : | 20 |
| NUMBER OF PROPERTIES : | 34 |
| WA CUT-OFF LTV : | 51.4% |
| WA MATURITY LTV : | 50.1% |
| WA U/W NCF DSCR : | 1.62x |
| WA U/W NOI DEBT YIELD : | 13.3% |
| TOP TEN LOANS % : | 72.6% |
| WA TERM TO MATURITY (MOS) : | 98 |
| WA REMAINING AMORTIZATION TERM (MOS) : | 353 |
| WA SEASONING (MOS) : | 1 |
| TOP 5 PROPERTY TYPES : | RETAIL (25.4%), OFFICE (24.2%), MIXED USE (21.6%), SELF STORAGE(10.8%), MULTIFAMILY (9.9%) |
| TOP 5 STATES : | IL (18.3%), PA (13.9%), OH (10.1%), TX (9.7%), WA (9.4%) |
| LOAN SELLERS : | JPMORGAN CHASE BANK, N.A. (14.8%), CITI REAL ESTATE FUNDING INC. (52.3%), GOLDMAN SACHS MORTGAGE COMPANY (27.8%) AND BANK OF AMERICA, NATIONAL ASSOCIATION (5.2%) |
| U.S. RISK RETENTION : | JPMCB IS EXPECTED TO ACT AS THE “RETAINING SPONSOR” FOR THIS SECURITIZATION AND INTENDS TO SATISFY THE U.S. CREDIT RISK RETENTION REQUIREMENT BY ACQUIRING (EITHER THROUGH ITSELF OR THROUGH ONE OR MORE OF ITS “MAJORITY OWNED AFFILIATES”) FROM THE DEPOSITOR, ON THE CLOSING DATE, AN “ELIGIBLE VERTICAL INTEREST” WHICH WILL BE COMPRISED OF THE VRR INTEREST AND A PORTION OF WHICH WILL BE TRANSFERRED BY JPMCB TO EACH OF CREFI AND GOLDMAN SACHS BANK USA, THE PARENT OF GSMC (OR ITS "MAJORITY-OWNED AFFILIATE"). |
| EU RISK RETENTION : | THE TRANSACTION IS NOT STRUCTURED TO SATISFY THE EU RISK RETENTION AND DUE DILIGENCE REQUIREMENTS |
| MASTER SERVICER : | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER : | LNR PARTNERS, LLC |
| OPERATING ADVISOR : | PENTALPHA SURVEILLANCE LLC. |
| ASSET REPRESENTATIONS REVIEWER : | PENTALPHA SURVEILLANCE LLC. |
| DIRECTING CERTIFICATEHOLDER : | EIGHTFOLD REAL ESTATE CAPITAL FUND VI, L.P. |
| TIMING | |
| ANTICIPATED PRICING : | ~3:15PM ET TODAY, DECEMBER 11TH |
| ANTICIPATED SETTLEMENT : | ON OR ABOUT DECEMBER 21, 2023 |
JPM SPG SYNDICATE CONTACTS
JENNIFER KORNBLAU 212-834-4154
MORGAN ROACH 212-834-4154
JACQUELINE LARET 212-834-4154
KRISTEN ROSSI 212-834-4154
MICHAEL CASH 212-834-4154
JPM CMBS BANKING CONTACTS
KUNAL SINGH 212-834-5467
HARRIS RENDELSTEIN 212-834-6737
RANDY GOLDSTEIN 212-270-2188
JPM CMBS TRADING DESK CONTACTS
AVINASH SHARMA 212-834-3111
BRIAN CAREY 212-834-3111
DERRICK FETZER 212-834-3111
BOFA CMBS BANKING CONTACTS
LELAND BUNCH 646-855-3953
DANIELLE CALDWELL 646-855-3421
CITIGROUP CMBS BANKING CONTACTS
RICK SIMPOSON 212-816-5343
JASON MERCANDETTI 212-816-6384
CITIGROUP SYNDICATE DESK CONTACTS
RAUL OROZCO 212-723-1295
MATT PERRY 212-723-1295
GOLDMAN SACHS CMBS BANKING CONTACTS
SCOTT EPPERSON 212-934-2882
JUSTIN PETERSON 212-902-4283
GOLDMAN SACHS SYNDICATE CONTACTS
SCOTT WALTER 212-357-8910
GOLDMAN SACHS CAPITAL MARKETS CONTACTS
MARK ROMANCZUK 212-902-0290
NITIN JAGGA 212-855-9035
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