FWP 1 n927_x4-ts.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-207677-05

May 12, 2017

Free Writing Prospectus

Structural and Collateral Term Sheet

$959,131,421

(Approximate Mortgage Pool Balance)

$826,272,000

(Offered Certificates)

GS Mortgage Securities Trust 2017-GS6

As Issuing Entity

GS Mortgage Securities Corporation II

As Depositor

Commercial Mortgage Pass-Through Certificates

Series 2017-GS6

Goldman Sachs Mortgage Company

As Sponsor and Mortgage Loan Seller

IMPORTANT NOTICE REGARDING THE CONDITIONS FOR THIS OFFERING OF ASSET-BACKED SECURITIES

The securities offered by these materials are being offered when, as and if issued. In particular, you are advised that the offered securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated) at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the offered securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the offered securities and the underlying transaction having the characteristics described in these materials. If we determine that the above conditions are not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) the fact that there is no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

Goldman Sachs & Co. LLC

Lead Manager and Sole Bookrunner

Academy Securities		Drexel Hamilton
Co-Managers

The securities offered by this structural and collateral term sheet (this “Term Sheet”) are described in greater detail in the preliminary prospectus included as part of our Registration Statement (SEC File No. 333-207677) (the “Preliminary Prospectus”) dated May 12, 2017. The Preliminary Prospectus contains material information that is not contained in this Term Sheet (including without limitation a detailed discussion of risks associated with an investment in the offered securities under the heading “Risk Factors” in the Preliminary Prospectus). The Preliminary Prospectus is available upon request from Goldman Sachs & Co. LLC, Academy Securities, Inc. or Drexel Hamilton, LLC. Capitalized terms used but not otherwise defined in this Term Sheet have the respective meanings assigned to those terms in the Preliminary Prospectus. This Term Sheet is subject to change.

The Securities May Not Be a Suitable Investment for You

The securities offered by this Term Sheet are not suitable investments for all investors. In particular, you should not purchase any class of securities unless you understand and are able to bear the prepayment, credit, liquidity and market risks associated with that class of securities. For those reasons and for the reasons set forth under the heading “Risk Factors” in the Preliminary Prospectus, the yield to maturity and the aggregate amount and timing of distributions on the offered securities are subject to material variability from period to period and give rise to the potential for significant loss over the life of those securities. The interaction of these factors and their effects are impossible to predict and are likely to change from time to time. As a result, an investment in the offered securities involves substantial risks and uncertainties and should be considered only by sophisticated institutional investors with substantial investment experience with similar types of securities and who have conducted appropriate due diligence on the mortgage loans and the securities. Potential investors are advised and encouraged to review the Preliminary Prospectus in full and to consult with their legal, tax, accounting and other advisors prior to making any investment in the offered securities described in this Term Sheet.

This Term Sheet is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information contained in this Term Sheet may not pertain to any securities that will actually be sold. The information contained in this Term Sheet may be based on assumptions regarding market conditions and other matters as reflected in this Term Sheet. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this Term Sheet should not be relied upon for such purposes. We and our affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this Term Sheet may, from time to time, have long or short positions in, and buy or sell, the securities mentioned in this Term Sheet or derivatives thereof (including options). Information contained in this Term Sheet is current as of the date appearing on this Term Sheet only. Information in this Term Sheet regarding the securities and the mortgage loans backing any securities discussed in this Term Sheet supersedes all prior information regarding such securities and mortgage loans. None of Goldman Sachs & Co. LLC, Academy Securities, Inc. or Drexel Hamilton, LLC provides accounting, tax or legal advice.

The issuing entity will be relying upon an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), contained in Section 3(c)(5) of the Investment Company Act or Rule 3a-7 under the Investment Company Act, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd-Frank Act (both as defined in “Risk Factors—Other Risks Relating to the Certificates—Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Offered Certificates” in the Preliminary Prospectus). See also “Legal Investment” in the Preliminary Prospectus.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

CERTIFICATE AND RETAINED INTEREST SUMMARY

CERTIFICATE SUMMARY

OFFERED CERTIFICATES

Offered Class

Expected Ratings
(Moody’s / Fitch / KBRA)⁽¹⁾

Approximate Initial
Certificate Balance
or Notional Amount⁽²⁾

Approximate
Initial Credit
Support⁽³⁾

Initial Pass-
Through Rate

Pass-Through
Rate
Description

Wtd. Avg.
Life (Yrs)⁽⁴⁾

Principal
Window⁽⁴⁾

Class A-1

Aaa(sf) / AAAsf / AAA(sf)

$ 15,431,000

30.000%

[ ]%

⁽⁵⁾

3.00

06/17 – 05/22

Class A-2

Aaa(sf) / AAAsf / AAA(sf)

$ 250,000,000

30.000%

[ ]%

⁽⁵⁾

9.57

09/26 – 03/27

Class A-3

Aaa(sf) / AAAsf / AAA(sf)

$ 359,651,000

30.000%

[ ]%

⁽⁵⁾

9.83

03/27 – 04/27

Class A-AB

Aaa(sf) / AAAsf / AAA(sf)

$ 29,390,000

30.000%

[ ]%

⁽⁵⁾

7.18

05/22 – 09/26

Class X-A

Aa1(sf) / AAAsf / AAA(sf)

$ 738,619,000(6)

N/A

[ ]%

Variable IO⁽⁷⁾

N/A

Class X-B

NR / A-sf / AAA(sf)

$ 87,653,000(6)

N/A

[ ]%

Variable IO⁽⁷⁾

N/A

Class A-S

Aa2(sf) / AAAsf / AAA(sf)

$ 84,147,000

21.000%

[ ]%

⁽⁵⁾

9.93

04/27 – 05/27

Class B

NR / AA-sf / AA-(sf)

$ 45,579,000

16.125%

[ ]%

⁽⁵⁾

9.94

05/27 – 05/27

Class C

NR / A-sf / A-(sf)

$ 42,074,000

11.625%

[ ]%

⁽⁵⁾

9.94

05/27 – 05/27

NON-OFFERED CERTIFICATES

Non-

Offered Class

Expected Ratings
(Moody’s / Fitch / KBRA)⁽¹⁾

Approximate Initial
Certificate Balance
or Notional Amount⁽²⁾

Approximate
Initial Credit
Support⁽³⁾

Initial Pass-
Through Rate

Pass-Through
Rate
Description

Wtd. Avg.
Life (Yrs)⁽⁴⁾

Principal
Window⁽⁴⁾

Class D⁽⁸⁾

NR / BBB-sf / BBB-(sf)

$ 46,748,000

6.625%

[ ]%

⁽⁵⁾

9.94

05/27 – 05/27

Class X-D⁽⁸⁾

NR / BBB-sf / BBB-(sf)

$ 46,748,000(6)

N/A

[ ]%

Variable IO⁽⁷⁾

N/A

Class E⁽⁸⁾

NR / BBsf / BB-(sf)

$ 17,530,000

4.750%

[ ]%

⁽⁵⁾

9.94

05/27 – 05/27

Class F⁽⁸⁾

NR / B-sf / B-(sf)

$ 10,518,000

3.625%

[ ]%

⁽⁵⁾

9.94

05/27 – 05/27

Class G⁽⁸⁾

NR / NR / NR

$ 33,893,308

0.000%

[ ]%

⁽⁵⁾

9.94

05/27 – 05/27

Class R⁽⁹⁾

N/A

(1)

It is a condition of issuance that the offered certificates receive the ratings set forth above. The anticipated ratings of the certificates shown are those of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Kroll Bond Rating Agency, Inc. (“KBRA” and together with Moody’s and Fitch, the “Rating Agencies”). Subject to the discussion under “Ratings” in the Preliminary Prospectus, the ratings on the certificates address the likelihood of the timely receipt by holders of all payments of interest to which they are entitled on each distribution date and, except in the case of the interest only certificates, the ultimate receipt by holders of all payments of principal to which they are entitled on or before the applicable rated final distribution date. Certain nationally recognized statistical rating organizations, as defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended, that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended, or otherwise to rate the offered certificates. We cannot assure you as to what ratings a non-hired nationally recognized statistical rating organization would assign. See “Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded” in the Preliminary Prospectus. The related Rating Agencies have informed us that the “sf” designation in their ratings represents an identifier of structured finance product ratings. For additional information about this identifier, prospective investors can go to the related Rating Agency’s website. The depositor and the underwriters have not verified, do not adopt and do not accept responsibility for any statements made by the related Rating Agencies on those websites. Credit ratings referenced throughout this Term Sheet are forward-looking opinions about credit risk and express a rating agency’s opinion about the willingness and ability of an issuer of securities to meet its financial obligations in full and on time. Ratings are not indications of investment merit and are not buy, sell or hold recommendations, a measure of asset value or an indication of the suitability of an investment.

(2)

Approximate, subject to a variance of plus or minus 5%. In addition, the notional amount of each class of Class X certificates may vary depending upon the final pricing of the classes of certificates whose certificate balances comprise such notional amount and, if as a result of such pricing the pass-through rate of such class of Class X certificates would be equal to zero, such Class X certificates may not be issued on the closing date of this securitization.

(3)

The initial credit support percentages set forth for the certificates are approximate and, for the Class A-1, Class A-2, Class A-3 and Class A-AB certificates, are represented in the aggregate. The retained interest provides credit support only to the limited extent that it is allocated a portion of any losses incurred on the mortgage loans, which such losses are allocated between it, on the one hand, and the certificates, on the other hand, as described in “Credit Risk Retention” in the Preliminary Prospectus.

(4)

The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table with respect to each class of certificates having a certificate balance are based on the assumptions set forth under “Yield, Prepayment and Maturity Considerations—Weighted Average Life” in the Preliminary Prospectus and on the assumptions that there are no prepayments, modifications or losses in respect of the mortgage loans and that there are no extensions or forbearances of maturity dates of the mortgage loans.

(5)

For each distribution date, the pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-AB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G certificates will each generally be a per annum rate equal to one of (i) a fixed rate, (ii) the weighted average of the net mortgage interest 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) as of their respective due dates in the month preceding the month in which the related distribution date occurs, (iii) the lesser of a specified pass-through rate and the rate described in clause (ii), or (iv) the rate described in clause (ii) less a specified percentage.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

CERTIFICATE AND RETAINED INTEREST SUMMARY (continued)

(6)

The Class X-A, Class X-B and Class X-D certificates (collectively, the “Class X certificates”), will not have certificate balances and will not be entitled to receive distributions of principal. Interest will accrue on each of the Class X certificates at its respective pass-through rate based upon its respective notional amount. The notional amount of each of the Class X certificates will be equal to the aggregate certificate balances of the related class(es) of certificates (the “related certificates”) indicated below.

Class		Related Certificates
Class X-A		Class A-1, Class A-2, Class A-3, Class A-AB and Class A-S certificates
Class X-B		Class B and Class C certificates
Class X-D		Class D certificates

(7)

The pass-through rate of each of the Class X certificates for any distribution date will equal the excess, if any, of (i) the weighted average of the net mortgage interest 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) as of their respective due dates in the month preceding the month in which the related distribution date occurs, over (ii) the pass-through rate (or the weighted average of the pass-through rates as applicable) of the related certificate for that distribution date, as described in the Preliminary Prospectus.

(8)

The initial certificate balance of each of the Class D, Class E, Class F and Class G certificates and the initial notional amount of the Class X-D certificates is subject to change based on final pricing of all certificates and the final determination of the Class E, Class F and Class G certificates (collectively, the “HRR Certificates”) that will be retained by the retaining third-party purchaser as part of the sponsor’s satisfaction of its U.S. risk retention requirements. For more information regarding the methodology and key inputs and assumptions used to determine the sizing of the HRR Certificates, see “Credit Risk Retention” in the Preliminary Prospectus.

(9)

The Class R certificates will not have a certificate balance, notional amount, pass-through rate, rating or rated final distribution date. The Class R certificates will represent the residual interests in each of two separate REMICs, as further described in the Preliminary Prospectus. The Class R certificates will not be entitled to distributions of principal or interest.

RETAINED INTEREST SUMMARY

Non-Offered Eligible Vertical Interest	Approximate Initial Retained Interest Balance	Approximate Initial Retained Interest Rate	Retained Interest Rate Description	Wtd. Avg. Life (Yrs)⁽¹⁾	Principal Window⁽¹⁾
Retained Interest	$ 24,170,112	[ ]%	⁽²⁾	9.60	06/17 – 05/27

(1)

The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table with respect to the retained interest are based on the assumptions set forth under “Yield, Prepayment and Maturity Considerations—Weighted Average Life” in the Preliminary Prospectus and on the assumptions that there are no prepayments, modifications or losses in respect of the mortgage loans and that there are no extensions or forbearances of maturity dates of the mortgage loans.

(2)

Although it does not have a specified pass-through rate, the effective retained interest rate will be a per annum rate equal to the weighted average of the net mortgage interest 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) as of their respective due dates in the month preceding the month in which the related distribution date occurs.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

MORTGAGE POOL CHARACTERISTICS

Mortgage Pool Characteristics⁽¹⁾
Initial Pool Balance⁽²⁾	$959,131,421
Number of Mortgage Loans	33
Number of Mortgaged Properties	73
Average Cut-off Date Mortgage Loan Balance	$29,064,589
Weighted Average Mortgage Interest Rate	4.4013%
Weighted Average Remaining Term to Maturity (months)	118
Weighted Average Remaining Amortization Term (months)⁽³⁾	360
Weighted Average Cut-off Date LTV Ratio⁽⁴⁾	57.1%
Weighted Average Maturity Date LTV Ratio⁽⁵⁾	52.7%
Weighted Average Underwritten Debt Service Coverage Ratio⁽⁶⁾	2.38x
Weighted Average Debt Yield on Underwritten NOI⁽⁷⁾	11.9%
% of Mortgage Loans with Mezzanine Debt⁽⁸⁾	9.96%
% of Mortgage Loans with Subordinate Debt⁽⁹⁾	9.96%
% of Mortgage Loans with Preferred Equity	7.5%
% of Mortgage Loans with Single Tenants	28.1%

(1)

Each of the nine mortgage loans, representing approximately 61.4% of the initial pool balance, listed in the “Companion Loan Summary” table below has one or more related pari passu companion loans, and the loan-to-value ratio, debt service coverage ratio, debt yield and balance per SF calculations presented in this Term Sheet include the related pari passu companion loan(s) unless otherwise indicated. With respect to one mortgage loan, representing approximately 9.96% of the initial pool balance, with one or more related subordinate companion loan(s) as set forth in the “Companion Loan Summary” table below, the loan-to-value ratio, debt service coverage ratio, debt yield and balance per SF calculations presented in this Term Sheet are calculated without regard to the related subordinate companion loan(s). Other than as specifically noted, the loan-to-value ratio, debt service coverage ratio, debt yield and mortgage loan rate information for each mortgage loan is presented in this Term Sheet without regard to any other indebtedness (whether or not secured by the related mortgaged property, ownership interests in the related borrower or otherwise) that currently exists or that may be incurred by the related borrower or its owners in the future, in order to present statistics for the related mortgage loan without combination with the other indebtedness.

(2)

Subject to a permitted variance of plus or minus 5%.

(3)

Excludes mortgage loans that are interest-only for the entire term and the U.S. Industrial Portfolio Whole Loan, which requires monthly debt service payments of (i) $125,000 of principal plus (ii) the amount of interest accrued on the outstanding principal balance of the whole loan during the related interest accrual period.

(4)

Unless otherwise indicated, the Cut-off Date LTV Ratio is calculated utilizing the “as-is” appraised value (which, in certain cases, may reflect a portfolio premium valuation). With respect to one mortgage loan, representing approximately 1.0% of the initial pool balance, the Cut-off Date LTV Ratio was calculated using a hypothetical “as-is” appraised value assuming certain tenant improvements, leasing commissions and free rent have been paid. The weighted average Cut-off Date LTV Ratio for the mortgage pool without making any adjustments is 57.2%. See “Description of the Mortgage Pool—Certain Calculations and Definitions” in the Preliminary Prospectus for a description of Cut-off Date LTV Ratio.

(5)

Unless otherwise indicated, the Maturity Date LTV Ratio is calculated utilizing the “as-is” appraised value. With respect to six mortgage loans, representing approximately 26.6% of the initial pool balance, the respective Maturity Date LTV Ratios were each calculated using the related “as stabilized” appraised value instead of the related “as-is” appraised value. The weighted average Maturity Date LTV Ratio for the mortgage pool without making such adjustments is 53.5%. See “Description of the Mortgage Pool—Certain Calculations and Definitions” in the Preliminary Prospectus for a description of Maturity Date LTV Ratio.

(6)

Unless otherwise indicated, the Underwritten Debt Service Coverage Ratio for each mortgage loan is calculated by dividing the Underwritten Net Cash Flow from the related mortgaged property or mortgaged properties by the annual debt service for such mortgage loan, as adjusted in the case of mortgage loans with a partial interest only period by using the first 12 amortizing payments due instead of the actual interest only payment. With respect to the U.S. Industrial Portfolio mortgage loan, representing approximately 7.5% of the initial pool balance, which requires monthly debt service payments on the U.S. Industrial Portfolio Whole Loan of (i) $125,000 of principal plus (ii) the amount of interest accrued on the outstanding principal balance of the whole loan during the related interest accrual period, the respective Underwritten Debt Service Coverage Ratio is calculated based on the debt service for the 12-month period commencing June 6, 2017. See “Description of the Mortgage Pool—Certain Calculations and Definitions” in the Preliminary Prospectus for a description of Underwritten Debt Service Coverage Ratio.

(7)

Unless otherwise indicated, the Debt Yield on Underwritten NOI for each mortgage loan is the related mortgaged property’s Underwritten NOI divided by the Cut-off Date Balance of such mortgage loan, and the Debt Yield on Underwritten NCF for each mortgage loan is the related mortgaged property’s Underwritten NCF divided by the Cut-off Date Balance of such mortgage loan. See “Description of the Mortgage Pool—Certain Calculations and Definitions” in the Preliminary Prospectus for descriptions of Debt Yield on Underwritten NOI and Debt Yield on Underwritten NCF.

(8)

The 1999 Avenue of the Stars mortgage loan has an additional existing subordinate mezzanine loan held by certain limited liability companies owned by certain individuals who also own an indirect interest in the borrower with an outstanding principal balance of $71,120,923 made to the direct parent of the mezzanine borrower. See “Description of the Mortgage Pool—The Whole Loans” and “Description of the Mortgage Pool—Additional Indebtedness” in the Preliminary Prospectus.

(9)

The 1999 Avenue of the Stars mortgage loan has one or more subordinate companion loans that is generally subordinate in right of payment to the respective related mortgage loan (the “1999 Avenue of the Stars Subordinate Companion Loans”). The 1999 Avenue of the Stars Subordinate Companion Loans, evidenced by note B-1, note B-2, note B-3 and note B-4, have an aggregate outstanding principal balance of $192,240,000 as of the Cut-off Date, and are currently held by Goldman Sachs Mortgage Company and are anticipated to be sold to an unrelated third party investor. See “Description of the Mortgage Pool—The Whole Loans” and “Description of the Mortgage Pool—Additional Indebtedness” in the Preliminary Prospectus.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

KEY FEATURES OF THE CERTIFICATES

Lead Manager and Sole Bookrunner:	Goldman Sachs & Co. LLC
Co-Managers:	Academy Securities, Inc. Drexel Hamilton, LLC
Depositor:	GS Mortgage Securities Corporation II
Initial Pool Balance:	$959,131,421
Master Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Special Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Certificate Administrator:	Wells Fargo Bank, National Association
Trustee:	Wells Fargo Bank, National Association
Operating Advisor:	Pentalpha Surveillance LLC
Asset Representations Reviewer:	Pentalpha Surveillance LLC
U.S. Credit Risk Retention:	For a discussion of the manner by which Goldman Sachs Mortgage Company, as sponsor, intends to satisfy the credit risk requirements of the Credit Risk Retention Rules, see “Credit Risk Retention” in the Preliminary Prospectus.
Pricing:	Week of May 15, 2017
Closing Date:	May 31, 2017
Cut-off Date:	For each mortgage loan, the related due date for such mortgage loan in May 2017 (or, in the case of any mortgage loan that has its first due date in June 2017, the date that would have been its due date in May 2017 under the terms of that mortgage loan if a monthly payment were scheduled to be due in that month).
Determination Date:	The 6^th day of each month or next business day, commencing in June 2017
Distribution Date:	The 4^th business day after the Determination Date, commencing in June 2017
Interest Accrual:	Preceding calendar month
ERISA Eligible:	The offered certificates are expected to be ERISA eligible
SMMEA Eligible:	No
Payment Structure:	Sequential Pay
Day Count:	30/360
Tax Structure:	REMIC
Rated Final Distribution Date:	May 2050
Cleanup Call:	1.0%
Minimum Denominations:	$10,000 minimum for the offered certificates (except with respect to the Class X-A and Class X-B certificates: $1,000,000 minimum); integral multiples of $1 thereafter for all the offered certificates
Delivery:	Book-entry through DTC
Bond Information:	Cash flows are expected to be modeled by TREPP, INTEX and BLOOMBERG

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

TRANSACTION HIGHLIGHTS

■

934,961,308 (Approximate) New-Issue Multi-Borrower CMBS:

—

Overview: The mortgage pool consists of 33 fixed-rate commercial mortgage loans that have an aggregate Cut-off Date Balance of $959,131,421 (the “Initial Pool Balance”), have an average mortgage loan Cut-off Date Balance of $29,064,589 and are secured by 73 mortgaged properties located throughout 26 states and the District of Columbia

—

LTV: 57.1% weighted average Cut-off Date LTV Ratio

—

DSCR: 2.38x weighted average Underwritten NCF Debt Service Coverage Ratio

—

Debt Yield: 11.9% weighted average Debt Yield on Underwritten NOI

—

Credit Support: 30.000% credit support to Class A-1 / A-2 / A-3 / A-AB

■

Loan Structural Features:

—

Amortization: 46.2% of the mortgage loans by Initial Pool Balance have scheduled amortization:

–

28.8% of the mortgage loans by Initial Pool Balance have scheduled amortization following a partial interest only period with a balloon payment due at maturity

–

17.4% of the mortgage loans by Initial Pool Balance have amortization for the entire term with a balloon payment due at maturity

—

Hard Lockboxes: 79.8% of the mortgage loans by Initial Pool Balance have a Hard Lockbox in place

—

Cash Traps: 97.8% of the mortgage loans by Initial Pool Balance have cash traps triggered by certain declines in cash flow, all at levels equal to or greater than a 1.00x coverage, that fund an excess cash flow reserve

—

Reserves: The mortgage loans require amounts to be escrowed for reserves as follows:

–

Real Estate Taxes: 21 mortgage loans representing 38.9% of the Initial Pool Balance

–

Insurance: 7 mortgage loans representing 12.3% of the Initial Pool Balance

–

Replacement Reserves (Including FF&E Reserves): 22 mortgage loans representing 46.2% of the Initial Pool Balance

–

Tenant Improvements / Leasing Commissions: 16 mortgage loans representing 40.2% of the portion of the Initial Pool Balance that is secured by office, mixed use, retail, and industrial properties only

—

Predominantly Defeasance: 87.9% of the mortgage loans by Initial Pool Balance permit defeasance after an initial lockout period

■

Multiple-Asset Types > 5.0% of the Initial Pool Balance:

—

Office: 48.3% of the mortgaged properties by allocated Initial Pool Balance are office properties

—

Mixed Use: 18.7% of the mortgaged properties by allocated Initial Pool Balance are mixed use properties

—

Retail: 17.0% of the mortgaged properties by allocated Initial Pool Balance are retail properties (13.7% are anchored retail properties)

—

Industrial: 10.6% of the mortgaged properties by allocated Initial Pool Balance are industrial properties

■

Geographic Diversity: The 73 mortgaged properties are located throughout 26 states and the District of Columbia with only one state having greater than 10.0% of the allocated Initial Pool Balance: California (25.8%)

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

COLLATERAL OVERVIEW

Mortgage Loan Seller

Mortgage Loan Seller	Mortgage Loans	Mortgaged Properties	Aggregate Cut-off Date Balance	% of Initial Pool Balance
Goldman Sachs Mortgage Company	33	73	$959,131,421	100.0%
Total	33	73	$959,131,421	100.0%

Ten Largest Mortgage Loans

Mortgage Loan Name	Cut-off Date Balance	% of Initial Pool Balance	Property Type	Property Size SF	Cut-off Date Balance Per SF	UW NCF DSCR	UW NOI Debt Yield	Cut-off Date LTV Ratio
1999 Avenue of the Stars	$95,500,000	9.96%	Office	821,357	$283	3.84x	16.5%	27.1%
Lafayette Centre	80,250,000	8.4	Office	793,553	$306	2.27x	10.1%	60.1%
Pentagon Center	80,000,000	8.3	Office	911,818	$230	2.72x	12.0%	55.3%
U.S. Industrial Portfolio	72,403,880	7.5	Industrial	6,298,728	$49	2.14x	10.4%	67.2%
GSK R&D Centre	65,500,000	6.8	Mixed Use	635,058	$217	4.74x	19.3%	39.9%
CH2M Global Headquarters	60,000,000	6.3	Office	370,485	$216	1.36x	9.1%	65.5%
Mack-Cali Short Hills Office Portfolio	49,800,000	5.2	Office	572,168	$218	3.28x	14.4%	45.1%
Redlands Town Center	46,500,000	4.8	Retail	251,621	$185	1.92x	9.4%	62.8%
Ericsson North American HQ	45,600,000	4.8	Office	491,891	$211	1.98x	12.4%	69.1%
One West 34th Street	40,000,000	4.2	Mixed Use	210,358	$713	1.24x	5.8%	53.6%
Top 10 Total / Wtd. Avg.	$635,553,880	66.3%				2.68x	12.4%	53.0%
RemainingTotal / Wtd. Avg.	323,577,541	33.7				1.78x	10.9%	65.1%
Total / Wtd. Avg.	$959,131,421	100.0%				2.38x	11.9%	57.1%

Companion Loan Summary

Mortgage Loan Name	Mortgage Loan Cut-off Date Balance	% of Initial Pool Balance	Number of *Pari Passu* Companion Loans⁽¹⁾	*Pari Passu* Companion Loan Cut-off Date Balance	Subordinate Companion Loan Cut off Date Balance⁽¹⁾	Whole Loan Cut-off Date Balance	Controlling Pooling & Servicing Agreement (“Controlling PSA”)	Master Servicer	Special Servicer
1999 Avenue of the Stars⁽²⁾	$95,500,000	9.96%	2	$137,260,000	$192,240,000	$425,000,000	GSMS 2017-GS6	Midland	Midland
Lafayette Centre	$80,250,000	8.4%	2	$162,750,000	—	$243,000,000	GSMS 2017-GS5	Midland	Rialto
Pentagon Center⁽³⁾	$80,000,000	8.3%	5	$130,000,000	—	$210,000,000	GSMS 2017-GS6	Midland	Midland
U.S. Industrial Portfolio	$72,403,880	7.5%	3	$234,236,120	—	$306,640,000	GSMS 2016-GS3	Midland	Rialto
GSK R&D Centre	$65,500,000	6.8%	1	$72,500,000	—	$138,000,000	GSMS 2017-GS5	Midland	Rialto
CH2M Global Headquarters	$60,000,000	6.3%	1	$20,000,000	—	$80,000,000	GSMS 2017-GS6	Midland	Midland
Mack-Cali Short Hills Office Portfolio⁽⁴⁾	$49,800,000	5.2%	2	$74,700,000	—	$124,500,000	CGCMT 2017-P7	Midland	Rialto
Ericsson North American HQ	$45,600,000	4.8%	1	$58,000,000	—	$103,600,000	GSMS 2017-GS5	Midland	Rialto
One West 34th Street⁽⁵⁾	$40,000,000	4.2%	3	$110,000,000	—	$150,000,000	BANK 2017-BNK4	Midland	Rialto

(1)

Each companion loan is pari passu in right of payment to its related mortgage loan and senior in right of payment to any related subordinate companion loan.

(2)

The 1999 Avenue of the Stars mortgage loan has two pari passu companion loans with an aggregate outstanding principal balance of $137,260,000 and four subordinate companion loans with an aggregate outstanding principal balance of $192,240,000.

(3)

The Pentagon Center mortgage loan has five pari passu companion loans with an aggregate outstanding principal balance of $130,000,000. Three pari passu companion loans with an outstanding principal balance as of the Cut-off Date of $55,000,000 were contributed to the BANK 2017-BNK4 securitization trust, one pari passu companion loan with an outstanding principal balance as of the Cut-off Date of $25,000,000 was contributed to the GSMS 2017-GS5 securitization trust, and one pari passu companion loan with an outstanding principal balance as of the Cut-off Date of $50,000,000 was contributed to the MSBAM 2017-C33 securitization trust.

(4)

The Mack-Cali Short Hills Office Portfolio mortgage loan has two pari passu companion loans with an aggregate outstanding principal balance of $74,700,000. Both pari passu companion loans with an outstanding principal balance as of the Cut-off Date of $74,700,000 were contributed to the CGCMT 2017-P7 securitization trust.

(5)

The One West 34th Street mortgage loan has three pari passu companion loans with an aggregate outstanding principal balance of $110,000,000. One pari passu companion loan with an outstanding principal balance as of the Cut-off Date of $60,000,000 was contributed to the BANK 2017-BNK4 securitization trust, one pari passu companion loan with an outstanding principal balance as of the Cut-off Date of $30,000,000 is currently held by Wells Fargo Bank, National Association, and is expected to be contributed to one or more future securitization trusts, and one pari passu companion loan with an outstanding principal balance as of the Cut-off Date of $20,000,000 is currently held by Goldman Sachs Mortgage Company, and is expected to be contributed to one or more future securitization trusts.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

COLLATERAL OVERVIEW (continued)

Mortgage Loans with Existing Mezzanine Debt

Mortgage Loan Name	Mortgage Loan Cut-off Date Balance	Mezzanine Debt Cut-off Date Balance	Total Debt Cut-off Date Balance⁽¹⁾	Wtd. Avg. Cut-off Date Total Debt Interest Rate⁽¹⁾	Cut-off Date Mortgage Loan LTV Ratio	Cut-off Date Total Debt LTV Ratio⁽¹⁾	Cut-off Date Mortgage Loan UW NCF DSCR	Cut-off Date Total Debt UW NCF DSCR⁽¹⁾
1999 Avenue of the Stars⁽²⁾	$95,500,000	$75,000,000	$500,000,000	4.24450%	27.1%	58.1%	3.84x	1.74x

(1)

Calculated including the mezzanine debt.

(2)

The 1999 Avenue of the Stars mortgage loan has one $75,000,000 related mezzanine loan that is currently held by Goldman Sachs Mortgage Company and is anticipated to be sold to an unrelated third party. In addition to the mezzanine loan noted above, there is an existing subordinate mezzanine loan held by certain limited liability companies owned by certain individuals who also own an indirect interest in the borrower with an outstanding principal balance of $71,120,923 made to the direct parent of the mezzanine borrower. See “Description of the Mortgage Pool—Additional Indebtedness” in the Preliminary Prospectus.

Previously Securitized Mortgaged Properties⁽¹⁾

Mortgaged Property Name	City	State	Property Type	Cut-off Date Balance / Allocated Cut-off Date Balance⁽²⁾	% of Initial Pool Balance	Previous Securitization
Lafayette Centre	Washington	District of Columbia	Office	$80,250,000	8.4%	⁽³⁾
Pentagon Center	Arlington	Virginia	Office	$80,000,000	8.3%	⁽³⁾
U.S. Industrial Portfolio	Various	Various	Industrial	$72,403,880	7.5%	⁽⁴⁾
GSK R&D Centre	Rockville	Maryland	Mixed Use	$65,500,000	6.8%	CGGS 2016-RNDB
Mack-Cali Short Hills Office Portfolio	Short Hills	New Jersey	Office	$49,800,000	5.2%	⁽⁵⁾
The Plaza	Buford	Georgia	Retail	$24,500,000	2.6%	MSC 2008-T29
River Ranch	Lafayette	Louisiana	Mixed Use	$18,681,450	1.9%	MSC 2007-IQ14
Boulevard Center II	Denver	Colorado	Retail	$15,500,000	1.6%	GSMS 2007-GG10
Shiloh Crossing	Avon	Indiana	Retail	$12,562,500	1.3%	BSCMS 2007-PW17
Victoria Villa	Houston	Texas	Multifamily	$11,250,000	1.2%	GSMS 2014-GC24
Spruce Street	Riverside	California	Office	$9,500,000	1.0%	MSC 2007-IQ14
Village at Oakhurst	Cornelius	North Carolina	Mixed Use	$5,993,001	0.6%	BACM 2007-2
Best Buy Danvers	Danvers	Massachusetts	Retail	$5,900,000	0.6%	BSCMS 2007-PW15

(1)

The table above includes mortgaged properties securing mortgage loans for which the most recent prior financing of all or a significant portion of such mortgaged property was included in a securitization. Information under “Previous Securitization” represents the most recent such securitization with respect to each of those mortgaged properties. The information in the above table is based solely on information provided by the related borrower or obtained through searches of a third-party database, and has not otherwise been confirmed by the mortgage loan seller.

(2)

Reflects the allocated loan amount in cases where the applicable mortgaged property is one of a portfolio of mortgaged properties securing a particular mortgage loan.

(3)

The Lafayette Centre and Pentagon Center mortgaged properties were included in the following transactions: BSCMS 2007-PW16, BACM 2007-2, MSC 2007-HQ12, MSC 2007-IQ14, WBCMT 2007-C31, WBCMT 2007-C32.

(4)

Each of the U.S. Industrial Portfolio mortgaged properties were included in the WFRBS 2012-C8 and WFRBS 2013-C11 transactions.

(5)

The Mack-Cali Short Hills Office Portfolio mortgaged properties were contributed to the following transactions: 51 JFK Parkway property was contributed to the GCCFC 2007-GG9 transaction and the 101 JFK Parkway property and 103 JFK Parkway property were contributed to the GSMS 2007-GG10 transaction.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

(THIS PAGE INTENTIONALLY LEFT BLANK)

COLLATERAL OVERVIEW (continued)

Property Types


Property Type / Detail	Number of Mortgaged Properties	Aggregate Cut-off Date Balance⁽¹⁾	% of Initial Pool Balance⁽¹⁾		Wtd. Avg. Underwritten NCF DSCR⁽²⁾	Wtd. Avg. Cut- off Date LTV Ratio⁽²⁾	Wtd. Avg. Debt Yield on Underwritten NOI⁽²⁾
Office	11	$463,415,000	48.3	%	2.53x	53.8%	12.2%
General Suburban	7	244,900,000	25.5		2.32x	59.0%	11.8%
CBD	4	218,515,000	22.8		2.77x	48.1%	12.6%
Mixed Use	6	$179,174,451	18.7	%	2.75x	52.5%	12.9%
Office/Retail	3	82,993,001	8.7		1.55x	57.3%	8.8%
Office/R&D	1	65,500,000	6.8		4.74x	39.9%	19.3%
Retail/Multifamily	1	18,681,450	1.9		1.52x	70.4%	10.2%
Office/Industrial	1	12,000,000	1.3		2.07x	60.0%	10.9%
Retail	10	$162,907,500	17.0	%	1.95x	63.2%	10.4%
Anchored	7	130,957,500	13.7		2.05x	63.1%	10.8%
Shadow Anchored	1	15,500,000	1.6		1.38x	71.9%	8.9%
Unanchored	1	10,550,000	1.1		1.50x	58.6%	7.8%
Single Tenant Retail	1	5,900,000	0.6		2.02x	50.9%	10.1%
Industrial	42	$102,075,322	10.6	%	1.98x	67.7%	10.5%
Flex	14	33,659,546	3.5		1.92x	67.3%	10.4%
Manufacturing	17	32,464,177	3.4		2.14x	67.2%	10.4%
Warehouse/Distribution	8	29,538,152	3.1		1.84x	68.8%	10.6%
Warehouse	3	6,413,446	0.7		2.14x	67.2%	10.4%
Hospitality	2	$32,809,148	3.4	%	2.05x	59.6%	14.4%
Full Service	1	17,477,195	1.8		2.32x	58.1%	15.8%
Select Service	1	15,331,953	1.6		1.75x	61.3%	12.9%
Multifamily – Garden	1	$11,250,000	1.2	%	1.62x	69.2%	10.9%
Self Storage	1	$7,500,000	0.8	%	1.61x	64.7%	8.8%
Total/Avg./Wtd.Avg.	73	$959,131,421	100.0	%	2.38x	57.1%	11.9%

(1)

Calculated based on the mortgaged property’s allocated loan amount for mortgage loans secured by more than one mortgaged property.

(2)

Weighted average based on the mortgaged property’s allocated loan amount for mortgage loans secured by more than one mortgaged property.

(PIE CHART)

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

COLLATERAL OVERVIEW (continued)

Geographic Distribution

Property Location	Number of Mortgaged Properties	Aggregate Cut-off Date Balance⁽¹⁾	% of Initial Pool Balance⁽¹⁾		Aggregate Appraised Value⁽²⁾⁽³⁾	% of Total Appraised Value		Underwritten NOI⁽²⁾	% of Total Underwritten NOI
California	11	$247,907,030	25.8	%	$1,205,620,000	31.4	%	$61,595,182	26.5	%
District of Columbia	1	80,250,000	8.4		404,000,000	10.5		24,548,617	10.5
Virginia	1	80,000,000	8.3		379,800,000	9.9		25,117,003	10.8
Colorado	3	77,562,787	8.1		155,870,000	4.1		9,490,971	4.1
Maryland	1	65,500,000	6.8		345,500,000	9.0		26,598,577	11.4
Texas	5	58,819,024	6.1		177,810,000	4.6		14,864,454	6.4
New York	3	52,033,161	5.4		306,700,000	8.0		10,303,481	4.4
New Jersey	4	50,976,300	5.3		282,900,000	7.4		18,393,813	7.9
Nevada	1	37,000,000	3.9		61,750,000	1.6		4,284,805	1.8
Georgia	5	32,413,655	3.4		78,750,000	2.1		5,848,815	2.5
Ohio	5	20,642,596	2.2		47,100,000	1.2		3,651,571	1.6
South Carolina	3	20,576,490	2.1		48,280,000	1.3		4,130,156	1.8
Louisiana	1	18,681,450	1.9		26,550,000	0.7		1,899,830	0.8
Idaho	1	15,331,953	1.6		25,000,000	0.7		1,972,306	0.8
Florida	5	15,155,105	1.6		32,820,000	0.9		2,280,811	1.0
Indiana	2	13,142,126	1.4		20,150,000	0.5		1,429,931	0.6
Alabama	1	12,895,000	1.3		17,400,000	0.5		1,162,433	0.5
Tennessee	1	12,000,000	1.3		16,400,000	0.4		998,350	0.4
Illinois	6	10,254,268	1.1		60,150,000	1.6		4,728,186	2.0
North Carolina	2	8,665,248	0.9		24,725,000	0.6		1,702,238	0.7
Pennsylvania	1	7,500,000	0.8		11,600,000	0.3		656,336	0.3
Michigan	4	5,973,558	0.6		35,040,000	0.9		2,829,007	1.2
Massachusetts	1	5,900,000	0.6		11,600,000	0.3		594,386	0.3
Arizona	1	5,063,205	0.5		29,700,000	0.8		1,727,267	0.7
Kentucky	2	2,638,151	0.3		15,475,000	0.4		1,132,632	0.5
Minnesota	1	1,508,733	0.2		8,850,000	0.2		571,841	0.2
Missouri	1	741,581	0.1		4,350,000	0.1		272,877	0.1
Total	73	$959,131,421	100.0	%	$3,833,890,000	100.0	%	$232,785,879	100.0	%

(1)

Calculated based on the mortgaged property’s allocated loan amount for mortgage loans secured by more than one mortgaged property.

(2)

Aggregate Appraised Values and Underwritten NOI reflect the aggregate values without any reduction for the pari passu companion loan(s).

(3)

The Aggregate Appraised Value was calculated using the individual “as-is” appraised values for the U.S. Industrial Portfolio mortgaged properties without regard to the portfolio premiums as described under “Certain Definitions—Appraised Value” in this Term Sheet.

(MAP)

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

COLLATERAL OVERVIEW (continued)

Distribution of Cut-off Date Balances
Range of Cut-off Date Balances ($)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
5,687,500 - 10,000,000	6	$44,580,501	4.6	%
10,000,001 - 20,000,000	14	187,497,039	19.5
20,000,001 - 30,000,000	2	54,500,000	5.7
30,000,001 - 40,000,000	2	77,000,000	8.0
40,000,001 - 50,000,000	3	141,900,000	14.8
50,000,001 - 60,000,000	1	60,000,000	6.3
60,000,001 - 80,000,000	3	217,903,880	22.7
80,000,001 - 95,500,000	2	175,750,000	18.3
Total	33	$959,131,421	100.0	%


Distribution of Underwritten NCF DSCRs⁽¹⁾
Range of UW NCF DSCR (x)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
1.24 - 1.40	8	$193,957,500	20.2	%
1.41 - 1.50	3	32,815,000	3.4
1.51 - 1.60	3	56,165,391	5.9
1.61 - 1.70	3	24,743,001	2.6
1.71 - 2.00	4	144,431,953	15.1
2.01 - 2.20	3	90,303,880	9.4
2.21 - 3.00	4	183,414,695	19.1
3.01 - 4.97	5	233,300,000	24.3
Total	33	$959,131,421	100.0	%
(1) See footnotes (1) and (6) to the table entitled “Mortgage Pool Characteristics” above.

Distribution of Amortization Types⁽¹⁾
Amortization Type	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Interest Only	13	$516,000,000	53.8	%
Interest Only, Then Amortizing⁽²⁾	12	276,447,500	28.8
Amortizing (30 Years)	7	94,280,041	9.8
Amortizing (Other)⁽³⁾	1	72,403,880	7.5
Total	33	$959,131,421	100.0	%
(1) All of the mortgage loans will have balloon payments at maturity date. (2) Original partial interest only periods range from 12 to 60 months. (3) The U.S. Industrial Portfolio Whole Loan requires monthly debt service payments of (i) $125,000 of principal plus (ii) the amount of interest accrued on the outstanding principal balance of the whole loan during the related interest accrual period.

Distribution of Lockboxes
Lockbox Type	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Hard	17	$765,330,833	79.8	%
Springing	11	145,135,587	15.1
None	4	35,900,000	3.7
Soft Springing	1	12,765,000	1.3
Total	33	$959,131,421	100.0	%


Distribution of Cut-off Date LTV Ratios⁽¹⁾
Range of Cut-off Date LTV (%)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
23.7 - 30.0	2	$105,500,000	11.0	%
30.1 - 40.0	1	65,500,000	6.8
40.1 - 50.0	2	62,300,000	6.5
50.1 - 60.0	7	202,927,195	21.2
60.1 - 65.0	4	149,581,953	15.6
65.1 - 70.0	8	226,683,323	23.6
70.1 - 75.0	9	146,638,950	15.3
Total	33	$959,131,421	100.0	%
(1) See footnotes (1) and (4) to the table entitled “Mortgage Pool Characteristics” above.

Distribution of Maturity Date LTV Ratios⁽¹⁾
Range of Maturity Date LTV (%)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
23.7 - 30.0	2	$105,500,000	11.0	%
30.1 - 40.0	1	65,500,000	6.8
40.1 - 50.0	3	79,777,195	8.3
50.1 - 55.0	6	116,989,955	12.2
55.1 - 60.0	9	240,902,891	25.1
60.1 - 65.0	11	320,461,380	33.4
65.1 - 68.2	1	30,000,000	3.1
Total	33	$959,131,421	100.0	%
(1) See footnotes (1) and (5) to the table entitled “Mortgage Pool Characteristics” above.

Distribution of Loan Purpose
Loan Purpose	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Acquisition	13	$516,086,442	53.8	%
Refinance	17	264,591,099	27.6
Recapitalization	3	178,453,880	18.6
Total	33	$959,131,421	100.0	%

Distribution of Mortgage Interest Rates
Range of Mortgage Interest Rates (%)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
3.830 - 4.250	7	$412,953,880	43.1	%
4.251 - 4.500	6	205,787,500	21.5
4.501 - 4.750	6	115,492,195	12.0
4.751 - 5.000	11	196,072,891	20.4
5.001 - 5.257	3	28,824,955	3.0
Total	33	$959,131,421	100.0	%

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

COLLATERAL OVERVIEW (continued)


Distribution of Debt Yield on Underwritten NOI⁽¹⁾
Range of Debt Yields on Underwritten NOI (%)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
5.8 - 8.0	2	$50,550,000	5.3	%
8.1 - 9.0	6	88,895,000	9.3
9.1 - 10.0	5	156,327,500	16.3
10.1 - 11.0	9	228,962,273	23.9
11.1 - 12.0	2	117,000,000	12.2
12.1 - 13.0	2	60,931,953	6.4
13.1 - 16.0	4	85,464,695	8.9
16.1 - 23.3	3	171,000,000	17.8
Total	33	$959,131,421	100.0	%
(1) See footnotes (1) and (7) to the table entitled “Mortgage Pool Characteristics” above.

Distribution of Debt Yield on Underwritten NCF⁽¹⁾
Range of Debt Yields on Underwritten NCF (%)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
5.4 - 8.0	3	$62,550,000	6.5	%
8.1 - 9.0	8	162,222,500	16.9
9.1 - 10.0	9	281,969,271	29.4
10.1 - 11.0	3	54,993,001	5.7
11.1 - 12.0	3	140,931,953	14.7
12.1 - 16.0	4	85,464,695	8.9
16.1 - 21.4	3	171,000,000	17.8
Total	33	$959,131,421	100.0	%
(1) See footnotes (1) and (7) to the table entitled “Mortgage Pool Characteristics” above.

Mortgage Loans with Original Partial Interest Only Periods
Original Partial Interest Only Period (months)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
12	2	$24,895,000	2.6	%
24	3	$33,265,000	3.5	%
36	4	$91,287,500	9.5	%
60	3	$127,000,000	13.2	%

Distribution of Original Terms to Maturity
Original Term to Maturity (months)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
120	31	$798,881,421	83.3	%
121	2	160,250,000	16.7
Total	33	$959,131,421	100.0	%


Distribution of Remaining Terms to Maturity
Range of Remaining Terms to Maturity (months)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
112 - 120	33	$959,131,421	100.0	%
Total	33	$959,131,421	100.0	%


Distribution of Original Amortization Terms⁽¹⁾
Original Amortization Term (months)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Interest Only	13	$516,000,000	53.8	%
360	19	370,727,541	38.7
Other⁽²⁾	1	72,403,880	7.5
Total	33	$959,131,421	100.0	%
(1) All of the mortgage loans will have balloon payments at maturity. (2) The U.S. Industrial Portfolio Whole Loan requires monthly debt service payments of (i) $125,000 of principal plus (ii) the amount of interest accrued on the outstanding principal balance of the whole loan during the related interest accrual period.

Distribution of Remaining Amortization Terms⁽¹⁾
Range of Remaining Amortization Terms (months)	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Interest Only	13	$516,000,000	53.8	%
358 - 360	19	370,727,541	38.7
Other⁽²⁾	1	72,403,880	7.5
Total	33	$959,131,421	100.0	%
(1) All of the mortgage loans will have balloon payments at maturity.
(2) The U.S. Industrial Portfolio Whole Loan requires monthly debt service payments of (i) $125,000 of principal plus (ii) the amount of interest accrued on the outstanding principal balance of the whole loan during the related interest accrual period.

Distribution of Prepayment Provisions
Prepayment Provision	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Defeasance	27	$813,043,921	84.8	%
Yield Maintenance	5	116,087,500	12.1
Yield Maintenance or Defeasance	1	30,000,000	3.1
Total	33	$959,131,421	100.0	%

Distribution of Escrow Types
Escrow Type	Number of Mortgage Loans	Cut-off Date Balance	% of Initial Pool Balance
Real Estate Tax	21	$373,427,541	38.9	%
Replacement Reserves⁽¹⁾	22	$443,081,421	46.2	%
TI/LC⁽²⁾	16	$364,643,331	40.2	%
Insurance	7	$117,965,391	12.3	%
(1) Includes mortgage loans with FF&E reserves. (2) Percentage of Initial Pool Balance secured by office, retail, industrial and mixed use properties only.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.

STRUCTURAL OVERVIEW

Allocation Between
the Certificates and
the Retained Interest	The aggregate amount available for distributions to holders of the certificates and the retained interest owner on each distribution date (net of specified expenses of the issuing entity, including fees payable to, and costs and expenses reimbursable to, the master servicer, the special servicer, the certificate administrator, the trustee, the operating advisor and the asset representations reviewer) will be allocated to (a) the retained interest, in an amount equal to the product of such amount multiplied by 2.52% (the “Retained Interest Percentage”) and (b) the certificates, in an amount equal to the product of such amount multiplied by 97.48% (the “Non-Retained Interest Percentage”), in each case such percentages being referred to in this Term Sheet as their respective “percentage allocation entitlement”.

Distributions	On each Distribution Date, funds available for distribution to the certificates, net of yield maintenance charges and prepayment premiums, will be distributed in the following amounts and order of priority (in each case to the extent of remaining available funds allocated to the certificates):

	1.	Class A-1, A-2, A-3, A-AB, X-A and X-B certificates: to interest on the Class A-1, Class A-2, Class A-3, Class A-AB, Class X-A and Class X-B certificates, up to, and pro rata in accordance with, their respective interest entitlements.

	2.	Class A-1, A-2, A-3 and A-AB certificates: to the extent of funds allocable to principal received or advanced on the mortgage loans, (i) to principal on the Class A-AB certificates until their certificate balance is reduced to the Class A-AB scheduled principal balance set forth in Annex E to the Preliminary Prospectus for the relevant Distribution Date, then (ii) to principal on the Class A-1 certificates until their certificate balance is reduced to zero, all funds available for distribution of principal to the certificates remaining after the distributions to Class A-AB in clause (i) above, then (iii) to principal on the Class A-2 certificates until their certificate balance is reduced to zero, all funds available for distribution of principal to the certificates remaining after the distributions to Class A-1 in clause (ii) above, then (iv) to principal on the Class A-3 certificates until their certificate balance is reduced to zero, all funds available for distribution of principal to the certificates remaining after the distributions to Class A-2 in clause (iii) above, and then (v) to principal on the Class A-AB certificates until their certificate balance is reduced to zero, all funds available for distribution of principal to the certificates remaining after the distributions to Class A-3 in clause (iv) above. If the certificate balances of each and every class of certificates other than the Class A-1, Class A-2, Class A-3 and Class A-AB certificates have been reduced to zero as a result of the allocation of mortgage loan losses to those certificates, funds available for distributions of principal to the certificates will be distributed to the Class A-1, Class A-2, Class A-3 and Class A-AB certificates, pro rata, based on their respective certificate balances (and the schedule for the Class A-AB principal distributions will be disregarded).

	3.	Class A-1, A-2, A-3 and A-AB certificates: to reimburse the Class A-1, Class A-2, Class A-3 and Class A-AB certificates, pro rata, for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by those classes, together with interest at their respective pass-through rates.

	4.	Class A-S certificates: (i) first, to interest on the Class A-S certificates up to its interest entitlement; (ii) next, to the extent of funds allocated to principal remaining after distributions in respect of principal to each class of certificates with a higher priority (in this case, the Class A-1, Class A-2, Class A-3 and Class A-AB certificates), to principal on the Class A-S certificates until their certificate balance is reduced to zero; and (iii) next, to reimburse the Class A-S certificates for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by that class, together with interest at its pass-through rate.

	5.	Class B certificates: (i) first, to interest on the Class B certificates up to its interest entitlement; (ii) next, to the extent of funds allocated to principal remaining after distributions in respect of principal to each class of certificates with a higher priority (in this case, the Class A-1, Class A-2, Class A-3, Class A-AB, and Class A-S certificates), to principal on the Class B certificates until their certificate balance is reduced to zero; and (iii) next, to reimburse the Class B certificates for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by that class, together with interest at its pass-through rate.

	6.	Class C certificates: (i) first, to interest on the Class C certificates up to its interest entitlement; (ii) next, to the extent of funds allocated to principal remaining after distributions in respect of principal to each class of certificates with a higher priority (in this case, the Class A-1, Class A-2, Class A-3, Class A-AB, Class A-S and Class B certificates), to principal on the Class C certificates until their certificate balance is reduced to zero; and (iii) next, to reimburse the Class C certificates for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by that class, together with interest at its pass-through rate.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-207677) (the “Registration Statement”) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or if you email a request to prospectus-ny@gs.com.