JP Morgan Chase Commercial Mortgage Securities Corp.
08/14/2024 | Press release | Distributed by Public on 08/14/2024 04:14
Free Writing Prospectus - Form FWP
| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-258342-05 |
Sent: Tuesday, August 13, 2024 12:49 PM
Subject: [EXTERNAL]★NEW ISSUE ANNOUNCEMENT★ $770.667MM BANK5 2024-5YR9 **PUBLIC CMBS**
BANK5 2024-5YR9 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2024-5YR9
JOINT BOOKRUNNERS & CO-LEAD MANAGERS : J.P. MORGAN SECURITIES LLC, MORGAN STANLEY & CO., LLC, WELLS FARGO SECURITIES, LLC.
CO-MANAGERS : DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES : FITCH/KBRA/MOODYS
OFFERING TYPE : SEC-REGISTERED
***OFFERED CERTIFICATES - PUBLIC***
| CLS |
RATINGS (F/K/M) |
SIZE ($MM) |
WAL (YR) |
P.WIN |
CERT C/E |
CERT LTV |
CERT NOI DEBT YLD |
| A-1 | AAA/AAA/Aaa | 9.500 | 2.58 | 1-58 | 30.000% | 40.0% | 16.9% |
| A-2 | AAA/AAA/Aaa | * | * | * | 30.000% | 40.0% | 16.9% |
| A-3 | AAA/AAA/Aaa | * | * | * | 30.000% | 40.0% | 16.9% |
| A-S | AAA/AAA/Aa1 | 86.470 | 4.96 | 60-60 | 20.000% | 45.8% | 14.8% |
| B | AA-/AA-/NR | 46.478 | 4.96 | 60-60 | 14.625% | 48.8% | 13.8% |
| C | A-/A-/NR | 32.426 | 4.96 | 60-61 | 10.875% | 51.0% | 13.2% |
*CLASS EXPECTED RANGE OF BALANCE ($MM) / EXPECTED RANGE OF WALs (YR)/ EXPECTED P. WIN
A-2 0.000 - 250.000 / NAP - 4.87 / NAP / 58-60
A-3 345.793 - 595.793 / 4.96 - 4.92 60-60 / 58-60
COLLATERAL SUMMARY
| CUT-OFF DATE BALANCE : | $910,215,214 |
| NUMBER OF LOANS : | 33 |
| NUMBER OF PROPERTIES : | 44 |
| WA CUT-OFF LTV : | 57.2% |
| WA MATURITY LTV : | 56.7% |
| WA U/W NCF DSCR : | 1.65x |
| WA U/W NOI DEBT YIELD : | 11.8% |
| TOP TEN LOANS % : | 65.9% |
| WA TERM TO MATURITY (MOS) : | 60 |
| WA REMAINING AMORTIZATION TERM (MOS) : | 360 |
| WA SEASONING (MOS) : | 0 |
| TOP 5 PROPERTY TYPES : | RETAIL (35.5%), MIXED USE (21.4%), OFFICE (17.6%), MULTIFAMILY (15.4%), SELF STORAGE (4.5%) |
| TOP 5 STATES : | NY (22.4%), TX (18.1%), VA (10.6%), CA (10.3%), PA (9.9%) |
| LOAN SELLERS : | JPMORGAN CHASE BANK, N.A. (29.7%), MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC (39.1%) AND WELLS FARGO BANK, N.A (31.2%) |
| U.S. RISK RETENTION : | WELLS FARGO BANK 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 ACQUIRED BY JPMCB AND MORGAN STANLEY (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 : | WELLS FARGO 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 : | EIGHTFOLD REAL ESTATE CAPITAL FUND VI, L.P. |
| DOCUMENTS & TIMING | |
| TERM SHEET & ANNEX A : | ATTACHED |
| PRELIMINARY PROSPECTUS : | AUGUST 14,2024 |
| PRICE GUIDANCE : | WEEK OF AUGUST 12, 2024 |
| ANTICIPATED PRICING : | ON OR ABOUT AUGUST 19, 2024 |
| ANTICIPATED SETTLEMENT : | ON OR ABOUT AUGUST 30, 2024 |
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
MS CMBS SYNDICATE & STRUCTURING CONTACTS
NISHANT KAPUR 212-761-1483
NEWLAND BALDWIN 212-761-7265
JAS SINGH 212-761-9099
MS CMBS BANKING CONTACTS
JANE LAM 212-761-3507
JARED SMITH 212-761-3075
WELLS FARGO CMBS SYNDICATE CONTACTS
CHRISTIE TINTLE 704-410-3008
DANIEL BOXER 704-410-3008
WELLS FARGO CMBS BANKING CONTACTS
A.J. SFARRA 212-214-5613
BRIGID MATTINGLY 312-269-3062
SEAN DUFFY 312-827-1518
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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 [email protected]. 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.