Sent: Tuesday, September 09, 2014 9:42 AM
Subject: GSMS 2014-GC24 -- New Issue Announcement (Public)(external)
GSMS 2014-GC24 -- New Issue Announcement (Public)(external)
$925.284mm Fixed Rate CMBS Offering
Co-Lead Managers and Joint Bookrunners: Goldman, Sachs & Co. and Citigroup Global Markets Inc.
Co-Managers: Drexel Hamilton, LLC and Cantor Fitzgerald & Co.
| Class | Moody's/KBRA/MSTR | Size($mm) | WAL(yr) | C/E | Cum LTV | Cum NOI
Debt Yld |
| A-1 | Aaa(sf)/AAA(sf)/AAA | 43.288 | 2.63 | 30.000% | 46.9% | 14.6% |
| A-2 | Aaa(sf)/AAA(sf)/AAA | 53.778 | 4.86 | 30.000% | 46.9% | 14.6% |
| A-3 | Aaa(sf)/AAA(sf)/AAA | 22.590 | 6.78 | 30.000% | 46.9% | 14.6% |
| A-4 | Aaa(sf)/AAA(sf)/AAA | 270.000 | 9.83 | 30.000% | 46.9% | 14.6% |
| A-5 | Aaa(sf)/AAA(sf)/AAA | 282.234 | 9.86 | 30.000% | 46.9% | 14.6% |
| A-AB | Aaa(sf)/AAA(sf)/AAA | 80.155 | 7.36 | 30.000% | 46.9% | 14.6% |
| A-S | Aaa(sf)/AAA(sf)/AAA | 48.346 | 9.86 | 25.500% | 49.9% | 13.7% |
| B | Aa3(sf)/AA-(sf)/AA- | 83.262 | 9.95 | 17.750% | 55.1% | 12.4% |
| C | A3(sf)/A(sf)/A | 41.631 | 9.95 | 13.875% | 57.7% | 11.9% |
| | | | | | | |
| X-A | Aaa(sf)/AAA(sf)/AAA | 800.391 | N/A | N/A | N/A | N/A |
| X-B | Aa3(sf)/AAA(sf)/AAA | 83.262 | N/A | N/A | N/A | N/A |
Collateral Summary
| Initial Pool Balance: | $1.074bn |
| Number of Mortgage Loans: | 75 |
| Number of Mortgaged Properties: | 116 |
| Average Cut-off Date Mortgage Loan Balance: | $14.325mm |
| Weighted Average Mortgage Interest Rate: | 4.5502% |
| Weighted Average Remaining Term to Maturity/ARD (months): | 115 |
| Weighted Average Remaining Amortization Term (months): | 352 |
| Weighted Average Cut-off Date LTV Ratio: | 67.0% |
| Weighted Average Maturity Date/ARD LTV Ratio: | 58.3% |
| Weighted Average Underwritten Debt Service Coverage Ratio: | 1.64x |
| Weighted Average Debt Yield on Underwritten NOI: | 10.2% |
| % of Mortgage Loans with Additional Mezzanine Debt and Preferred Equity: | 25.9% |
| % of Mortgage Loans with Subordinate Companion Loans: | 8.1% |
| % of Mortgaged Properties with Single Tenants: | 4.8% |
| Property Type: | 33.3% Retail, 22.4% Office, 17.6% Multifamily, 9.3% Self Storage, |
| | 7.8% Hospitality, 6.3% Industrial, 2.2% Manufactured Housing, |
| | 0.8% Mixed Use, 0.3% Ground Leased Land |
| | |
| Top 5 States: | 13.0% CT, 12.0% SC, 11.6% CA, 10.4% TX, 6.7% NC |
| Anticipated Timing | |
| Global Investor Call: | Tue, Sep 9th |
| Anticipated Pricing: | Late Week of Sep 8th / Early Week of Sep 15th |
| Anticipated Closing: | Mon, Sep 29th |
| | |
| Global Investor Call Details |
| Date: | Tue, Sep 9th |
| Time: | 3:00 PM ET |
| Int’l Toll Free: | 719-325-2142 |
| Passcode: | 9896121 |
Anticipated Roadshow Schedule
Wednesday, Sep 10th
Boston, MA – Breakfast Meeting
-Boston Harbor Hotel - North Atlantic & Foyer Room
-70 Rowes Wharf, Boston, MA
-8:30AM ET
Minneapolis, MN - Breakfast Meeting
-Marquette Hotel – Red River Room
-710 Marquette Avenue, Minneapolis, MN
-8:00AM CT
Hartford, CT - Lunch Meeting
-Hilton Hartford - Mark Twain Room
-315 Trumbull Street, Hartford, CT
-12:30PM ET
Free Writing Prospectus
Term Sheet
Annex A
The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-191331) for the offering to which this communication relates. Before you invest, you should read the prospectus in that 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 Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526 or by email to prospectus-ny@gs.com .
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