| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-191331-05 |
| | | |
_____________________________________________
Sent: Thursday, September 11, 2014 9:40 AM
Subject: GSMS 2014-GC24 -- Price Guidance (Public)(external)
GSMS 2014-GC24 -- Price Guidance (Public)(external)
$925.284mm Fixed Rate CMBS Offering
Co-Lead Managers and Joint Bookrunners: Goldman, Sachs & Co. and Citigroup Global Markets Inc.
Co-Managers: Drexel Hamilton, LLC and Cantor Fitzgerald & Co.
| | | | | | Price | Target |
| Class | Moody's/KBRA/MSTR | Size ($mm) | WAL (yr) | C/E | Guidance | $Px |
| A-1 | Aaa(sf)/AAA(sf)/AAA | 43.288 | 2.63 | 30.000% | S + 42a | 100-00 |
| A-2 | Aaa(sf)/AAA(sf)/AAA | 53.778 | 4.86 | 30.000% | S + 53a | 103-00 |
| A-3 | Aaa(sf)/AAA(sf)/AAA | 22.590 | 6.78 | 30.000% | **Not Available** |
| A-4 | Aaa(sf)/AAA(sf)/AAA | 270.000 | 9.83 | 30.000% | **Not Available** |
| A-5 | Aaa(sf)/AAA(sf)/AAA | 282.234 | 9.86 | 30.000% | S + 87a | 103-00 |
| A-AB | Aaa(sf)/AAA(sf)/AAA | 80.155 | 7.36 | 30.000% | **Not Available** |
| A-S | Aaa(sf)/AAA(sf)/AAA | 48.346 | 9.86 | 25.500% | S + 110a | 103-00 |
| B | Aa3(sf)/AA-(sf)/AA- | 83.262 | 9.95 | 17.750% | S + 150a | 103-00 |
| C | A3(sf)/A(sf)/A | 41.631 | 9.95 | 13.875% | S + 195a | WAC |
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
Pricing: Late Week of Sep 8th / Early Week of Sep 15th
Closing: Mon, Sep 29th
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 .
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED (OTHER THAN ANY STATEMENT RELATING TO THE IDENTITY OF THE LEGAL ENTITY AUTHORIZING OR SENDING THIS COMMUNICATION IN A NON-US JURISDICTION). SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.
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