| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226082-01 | ||
| Sent: | Thursday, February 14, 2019 11:52 AM |
| Subject: | GSMS 2019-GC38 XA / XB -- New Issue Announcement & Auction (Public)(external) |
GSMS 2019-GC38 XA / XB -- New Issue Announcement & Auction (Public)(external) $661.888mm Fixed Rate CMBS Offering
Lead Manager and Sole Bookrunner: Goldman Sachs & Co. LLC and Citigroup
Co-Manager: Academy Securities and Drexel Hamilton
| Class | S&P/Fitch/KBRA | Size($mm) | Approx Proceeds | Guidance |
| X-A | AA(sf)/AAAsf/AAA(sf) | 590.026 | ~45.2mm | T+125a |
| X-B* | NR/AA-sf/AAA(sf) | 71.862 | ~2.3mm | T+115a |
*XB will be auctioned (time to be determined); bids should be reflected in spread to the J-curve to 100CPY
Collateral Summary
| Initial Pool Balance: | $756.444mm |
| Number of Mortgage Loans: | 36 |
| Number of Mortgaged Properties: | 53 |
| Average Cut-off Date Mortgage Loan Balance: | $21.012mm |
| Weighted Average Mortgage Interest Rate: | 4.85792% |
| Weighted Average Remaining Term to Maturity (mos): | 112 |
| Weighted Average Remaining Amortization Term (mos): | 359 |
| Weighted Average Cut-off Date LTV Ratio: | 55.8% |
| Weighted Average Maturity Date LTV Ratio: | 53.0% |
| Weighted Average Underwritten DSCR Ratio: | 2.06x |
| Weighted Average Debt Yield on Underwritten NOI: | 11.1% |
| % of Mortgage Loans with Mezzanine Debt: | 14.1% |
| % of Mortgage Loans with Subordinate Debt: | 0.0% |
| % of Mortgage Loans with Preferred Equity: | 2.0% |
| % of Mortgaged Properties with Single Tenants: | 26.3% |
| Property Type: | 22.7% Retail, 19.7% Office, 14.1% Mixed Use, 13.6% Industrial, 12.1% Multifamily, 8.9% Self Storage, 8.8% Hospitality, |
| Top 5 States: | 24.6% NY, 15.3% CA, 13.1% TX, 12.3% IL, 7.1% OH |
| Anticipated Timing | |
| Anticipated Pricing: | Late Week of Feb 11th |
| Anticipated Closing: | Feb 27, 2019 |
| Preliminary Offering Materials | |
| Term Sheet | |
| Annex A | |
| Third Party Systems | |
| Bloomberg | |
| Deal Name: | GSMS 2019-GC38 |
| Password: | 19GSGC38 |
| Trepp | |
| Deal Name: | GSMS 2019-GC38 |
| Password: | 19GSGC38 |
| Intex | |
| Deal Name: | GS219G38 |
| Password: | 2ainin0v2f1m1u7u |
The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-226082) 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 https://urldefense.proofpoint.com/v2/url?u=http-3A__www.sec.gov&d=DwIGaQ&c=7563p3e2zaQw0AB1wrFVgyagb2IE5rTZOYPxLxfZlX4&r=AZF368wKLKhu8YJmmkBnP_XzBnik-b7PRBxaqDpSB7Q&m=YzehQtbi6Og_V2IsnezTBGhRT760sHlIE5Ra3CBxUR0&s=K8KyoTMog0p05Y4aab2szSk097F3iYNYuewF4PUtwu8&e=<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.sec.gov&d=DwIGaQ&c=7563p3e2zaQw0AB1wrFVgyagb2IE5rTZOYPxLxfZlX4&r=AZF368wKLKhu8YJmmkBnP_XzBnik-b7PRBxaqDpSB7Q&m=YzehQtbi6Og_V2IsnezTBGhRT760sHlIE5Ra3CBxUR0&s=K8KyoTMog0p05Y4aab2szSk097F3iYNYuewF4PUtwu8&e=>. 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<mailto:prospectus-ny@gs.com> .
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