| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226082-04 | ||
Sent:Tuesday, September 10, 2019 10:33 AM
Subject:GSMS 2019-GC42 -- IPTs (Public)(external)
GSMS 2019-GC42 -- IPTs (Public)(external)
$912.734mm Fixed Rate CMBS Offering
| Co-Lead Managers and Joint Bookrunners: | Goldman Sachs & Co. LLC, Citigroup and Deutsche Bank |
| Co-Managers: | AmeriVet Securities and Drexel Hamilton |
| Class | S&P/Fitch/DBRS | Size($mm) | WAL(yr) | C/E | IPTs | Target $px |
| A-1 | AAA(sf) / AAAsf / AAA(sf) | 11.528 | 2.58 | 30.000% | S+42a | 100-00 |
| A-2 | AAA(sf) / AAAsf / AAA(sf) | 117.422 | 4.85 | 30.000% | S+60a | 103-00 |
| A-3# | AAA(sf) / AAAsf / AAA(sf) | 270.000 | 9.82 | 30.000% | A4-2bps | 101-00 |
| A-4# | AAA(sf) / AAAsf / AAA(sf) | 305.209 | 9.88 | 30.000% | S+95a | 103-00 |
| A-AB | AAA(sf) / AAAsf / AAA(sf) | 20.849 | 7.46 | 30.000% | S+81a | 103-00 |
| A-S | AAA(sf) / AAAsf / AAA(sf) | 98.394 | 9.95 | 20.500% | S+115a | 103-00 |
| B | AA-(sf) / AA-sf / AA(sf) | 45.313 | 9.95 | 16.125% | S+135a | 103-00 |
| C | NR / A-sf / A(low)(sf) | 44.019 | 9.95 | 11.875% | S+170a | 103-00 |
# Final A-3 and A-4 class sizes subject to change. The A-3 could range from
$100mm to $270mm; the A-4 could, in turn, range from $305.209mm to $475.209mm.
Please see footnote (6) in the attached term sheet for a discussion of the
corresponding WALs and principal windows.
| Collateral Summary | |
| Initial Pool Balance: | $1,060,426,720 |
| Number of Mortgage Loans: | 36 |
| Number of Mortgaged Properties: | 94 |
| Average Cut-off Date Mortgage Loan Balance: | $29,456,298 |
| Weighted Average Mortgage Interest Rate: | 3.75997% |
| Weighted Average Remaining Term to Maturity Date/ARD (mos): | 112 |
| Weighted Average Remaining Amortization Term (mos): | 344 |
| Weighted Average Cut-off Date LTV Ratio: | 58.8% |
| Weighted Average Maturity Date/ARD LTV Ratio: | 56.6% |
| Weighted Average Underwritten DSCR Ratio: | 2.66x |
| Weighted Average Debt Yield on Underwritten NOI: | 11.1% |
| % of Mortgage Loans with Mezzanine Debt: | 13.6% |
| % of Mortgage Loans with Subordinate Debt: | 19.4% |
| % of Mortgage Loans with Preferred Equity: | 6.1% |
| % of Mortgaged Properties with Single Tenants: | 33.8% |
| Property Type: | 37.0% Office, 21.9% Retail, 18.6% Industrial, |
| 8.6% Mixed Use, 8.4% Multifamily, 4.6% Hospitality, | |
| 0.9% Self Storage | |
| Top 5 States: | 18.3% TX, 17.3% NY, 16.0% CA, 7.2% OH, 6.5% FL |
| Anticipated Timing | |
| Anticipated Pricing: | Late Week of September 9th/ Early Week of September 16th |
| Anticipated Closing: | September 27th |
The issuer 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 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 website 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 toll-free 1-866-471-2526.
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