| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-226082-05 |
| | | |
Sent: Monday, October 28, 2019 3:35 PM
Subject: GSMS 2019-GSA1 –- Price Guidance (Public)(external)
Importance: High
GSMS 2019-GSA1 –- Price Guidance (Public)(external)
$738.006 Fixed Rate CMBS Offering
Lead Manager and Sole Bookrunner: Goldman Sachs & Co. LLC
Co-Manager: Drexel Hamilton
| | | Available* | | | | Trgt |
| Class | S&P/Fitch/KBRA | Size($mm) | WAL(yr) | C/E | Guid | $px |
| A-1 | AAA(sf)/AAAsf/AAA(sf) | [14.549] | 2.84 | 30.000% | S+42a | 100-00 |
| A-2 | AAA(sf)/AAAsf/AAA(sf) | [26.289] | 6.92 | 30.000% | **Pre-Placed** |
| A-3# | AAA(sf)/AAAsf/AAA(sf) | [235.000] | [9.71] | 30.000% | A4-2bps | 101-00 |
| A-4# | AAA(sf)/AAAsf/AAA(sf) | [294.519] | [9.89] | 30.000% | S+99a | 103-00 |
| A-AB | AAA(sf)/AAAsf/AAA(sf) | [20.048] | 7.26 | 30.000% | A4-10bps | 103-00 |
| A-S | AAA(sf)/AAAsf/AAA(sf) | [72.746] | 9.92 | 21.375% | S+128a | 103-00 |
| B | AA(sf)/AA-sf/AA(sf) | [39.009] | 9.92 | 16.750% | S+140a | 103-00 |
| C | A-(sf)/A-sf/A-(sf) | [35.846] | 9.92 | 12.500% | S+190a | WAC |
*Potential for class sizes to adjust slightly as a result of risk retention requirements
# Final A-3 and A-4 class sizes subject to change. The A-3 could range from $100.000mm to $235.000mm; the A-4 could, in turn, range from $294.519mm to
$429.519mm. Please see footnote (7) in the attached term sheet for a discussion of the corresponding WALs and principal windows.
Collateral Summary
| Initial Pool Balance: | $864,235,961 |
| Number of Mortgage Loans: | 49 |
| Number of Mortgaged Properties: | 84 |
| Average Cut-off Date Mortgage Loan Balance: | $17,637,469 |
| Weighted Average Mortgage Interest Rate: | 3.82418% |
| Weighted Average Remaining Term to Maturity Date (mos): | 117 |
| Weighted Average Remaining Amortization Term (mos): | 354 |
| Weighted Average Cut-off Date LTV Ratio: | 61.7% |
| Weighted Average Maturity Date LTV Ratio: | 58.9% |
| Weighted Average Underwritten DSCR Ratio: | 2.29x |
| Weighted Average Debt Yield on Underwritten NOI: | 10.3% |
| % of Mortgage Loans with Mezzanine Debt: | 0.0% |
| % of Mortgage Loans with Subordinate Debt: | 2.9% |
| % of Mortgage Loans with Preferred Equity: | 0.0% |
| % of Mortgaged Properties with Single Tenants: | 8.4% |
| | |
| Property Type: | 24.8% Retail, 19.1% Multifamily, 15.3% Mixed Use, 15.0% Office, 13.9% Hospitality, 5.3% Industrial |
| | |
| Top 3 States: | 22.6% CA, 13.6% NJ, 12.4% TX |
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| Anticipated Timing | |
| | |
| Anticipated Pricing: | Tues, Oct 29th |
| Anticipated Closing: | Friday, November 8th |
| | |
| Preliminary Offering Materials |
| | |
| Preliminary Prospectus | |
| | |
| Term Sheet | |
| Annex | |
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.
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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