| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226082-06 | ||
Sent: Monday, January 06, 2020 10:42 AM
Subject: GSMS 2020-GC45 -- New Issue Announcement & IPTs (Public)(external)
GSMS 2020-GC45 -- New Issue Announcement & IPTs (Public)(external)
$1,328.651mm Fixed Rate CMBS Offering
Co-Lead Managers and Joint Bookrunners: Goldman Sachs & Co. LLC, Citigroup and Deutsche Bank Securities
Co-Managers: Academy Securities and Drexel Hamilton
| U/W NOI | Expected | |||||||
| Class | S&P/Fitch/DBRS MSTAR | Size($mm) | WAL(yr) | C/E | LTV | Debt Yld | Sprd | $px |
| A-1 | AAA(sf)/AAAsf/AAA(sf) | 19.471 | 3.25 | 30.000% | 38.2% | 17.3% | S+40a | 100-00 |
| A-2 | AAA(sf)/AAAsf/AAA(sf) | 86.299 | 4.92 | 30.000% | 38.2% | 17.3% | S+65a | 103-00 |
| A-3 | AAA(sf)/AAAsf/AAA(sf) | 13.119 | 6.79 | 30.000% | 38.2% | 17.3% | **Pre-Placed** | |
| A-4# | AAA(sf)/AAAsf/AAA(sf) | 370.000 | 9.79 | 30.000% | 38.2% | 17.3% | S+83a | 101-00 |
| A-5# | AAA(sf)/AAAsf/AAA(sf) | 376.198 | 9.87 | 30.000% | 38.2% | 17.3% | S+85a | 103-00 |
| A-AB | AAA(sf)/AAAsf/AAA(sf) | 38.461 | 7.33 | 30.000% | 38.2% | 17.3% | S+75a | 103-00 |
| A-S | AAA(sf)/AAAsf/AAA(sf) | 146.827 | 9.87 | 18.625% | 44.4% | 14.9% | S+115a | 103-00 |
| B | AA-(sf)/AA-sf/AA(low)(sf) | 64.539 | 9.87 | 13.625% | 47.2% | 14.0% | S+140a | 103-00 |
| C | NR/A-sf/A(low)(sf) | 48.405 | 9.94 | 9.875% | 49.2% | 13.4% | S+175a | WAC |
# Final A-4 and A-5 class sizes subject to change. The A-4 could range from $0mm to 370mm; the A-5 could, in turn, range from $376.198mm to 746.198mm. Please see footnote (6) in the attached term sheet for a discussion of the corresponding WALs and principal windows.
Collateral Summary
| Initial Pool Balance: | $1,328,651,197 |
| Number of Mortgage Loans: | 52 |
| Number of Mortgaged Properties: | 152 |
| Average Cut-off Date Mortgage Loan Balance: | $25,550,985 |
| Weighted Average Mortgage Interest Rate: | 3.55606% |
| Weighted Average Remaining Term to Maturity Date/ARD (mos): | 115 |
| Weighted Average Remaining Amortization Term (mos): | 359 |
| Weighted Average Cut-off Date LTV Ratio: | 54.6% |
| Weighted Average Maturity Date/ARD LTV Ratio: | 51.4% |
| Weighted Average Underwritten DSCR Ratio: | 3.07x |
| Weighted Average Debt Yield on Underwritten NOI: | 12.1% |
| % of Mortgage Loans with Mezzanine Debt: | 9.7% |
| % of Mortgage Loans with Subordinate Debt: | 20.1% |
| % of Mortgage Loans with Preferred Equity: | 0.0% |
| % of Mortgaged Properties with Single Tenants: | 12.1% |
| Property Type: | 21.7% Retail, 19.6% Office, 19.0% Mixed Use, 13.5% Industrial, 13.1% Multifamily, 9.3% Hospitality |
| Top 3 States: | 16.7% NY, 12.5% WA, 11.2% CA |
Anticipated Timing
| Anticipated Pricing: | Late Week January 6th |
| Anticipated Closing: | January 30th |
Preliminary Offering Materials
Term Sheet
Annex A
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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