| | FILED PURSUANT TO RULE 424(h) |
| | REGISTRATION FILE NO.: 333-206677-14 |
| | |
The information in this supplement is not complete and may be changed. This supplement is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
The preliminary prospectus, dated March 10, 2017, to which this is a supplement, may be amended or completed prior to the time of sale.
SUPPLEMENT
(To Preliminary Prospectus Dated March 10, 2017)
$914,325,000 (Approximate)
JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2017-C5
(Central Index Key Number 0001699099)
as Issuing Entity
J.P. Morgan Chase Commercial Mortgage Securities Corp.
(Central Index Key Number 0001013611)
as Depositor
JPMorgan Chase Bank, National Association
(Central Index Key Number 0000835271)
German American Capital Corporation
(Central Index Key Number 0001541294)
as Sponsors and Mortgage Loan Sellers
Commercial Mortgage Pass-Through Certificates, Series 2017-C5
This is a supplement to the preliminary prospectus dated March 10, 2017 (the “Preliminary Prospectus”). Defined terms used in this supplement but not defined herein have the meanings given to them in the Preliminary Prospectus.
Structural Update
| 1. | Certificate Balance Changes: |
The initial Certificate Balance of the Class A-4 Certificates will be increased to $200,000,000.
The initial Certificate Balance of the Class A-5 Certificates will be decreased to $392,116,000.
The changes to the Certificate Balances described above result in the following changes to the Summary of Certificates:
Summary of Certificates
Class | | Approximate Initial Certificate Balance or Notional Amount(1) | | Approx. Initial Credit Support(2) | | Approximate Initial Pass- Through Rate | | Pass-Through Rate Description | | Assumed Final Distribution Date(3) | | Weighted Average Life (Years)(4) | | Principal Window(4) |
Offered Certificates |
A-4 | | $ 200,000,000 | | 30.000% | | % | | (5) | | November 2026 | | 9.25 | | 08/25-11/26 |
A-5 | | $ 392,116,000 | | 30.000% | | % | | (5) | | January 2027 | | 9.74 | | 11/26-01/27 |
J.P. Morgan | Deutsche Bank Securities |
| |
Co-Lead Manager and Joint Bookrunner | Co-Lead Manager and Joint Bookrunner |
| |
Drexel Hamilton Co-Manager | Academy Securities Co-Manager |
The date of this Supplement is March 15, 2017.
| 2. | Range of Discount Yields for the Swap-Priced Principal Balance Certificates. |
The information for the Class A-4 and Class A-5 certificates in the chart entitled “Range of Discount Yields for the Swap-Priced Principal Balance Certificates” under “Credit Risk Retention—Determination of Amount of Required Credit Risk Retention—Swap-Priced Principal Balance Certificates—Discount Yield Determination” is updated as set forth below. All other information on that chart remains unchanged.
Range of Discount Yields for the Swap-Priced Principal Balance Certificates
Class of Certificates | | Low Estimate of Discount Yield | | Base Case Discount Yield | | High Estimate of Discount Yield |
Class A-4 | | 2.4410% | | 3.4015% | | 4.3120% |
Class A-5 | | 2.5005% | | 3.4526% | | 4.3546% |
| 3. | Range of Assumed Certificate Coupons for the Swap-Priced Principal Balance Certificates. |
The information for the Class A-4 and Class A-5 certificates in the chart entitled “Range of Assumed Certificate Coupons for the Swap-Priced Principal Balance Certificates” under “Credit Risk Retention - Determination of Amount of Required Credit Risk Retention—Swap-Priced Principal Balance Certificates—Determination of Assumed Certificate Coupon” is updated as set forth below. All other information on that chart remains unchanged.
Range of Assumed Certificate Coupons for the Swap-Priced Principal Balance Certificates
Class of Certificates | | Low Estimate of Assumed Certificate Coupon | | Base Case Assumed Certificate Coupon | | High Estimate of Assumed Certificate Coupon |
Class A-4 | | 2.5624% | | 3.5222% | | 4.4291% |
Class A-5 | | 2.8484% | | 3.8099% | | 4.7332% |
| 4. | Range of Estimated Fair Values for the Certificates. |
The chart entitled “Range of Estimated Fair Values for the Certificates” under “Credit Risk Retention - Determination of Amount of Required Credit Risk Retention—Calculation of Estimated Fair Value of All Certificates” is deleted in its entirety and replaced with the following:
Range of Estimated Fair Values for the Certificates
Class of Certificates | | Low Estimate of Fair Value | | Base Case Estimate of Fair Value | | High Estimate of Fair Value |
Class A-1 | | $32,682,967 | | $32,682,967 | | $32,683,000 |
Class A-2 | | $38,242,721 | | $38,242,833 | | $38,242,796 |
Class A-3 | | $11,633,666 | | $11,681,173 | | $11,681,219 |
Class A-4 | | $201,998,800 | | $201,998,600 | | $201,998,600 |
Class A-5 | | $401,021,346 | | $403,877,912 | | $403,876,735 |
Class A-SB | | $58,862,211 | | $58,862,097 | | $58,862,097 |
Class X-A | | $4,821,489 | | $54,978,489 | | $116,291,107 |
Class X-B | | $0 | | $2,436,426 | | $10,057,187 |
Class A-S | | $94,175,296 | | $96,726,830 | | $96,727,300 |
Class B | | $43,447,732 | | $45,677,277 | | $45,677,100 |
Class C | | $41,894,973 | | $47,020,393 | | $47,020,302 |
Class D(1) | | $24,404,876 | | $22,302,034 | | $17,819,857 |
Class E-RR(2) | | $12,093,447 | | $15,452,395 | | $18,811,858 |
Class F-RR | | $10,720,176 | | $10,720,176 | | $10,720,176 |
Class G-RR | | $5,356,283 | | $5,356,283 | | $5,356,283 |
Class NR-RR | | $22,691,216 | | $22,691,216 | | $22,691,216 |
Total: | | $1,004,047,200 | | $1,070,707,102 | | $1,138,516,832 |
| (1) | The approximate initial Certificate Balance of the Class D Certificates are estimated based in part on the estimated ranges of Certificate Balances and estimated fair values described under this “Credit Risk Retention” section. The Class D Certificate Balance is expected to fall within a range of $16,956,000 and $29,999,000, with the ultimate Certificate Balance determined such that the |
aggregate fair value of the Yield-Priced Principal Balance Certificates will equal at least 5% of the estimated fair value of all of the Classes of Regular Certificates issued by the issuing entity.
| (2) | The approximate initial Certificate Balance of the Class E-RR Certificates are estimated based in part on the estimated ranges of Certificate Balances and estimated fair values described under this “Credit Risk Retention” section. The Class E-RR Certificate Balance is expected to fall within a range of $23,478,000 and $36,521,000, with the ultimate Certificate Balance determined such that the aggregate fair value of the Yield-Priced Principal Balance Certificates will equal at least 5% of the estimated fair value of all of the Classes of Regular Certificates issued by the issuing entity. |
The estimated range of fair value for all the Certificates is approximately $1,004,047,200 to $1,138,516,832.
The chart showing the percent of the initial Certificate Balance of the Class A-4 certificates at the respective CPYs is deleted in its entirety and replaced with the following:
Percent of the Initial Certificate Balance
of the Class A-4 Certificates at the Respective CPYs
Set Forth Below:
Distribution Date | | 0% CPY | | 25% CPY | | 50% CPY | | 75% CPY | | 100% CPY |
Initial Percentage | | 100% | | 100% | | 100% | | 100% | | 100% |
March 2018 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2019 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2020 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2021 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2022 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2023 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2024 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2025 | | 100 | | 99 | | 98 | | 97 | | 71 |
March 2026 | | 71 | | 71 | | 71 | | 71 | | 71 |
March 2027 | | 0 | | 0 | | 0 | | 0 | | 0 |
Weighted Average Life (years)(1) | | 9.25 | | 9.19 | | 9.11 | | 9.02 | | 8.77 |
| (1) | The weighted average life of the Class A-4 certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-4 certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-4 certificates. |
The chart showing the percent of the initial Certificate Balance of the Class A-5 certificates at the respective CPYs is deleted in its entirety and replaced with the following:
Percent of the Initial Certificate Balance
of the Class A-5 Certificates at the Respective CPYs
Set Forth Below:
Distribution Date | | 0% CPY | | 25% CPY | | 50% CPY | | 75% CPY | | 100% CPY |
Initial Percentage | | 100% | | 100% | | 100% | | 100% | | 100% |
March 2018 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2019 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2020 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2021 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2022 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2023 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2024 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2025 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2026 | | 100 | | 100 | | 100 | | 100 | | 100 |
March 2027 | | 0 | | 0 | | 0 | | 0 | | 0 |
Weighted Average Life (years)(1) | | 9.74 | | 9.72 | | 9.70 | | 9.66 | | 9.40 |
| (1) | The weighted average life of the Class A-5 certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-5 certificates to the related Distribution |
Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the principal balance of the Class A-5 certificates.