| | FREE WRITING PROSPECTUS |
| | FILED PURSUANT TO RULE 433 |
| | REGISTRATION FILE NO.: 333-226123-05 |
| | |
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Tuesday, November 5, 2019 10:33 AM
Subject:★LAUNCH★ $1.144BN BMARK 2019-B14 **PUBLIC CMBS**
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2019-B14 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-B14
| JOINT BOOKRUNNERS: | J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC.,DEUTSCHE BANK SECURITIES INC. |
| CO-LEAD MANAGERS: | J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC.,DEUTSCHE BANK SECURITIES INC. |
| CO-MANAGERS: | DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC. |
| RATING AGENCIES: | S&P/FITCH/KBRA |
| OFFERING TYPE: | SEC-REGISTERED |
***OFFERED CERTIFICATES - PUBLIC***
| | RATINGS | SIZE | WAL | CERT | | TARGET |
| CLS | (S/F/K) | ($MM) | (YR) | C/E | LAUNCH | $PX |
| A-1 | AAA/AAA/AAA | 22.760 | 2.64 | 30.000% | +40 | ~100-00 |
| A-2 | AAA/AAA/AAA | 249.620 | 4.94 | 30.000% | +62 | ~103-00 |
| A-3 | AAA/AAA/AAA | 55.480 | 6.98 | 30.000% | +93 | ~103-00 |
| A-4 | AAA/AAA/AAA | 187.000 | 9.76 | 30.000% | +91 | ~101-00 |
| A-5 | AAA/AAA/AAA | 350.570 | 9.92 | 30.000% | +93 | ~103-00 |
| A-SB | AAA/AAA/AAA | 37.040 | 7.39 | 30.000% | +81 | ~103-00 |
| A-S | AA-/AAA/AAA | 127.315 | 9.98 | 20.125% | +123 | ~103-00 |
| B | NR/AA-/AA- | 61.240 | 9.98 | 15.375% | +137 | ~103-00 |
| C | NR/A-/A- | 53.180 | 9.98 | 11.250% | +190 | WAC |
TIMING
ANTICIPATED ALLOCATIONS: ~11:15AM
ANTICIPATED PRICING: ~11:45AM
ANTICIPATED SETTLEMENT: ON OR ABOUT NOVEMBER 21, 2019
JPM SPG SYNDICATE CONTACTS
ANDY CHERNA 212-834-4154
KAILIN TWOMEY 212-834-4154
JPM CMBS BANKING CONTACTS
KUNAL SINGH 212-834-5467
BRAD HORN 212-834-9708
JPM CMBS TRADING DESK CONTACTS
AVINASH SHARMA 212-834-3111
BRIAN CAREY 212-834-3111
DEUTSCHE BANK TRADING DESK CONTACT
RYAN HORVATH 212-250-5149
DAN PENN 212-250-5149
JIM MURPHY 212-250-5149
CITIGROUP SYNDICATE DESK CONTACTS
RAUL OROZCO 212-723-1295
MATT PERRY 212-723-1295
*******************************************************************************
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