| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-226123-12 |
| | | |
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Wednesday, July 28, 2021 11:52 AM
Subject: ?IPTs? $1.037 BN BMARK 2021-B28 **PUBLIC CMBS**
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2021-B28 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2021-B28
| JOINT BOOKRUNNERS & CO-LEAD MANAGERS: | J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., |
| DEUTSCHE BANK SECURITIES INC., AND GOLDMAN SACHS & CO. LLC. |
| CO-MANAGERS : | DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC. |
| RATING AGENCIES : | MOODY’S/FITCH/KBRA |
| OFFERING TYPE : | SEC-REGISTERED |
***OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS | SIZE | WAL | CERT | CERT | CERT | CERT | NOI IPTs |
| | (M/F/K) | ($MM) | (YR) | | P.WIN | C/E | LTV | DEBT YLD |
| A-1 | Aaa/AAA/AAA | 34.164 | 2.77 | 09/21 – 07/26 | 30.000% | 40.0% | 14.7% | S+20a |
| A-2 | Aaa/AAA/AAA | 55.782 | 4.98 | 07/26 – 08/26 | 30.000% | 40.0% | 14.7% | S+45a |
| A-3 | Aaa/AAA/AAA | 162.402 | 6.97 | 07/28 – 08/28 | 30.000% | 40.0% | 14.7% | S+66a |
| A-4 | Aaa/AAA/AAA | *SEE BELOW* | 9.87 -9.89 | 06/2031-07/2031 | 30.000% | 40.0% | 14.7% | A5-2bps |
| A-5 | Aaa/AAA/AAA | *SEE BELOW* | 9.91 | 07/2031-08/2031 | 30.000% | 40.0% | 14.7% | S+69a |
| A-SB | Aaa/AAA/AAA | 46.745 | 7.52 | 08/26-6/31 | 30.000% | 40.0% | 14.7%% | S+57a |
| A-S | Aa1/AAA/AAA | 102.888 | 9.99 | 08/31 - 08/31 | 22.125% | 44.5% | 13.2% | S+87a |
| B | NR/AA-/AA+ | 58.793 | 9.99 | 08/31 - 08/31 | 17.625% | 47.0% | 12.5% | S+95a |
| C | NR/A-/A | 60.426 | 9.99 | 08/31 - 08/31 | 13.000% | 49.7% | 11.8% | S+135a |
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