| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-226123-12 |
| | | |
| From: | Spg Syndicate Jpm (JP MORGAN SECURITIES) [mailto:sjpm2@bloomberg.net] |
| Sent: | Tuesday, August 03, 2021 1:55 PM |
| Subject: | ★LAUNCH★ $1.037BN BMARK 2021-B28 **PUBLIC CMBS** |
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2021-B28 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2021-B28
| JOINT BOOKRUNNERS & CO-LEAD MANAGERS: | J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC., AND GOLDMAN SACHS & CO.LLC. |
| CO-MANAGERS : | DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC. |
| RATING AGENCIES : | MOODY’S/FITCH/KBRA |
| OFFERING TYPE : | SEC-REGISTERED |
***OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS(M/F/K) | SIZE($MM) | WAL(YR) | CERT | CERT P.WIN | CERT C/E | CERT LTV | NOI LAUNCH DEBT YLD | TARGET PX($) |
| A-1 | Aaa/AAA/AAA | 34.164 | 2.77 | 09/21–07/26 | 30.000% | 40.0% | 14.7% | S+20 | 100-00 |
| A-2 | Aaa/AAA/AAA | 55.782 | 4.98 | 07/26–08/26 | 30.000% | 40.0% | 14.7% | S+42 | 103-00 |
| A-3 | Aaa/AAA/AAA | 162.402 | 6.97 | 07/28–08/28 | 30.000% | 40.0% | 14.7% | S+65 | 103-00 |
| A-4 | Aaa/AAA/AAA | 100.000 | 9.88 | 06/31–07/31 | 30.000% | 40.0% | 14.7% | S+68 | 101-00 |
| A-5 | Aaa/AAA/AAA | 415.466 | 9.91 | 07/31–08/31 | 30.000% | 40.0% | 14.7% | S+70 | 103-00 |
| A-SB | Aaa/AAA/AAA | 46.745 | 7.52 | 08/26–06/31 | 30.000% | 40.0% | 14.7%% | S+54 | 103-00 |
| A-S | Aa1/AAA/AAA | 102.888 | 9.99 | 08/31–08/31 | 22.125% | 44.5% | 13.2% | S+90 | 103-00 |
| B | NR/AA-/AA+ | 58.793 | 9.99 | 08/31–08/31 | 17.625% | 47.0% | 12.5% | S+105 | 100-00 |
| C | NR/A-/A | 60.426 | 9.99 | 08/31–08/31 | 13.000% | 49.7% | 11.8% | S+140 | 100-00 |
*The exact initial certificate balances of the Class A-4 and Class A-5 certificates will be determined based on the final pricing. The respective initial certificate balances and weighted average lives of the Class A-4 and Class A-5 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial certificate balance of the Class A-4 and Class A-5 certificates is expected to be approximately $515,466,000, subject to a variance of plus or minus 5%.
Class of Certificates
| Exp. | Range of Initial Balance Exp. | Range of WAL Expected Principal Window |
| Class A-4 | $50.000 - $170.000 | 9.87 - 9.89 06/31-07/31 |
| Class A-5 | $345.466 - $465.466 | 9.91 07/31-08/31 |
COLLATERAL SUMMARY
| CUT-OFF DATE BALANCE : | $1,375,277,299 |
| NUMBER OF LOANS : | 71 |
| NUMBER OF PROPERTIES : | 131 |
| WA CUT-OFF LTV : | 57.1% |
| WA MATURITY LTV : | 53.1% |
| WA U/W NCF DSCR : | 2.61x |
| WA U/W NOI DEBT YIELD : | 10.3% |
| TOP TEN LOANS % : | 37.2% |
| WA TERM TO MATURITY (MOS) : | 112 |
| WA REMAINING AMORTIZATION TERM (MOS): | 352 |
| WA SEASONING (MOS) : | 1 |
| | |
| TOP 5 PROPERTY TYPES: | OFFICE (33.1%), RETAIL (24.3%), MULTIFAMILY (12.6%), INDUSTRIAL (10.8%), SELF STORAGE (6.5%) |
| | |
| | |
| TOP 5 STATES: | NY (31.5%), FL (9.4%), CA (7.8%), NJ (5.4%), IL (5.0%) |
| | |
| LOAN SELLERS: | JPMORGAN CHASE BANK, N.A. (15.3%), CITI REAL ESTATE FUNDING INC. (45.7%), GERMAN AMERICAN CAPITAL CORPORATION. (21.5%), GOLDMAN SACHS MORTGAGE COMPANY (17.6%) |
| | |
| U.S. RISK RETENTION: | AN ELIGIBLE VERTICAL RESIDUAL INTEREST WILL BE RETAINED BY JPMORGAN CHASE BANK, NATIONAL ASSOCIATION AND CITI REAL ESTATE FUNDING INC. |
| EU RISK RETENTION: | THE TRANSACTION IS NOT STRUCTURED TO SATISFY THE EU RISK RETENTION AND DUE DILIGENCE REQUIREMENTS |
| | |
| MASTER SERVICER: | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER : | MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION |
| OPERATING ADVISOR : | PENTALPHA SURVELLIANCE LLC. |
| ASSET REPRESENTATIONS REVIEWER: | PENTALPHA SURVELLIANCE LLC |
| DIRECTING CERTIFICATEHOLDER : | EIGHTFOLD REAL ESTATE CAPITAL FUND V, L.P. |
| | |
| TIMING | |
| ANTICIPATED ALLOCATIONS : | 2:45 PM ET ON AUGUST 3, 2021 |
| ANTICIPATED PRICING : | 3:15 PM ET ON AUGUST 3, 2021 |
| ANTICIPATED SETTLEMENT : | ON OR ABOUT AUGUST 19,2021 |
| | |
| JPM SPG SYNDICATE CONTACTS |
| JENNIFER KORNBLAU | 212-834-4154 |
| MORGAN ROACH | 212-834-4154 |
| | |
| JPM CMBS BANKING CONTACTS |
| KUNAL SINGH | 212-834-5467 |
| DWAYNE MCNICHOLAS | 212-834-9328 |
| HARRIS RENDELSTEIN | 212-834-6737 |
| | |
| JPM CMBS TRADING DESK CONTACTS |
| AVINASH SHARMA | 212-834-3111 |
| DERRICK FETZER | 212-834-3111 |
| | |
| DEUTSCHE BANK TRADING DESK CONTACT |
| RYAN HORVATH | 212-250-5149 |
| DAN PENN | 212-250-5149 |
| | |
| CITIGROUP SYNDICATE DESK CONTACTS |
| RAUL OROZCO | 212-723-1295 |
| MATT PERRY | 212-723-1295 |
| | |
| GOLDMAN SACHS CMBS BANKING CONTACTS |
| LEAH NIVISON | 212-357-2702 |
| SCOTT EPPERSON | 212-934-2882 |
| JUSTIN PETERSON | 212-902-4283 |
| | |
| GOLDMAN SACHS SYNDICATE CONTACTS |
| SCOTT WALTER | 212-357-8910 |
| | |
| GOLDMAN SACHS CAPITAL MARKETS CONTACTS |
| MARK ROMANCZUK | 212-902-0290 |
| NITIN JAGGA | 212-855-9035 |
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