JP Morgan Chase Commercial Mortgage Securities
Filed: 3 Feb 25, 2:45pm
| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-280318-01 | ||
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Monday, February 3, 2025 9:53 AM
Subject: ★NEW ISSUE ANNOUNCEMENT★ $591.699MM BANK5 2025-5YR13 **PUBLIC CMBS**
BANK5 2025-5YR13 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2025-5YR13
JOINT BOOKRUNNERS & CO-LEAD MANAGERS : J.P. MORGAN SECURITIES LLC, BofA Securities, Inc., WELLS FARGO SECURITIES, LLC, MORGAN STANLEY & CO. LLC
CO-MANAGERS : DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES : FITCH/KBRA/MOODYS
OFFERING TYPE : SEC-REGISTERED
***OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS | SIZE | WAL | CERT | CERT | CERT NOI | |
| (F/K/M) | ($MM) | (YR) | P.WIN | C/E | LTV | DEBT YLD | |
| A-1 | AAA/AAA/Aaa | 2.050 | 2.52 | 1-54 | 30.000% | 40.2% | 18.4% |
| A-2 | AAA/AAA/Aaa | * | * | * | 30.000% | 40.2% | 18.4% |
| A-3 | AAA/AAA/Aaa | * | * | * | 30.000% | 40.2% | 18.4% |
| A-S | AAA/AAA/Aa2 | 66.522 | 4.97 | 60-60 | 20.500% | 45.6% | 16.2% |
| B | AA-/AA/NR | 35.012 | 4.97 | 60-60 | 15.500% | 48.5% | 15.3% |
| *CLASS | EXPECTED RANGE OF BALANCE | EXPECTED RANGE OF WALs | EXPECTED P. WIN |
| ($MM) | (YR) | ||
| A-2 | 0.000-200.000 | NAP–4.79 | NAP / 54-59 |
| A-3 | 288.115–488.115 | 4.90–4.86 | 59-60 / 54-60 |
| COLLATERAL SUMMARY | |
| CUT-OFF DATE BALANCE : | $737,090,260 |
| NUMBER OF LOANS : | 31 |
| NUMBER OF PROPERTIES : | 59 |
| WA CUT-OFF LTV : | 57.4% |
| WA MATURITY LTV : | 57.2% |
| WA U/W NCF DSCR : | 1.81x |
| WA U/W NOI DEBT YIELD : | 12.9% |
| TOP TEN LOANS % : | 64.7% |
| WA TERM TO MATURITY (MOS) : | 60 |
| WA REMAINING AMORTIZATION TERM (MOS) : | 359 |
| WA SEASONING (MOS) : | 1 |
| TOP 5 PROPERTY TYPES : | HOSPITALITY (27.4%), OFFICE(20.4%), RETAIL(19.2%), SELF STORAGE (13.5%), MIXED USE(7.9%) |
| TOP 5 STATES : | NY (32.4%), CA (18.2%), VA (9.1%), NC (8.5%), IN (8.5%) |
| LOAN SELLERS : | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (21.0%), BANK OF AMERICA, NATIONAL ASSOCIATION (30.6%), WELLS FARGO BANK, NATIONAL ASSOCIATION (24.9%) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC (23.4%) |
| U.S. RISK RETENTION : | JPMCB IS EXPECTED TO ACT AS THE “RETAINING SPONSOR” AND INTENDS TO SATISFY THE U.S. CREDIT RISK RETENTION REQUIREMENT VIA RETENTION OF AN “ELIGIBLE VERTICAL INTEREST” BY JPMCB, BANK OF AMERICA, WELLS FARGO AND MORGAN STANLEY. |
| EU RISK RETENTION : | THE TRANSACTION IS NOT STRUCTURED TO SATISFY THE EU RISK RETENTION AND DUE DILIGENCE REQUIREMENTS |
| MASTER SERVICER : | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER : | K-STAR ASSET MANAGEMENT LLC |
| OPERATING ADVISOR : | PENTALPHA SURVEILLANCE LLC |
| ASSET REPRESENTATIONS REVIEWER : | PENTALPHA SURVEILLANCE LLC |
| DIRECTING CERTIFICATEHOLDER : | KKR CMBS IIII AGGREGATOR CATEGORY 2 L.P. (OR AN AFFILIATE) |
| DOCUMENTS & TIMING | |
| TERM SHEET & ANNEX A : | ATTACHED |
| PRELIMINARY PROSPECTUS : | ATTACHED |
| PRICE GUIDANCE : | WEEK OF FEBRUARY 3, 2025 |
| ANTICIPATED PRICING : | ON OR ABOUT FEBRUARY 6, 2025 |
| ANTICIPATED SETTLEMENT : | ON OR ABOUT FEBRUARY 25, 2025 |
| JPM SPG SYNDICATE CONTACTS | |
| JENNIFER KORNBLAU | 212-834-4154 |
| MORGAN ROACH | 212-834-4154 |
| JACQUELINE LARET | 212-834-4154 |
| MICHAEL CASH | 212-834-4154 |
| JPM CMBS BANKING CONTACTS | |
| KUNAL SINGH | 212-834-5467 |
| HARRIS RENDELSTEIN | 212-834-6737 |
| RANDY GOLDSTEIN | 212-270-2188 |
| JPM CMBS TRADING DESK CONTACTS | |
| AVINASH SHARMA | 212-834-3111 |
| BRIAN CAREY | 212-834-3111 |
| DERRICK FETZER | 212-834-3111 |
| BOFA CMBS BANKING CONTACTS | |
| LELAND BUNCH | 646-855-3953 |
| DANIELLE CALDWELL | 646-855-3421 |
| WELLS FARGO CMBS SYNDICATE CONTACTS | |
| CHRISTIE TINTLE | 704-410-3008 |
| DANIEL BOXER | 704-410-3008 |
| WELLS FARGO CMBS BANKING CONTACTS | |
| A.J. SFARRA | 212-214-5613 |
| BRIGID MATTINGLY | 312-269-3062 |
| SEAN DUFFY | 312-827-1518 |
| MS CMBS SYNDICATE & STRUCTURING CONTACTS | |
| NISHANT KAPUR | 212-761-1483 |
| JAS SINGH | 212-761-9099 |
| MS CMBS BANKING CONTACTS | |
| JANE LAM | 212-761-3507 |
| JARED SMITH | 212-761-3075 |
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