| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-227446-02 | ||
-----Original Message-----
From: Ms Cmbs Distribution (MORGAN STANLEY & CO.) [mailto:cmorganstan3@bloomberg.net]
Sent: Monday, March 04, 2019 9:54 AM
Subject: MSC 2019-L2 **XA/XB Announcement/Guidance** Publics
NEW ISSUE CMBS: $809.503mm Morgan Stanley Capital Trust 2019-L2
| CO-LEAD MANAGERS & BOOKRUNNERS: | Morgan Stanley and Cantor Fitzgerald & Co. |
| CO-MANAGER: | The Williams Capital Group, L.P. |
PUBLICLY OFFERED CERTIFICATES
| CLASS | Fitch/Mstar/S&P | SIZE($MM) | PROCEEDS($MM) | PRICE GUIDANCE |
| X-A | AAAsf/AAA/AAA(sf) | $641.191 | ~$52.8 | T+130a |
| X-B | A-sf/A+/NR | $168.312 | ~$7.1 | BWIC today @ 1pm EST |
| Suggested talk T+135a |
| POOL BALANCE: | $934,871,683 |
| NUMBER OF LOANS/PROPERTIES: | 50/68 |
| WA MORTGAGE INT. RATE: | 4.9963% |
| WA CUT-OFF LTV: | 56.9% |
| WA UW NCF DSCR: | 2.17x |
| WA UW NOI DEBT YLD: | 12.2% |
| WA ORIG TERM TO MATURITY: | 119 |
| WA ORIG AMORTIZING TERM: | 358 |
| TEN LARGEST LOANS: | 44.5% |
| LOAN SELLERS: | MS (32.5%), ARGNT (19.7%), STWD (19.2%), |
| CCRE (16.4%), BSPRT (12.3%) | |
| TOP 5 STATES: | TX (18.2%), NY (9.6%), HI (6.7%), |
| KS (6.3%), VA (5.7%) | |
| TOP 5 PROPERTY TYPES: | OF (39.0%), MF (19.6%), RT (17.9%), |
| HT (17.4%), MU (4.8%) | |
| RISK RETENTION: | Eligible vertical interest and |
| eligible horizontal residual interest | |
| MASTER SERVICER: | Midland Loan Services, a Division of PNC Bank, |
| National Association | |
| SPECIAL SERVICER: | Rialto Capital Advisors, LLC |
| TRUSTEE: | Wells Fargo Bank, National Association |
| CERT ADMIN: | Wells Fargo Bank, National Association |
| TRUST ADVISOR: | Pentalpha Surveillance LLC |
| INITIAL CNTRLG CLASS REP: | RREF III-D AIV RR, LLC |
| EXPECTED PRICING: | Week of 3/4 |
| EXPECTED SETTLEMENT: | On or about 03/12/19 |
| ATTACHED: | TERM SHEET, ANNEX A-1 |
*** The depositor has filed a registration statement (including a prospectus) with the SEC (File # 333-227446) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649 or by email to prospectus@ms.com. ***
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