| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226082-03 | ||
Sent: Wednesday, June 19, 2019 12:12 PM
Subject: GSMS 2019-GC40 -- New Issue Announcement (Public)(external)
Importance: High
GSMS 2019-GC40 -- New Issue Announcement (Public)(external)
$791.990mm Fixed Rate CMBS Offering
Co-Lead Managers and Joint Bookrunners: Goldman Sachs & Co. LLC, Citigroup and Deutsche Bank Securities
Co-Managers: Academy Securities and Drexel Hamilton
| U/W NOI | ||||||
| Class | S&P/Fitch/KBRA/MSTR | Size($mm) | WAL(yr) | C/E | Cum LTV | Debt Yld |
| A-1 | AAA(sf)/AAAsf/AAA(sf)/AAA | 16.403 | 2.62 | 30.000% | 37.7% | 17.0% |
| A-2 | AAA(sf)/AAAsf/AAA(sf)/AAA | 131.938 | 4.85 | 30.000% | 37.7% | 17.0% |
| A-3 | AAA(sf)/AAAsf/AAA(sf)/AAA | 191.600 | 9.74 | 30.000% | 37.7% | 17.0% |
| A-4 | AAA(sf)/AAAsf/AAA(sf)/AAA | 251.415 | 9.86 | 30.000% | 37.7% | 17.0% |
| A-AB | AAA(sf)/AAAsf/AAA(sf)/AAA | 24.636 | 7.38 | 30.000% | 37.7% | 17.0% |
| A-S | AA-(sf)/AAAsf/AAA(sf)/AAA | 98.999 | 9.91 | 18.750% | 43.8% | 14.6% |
| B | NR/AA-sf/AA-(sf)/AA- | 41.799 | 9.91 | 14.000% | 46.4% | 13.8% |
| C | NR/A-sf/A-(sf)/A | 35.200 | 9.91 | 10.000% | 48.5% | 13.2% |
Collateral Summary
| Initial Pool Balance: | $914,179,591 |
| Number of Mortgage Loans: | 35 |
| Number of Mortgaged Properties: | 44 |
| Average Cut-off Date Mortgage Loan Balance: | $26,119,417 |
| Weighted Average Mortgage Interest Rate: | 4.17966% |
| Weighted Average Remaining Term to Maturity Date/ARD (mos): | 109 |
| Weighted Average Remaining Amortization Term (mos): | 340 |
| Weighted Average Cut-off Date LTV Ratio: | 53.9% |
| Weighted Average Maturity Date/ARD LTV Ratio: | 50.4% |
| Weighted Average Underwritten DSCR Ratio: | 2.64x |
| Weighted Average Debt Yield on Underwritten NOI: | 11.9% |
| % of Mortgage Loans with Mezzanine Debt: | 0.0% |
| % of Mortgage Loans with Subordinate Debt: | 34.8% |
| % of Mortgage Loans with Preferred Equity: | 5.5% |
| % of Mortgaged Properties with Single Tenants: | 34.3% |
| Property Type: | 32.2% Office, 21.2% Industrial, 20.0% Mixed Use, 16.8% Retail, 4.7% Multifamily, 3.8% Hospitality, 1.2% Self Storage |
| Top 5 States: | 26.7% NY, 19.3% CA, 8.2% HI, 8.2% FL, 6.7% WA |
| Anticipated Timing | |
| Anticipated Pricing: | Mid-Week of June 24th |
| Anticipated Closing: | Thurs, July 11th |
Preliminary Offering Materials
Term Sheet
Annex A
The issuer has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-226082) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526.
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