| FREE WRITING PROSPECTUS | |
| FILED PURSUANT TO RULE 433 | |
| REGISTRATION FILE NO.: 333-226123-05 | |
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Tuesday, October 29, 2019 3:20 PM
Subject: ★NEW ISSUE CMBS★ $1.144BN BMARK 2019-B14 **PUBLIC CMBS**
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2019-B14
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-B14
JOINT BOOKRUNNERS: J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC.
CO-LEAD MANAGERS: J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC.
CO-MANAGERS: DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES: S&P/FITCH/KBRA
OFFERING TYPE: SEC-REGISTERED
***OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS | SIZE | WAL | CERT | CERT | CERT | CERT NOI |
| (S/F/K) | ($MM) | (YR) | P.WIN | C/E | LTV | DEBT YLD | |
| A-1 | AAA/AAA/AAA | 22.760 | 2.64 | 12/19 - 08/24 | 30.000% | 42.0% | 14.1% |
| A-2 | AAA/AAA/AAA | 249.620 | 4.94 | 08/24 - 11/24 | 30.000% | 42.0% | 14.1% |
| A-3 | AAA/AAA/AAA | 55.480 | 6.98 | 11/26 - 11/26 | 30.000% | 42.0% | 14.1% |
| A-4 | AAA/AAA/AAA | ** SEE BELOW ** | 30.000% | 42.0% | 14.1% | ||
| A-5 | AAA/AAA/AAA | ** SEE BELOW ** | 30.000% | 42.0% | 14.1% | ||
| A-SB | AAA/AAA/AAA | 37.040 | 7.39 | 11/24 - 06/29 | 30.000% | 42.0% | 14.1% |
| A-S | AA-/AAA/AAA | 127.315 | 9.98 | 11/29 - 11/29 | 20.125% | 47.9% | 12.4% |
| B | NR/AA-/AA- | 61.240 | 9.98 | 11/29 - 11/29 | 15.375% | 50.8% | 11.7% |
| C | NR/A-/A- | 53.180 | 9.98 | 11/29 - 11/29 | 11.250% | 53.2% | 11.2% |
**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 $537,570,000, 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 $100.000 - $187.000 | 9.67 - 9.76 | 06/29-09/29 – 06/29 - 10/29 |
| Class A-5 $350.570 - $437.570 | 9.92 - 9.91 | 10/29-11/29 - 09/29 - 11/29 |
| COLLATERAL SUMMARY | |
| CUT-OFF DATE BALANCE: | $1,322,249,369 |
| NUMBER OF LOANS: | 53 |
| NUMBER OF PROPERTIES: | 112 |
| WA CUT-OFF LTV: | 60.0% |
| WA MATURITY LTV: | 56.8% |
| WA U/W NCF DSCR: | 2.30x |
| WA U/W NOI DEBT YIELD: | 9.9% |
| TOP TEN LOANS %: | 39.9% |
| WA TERM TO MATURITY (MOS): | 106 |
| WA REMAINING AMORTIZATION TERM (MOS): | 362 |
| WA SEASONING (MOS): | 1 |
| TOP 5 PROPERTY TYPES: | OFFICE (32.7%), MULTIFAMILY (22.5%), RETAIL (18.9%), MIXED USE (13.4%), INDUSTRIAL (5.0%). |
| TOP 5 STATES: | NY(20.2%), CA (9.1%), NJ (7.7%), OH (6.8%), TX (6.5%). |
| LOAN SELLERS: | JPMORGAN CHASE BANK, N.A. (47.2%), CITI REAL ESTATE FUNDING INC. (30.6%), GERMAN AMERICAN CAPITAL CORPORATION (22.2%) |
| U.S. RISK RETENTION: | AN ELIGIBLE VERTICAL RESIDUAL INTEREST WILL BE RETAINED BY DEUTSCHE BANK AG, NEW YORK BRANCH, JPMORGAN CHASE BANK, NATIONAL ASSOCIATION AND CITI REAL ESTATE FUNDING INC. AND AN ELIGIBLE HORIZONTAL RESIDUAL INTEREST PURCHASED BY KKR CMBS II AGGREGATOR TYPE 1 L.P. AS THIRD-PARTY PURCHASER. |
| 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 SURVEILLANCE LLC |
| ASSET REPRESENTATIONS REVIEWER: | PENTALPHA SURVEILLANCE LLC |
| DIRECTING CERTIFICATEHOLDER: | KKR REAL ESTATE CREDIT OPPORTUNITY PARTNERS II L.P. |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A: | ATTACHED |
| PRELIMINARY PROSPECTUS: | AVAILABLE WEDNESDAY, OCTOBER 30, 2019 |
| PRICE GUIDANCE: | FRIDAY, NOVEMBER 1, 2019 |
| ANTICIPATED PRICING: | WEEK OF NOVEMBER 4, 2019 |
| ANTICIPATED SETTLEMENT: | ON OR ABOUT NOVEMBER 21, 2019 |
| ROAD SHOW DETAILS | |
| DATE: | WEDNESDAY, OCTOBER 30TH |
| BOSTON, BREAKFAST: | BOSTON HARBOR HOTEL @ 8:30AM EST |
| HARTFORD, LUNCH: | MAX DOWNTOWN @12:00PM EST |
| JPM SPG SYNDICATE CONTACTS | |
| ANDY CHERNA | 212-834-4154 |
| KAILIN TWOMEY | 212-834-4154 |
| JPM CMBS BANKING CONTACTS | |
| KUNAL SINGH | 212-834-5467 |
| BRAD HORN | 212-834-9708 |
| JPM CMBS TRADING DESK CONTACTS | |
| AVINASH SHARMA | 212-834-3111 |
| BRIAN CAREY | 212-834-3111 |
| DEUTSCHE BANK TRADING DESK CONTACT | |
| RYAN HORVATH | 212-250-5149 |
| DAN PENN | 212-250-5149 |
| JIM MURPHY | 212-250-5149 |
| CITIGROUP SYNDICATE DESK CONTACTS | |
| RAUL OROZCO | 212-723-1295 |
| MATT PERRY | 212-723-1295 |
*******************************************************************************
The issuer has filed a registration statement (including a prospectus) with the SEC 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 Web site 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 (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com. You should not reply to this announcement. Any reply e-mail communications, including those you generate by using the “Reply” function on your e-mail software, will be ignored or rejected. This notice does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation would be unlawful, and does not constitute an offer to sell or a solicitation of an offer to buy or an advertisement in respect of securities in any province or territory of Canada other than the provinces of Ontario, Quebec, Alberta, British Columbia, Nova Scotia and New Brunswick unless the issuer has securities listed or quoted on one of the exchanges or markets referred to in the definition of “OTC Issuer” in Multilateral Instrument 51-105. Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
