| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-228597-08 | ||
From: Citi Cmbs Syndicate (CITIGROUP GLOBAL MAR) [REDACTED]
Sent: Monday, January 25, 2021 12:43 PM
Subject: BMARK 2021-B23 -- New Issue Announcement (Public)
BMARK 2021-B23 -- New Issue Announcement (Public)
Co-Lead Managers & Joint Bookrunners: Citigroup, Deutsche Bank Securities, J.P. Morgan, Goldman Sachs & Co. LLC
Co-Managers: Academy Securities Inc. & Drexel Hamilton
| U/W NOI | ||||||
| Class | S&P/Fitch/DBRS MSTR | Notional | C/E | WAL | Cum LTV | Debt Yld |
| A-1 | AAA(sf)/AAAsf/AAA(sf) | 21,244,000 | 30.000% | 2.33 | 37.4% | 16.6% |
| A-2 | AAA(sf)/AAAsf/AAA(sf) | 155,183,000 | 30.000% | 4.74 | 37.4% | 16.6% |
| A-4A1 | AAA(sf)/AAAsf/AAA(sf) | 200,000,000* | 30.000% | 9.57* | 37.4% | 16.6% |
| A-5 | AAA(sf)/AAAsf/AAA(sf) | 421,699,000* | 30.000% | 9.91* | 37.4% | 16.6% |
| A-AB | AAA(sf)/AAAsf/AAA(sf) | 19,922,000 | 30.000% | 7.10 | 37.4% | 16.6% |
| A-S | AAA(sf)/AAAsf/AAA(sf) | 163,615,000 | 18.750% | 9.92 | 43.5% | 14.3% |
| B | AA-(sf)/AA-sf/NR | 59,992,000 | 14.625% | 9.99 | 45.7% | 13.6% |
| C | A-(sf)/A-sf/NR | 45,449,000 | 11.500% | 9.99 | 47.3% | 13.1% |
*Class sizes and/or WALs subject to change as detailed in the term sheet. Possible ranges below:
| Class | Expected Range of Balance(mm) | Expected Range of WAL |
| A-4A1 | 60.000 - 200.000 | 9.39 - 9.57 |
| A-5 | 561.699 - 421.699 | 9.91 |
| Collateral Summary | |
| Initial Pool Balance: | $1,530,900,153 |
| Number of Mortgage Loans: | 53 |
| Number of Mortgaged Properties: | 65 |
| Average Cut-off Date Mortgage Loan Balance: | $28,884,909 |
| Weighted Average Mortgage Interest Rate: | 3.21322% |
| Weighted Average Remaining Term to Maturity (months): | 112 |
| Weighted Average Remaining Amortization Term (months): | 360 |
| Weighted Average Cut-off Date LTV Ratio: | 53.5% |
| Weighted Average Maturity Date LTV Ratio: | 51.6% |
| Weighted Average Underwritten NCF DSCR: | 3.14x |
| Weighted Average Debt Yield on Underwritten NOI: | 11.6% |
| % of Mortgaged Properties with Single Tenants: | 16.9% |
| % of Mortgage Loans with Mezzanine Debt: | 14.5% |
| % of Mortgage Loans with Subordinate Debt: | 21.9% |
| Property Type: | 43.3% Office, 23.4% Mixed Use, 12.0% Industrial 9.0% Hospitality, 6.4% Retail, 3.1% Multifamily, 2.9% Self Storage |
| Top 5 States: | 18.5% New York, 12.3% California, 11.2% Washington, 9.8% Florida, 6.9% Pennsylvania |
| Risk Retention: | Vertical |
| Master Servicer: | Midland Loan Services, a Division of PNC Bank, National Association |
| Special Servicers: | CWCapital Asset Management, LLC (with respect to all serviced loans (other than the Pittock Block loan combination)) and Situs Holdings, LLC (with respect to the Pittock Block loan combination) |
| Operating Advisor: | Park Bridge Lender Services LLC |
| Trustee: | Wilmington Trust, National Association |
| Cert. Administrator: | Citibank, N.A. |
| Anticipated Timing | |
| Anticipated Pricing: | Week of 1/25/2021 |
| Anticipated Settlement: | 2/18/2021 |
Term Sheet
<Attached>
Annex A-1
<Attached>
THE SECURITIES OFFERED BY THESE MATERIALS ARE BEING OFFERED WHEN, AS AND IF ISSUED. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE OR OTHER JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. THESE SECURITIES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICERS, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, ANY DIRECTING HOLDER, ANY RISK RETENTION CONSULTATION PARTY, THE COMPANION LOAN HOLDERS (OR THEIR REPRESENTATIVES), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THESE SECURITIES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.
The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-228597) for the offering to which this communication 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 website at www.sec.gov. Alternatively, the depositor or any underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146.
Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.