| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-255934-04 | ||
BMO 2023-C4 -- New Issue Announcement (Public)(ext)
$692.853mm Offered Conduit CMBS
| Co-Lead Managers & Joint Bookrunners: | BMO Capital Markets Corp., Citigroup Global Markets Inc., and Natixis Securities Americas, LLC |
| Co-Managers: | Bancroft Capital, LLC, and Drexel Hamilton, LLC |
| Rating Agencies: | Fitch/KBRA/Moody’s |
| Offering Type: | SEC-Registered |
Offered Certificates - Public
| Class | Fitch/KBRA/Moody’s | Size($mm) | WAL(yr) | Credit Support | NOI DY | LTV |
| A-1 | AAAsf/AAA(sf)/Aaa(sf) | 4.403 | 2.57 | 30.000% | 17.4% | 37.1% |
| A-2 | AAAsf/AAA(sf)/Aaa(sf) | 163.126 | 4.66 | 30.000% | 17.4% | 37.1% |
| A-3 | AAAsf/AAA(sf)/Aaa(sf) | 9.922 | 6.50 | 30.000% | 17.4% | 37.1% |
| A-4* | AAAsf/AAA(sf)/Aaa(sf) | 136.000 | 9.25 | 30.000% | 17.4% | 37.1% |
| A-5* | AAAsf/AAA(sf)/Aaa(sf) | 228.127 | 9.72 | 30.000% | 17.4% | 37.1% |
| A-SB | AAAsf/AAA(sf)/Aaa(sf) | 7.994 | 7.04 | 30.000% | 17.4% | 37.1% |
| A-S | AAAsf/AAA(sf)/Aa2(sf) | 75.566 | 9.84 | 20.375% | 15.3% | 42.2% |
| B | AA-sf/AA(sf)/NR | 34.348 | 9.91 | 16.000% | 14.5% | 44.6% |
| C | A-sf/A-(sf)/NR | 33.367 | 9.92 | 11.750% | *Pre-Placed* | |
*Sizes and WALs subject to change as detailed in the attached Term Sheet.
Range of possible available sizes below:
| A-4: | $0 - $136mm Available |
| A-5: | $228.127mm - $364.127mm Available |
Transaction Summary
| Pool Balance: | $785,102,870 |
| Number of Loans: | 46 |
| Number of Properties: | 109 |
| WA Mortgage Rate: | 5.89592% |
| WA UW NCF DSCR: | 1.94x |
| WA Cut-Off LTV: | 53.0% |
| WA UW NOI Debt Yield: | 12.2% |
| 10 Largest Loans as % IPB: | 36.5% |
| WA Rem. Term to Maturity: | 103 |
| Loan Sellers: | BMO (48.4%), CREFI (10.5%), LMF (9.8%), AREF (6.5%), 3650 REIT (6.1%), Natixis (5.9%), Oceanview (5.9%), GCMC (5.3%), SMC (1.6%) |
| Top 5 Property Types: | Multifamily (22.1%), Industrial (21.9%), Retail (18.4%), Hospitality (13.9%), Mixed Use (10.3%) |
| Top 5 States: | NY (19.7%), FL (12.9%), TX (7.9%), CA (7.3%), NJ (6.4%) |
| U.S. Risk Retention: | Horizontal |
| E.U. 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: | LNR Partners, LLC |
| Trustee/Certificate Administrator: | Computershare Trust Company, National Association |
| Operating Advisor/Asset Representations Reviewer: | Pentalpha Surveillance LLC |
| Directing Holder/Controlling Class Representative: | Sabal Strategic Opportunities Fund, L.P. |
Offering Materials
Structural and Collateral Term Sheet
Attached
Annex A
Attached
Preliminary Prospectus
Attached
Anticipated Timing
| Anticipated Pricing: | Late Week of January 17, 2023 / Early Week of January 23, 2023 |
| Anticipated Settlement: | February 14, 2023 |
The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-255934) 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 1-866-864-7760.
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