| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-226123-12 | ||
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) At: 08/04/21 09:46:02
To: Spg Syndicate Jpm (JP MORGAN SECURITIES )
Subject: ★X-A & X-B ANNOUNCEMENT/IPTs★ $1.037BN BMARK 2021-B28 **PUBLIC CMBS**
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2021-B28 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2021-B28
JOINT BOOKRUNNERS & CO-LEAD MANAGERS: J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC., AND GOLDMAN SACHS & CO. LLC.
CO-MANAGERS : DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES : MOODY’S/FITCH/KBRA
OFFERING TYPE : SEC-REGISTERED
| CLS | RATINGS(M/F/K) | SIZE($MM) | WAL(YR) | APPROX PROCEEDS | IPT* |
| X-A | Aa1/AAA/AAA | 1,017.447 | 8.54 | ~102mm | T+105A |
| X-B | NR/A-/AAA | 119.219 | 9.74 | ~11mm | T+105A |
*Pricing speed is 100 CPY
| COLLATERAL SUMMARY | |
| CUT-OFF DATE BALANCE : | $1,375,277,299 |
| NUMBER OF LOANS : | 71 |
| NUMBER OF PROPERTIES : | 131 |
| WA CUT-OFF LTV : | 57.1% |
| WA MATURITY LTV : | 53.1% |
| WA U/W NCF DSCR : | 2.61x |
| WA U/W NOI DEBT YIELD : | 10.3% |
| TOP TEN LOANS % : | 37.2% |
| WA TERM TO MATURITY (MOS) : | 112 |
| WA REMAINING AMORTIZATION TERM (MOS): | 352 |
| WA SEASONING (MOS) : | 1 |
TOP 5 PROPERTY TYPES: OFFICE (33.1%), RETAIL (24.3%), MULTIFAMILY (12.6%),
INDUSTRIAL (10.8%), SELF STORAGE (6.5%)
TOP 5 STATES: NY (31.5%), FL (9.4%), CA (7.8%), NJ (5.4%), IL (5.0%)
LOAN SELLERS: JPMORGAN CHASE BANK, N.A. (15.3%), CITI REAL ESTATE FUNDING INC. (45.7%), GERMAN AMERICAN CAPITAL CORPORATION. (21.5%), GOLDMAN SACHS MORTGAGE COMPANY (17.6%)
U.S. RISK RETENTION: AN ELIGIBLE VERTICAL RESIDUAL INTEREST WILL BE RETAINED BY JPMORGAN CHASE BANK, NATIONAL ASSOCIATION AND CITI REAL ESTATE FUNDING INC.
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 SURVELLIANCE LLC.
ASSET REPRESENTATIONS REVIEWER: PENTALPHA SURVELLIANCE LLC
DIRECTING CERTIFICATEHOLDER : EIGHTFOLD REAL ESTATE CAPITAL FUND V, L.P.
TIMING
ANTICIPATED SETTLEMENT : ON OR ABOUT AUGUST 19,2021
JPM SPG SYNDICATE CONTACTS
JENNIFER KORNBLAU 212-834-4154
MORGAN ROACH 212-834-4154
JPM CMBS BANKING CONTACTS
KUNAL SINGH 212-834-5467
DWAYNE MCNICHOLAS 212-834-9328
HARRIS RENDELSTEIN 212-834-6737
JPM CMBS TRADING DESK CONTACTS
AVINASH SHARMA 212-834-3111
DERRICK FETZER 212-834-3111
DEUTSCHE BANK TRADING DESK CONTACT
RYAN HORVATH 212-250-5149
DAN PENN 212-250-5149
CITIGROUP SYNDICATE DESK CONTACTS
RAUL OROZCO 212-723-1295
MATT PERRY 212-723-1295
GOLDMAN SACHS CMBS BANKING CONTACTS
LEAH NIVISON 212-357-2702
SCOTT EPPERSON 212-934-2882
JUSTIN PETERSON 212-902-4283
GOLDMAN SACHS SYNDICATE CONTACTS
SCOTT WALTER 212-357-8910
GOLDMAN SACHS CAPITAL MARKETS CONTACTS
MARK ROMANCZUK 212-902-0290
NITIN JAGGA 212-855-9035
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