| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-258342-01 | ||
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) [mailto:sjpm2@bloomberg.net]
Sent: Friday, January 21, 2022 11:43 AM
Subject: ★NEW ISSUE CMBS★$1.246BN BMARK 2022-B32 **PUBLIC CMBS**
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2022-B32 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2022-B32
JOINT BOOKRUNNERS & CO-LEAD MANAGERS : J.P. MORGAN SECURITIES LLC, CITIGROUP
GLOBAL MARKETS INC., GOLDMAN SACHS & CO.
LLC. AND DEUTSCHE BANK SECURITIES INC.
CO-MANAGERS : DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES : MOODY’S/FITCH/KBRA
OFFERING TYPE : SEC-REGISTERED
***OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS | SIZE | WAL | CERT | CERT | CERT | CERT NOI |
| (M/F/K) | ($MM) | (YR) | P.WIN | C/E | LTV | DEBT YLD | |
| A-1 | Aaa/AAA/AAA | 6.410 | 2.80 | 03/22 – 11/26 | 30.000% | 39.1% | 16.3% |
| A-2 | Aaa/AAA/AAA | 162.053 | 4.89 | 11/26 – 01/27 | 30.000% | 39.1% | 16.3% |
| A-3 | Aaa/AAA/AAA | 253.574 | 6.92 | 12/28 – 02/29 | 30.000% | 39.1% | 16.3% |
| A-4 | Aaa/AAA/AAA | *SEE BELOW* | 30.000% | 39.1% | 16.3% | ||
| A-5 | Aaa/AAA/AAA | *SEE BELOW* | 30.000% | 39.1% | 16.3% | ||
| A-SB | Aaa/AAA/AAA | 18.046 | 7.42 | 01/27 - 11/31 | 30.000% | 39.1% | 16.3% |
| A-S | Aa2/AAA/AAA | 179.147 | 9.91 | 01/32 - 01/32 | 19.375% | 45.1% | 14.1% |
| B | NR/AA-/AA- | 82.197 | 9.91 | 01/32 - 01/32 | 14.500% | 47.8% | 13.3% |
| C | NR/A-/A- | 69.551 | 9.91 | 01/32 - 01/32 | 10.375% | 50.1% | 12.7% |
*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 $475,182,000, subject to a variance of plus or minus 5%.
| Class of Certificates | Exp. Range of Size ($MM) | Exp. Range of WAL (YR) | Exp. Range of P.WIN |
| A-4 | $ 0.000 - $225.000 | NAP - 9.61 | NAP / 01/30-12/31 |
| A-5 | $250.182 - $475.182 | 9.77 - 9.91 | 01/30-01/32 / 12/31-01/32 |
| COLLATERAL SUMMARY | |
| CUT-OFF DATE BALANCE : | $1,774,834,674 |
| NUMBER OF LOANS : | 47 |
| NUMBER OF PROPERTIES : | 171 |
| WA CUT-OFF LTV : | 55.9% |
| WA MATURITY LTV : | 54.9% |
| WA U/W NCF DSCR : | 2.98x |
| WA U/W NOI DEBT YIELD : | 11.4% |
| TOP TEN LOANS % : | 51.7% |
| WA TERM TO MATURITY (MOS) : | 98 |
| WA REMAINING AMORTIZATION TERM (MOS) : | 360 |
| WA SEASONING (MOS) : | 1 |
| TOP 5 PROPERTY TYPES : | OFFICE (51.8%), RETAIL (10.9%), MIXED USE(10.9%), SELF |
| STORAGE(8.6%), INDUSTRIAL (7.5%) | |
| TOP 5 STATES : | CA (9.6%), IL (8.3%), MI (8.2%), TX (7.8%), MA (5.7%) |
| LOAN SELLERS : | JPMORGAN CHASE BANK, N.A. (18.1%), CITI REAL ESTATE |
| FUNDING INC. (35.6%), GOLDMAN SACHS MORTGAGE COMPANY | |
| (24.3%) AND GERMAN AMERICAN CAPITAL CORPORATION (22.0%) | |
| U.S. RISK RETENTION : | AN ELIGIBLE VERTICAL RESIDUAL INTEREST WILL BE RETAINED |
| BY JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, CITI REAL | |
| ESTATE FUNDING INC., Goldman Sachs Bank USA AND DBR | |
| Investments Co. Limited. | |
| 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 : | KeyBank, NATIONAL ASSOCIATION |
| OPERATING ADVISOR : | PENTALPHA SURVELLIANCE LLC. |
| ASSET REPRESENTATIONS REVIEWER : | PENTALPHA SURVELLIANCE LLC |
| DIRECTING CERTIFICATEHOLDER : | ELLINGTON MANAGEMENT GROUP, LLC |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A : | ATTACHED |
| PRELIMINARY PROSPECTUS : | ON OR ABOUT WEEK OF JANUARY 24, 2022 |
| PRICE GUIDANCE : | ON OR ABOUT WEEK OF JANUARY 24, 2022 |
| ANTICIPATED PRICING : | ON OR ABOUT JANUARY 27, 2022 |
| ANTICIPATED SETTLEMENT : | ON OR ABOUT FEBRUARY 16, 2022 |
| JPM SPG SYNDICATE CONTACTS | |
| JENNIFER KORNBLAU | 212-834-4154 |
| MORGAN ROACH | 212-834-4154 |
| JACQUELINE LARET | 212-834-4154 |
| JPM CMBS BANKING CONTACTS | |
| KUNAL SINGH | 212-834-5467 |
| BRAD HORN | 212-834-9708 |
| 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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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.
