| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-258342-01 | ||
| From: | Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net> |
| Sent: | Tuesday, February 1, 2022 4:26 PM |
| Subject: | ★CLASS XA PRICING DETAILS★ $1.246BN BMARK 2022-B32 **PUBLIC CMBS** |
BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2022-B32 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2022-B32
| JOINT BOOKRUNNERS & CO-LEAD MANAGERS : | J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS & CO. LLC. AND DEUTSCHE BANK SECURITIES INC. |
| CO-MANAGERS : | DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC. |
| RATING AGENCIES : | MOODY’S/FITCH/KBRA |
| OFFERING TYPE : | SEC-REGISTERED |
| CLS | RATINGS(F/M/K) | SIZE($MM) | WAL(YR)* | APPROX. | PROCEEDS SPREAD | PRICE($) | YIELD(%) |
| XA | AAA/Aa1/AAA | 1,359.412 | 7.32 | ~41MM | J+120 | 3.01963 | 2.9636 |
* PRICING SPEED IS 100 CPY
| 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 | |
| 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.
