| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-280318-01 | ||
From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Thursday, February 6, 2025 2:22 PM
Subject: ★PRICING DETAILS★ $591.699MM BANK5 2025-5YR13 **PUBLIC CMBS**
BANK5 2025-5YR13 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2025-5YR13
JOINT BOOKRUNNERS & CO-LEAD MANAGERS : J.P. MORGAN SECURITIES LLC, BofA Securities, Inc., WELLS FARGO SECURITIES, LLC, MORGAN STANLEY & CO. LLC
CO-MANAGERS : DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES : FITCH/KBRA/MOODYS
OFFERING TYPE : SEC-REGISTERED
***OFFERED CERTIFICATES - PUBLIC***
| CLS | RATINGS | SIZE | WAL | CERT | CERT | CERT | NOI | ||||
| (F/K/M) | ($MM) | (YR) | P.WIN | C/E | LTV | DEBT YLD | SPREAD | COUPON | YIELD | $PX | |
| A-1 | AAA/AAA/Aaa | 2.050 | 2.52 | 1-54 | 30.000% | 40.2% | 18.4% | N/A | N/A | N/A | N/A |
| A-2 | AAA/AAA/Aaa | 100.000 | 4.74 | 54-58 | 30.000% | 40.2% | 18.4% | J+78 | 5.0320 | 5.0378 | 99.99887 |
| A-3 | AAA/AAA/Aaa | 388.115 | 4.89 | 58-60 | 30.000% | 40.2% | 18.4% | J+80 | 5.7530 | 5.0613 | 102.99736 |
| A-S | AAA/AAA/Aa2 | 66.522 | 4.97 | 60-60 | 20.500% | 45.6% | 16.2% | J+115 | 6.0960 | 5.4133 | 102.99907 |
| B | AA-/AA/NR | 35.012 | 4.97 | 60-60 | 15.500% | 48.5% | 15.3% | J+130 | 6.2460 | 5.5633 | 102.99635 |
COLLATERAL SUMMARY
| CUT-OFF DATE BALANCE : | $737,090,260 |
| NUMBER OF LOANS : | 31 |
| NUMBER OF PROPERTIES : | 59 |
| WA CUT-OFF LTV : | 57.4% |
| WA MATURITY LTV : | 57.2% |
| WA U/W NCF DSCR : | 1.81x |
| WA U/W NOI DEBT YIELD : | 12.9% |
| TOP TEN LOANS % : | 64.7% |
| WA TERM TO MATURITY (MOS) : | 60 |
| WA REMAINING AMORTIZATION TERM (MOS) : | 359 |
| WA SEASONING (MOS) : | 1 |
| TOP 5 PROPERTY TYPES : | HOSPITALITY (27.4%), OFFICE(20.4%), RETAIL(19.2%), SELF STORAGE (13.5%), MIXED USE(7.9%) |
| TOP 5 STATES : | NY (32.4%), CA (18.2%), VA (9.1%), NC (8.5%), IN (8.5%) |
| LOAN SELLERS : | JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (21.0%), BANK OF AMERICA, NATIONAL ASSOCIATION (30.6%), WELLS FARGO BANK, NATIONAL ASSOCIATION (24.9%) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC (23.4%) |
| U.S. RISK RETENTION : | JPMCB IS EXPECTED TO ACT AS THE “RETAINING SPONSOR” AND INTENDS TO SATISFY THE U.S. CREDIT RISK RETENTION REQUIREMENT VIA RETENTION OF AN “ELIGIBLE VERTICAL INTEREST” BY JPMCB, BANK OF AMERICA, WELLS FARGO AND MORGAN STANLEY. |
| EU RISK RETENTION : | THE TRANSACTION IS NOT STRUCTURED TO SATISFY THE EU RISK RETENTION AND DUE DILIGENCE REQUIREMENTS |
| MASTER SERVICER : | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| SPECIAL SERVICER : | K-STAR ASSET MANAGEMENT LLC |
| OPERATING ADVISOR : | PENTALPHA SURVEILLANCE LLC |
| ASSET REPRESENTATIONS REVIEWER : | PENTALPHA SURVEILLANCE LLC |
| DIRECTING CERTIFICATEHOLDER : | KKR CMBS IIII AGGREGATOR CATEGORY 2 L.P. (OR AN AFFILIATE) |
| DOCUMENTS & TIMING | |
| TERM SHEET & ANNEX A : | ATTACHED |
| PRELIMINARY PROSPECTUS : | ATTACHED |
| ANTICIPATED PRICING : | PRICED |
| ANTICIPATED SETTLEMENT : | ON OR ABOUT FEBRUARY 25, 2025 |
JPM SPG SYNDICATE CONTACTS
JENNIFER KORNBLAU 212-834-4154
MORGAN ROACH 212-834-4154
JACQUELINE LARET 212-834-4154
MICHAEL CASH 212-834-4154
JPM CMBS BANKING CONTACTS
KUNAL SINGH 212-834-5467
HARRIS RENDELSTEIN 212-834-6737
RANDY GOLDSTEIN 212-270-2188
JPM CMBS TRADING DESK CONTACTS
AVINASH SHARMA 212-834-3111
BRIAN CAREY 212-834-3111
DERRICK FETZER 212-834-3111
BOFA CMBS BANKING CONTACTS
LELAND BUNCH 646-855-3953
DANIELLE CALDWELL 646-855-3421
WELLS FARGO CMBS SYNDICATE CONTACTS
CHRISTIE TINTLE 704-410-3008
DANIEL BOXER 704-410-3008
WELLS FARGO CMBS BANKING CONTACTS
A.J. SFARRA 212-214-5613
BRIGID MATTINGLY 312-269-3062
SEAN DUFFY 312-827-1518
MS CMBS SYNDICATE & STRUCTURING CONTACTS
NISHANT KAPUR 212-761-1483
JAS SINGH 212-761-9099
MS CMBS BANKING CONTACTS
JANE LAM 212-761-3507
JARED SMITH 212-761-3075
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