0001539497-20-000245.txt : 20200206 0001539497-20-000245.hdr.sgml : 20200206 20200206120101 ACCESSION NUMBER: 0001539497-20-000245 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200206 DATE AS OF CHANGE: 20200206 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Benchmark 2020-IG1 Mortgage Trust CENTRAL INDEX KEY: 0001801338 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-226123-07 FILM NUMBER: 20581863 BUSINESS ADDRESS: STREET 1: C/O STATE STREET BANK & TRUST CO STREET 2: TWO INTERNATIONAL PLACE 5TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 2126483063 MAIL ADDRESS: STREET 1: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10260-0066 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP CENTRAL INDEX KEY: 0001013611 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133789046 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: C/O STATE STREET BANK & TRUST CO STREET 2: TWO INTERNATIONAL PLACE 5TH FLOOR CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 2126483063 MAIL ADDRESS: STREET 1: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10260-0066 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP DATE OF NAME CHANGE: 19960506 FWP 1 n1982_x12-priced.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-226123-07

From: Spg Syndicate Jpm (JP MORGAN SECURITIES) <sjpm2@bloomberg.net>
Sent: Thursday, February 6, 2020 10:33 AM
Subject: ★PRICED★ $627.0M BMARK 2020-IG1 **PUBLIC CMBS**

BENCHMARK COMMERCIAL MORTGAGE SECURITIES TRUST 2020-IG1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-IG1

JOINT BOOKRUNNERS:	J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC.
CO-LEAD MANAGERS:	J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC.
CO-MANAGERS:	DREXEL HAMILTON, LLC, ACADEMY SECURITIES, INC.
RATING AGENCIES:	FITCH/KBRA
OFFERING TYPE:	SEC-REGISTERED

***OFFERED CERTIFICATES - PUBLIC***

CLS	RATINGS	SIZE	WAL	CERT	SPREAD	COUPON	YIELD	PRICE
	(F/K)	($MM)	(YR)	C/E	(S+)	(%)	(%)	($)
A-1	AAA/AAA	42.750	4.80	30.000%	+55	2.7018	2.0306	103.00000
A-2	AAA/AAA	47.500	6.80	30.000%	+67	2.6765	2.1947	102.99976
A-3	AAA/AAA	348.650	9.80	30.000%	+73	2.6866	2.3434	102.99965
A-S	AAA/AAA	122.550	9.88	10.455%	+95	2.9086	2.5655	102.99918
B	AA-/AA-	35.720	9.88	4.758%	+115	3.1107	2.7655	102.99929
C	A-/A-	14.630	9.88	2.424%	+150	WAC	3.1155	101.57261
D	NR/BBB-	15.200	9.88	0.000%	+195	WAC	3.5655	97.84144

TRANSACTION OVERVIEW:

THE BENCHMARK 2020-IG1 TRANSACTION IS COMPRISED ENTIRELY OF INVESTMENT GRADE (IG) RATED LOANS OR PORTIONS OF LOANS THAT ARE IG RATED BY ONE OR MORE RATING AGENCIES.

ANTICIPATED SETTLEMENT:	ON OR ABOUT FEBRUARY 28, 2020

COLLATERAL SUMMARY
CUT-OFF DATE BALANCE:	$660,000,000
NUMBER OF LOANS:	13
NUMBER OF PROPERTIES:	45
WA CUT-OFF LTV:	36.4%
WA MATURITY LTV:	36.4%
WA U/W NCF DSCR:	4.33x
WA U/W NOI DEBT YIELD:	14.7%
TOP TEN LOANS %:	81.5%
WA TERM TO MATURITY (MOS):	112
WA REMAINING AMORTIZATION TERM (MOS):	0
WA SEASONING (MOS):	2

PROPERTY TYPES:	OFFICE (48.9%), RETAIL (15.9%), MIXED USE (14.1%), HOSPITALITY (8.3%), MULTIFAMILY (6.8%) AND INDUSTRIAL (6.0%).

TOP 5 STATES:	NY (48.5%), WA (16.0%), CA (13.6%), IL (8.4%), NV (8.3%).

LOAN SELLERS:	GERMAN AMERICAN CAPITAL CORPORATION (39.0%), JPMORGAN CHASE BANK, N.A. (34.0%), CITI REAL ESTATE FUNDING INC. (27.0%)

U.S. RISK RETENTION:	AN ELIGIBLE VERTICAL RESIDUAL INTEREST WILL BE RETAINED BY JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, DEUTSCHE BANK AG, NEW YORK BRANCH, 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
ASSET REPRESENTATIONS REVIEWER:	PARK BRIDGE LENDER SERVICES LLC
DIRECTING CERTIFICATEHOLDER:	NONE

JPM SPG SYNDICATE CONTACTS
ANDY CHERNA	212-834-4154
KAILIN TWOMEY	212-834-4154

JPM CMBS BANKING CONTACTS
KUNAL SINGH	212-834-5467
DWAYNE MCNICHOLAS	212-834-9328
JOHN MILLER	212-272-8363

JPM CMBS TRADING DESK CONTACTS
AVINASH SHARMA	212-834-3111
BRIAN CAREY	212-834-3111

DEUTSCHE BANK TRADING DESK CONTACT
RYAN HORVATH	212-250-5149
DAN PENN	212-250-5149
JIM MURPHY	212-250-5149

CITIGROUP SYNDICATE DESK CONTACTS
RAUL OROZCO	212-723-1295
MATT PERRY	212-723-1295

*******************************************************************************

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.

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