0001539497-21-002036.txt : 20211209 0001539497-21-002036.hdr.sgml : 20211209 20211209150250 ACCESSION NUMBER: 0001539497-21-002036 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20211209 DATE AS OF CHANGE: 20211209 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BENCHMARK 2021-B31 MORTGAGE TRUST CENTRAL INDEX KEY: 0001894714 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-228597-10 FILM NUMBER: 211481727 BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 FWP 1 n2834_finalpricing-x11.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-228597-10

From: Citi Cmbs Syndicate (CITIGROUP GLOBAL MAR) <[REDACTED]>
Sent: Wednesday, December 8, 2021 1:14 PM
Subject: BMARK 2021-B31 -- Final Pricing Details (Public)

BMARK 2021-B31 -- Final Pricing Details (Public)

Co-Lead Managers & Joint Bookrunners: Citigroup, J.P. Morgan, Deutsche Bank Securities, Goldman Sachs & Co. LLC

Co-Managers: Academy Securities Inc. & Drexel Hamilton

					LIBOR	SOFR
Class	S&P/Fitch/KBRA	Size($mm)	C/E	WAL	Spread	Spread*	Coupon	Yield	Price
A-1	AAA(sf)/AAAsf/AAA(sf)	19.800	30.000%	2.68	S+25	S+47.8	1.357	1.341	99.99832
A-2	AAA(sf)/AAAsf/AAA(sf)	138.050	30.000%	4.90	S+55	S+79.9	2.588	1.933	102.99603
A-3	AAA(sf)/AAAsf/AAA(sf)	23.220	30.000%	6.90	S+73	S+98.7	2.703	2.228	102.99419
A-4	AAA(sf)/AAAsf/AAA(sf)	215.000	30.000%	9.80	S+71	S+97.1	2.420	2.307	100.99310
A-5	AAA(sf)/AAAsf/AAA(sf)	575.676	30.000%	9.94	S+73	S+99.1	2.669	2.331	102.99272
A-AB	AAA(sf)/AAAsf/AAA(sf)	23.526	30.000%	7.36	S+65	S+90.8	2.615	2.167	102.99985
A-S	AA-(sf)/AAAsf/AAA(sf)	142.182	20.000%	9.98	S+95	S+121.1	2.892	2.552	102.99808
B	NR/AA-sf/AA-(sf)	63.981	15.500%	9.98	S+115	S+141.1	2.748	2.752	99.99194
C	NR/A-sf/A-(sf)	60.428	11.250%	9.98	S+160	S+186.1	3.195	3.202	99.99388

*SOFR-based swap (P) spreads shown for illustrative purposes only. Bonds are priced to LIBOR-based swap (N) spreads.

Collateral Summary

Initial Pool Balance:	$1,496,650,164
Number of Mortgage Loans:	57
Number of Mortgaged Properties:	97
Average Cut-off Date Mortgage Loan Balance:	$26,257,020
Weighted Average Mortgage Interest Rate:	3.40504%
Weighted Average Remaining Term to Maturity (months):	113
Weighted Average Remaining Amortization Term (months):	374
Weighted Average Cut-off Date LTV Ratio:	54.9%
Weighted Average Maturity Date LTV Ratio:	53.4%
Weighted Average Underwritten NCF DSCR:	2.89x
Weighted Average Debt Yield on Underwritten NOI:	11.2%
% of Mortgaged Properties with Single Tenants:	34.4%
% of Mortgage Loans with Subordinate Debt:	17.0%


Property Type:	30.0% Office, 18.6% Mixed Use, 18.5% Multifamily,
	17.2% Retail, 13.0% Industrial, 1.2% Manufactured
	Housing, 1.0% Other, 0.4% Self Storage

Top 5 States:	14.8% Massachusetts, 12.6% New York, 12.4% New Jersey
	10.0% California, 6.5% Connecticut

Risk Retention:	Vertical

Master Servicer:	Midland Loan Services, a Division of PNC Bank, National Association


Special Servicers:	Rialto Capital Advisors, LLC

Operating Advisor:	Pentalpha Surveillance LLC

Trustee:	Wilmington Trust, National Association
Cert. Administrator:	Citibank, N.A.

Anticipated Timing
Anticipated Settlement:	12/22/2021

THE SECURITIES OFFERED BY THESE MATERIALS ARE BEING OFFERED WHEN, AS AND IF ISSUED. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE OR OTHER JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. THESE SECURITIES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, ANY DIRECTING HOLDER, ANY RISK RETENTION CONSULTATION PARTY, THE COMPANION LOAN HOLDERS (OR THEIR REPRESENTATIVES), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THESE SECURITIES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-228597) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or any underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.