0001539497-21-001116.txt : 20210728 0001539497-21-001116.hdr.sgml : 20210728 20210728133527 ACCESSION NUMBER: 0001539497-21-001116 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20210728 DATE AS OF CHANGE: 20210728 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANK 2021-BNK35 CENTRAL INDEX KEY: 0001872347 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-227446-16 FILM NUMBER: 211121649 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-761-4000 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Morgan Stanley Capital I Inc. CENTRAL INDEX KEY: 0001547361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133291626 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-761-4000 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FWP 1 n2642-x9launch.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-227446-16

NEW ISSUE CMBS: $1,181.007mm BANK 2021-BNK35

CO-LEAD MANAGERS & BOOKRUNNERS: Morgan Stanley, Wells Fargo Securities and BofA Securities
CO-MANAGERS: Academy Securities, Inc. and Drexel Hamilton

PUBLICLY OFFERED CERTIFICATES

		AVAILABLE	WAL		PRIN	NOI
CLASS	FITCH/S&P/DBRS MSTAR	SIZE($MM)	(YRS)	CE%	WINDOW	DY%	LTV%	LAUNCH
A-1	AAAsf/AAA(sf)/AAA(sf)	$22.700	2.59	30.000%	1-58	17.7%	36.4%	S+20
A-2	AAAsf/AAA(sf)/AAA(sf)	$90.700	4.90	30.000%	58-59	17.7%	36.4%	S+45
A-3	AAAsf/AAA(sf)/AAA(sf)	$32.600	6.90	30.000%	82-83	17.7%	36.4%	N/A
A-SB	AAAsf/AAA(sf)/AAA(sf)	$35.500	7.40	30.000%	59-117	17.7%	36.4%	S+56
A-4	AAAsf/AAA(sf)/AAA(sf)	$260.000	9.71	30.000%	111-119	17.7%	36.4%	S+67
A-5	AAAsf/AAA(sf)/AAA(sf)	$486.079	9.93	30.000%	119-119	17.7%	36.4%	S+69
A-S	AAAsf/AAA(sf)/AAA(sf)	$142.450	9.93	19.250%	119-119	15.4%	42.0%	S+86
B	AA-sf/AA+(sf)/AAA(sf)	$57.973	9.93	14.875%	119-119	14.6%	44.3%	S+93
C	A-sf/A+(sf)/AA(low)(sf)	$53.005	9.93	10.875%	119-119	13.9%	46.3%	S+130

POOL BALANCE:	$1,394,856,187
NUMBER OF LOANS/PROPERTIES:	76/109
WA MORTGAGE INT. RATE:	3.1767%
WA CUT-OFF LTV:	52.0%
WA UW NCF DSCR:	3.36x
WA UW NOI DEBT YLD:	12.4%
WA ORIG TERM TO MATURITY:	115
WA ORIG AMORTIZING TERM:	369
TEN LARGEST LOANS:	41.5%
LOAN SELLERS:	MSMCH (34.6%); BANA (33.8%); WFB (26.1%); NCB (5.6%)
TOP 5 STATES:	NY (26.8%), CA (15.6%), PA (10.5%), DC (6.7%), TX (5.7%)
TOP 5 PROPERTY TYPES:	OF (27.3%), RT (24.9%), MF (24.0%), IND (13.5%), SS (8.6%)

RISK RETENTION	Eligible vertical interest ("V")

MASTER SERVICER:	Wells Fargo Bank, National Association and National Cooperative Bank, N.A.
SPECIAL SERVICER:	KeyBank National Association and National Cooperative Bank, N.A.
TRUSTEE:	Wilmington Trust, National Association
CERT ADMIN:	Wells Fargo Bank, National Association
TRUST ADVISOR:	Park Bridge Lender Services LLC
INITIAL CONTROLLING CLASS REP:	Ellington Management Group, LLC or an affiliate

EXPECTED PRICING:	TODAY, JULY 28 at 1:30pm EST
EXPECTED SETTLEMENT:	On or about 8/11/21

*** The depositor has filed a registration statement (including a prospectus) with the SEC (File # 333-227446) for the offering to which this free writing prospectus 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 Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649 or by email to prospectus@ms.com. *** **** IMPORTANT NOTICE REGARDING THE CONDITIONS FOR THIS OFFERING OF ASSET-BACKED SECURITIES THE ASSET-BACKED SECURITIES REFERRED TO IN THESE MATERIALS ARE BEING OFFERED WHEN, AS AND IF ISSUED. IN PARTICULAR, YOU ARE ADVISED THAT ASSET-BACKED SECURITIES, AND THE ASSET POOLS BACKING THEM, ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING, AMONG OTHER THINGS, THE POSSIBILITY THAT ONE OR MORE CLASSES OF SECURITIES MAY BE SPLIT, COMBINED OR ELIMINATED) AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL OFFERING DOCUMENT. AS A RESULT, YOU MAY COMMIT TO PURCHASE SECURITIES THAT HAVE CHARACTERISTICS THAT MAY CHANGE, AND YOU ARE ADVISED THAT ALL OR A PORTION OF THE SECURITIES MAY NOT BE ISSUED THAT HAVE THE CHARACTERISTICS DESCRIBED IN THESE MATERIALS. OUR OBLIGATION TO SELL SECURITIES TO YOU IS CONDITIONED ON THE SECURITIES AND THE UNDERLYING TRANSACTION HAVING THE CHARACTERISTICS DESCRIBED IN THESE MATERIALS. IF WE DETERMINE THAT CONDITION IS NOT SATISFIED IN ANY MATERIAL RESPECT, WE WILL NOTIFY YOU, AND NEITHER THE ISSUING ENTITY OR ANY UNDERWRITER WILL HAVE ANY OBLIGATION TO YOU TO DELIVER ALL OR ANY PORTION OF THE SECURITIES WHICH YOU HAVE COMMITTED TO PURCHASE, AND THERE WILL BE NO LIABILITY BETWEEN US AS A CONSEQUENCE OF THE NON-DELIVERY. ****

THE ASSET-BACKED SECURITIES REFERRED TO IN THESE MATERIALS ARE BEING OFFERED WHEN, AS AND IF ISSUED. IN PARTICULAR, YOU ARE ADVISED THAT ASSET-BACKED SECURITIES, AND THE ASSET POOLS BACKING THEM, ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING, AMONG OTHER THINGS, THE POSSIBILITY THAT ONE OR MORE CLASSES OF SECURITIES MAY BE SPLIT, COMBINED OR ELIMINATED) AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL OFFERING DOCUMENT. AS A RESULT, YOU MAY COMMIT TO PURCHASE SECURITIES THAT HAVE CHARACTERISTICS THAT MAY CHANGE, AND YOU ARE ADVISED THAT ALL OR A PORTION OF THE SECURITIES MAY NOT BE ISSUED THAT HAVE THE CHARACTERISTICS DESCRIBED IN THESE MATERIALS. OUR OBLIGATION TO SELL SECURITIES TO YOU IS CONDITIONED ON THE SECURITIES AND THE UNDERLYING TRANSACTION HAVING THE CHARACTERISTICS DESCRIBED IN THESE MATERIALS. IF WE DETERMINE THAT CONDITION IS NOT SATISFIED IN ANY MATERIAL RESPECT, WE WILL NOTIFY YOU, AND NEITHER THE ISSUING ENTITY OR ANY UNDERWRITER WILL HAVE ANY OBLIGATION TO YOU TO DELIVER ALL OR ANY PORTION OF THE SECURITIES WHICH YOU HAVE COMMITTED TO PURCHASE, AND THERE WILL BE NO LIABILITY BETWEEN US AS A CONSEQUENCE OF THE NON-DELIVERY. ****

**** IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

ANY LEGENDS, DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AT THE BOTTOM OF THIS E-MAIL OR AT THE BOTTOM OF THE E-MAIL COMMUNICATION TO WHICH THIS MATERIAL MAY HAVE BEEN ATTACHED ARE 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 EMAIL SYSTEM. ****

-------------------------------------------------------------------------------

Content prepared by sales/trading for institutions. NOT: research; independent/impartial; a recommendation or basis to consider MS a fiduciary or (esp.prices, which are not for use by others) and is an invitation to consider a swap transaction under CFTC Rules 1.71/23.605 (but not an offer to enter a trading before/after sending, market making, lending, advising or other services representation of accuracy/completeness is made. Full terms at ms.com/disclaimers/productspecific