FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226123-12
     

 

JULY [  ], 2021

 

BENCHMARK 2021-B28

Commercial Mortgage Trust

 

Draft Collateral Term Sheet

 

This material is for your information, and none of J.P. Morgan Securities LLC (“JPMS”), Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Drexel Hamilton, LLC and Academy Securities, Inc., (each individually, an “Underwriter”, and together, the ’’Underwriters’’) are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

 

The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-226123) 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 website 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 (800) 408-1016 or by emailing the ABS Syndicate Desk at abs synd@jpmorgan.com.

 

THE SECURITIES TO WHICH THIS INFORMATION RELATES WILL BE MORE FULLY DESCRIBED IN A PROSPECTUS (THE “PROSPECTUS”), WHICH IS NOT YET AVAILABLE. THE PROSPECTUS WILL CONTAIN MATERIAL INFORMATION THAT IS NOT CONTAINED IN THESE MATERIALS (INCLUDING WITHOUT LIMITATION A DETAILED DISCUSSION OF RISKS ASSOCIATED WITH AN INVESTMENT IN THE CERTIFICATES, UNDER THE HEADING “RISK FACTORS” IN THE PROSPECTUS).

 

Neither this document nor anything contained in this document shall form the basis for any contract or commitment whatsoever. The information contained in this document is preliminary as of the date of this document, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale. These materials are subject to change, completion or amendment from time to time. This information is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change.

 

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE. Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., a member of NYSE, FINRA and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG, acting through its New York Branch.

 

THE UNDERWRITERS MAY FROM TIME TO TIME PERFORM INVESTMENT BANKING SERVICES FOR, OR SOLICIT INVESTMENT BANKING BUSINESS FROM, ANY COMPANY NAMED IN THESE MATERIALS. THE UNDERWRITERS AND/OR THEIR AFFILIATES OR RESPECTIVE EMPLOYEES MAY FROM TIME TO TIME HAVE A LONG OR SHORT POSITION IN ANY CERTIFICATE OR CONTRACT DISCUSSED IN THESE MATERIALS.

 

 

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Loan Pool  
  Initial Pool Balance (“IPB”): $1,375,277,299
  Number of Mortgage Loans: 71
  Number of Mortgaged Properties: 131
  Average Cut-off Date Balance per Mortgage Loan: $19,370,103
  Weighted Average Current Mortgage Rate:

3.39050%

  10 Largest Mortgage Loans as % of IPB: 37.2%
  Weighted Average Remaining Term to Maturity(1):

112 months

  Weighted Average Seasoning: 1 month
Credit Statistics  
  Weighted Average UW NCF DSCR(2): 2.61x
  Weighted Average UW NOI DY(2)(3): 10.3%
  Weighted Average Cut-off Date Loan-to-Value Ratio (“LTV”)(2)(3)(4): 57.1%
  Weighted Average Maturity Date LTV(1)(2)(4): 53.1%
Other Statistics  
  % of Mortgage Loans with Additional Debt: 11.4%
  % of Mortgaged Properties with Single Tenants: 17.2%
Amortization  
  Weighted Average Original Amortization Term(5): 352 months
  Weighted Average Remaining Amortization Term(5): 352 months
  % of Mortgage Loans with Interest-Only:

62.5%

  % of Mortgage Loans with Amortizing Balloon:

17.1%

  % of Mortgage Loans with Partial Interest-Only followed by Amortizing Balloon:

14.4%

  % of Mortgage Loans with Interest Only-ARD:

3.3%

  % of Mortgage Loans with Amortizing-ARD: 2.7%
Lockbox / Cash Management(6)  
  % of Mortgage Loans with In-Place, Hard Lockboxes: 57.2%
  % of Mortgage Loans with Springing Lockboxes: 29.3%
  % of Mortgage Loans with In-Place, Soft Lockboxes: 10.2%
  % of Mortgage Loans with No Lockbox: 3.3%
  % of Mortgage Loans with Springing Cash Management: 92.9%
  % of Mortgage Loans with In-Place Cash Management: 7.1%
Reserves  
  % of Mortgage Loans Requiring Monthly Tax Reserves: 73.0%
  % of Mortgage Loans Requiring Monthly Insurance Reserves: 41.2%
  % of Mortgage Loans Requiring Monthly CapEx Reserves(7): 68.1%
  % of Mortgage Loans Requiring Monthly TI/LC Reserves(8): 57.1%
     
(1)In the case of Loan Nos. 4 and 7, each with an anticipated repayment date, Remaining Term to Maturity and Maturity Date LTV are calculated as of the related anticipated repayment date.

(2)In the case of Loan Nos. 1, 5, 10, 12, 15, 16, 20, 22, 25, and 27, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan Nos. 1 and 25, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(3)In the case of Loan No. 24, UW NOI DY and Cut-off Date LTV is calculated net of a holdback reserve of $300,000. In the case of Loan No. 34, UW NOI DY and Cut-off Date LTV are calculated net of a holdback reserve of $300,000.

(4)In the case of Loan Nos. 10, 11, 32, 35, 39, 44, 45 and 53, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

(5)Excludes 39 mortgage loans that are interest-only for the entire term.

(6)For a more detailed description of Lockbox / Cash Management, refer to “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Mortgaged Property Accounts” in the Preliminary Prospectus.

(7)CapEx Reserves include FF&E reserves for hotel properties.

(8)Calculated only with respect to the Cut-off Date Balance of mortgage loans secured or partially secured by retail, office, industrial and mixed use properties.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Mortgage Loan Seller

Number of
Mortgage Loans

Number of
Mortgaged
Properties

Aggregate
Cut-off Date
Balance

% of

IPB

CREFI 36 72  $613,270,560 44.6%
GACC(1)(2) 17 36  249,198,963 18.1
JPMCB 9 9  210,332,015 15.3
GSMC(1)(3) 7 7 137,475,762 10.0
GSMC/GACC(4) 1 1   135,000,000 9.8
CREFI/GACC(5) 1 6    30,000,000 2.2
Total 71 131 $1,375,277,299 100.0%

(1)In the case of Loan No. 1, the whole loan was co-originated by GSBI, DBRI and Bank of Montreal. In the case of Loan No. 12, the whole loan was co-originated by CREFI and DBRI. In the case of Loan No. 15, the whole loan was co-originated by GSBI and Argentic Real Estate Finance LLC. In the case of Loan No. 27, the whole loan was co-originated by GSBI and Bank of America, N.A.

(2)Each mortgage loan being sold by German American Capital Corporation (“GACC”) was originated or co-originated by either DBR Investments Co. Limited or Deutsche Bank AG, New York Branch, each an affiliate of GACC, and will be transferred to GACC on or prior to the Closing Date.

(3)Each mortgage loan being sold by Goldman Sachs Mortgage Company (“GSMC”) was originated or co-originated by an affiliate of GSMC, Goldman Sachs Bank USA (“GSBI”), and will be transferred to GSMC on or prior to the Closing Date.

(4)In the case of Loan No. 1, the whole loan was co-originated by GSBI, DBRI and Bank of Montreal. Loan No. 1 is evidenced by four promissory notes: (i) Note A-1-C-1 and A-1-C-3, with an aggregate principal balance of $103,950,000 as of the Cut-off Date, as to which GSMC is acting as mortgage loan seller, and (ii) Note A-2-C-1 and A-2-C-5, with a principal balance of $31,050,000 as of the Cut-off Date, as to which GACC is acting as mortgage loan seller.

(5)In the case of Loan No. 12, the whole loan was co-originated by CREFI and DBRI. Loan No. 12 is evidenced by two promissory notes: (i) Note A-1-2, with a principal balance of $15,000,000 as of the Cut-off Date, as to which CREFI is acting as mortgage loan seller, and (ii) Note A-2-1, with a principal balance of $15,000,000 as of the Cut-off Date, as to which GACC is acting as mortgage loan seller.

 

Ten Largest Mortgage Loans

 

No. Loan Name Mortgage Loan Seller No.
of Prop.
Cut-off Date Balance % of IPB SF / Units Property Type UW
NCF DSCR(1)
UW NOI DY(1) Cut-off Date LTV(1)(2) Maturity Date LTV(1)(2)
1 One SoHo Square GSMC, GACC 1 $135,000,000 9.8% 786,891 Office 4.88x 13.6% 34.8% 34.8%
2 The Ziggurat CREFI 1 $59,065,000 4.3% 373,725 Office 3.66x 13.1% 63.6% 63.6%
3 Doral Concourse CREFI 1 $56,000,000 4.1% 240,669 Office 2.95x 10.5% 58.2% 58.2%
4 909 Third Avenue Fee JPMCB 1 $45,000,000 3.3% 82,341 Other 1.10x 3.6% 23.4% 23.4%
5 College Point GSMC 1 $40,000,000 2.9% 331,130 Retail 1.81x 7.0% 59.8% 59.8%
6 Swingline Building CREFI 1 $40,000,000 2.9% 369,759 Industrial 2.81x 10.7% 38.1% 38.1%
7 U-Haul Sac 22 GACC 9 $37,633,193 2.7% 282,197 Self Storage 1.92x 10.8% 55.3% 37.6%
8 Red Rose Commons CREFI 1 $33,947,501 2.5% 263,453 Retail 1.76x 10.6% 64.1% 49.6%
9 Glenmuir of Naperville CREFI 1 $33,040,000 2.4% 321 Multifamily 5.79x 14.5% 31.9% 31.9%
10 Watermark Tempe GACC 1 $32,500,000 2.4% 309,176 Mixed Use 3.28x 9.7% 65.0% 65.0%
                       
  Top 3 Total/Weighted Average 3 $250,065,000 18.2%     4.16x 12.8% 46.8% 46.8%
  Top 5 Total/Weighted Average 5 $335,065,000 24.4%     3.47x 10.9% 45.2% 45.2%
  Top 10 Total/Weighted Average 18 $512,185,694 37.2%     3.33x 11.0% 47.1% 44.8%
(1)In the case of Loan Nos. 1, 5 and 10, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan No. 1, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(2)In the case of Loan No. 10, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Companion Loan Summary
Loan No. Mortgage Loan Note(s) Original Balance ($) Cut-off Date Balance ($) Holder of Note Lead Servicer for Whole Loan (Y/N) Master Servicer Under Lead Securitization Special Servicer Under Lead Securitization
1 One SoHo Square A-1-S, A-2-S, A-3- $316,000,000 $316,000,000 SOHO 2021-SOHO Yes KeyBank Midland
    S, B-1(1), B-2(1), B-3(1)            
    A-1-C-1, A-1-C- $135,000,000 $135,000,000 Benchmark 2021-B28 No    
    3, A-2-C-1, A-2-            
    C-5            
    A-1-C-2 $75,000,000 $75,000,000 GSBI No    
    A-1-C-4 $50,000,000 $50,000,000 GSBI No    
    A-1-C-5 $50,000,000 $50,000,000 GSBI No    
    A-1-C-6 $20,000,000 $20,000,000 GSBI No    
    A-1-C-7 $20,000,000 $20,000,000 GSBI No    
    A-1-C-8 $2,353,868 $2,353,868 GSBI No    
    A-2-C-2 $20,000,000 $20,000,000 DBRI No    
    A-2-C-3 $20,000,000 $20,000,000 DBRI No    
    A-2-C-4 $16,000,000 $16,000,000 DBRI No    
    A-2-C-6 $8,822,928 $8,822,928 DBRI No    
    A-3-C-1 $24,000,000 $24,000,000 BMO No    
    A-3-C-2 $16,000,000 $16,000,000 BMO No    
    A-3-C-3 $11,823,204 $11,823,204 BMO No    
    Total $785,000,000 $785,000,000        
5 College Point A-1 $40,000,000 $40,000,000 Benchmark 2021-B28 Yes Midland Midland
    A-2 $30,000,000 $30,000,000 GSBI No    
    Total $70,000,000 $70,000,000        
10 Watermark Tempe A-2 $32,500,000 $32,500,000 Benchmark 2021-B28 No(2)    
    A-1 $32,500,000 $32,500,000 DBRI Yes (2) (2)
    A-3 $20,000,000 $20,000,000 DBRI No    
    A-4 $15,000,000 $15,000,000 DBRI No    
    A-5 $11,000,000 $11,000,000 DBRI No    
    A-6 $10,000,000 $10,000,000 DBRI No    
    Total $121,000,000 $121,000,000 DBRI      
12 Huntsville Office Portfolio A-1-2, A-2-1 $30,000,000 $30,000,000 Benchmark 2021-B28 No(2) (2) (2)
  A-1-1 $15,000,000 $15,000,000 CREFI Yes    
    A-1-3 $10,000,000 $10,000,000 CREFI No    
    A-2-2 $15,000,000 $15,000,000 GACC No    
    A-2-3 $10,000,000 $10,000,000 GACC No    
    Total $80,000,000 $80,000,000        
15

Woodbridge Corporate Plaza Leased Fee

 

A-1 $27,500,000 $27,481,667 Benchmark 2021-B28 Yes Midland Midland
  A-2 $22,500,000 $22,485,000 MSC 2021-L6 No    
  Total $50,000,000 $49,966,667        
16 ExchangeRight Net Leased Portfolio #48 A-1 $27,000,000 $27,000,000 Benchmark 2021-B28 Yes Midland Midland
  A-2 $20,035,000 $20,035,000 CREFI No    
    Total $47,035,000 $47,035,000        
20 2 Washington A-3 $25,000,000 $25,000,000 Benchmark 2021-B28 No    
    A-1 $50,000,000 $50,000,000 DBRI Yes (2) (2)
    A-2 $30,000,000 $30,000,000 DBRI No    
    A-4 $16,500,000 $16,500,000 DBRI No    
    A-5 $10,000,000 $10,000,000 DBRI No    
    Total $131,500,000 $131,500,000        
22

Colonnade Corporate Center

 

A-1 $60,000,000 $60,000,000 Benchmark 2021-B27 Yes Midland Greystone
  A-2 $23,000,000 $23,000,000 Benchmark 2021-B28 No    
    Total $83,000,000 $83,000,000        
25 4500 Academy Road A-1 $50,000,000 $50,000,000 Benchmark 2021-B27 Yes Midland Midland
  Distribution Center A-2 $22,000,000 $22,000,000 Benchmark 2021-B28 No    
    Total $72,000,000 $72,000,000        
27 The Domain A-1, A-2-2 $76,000,000 $68,000,000 BANK 2021-BNK35 Yes Wells Fargo KeyBank
    A-2-1 $50,000,000 $50,000,000 MSC 2021-L6 No    
    A-3-1 $50,000,000 $50,000,000 GSBI No    
    A-3-2 $20,000,000 $20,000,000 Benchmark 2021-B28 No    
    A-3-3 $14,000,000 $14,000,000 GSBI No    
    Total $210,000,000 $210,000,000        
(1)Each note represents a subordinate companion loan.

(2)In the case of Loan Nos. 10, 12 and 20, the related whole loan is expected to be serviced under the Benchmark 2021-B28 pooling and servicing agreement until such time as the related controlling note has been securitized, at which point the related whole loan will be serviced under the pooling and servicing agreement related to such securitization.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Additional Debt Summary

 

No.

Loan Name

Trust
Cut-off Date Balance

Subordinate Debt Cut-off Date Balance(1)

Total Debt Cut-off Date Balance

Mortgage Loan UW NCF DSCR(2)

Total Debt UW NCF DSCR

Mortgage Loan
Cut-off Date LTV(2)

Total Debt Cut-off Date LTV

Mortgage Loan UW NOI DY(2)

Total Debt UW NOI DY

1 One SoHo Square $135,000,000 $435,000,000 $905,000,000 4.88x 2.28x 34.8% 67.0% 13.6% 7.1%
25 4500 Academy Road Distribution Center $22,000,000 $12,000,000 $84,000,000 2.63x 1.83x 59.0% 68.9% 10.0% 8.6%
(1)In the case of Loan No. 1, Subordinate Debt Cut-off Date Balance represents one or more Subordinate Companion Loan(s), and/or related mezzanine loan(s). In the case of Loan No. 25, Subordinate Debt Cut-off Date Balance represents one or more mezzanine loans.

(2)In the case of Loan No. 1, Mortgage Loan UW NCF DSCR, Mortgage Loan UW NOI DY and Mortgage Loan Cut-off Date LTV calculations exclude the related Subordinate Companion Loan(s) and/or related mezzanine loan(s). In the case of Loan No. 25, Mortgage Loan UW NCF DSCR, Mortgage Loan UW NOI DY and Mortgage Loan Cut-off Date LTV calculations exclude the related mezzanine loan(s).

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Mortgaged Properties by Type(1)

 

          Weighted Average
Property Type  Property Subtype Number of Properties Cut-off Date Principal Balance % of IPB Occupancy UW
NCF DSCR(2)
UW
NOI DY(2)(3)
Cut-off Date LTV(2)(3)(4) Maturity Date LTV (2)(4)(5)
Office CBD 10 $273,565,000 19.9% 93.8% 3.78x 12.7% 50.9% 47.8%
  Suburban 16 160,577,544 11.7    93.4% 2.48x 10.3% 63.1% 59.4%
  Medical 5 20,655,779 1.5    100.0% 1.99x 9.0% 60.7% 57.5%
  Subtotal: 31 $454,798,323 33.1% 93.9% 3.24x 11.7% 55.7% 52.4%
                   
Retail Anchored 15 $271,448,610 19.7% 96.3% 2.11x 10.3% 61.6% 54.6%
  Single Tenant 22 $42,974,221 3.1    100.0% 2.37x 8.6% 62.6% 60.1%
  Unanchored 2 $19,999,112 1.5    100.0% 2.52x 9.4% 58.0% 56.8%
  Subtotal: 39 $334,421,944 24.3% 97.0% 2.17x 10.1% 61.5% 55.5%
                   
Multifamily Garden 8 93,586,451 6.8    96.4% 3.36x 10.6% 54.2% 51.0%
  High Rise 2 47,500,000 3.5    99.5% 2.61x 9.1% 54.7% 55.0%
  Low Rise 8 32,750,000 2.4    97.6% 2.09x 7.7% 66.2% 66.2%
  Subtotal: 18 $173,836,451 12.6% 97.5% 2.92x 9.6% 56.6% 54.9%
                   
Industrial Flex 4 74,868,343 5.4% 96.3% 2.29x 10.3% 51.4% 47.0%
  Warehouse/Distribution 5 53,060,000 3.9    100.0% 2.40x 9.4% 56.5% 56.1%
  Manufacturing 1 10,500,000 0.8    100.0% 2.29x 12.8% 55.6% 43.0%
  Warehouse 1 10,000,000 0.7    100.0% 2.03x 8.8% 52.6% 52.6%
  Subtotal: 11 $148,428,343 10.8% 98.1% 2.31x 10.1% 53.6% 50.4%
                   
Self Storage Self Storage 22 $89,098,886 6.5% 94.4% 1.93x 9.8% 61.5% 50.0%
  Subtotal: 22 $89,098,886 6.5% 94.4% 1.93x 9.8% 61.5% 50.0%
                   
Mixed Use Office/Retail 3 59,250,000 4.3% 96.1% 2.75x 9.0% 64.4% 64.4%
  Self Storage/Industrial/Office 1 9,522,000 0.7    93.3% 3.10x 11.3% 59.9% 59.9%
  Multifamily/Retail/Office 1 9,000,000 0.7    100.0% 1.79x 7.3% 64.3% 64.3%
  Subtotal: 5 $77,772,000 5.7% 96.2% 2.68x 9.1% 63.9% 63.9%
                   
Other Leased Fee 2 $72,481,667 5.3% NAP 1.44x 5.6% 41.8% 41.2%
  Subtotal: 2 $72,481,667 5.3% NAP 1.44x 5.6% 41.8% 41.2%
                   
Hospitality Extended Stay 2 $15,489,685 1.1% 74.1% 2.34x 14.9% 53.1% 43.2%
  Select Service 1 $8,950,000 0.7    78.9% 1.91x 13.2% 65.8% 60.4%
  Subtotal: 3 $24,439,685 1.8% 75.9% 2.18x 14.3% 57.8% 49.5%
  Total / Weighted Average: 131 1,375,277,299 100.0% 95.5% 2.61x 10.3% 57.1% 53.1%
(1)Because this table presents information relating to the mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts.

(2)In the case of Loan Nos. 1, 5, 10, 12, 15, 16, 20, 22, 25 and 27, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan Nos. 1 and 25, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(3)In the case of Loan No. 24, UW NOI DY and Cut-off Date LTV is calculated net of a holdback reserve of $300,000. In the case of Loan No. 34, UW NOI DY and Cut-off Date LTV are calculated net of a holdback reserve of $300,000.

(4)In the case of Loan Nos. 10, 11, 32, 35, 39, 44, 45 and 53, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage PoolAssessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

(5)In the case of Loan Nos. 4 and 7, each with an anticipated repayment date, Maturity Date LTV is calculated as of the related anticipated repayment date.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 


 

 


Mortgaged Properties by Location(1)
 
       

Weighted Average

State

Number of Properties

Cut-off Date Principal Balance

% of IPB

Occupancy

UW
NCF DSCR(2)
UW
NOI DY(2)(3)
Cut-off Date LTV(2)(3)(4) Maturity Date LTV (2)(4)(5)
New York 24 $432,900,000 31.5    86.4% 2.97x 9.7% 46.8% 46.4%
Florida 6 129,629,610 9.4    94.6% 2.84x 10.4% 59.6% 58.7%
California 6 107,450,000 7.8    98.4% 2.99x 11.4% 60.6% 60.2%
New Jersey 6 74,879,294 5.4    61.0% 1.94x 9.5% 65.6% 61.1%
Illinois 11 69,089,644 5.0    96.8% 3.80x 11.8% 46.5% 44.3%
Arizona 5 68,145,777 5.0    93.4% 2.39x 9.5% 66.3% 58.9%
Pennsylvania 2 65,447,501 4.8    92.7% 1.82x 10.9% 67.8% 54.3%
Alabama 8 62,087,639 4.5    93.6% 1.60x 9.9% 70.7% 57.2%
Texas 15 61,796,474 4.5    94.3% 2.67x 12.2% 57.7% 50.7%
Tennessee 4 40,406,884 2.9    94.3% 2.30x 10.8% 61.1% 55.9%
North Carolina 3 39,600,000 2.9    97.4% 1.96x 11.6% 61.8% 53.4%
Missouri 2 36,987,769 2.7    97.4% 2.18x 8.1% 68.3% 64.5%
New Mexico 1 25,500,000 1.9    85.4% 1.86x 12.0% 62.3% 53.8%
Louisiana 7 22,848,976 1.7    96.0% 1.78x 9.2% 67.5% 56.7%
Nevada 2 22,275,000 1.6    97.5% 3.22x 10.4% 66.0% 66.0%
Ohio 7 16,320,293 1.2    92.8% 2.38x 8.7% 63.2% 64.3%
Michigan 2 13,013,003 0.9    97.7% 1.95x 10.9% 63.2% 54.9%
Indiana 2 10,032,020 0.7    93.4% 1.58x 9.1% 62.0% 49.6%
Colorado 1 9,522,000 0.7    93.3% 3.10x 11.3% 59.9% 59.9%
Utah 1 9,500,000 0.7    100.0% 1.61x 10.4% 60.1% 48.0%
Wisconsin 2 9,281,152 0.7    100.0% 1.69x 11.0% 62.5% 55.5%
Kentucky 2 8,173,844 0.6    100.0% 2.37x 8.4% 62.0% 62.0%
Minnesota 1 7,427,094 0.5    94.6% 1.92x 10.8% 55.3% 37.6%
South Carolina 1 6,989,685 0.5    74.2% 2.66x 15.9% 47.9% 37.4%
Virginia 1 6,155,142 0.4    93.9% 1.92x 10.8% 55.3% 37.6%
Maine 1 5,900,752 0.4    97.7% 1.92x 10.8% 55.3% 37.6%
Arkansas 1 3,360,000 0.2    97.4% 1.75x 10.3% 67.9% 56.6%
Kansas 1 3,190,941 0.2    88.5% 1.92x 10.8% 55.3% 37.6%
Oklahoma 2 2,897,898 0.2    100.0% 2.22x 10.1% 66.0% 58.4%
Georgia 2 2,494,206 0.2    100.0% 2.66x 8.7% 61.5% 61.5%
Maryland 1 1,285,851 0.1    100.0% 2.66x 8.7% 61.5% 61.5%
Iowa 1 688,849 0.1    100.0% 2.66x 8.7% 61.5% 61.5%
Total / Weighted Average: 131 $1,375,277,299 100.0% 90.5%   2.61x 10.3% 57.1% 53.1%
(1)Because this table presents information relating to the mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts.

(2)In the case of Loan Nos. 1, 5, 10, 12, 15, 16, 20, 22, 25, and 27, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan Nos. 1 and 25, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(3)In the case of Loan No. 24, UW NOI DY and Cut-off Date LTV is calculated net of a holdback reserve of $300,000. In the case of Loan No. 34, UW NOI DY and Cut-off Date LTV are calculated net of a holdback reserve of $300,000.

(4)In the case of Loan Nos. 10, 11, 32, 35, 39, 44, 45 and 53, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

(5)In the case of Loan Nos. 4 and 7, each with an anticipated repayment date, Maturity Date LTV is calculated as of the related anticipated repayment date.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

7 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Cut-off Date Principal Balance

 

       

Weighted Average

Range of Cut-off Date Principal Balances Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
$3,179,610  - $9,999,999 26 $184,510,979 13.4% 3.78462% 109 1.97x 9.7% 61.8% 55.1%
$10,000,000  - $19,999,999 18 251,383,193 18.3    3.54707% 117 2.17x 9.7% 62.9% 58.4%
$20,000,000  - $29,999,999 15 365,697,434 26.6    3.60511% 113 2.35x 9.9% 62.6% 59.4%
$30,000,000  - $49,999,999 9 323,620,694 23.5    3.14086% 119 2.41x 9.7% 51.6% 45.4%
$50,000,000  - $135,000,000 3 250,065,000 18.2    2.95149% 101 4.16x 12.8% 46.8% 46.8%

Total / Wtd. Avg:

71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
                         
Mortgage Interest Rates

 

       

Weighted Average

Range of
Mortgage Interest Rates
Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
2.42000%  - 3.00000% 5 $250,198,193 18.2% 2.68951% 100 4.30x 12.7% 42.9% 40.2%
3.00001%  - 3.50000% 32 680,714,382 49.5    3.31194% 117 2.50x 10.1% 57.8% 54.3%
3.50001%  - 4.00000% 25 319,375,187 23.2    3.76467% 114 1.92x 8.9% 62.6% 59.0%
4.00001%  - 4.65000% 9 124,989,536 9.1    4.26540% 104 1.57x 10.1% 67.8% 57.0%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%

 

Original Term to Maturity in Months

 

       

Weighted Average

Original Term to
Maturity in Months
Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
60 6 $61,589,610 4.5% 3.98665% 60 1.99x 10.4% 61.2% 57.5%
84 3 170,950,000 12.4    2.85341% 84 4.49x 13.1% 41.0% 41.0%
120 62 1,142,737,689 83.1    3.43871% 119 2.36x 9.9% 59.3% 54.6%

Total / Wtd. Avg:

71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
                   
Remaining Term to Maturity in Months(1)

 

        Weighted Average
Range of Remaining Term to Maturity in Months Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
59  - 60 6 $61,589,610 4.5% 3.98665% 60 1.99x 10.4% 61.2% 57.5%
61  - 84 3 170,950,000 12.4    2.85341% 84 4.49x 13.1% 41.0% 41.0%
85  - 119 37 670,411,511 48.7    3.45793% 119 2.26x 9.5% 58.2% 53.2%
120  - 120 25 472,326,178 34.3    3.41143% 120 2.50x 10.4% 60.8% 56.8%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
                       
(1)In the case of Loan Nos. 4 and 7, each with an anticipated repayment date, Remaining Loan Term and Maturity Date LTV are calculated as of the related anticipated repayment date.

(2)In the case of Loan Nos. 1, 5, 10, 12, 15, 16, 20, 22, 25, and 27, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan Nos. 1 and 25, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(3)In the case of Loan No. 24, UW NOI DY and Cut-off Date LTV is calculated net of a holdback reserve of $300,000. In the case of Loan No. 34, UW NOI DY and Cut-off Date LTV are calculated net of a holdback reserve of $300,000.

(4)In the case of Loan Nos. Nos. 10, 11, 32, 35, 39, 44, 45 and 53, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

8 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Original Amortization Term in Months

 

        Weighted Average
Original Amortization Term in Months Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)

Interest Only

39 $904,720,277 65.8% 3.25969% 111 3.05x 10.2% 53.4% 53.3%
300 - 300 2 61,033,193 4.4    3.19193% 96 1.79x 11.0% 58.1% 44.2%
360  - 360 30 409,523,829 29.8    3.70905% 118 1.76x 10.5% 65.3% 53.8%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
                       
Remaining Amortization Term in Months

 

        Weighted Average
Range of Remaining Amortization Term in Months Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)

Interest Only

39 $904,720,277 65.8% 3.25969% 111 3.05x 10.2% 53.4% 53.3%
299  - 301 2 $61,033,193 4.4    3.19193% 96 1.79x 11.0% 58.1% 44.2%
358  - 360 30 409,523,829 29.8    3.70905% 118 1.76x 10.5% 65.3% 53.8%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
                       
Amortization Types

 

       

Weighted Average

Amortization Types Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
Interest Only 38 $859,720,277 62.5% 3.26345% 110 3.15x 10.5% 54.9% 54.9%
Amortizing Balloon 17 235,297,746 17.1    3.71893% 111 1.76x 10.7% 65.4% 52.2%
Interest Only, Amortizing Balloon 14 197,626,083 14.4    3.75069% 119 1.74x 10.4% 64.9% 55.9%
Interest Only - ARD 1 45,000,000 3.3    3.18800% 119 1.10x 3.6% 23.4% 23.4%
Amortizing Balloon - ARD 1 37,633,193 2.7    2.59000% 119 1.92x 10.8% 55.3% 37.6%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%

 

Underwritten Net Cash Flow Debt Service Coverage Ratios(2)

 

        Weighted Average
Range of Underwritten Net Cash Flow Debt Service Coverage Ratios Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
1.10x  - 1.79x 19 $289,921,440 21.1% 3.73317% 114 1.49x 8.5% 59.7% 50.3%
1.80x  - 2.09x 20 330,738,564 24.0    3.60145% 117 1.92x 10.1% 63.3% 55.6%
2.10x  - 2.29x 8 81,225,610 5.9    3.53753% 106 2.19x 9.9% 62.5% 59.3%
2.30x  - 2.59x 7 118,650,000 8.6    3.34072% 119 2.43x 8.5% 60.4% 60.7%
2.60x   2.99x 9 225,639,685 16.4    3.37783% 117 2.79x 10.2% 55.0% 54.7%
3.00x  - 5.79x 8 329,102,000 23.9    2.86694% 102 4.32x 13.0% 47.6% 47.6%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
(1)In the case of Loan Nos. 4 and 7, each with an anticipated repayment date, Remaining Loan Term and Maturity Date LTV are calculated as of the related anticipated repayment date.

(2)In the case of Loan Nos. 1, 5, 10, 12, 15, 16, 20, 22, 25, and 27, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan Nos. 1 and 25, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(3)In the case of Loan No. 24, UW NOI DY and Cut-off Date LTV is calculated net of a holdback reserve of $300,000. In the case of Loan No. 34, UW NOI DY and Cut-off Date LTV are calculated net of a holdback reserve of $300,000.

(4)In the case of Loan Nos. Nos. 10, 11, 32, 35, 39, 44, 45 and 53, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

9 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

LTV Ratios as of the Cut-off Date(2)(3)(4)

 

        Weighted Average
Range of
Cut-off Date LTVs
Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
23.4%  - 39.9% 19 $258,040,000 18.8% 2.90516% 101 3.95x 11.4% 33.0% 32.9%
40.0%  - 49.9% 20 58,489,685 4.3    3.24927% 110 3.09x 11.2% 47.6% 46.6%
50.0%  - 59.9% 8 282,167,208 20.5    3.40610% 119 2.32x 9.9% 57.5% 53.2%
60.0%  - 69.9% 7 624,936,386 45.4    3.48408% 112 2.37x 10.2% 64.2% 60.0%
70.0%  - 74.1% 9 151,644,020 11.0    3.85613% 119 1.64x 9.2% 72.1% 61.3%

Total / Wtd. Avg:

71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%

 

LTV Ratios as of the Maturity Date(1)(2)(4)

 

       

Weighted Average

Range of
Maturity Date LTVs
Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
23.4%  - 39.9% 7 $302,662,878 22.0% 2.87994% 104 3.67x 11.5% 36.1% 33.6%
40.0%  - 44.9% 3 27,512,015 2.0    3.41382% 120 2.12x 12.3% 53.7% 42.4%
45.0%  - 49.9% 8 121,934,182 8.9    3.45476% 115 2.36x 10.7% 55.9% 48.4%
50.0%  - 54.9% 8 129,390,689 9.4    3.76453% 109 1.76x 10.8% 63.2% 53.4%
55.0%  - 70.4% 45 793,777,535 57.7    3.51352% 116 2.40x 9.7% 64.4% 61.6%

Total / Wtd. Avg:

71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%

 

Prepayment Protection

 

       

Weighted Average

Prepayment Protection Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
Defeasance 63 $1,085,173,284 78.9% 3.46369% 115 2.43x 10.2% 60.6% 55.9%
Yield Maintenance 6 137,104,015 10.0    3.46949% 119 1.79x 7.9% 51.0% 47.3%
Yield Maintenance or Defeasance 2 153,000,000 11.1    2.80059% 88 4.58x 13.0% 38.3% 38.3%

Total / Wtd. Avg:

71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%

 

Loan Purpose

 

       

Weighted Average

Loan Purpose Number of Loans Cut-off Date Principal Balance % of IPB Mortgage Rate Remaining Loan Term(1) UW
NCF DSCR(2)
UW
NOI
DY(2)(3)
Cut-off
Date LTV(2)(3)(4)
Maturity Date LTV(1)(2)(4)
Refinance 52 $933,582,939 67.9% 3.41828% 111 2.57x 10.6% 57.5% 52.1%
Acquisition 17 374,694,360 27.2  3.31877% 115 2.79x 10.1% 55.5% 54.3%
Recapitalization 2 67,000,000 4.9  3.40440% 119 2.15x 7.7% 60.5% 60.5%
Total / Wtd. Avg: 71 $1,375,277,299 100.0% 3.39050% 112 2.61x 10.3% 57.1% 53.1%
(1)In the case of Loan Nos. 4 and 7, each with an anticipated repayment date, Remaining Loan Term and Maturity Date LTV are calculated as of the related anticipated repayment date.

(2)In the case of Loan Nos. 1, 5, 10, 12, 15, 16, 20, 22, 25, and 27, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan(s). In the case of Loan Nos. 1 and 25, UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations exclude the related Subordinate Companion Loan(s), related mezzanine loan(s) and/or related additional secured subordinate debt.

(3)In the case of Loan No. 24, UW NOI DY and Cut-off Date LTV is calculated net of a holdback reserve of $300,000. In the case of Loan No. 34, UW NOI DY and Cut-off Date LTV are calculated net of a holdback reserve of $300,000.

(4)In the case of Loan Nos. Nos. 10, 11, 32, 35, 39, 44, 45 and 53, Cut-off Date LTV and the Maturity Date LTV are calculated by using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” and “—Appraised Value” in the Preliminary Prospectus for additional details.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

10 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
Collateral Characteristics

 

Previous Securitization History(1)

 

No. Mortgaged Property(2) Cut-off Date Principal Balance(3)

% of

IPB

Location Property Type Previous Securitization
1 One SoHo Square $135,000,000 9.8% New York, NY Office GSMS 2019-SOHO
4 909 Third Avenue Fee $45,000,000 3.3% New York, NY Other

LCCM 2014-909

7.01 Coon Rapids $7,427,094 0.5% Coon Rapids, MN Self Storage COMM 2012-CCRE1
7.02 Manassas Park $6,155,142 0.4% Manassas Park, VA Self Storage COMM 2012-CCRE1
7.03 Route 295 $5,900,752 0.4% Portland, ME Self Storage COMM 2012-CCRE1
7.04 Westcreek $4,827,888 0.4% Fort Worth, TX Self Storage COMM 2012-CCRE1
7.05 Causeway Boulevard $3,268,364 0.2% Metairie, LA Self Storage COMM 2012-CCRE1
7.06 State Avenue $3,190,941 0.2% Kansas City, KS Self Storage COMM 2012-CCRE1
7.07 Ina Road $3,130,109 0.2% Tucson, AZ Self Storage COMM 2012-CCRE1
7.08 Jolly & Cedar $2,013,003 0.1% Lansing, MI Self Storage COMM 2012-CCRE1
7.09 Automall $1,719,901 0.1% Tucson, AZ Self Storage COMM 2012-CCRE1
8 Red Rose Commons

$33,947,501

2.5% Lancaster, PA Retail GSMS 2012-GC6
9 Glenmuir of Naperville $33,040,000 2.4% Naperville, IL Multifamily FHMS K041
13 Jacksonville Concourse $27,950,000 2.0% Jacksonville, FL Office JPMCC 2013-C10
16.05 First Midwest Bank - DeKalb $1,590,092 0.1% DeKalb, IL Retail BMARK 2020-IG3
16.06 First Midwest Bank - Schaumburg $1,521,208 0.1% Schaumburg, IL Retail BMARK 2020-IG3
16.11

First Midwest Bank - Joliet

$1,262,889 0.1% Joliet, IL Retail BMARK 2020-IG3
24.03 30 Claver Place $3,210,000 0.2% Brooklyn, NY Multifamily FNA 2018-M5
26 Dreamland Shopping Center $20,100,000 1.5% Asheville, NC Retail WFRBS 2011-C4
27 The Domain $20,000,000 1.5% Austin, TX Retail WFRBS 2011-C5
31.01 Extra Space Lodi $7,982,256 0.6% Alexandria, LA Self Storage GSMS 2013-GC13
31.02 Extra Space Leesville $6,484,265 0.5% Leesville, LA Self Storage GSMS 2013-GC13
31.03 Extra Space Windmere $3,354,657 0.2% Alexandria, LA Self Storage GSMS 2013-GC13
36 Southland Office Center $13,650,000 1.0% Hayward, CA Office CGCMT 2016-C3
48 Hillside Apartments $9,487,769 0.7% Independence, MO Multifamily WFCM 2015-NXS2
49 La Perla Apartments $9,486,681 0.7% Speedway, IN Multifamily FNA 2016-M4
62 Shoppes at Stonebrook $6,140,689 0.4% Ooltewah, TN Retail GSMS 2011-GC5
(1)The table above represents the properties for which the previously existing debt was securitized, based on information provided by the related borrower or obtained through searches of a third-party database.

(2)Mortgaged Properties identified as No. 7.001, 7.002, 7.003, 7.004, 7.005, 7.006, 7.007, 7.008 and 7.009 are part of the U-Haul Sacc 22 Portfolio. Mortgaged Properties identified as 16.05, 16.06 and 16.11 are part of the ExchangeRight Net Leased Portfolio #48. The Mortgaged Property identified as 24.03 is part of the Brooklyn Multi Portfolio. The Mortgaged Properties identifies as 31.01, 31.02 and 31.03 as part of the Cityline Louisiana Storage Portfolio.

(3)Cut-off Date Principal Balance represents the allocated loan amount for each respective mortgaged property.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

11 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

12 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

13 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

Mortgage Loan Information   Property Information
Mortgage Loan Seller(1): GSMC, GACC   Single Asset / Portfolio: Single Asset
Original Principal Balance(2): $135,000,000   Title: Fee
Cut-off Date Principal Balance(2): $135,000,000   Property Type - Subtype: Office – CBD
% of Pool by IPB: 9.8%   Net Rentable Area (SF): 786,891
Loan Purpose: Refinance   Location: New York, NY
Borrowers: SOHO AOA Owner LLC, OSS 2016   Year Built / Renovated: 1904-1926 / 2016
  LLC, and 2016 SOHO LLC   Occupancy: 92.5%
Guarantor: The Gluck Family Trust   Occupancy Date: 6/1/2021
Interest Rate: 2.72466879%   Number of Tenants: 14
Note Date: 7/9/2021   Fourth Most Recent NOI: NAV
Maturity Date: 8/6/2028   Third Most Recent NOI: $24,995,700 (December 31, 2019)
Interest-only Period: 84 months   Second Most Recent NOI: $46,957,475 (December 31, 2020)
Original Term: 84 months   Most Recent NOI: $51,408,293 (TTM April 30, 2021)
Original Amortization: None   UW Economic Occupancy: 95.9%
Amortization Type: Interest Only   UW Revenues: $83,142,799
Call Protection(3): YM(24),DorYM(54),O(6)   UW Expenses: $19,231,486
Lockbox / Cash Management: Hard / Springing   UW NOI(4): $63,911,313
Additional Debt(2): Yes   UW NCF(4): $63,328,788
Additional Debt Balance(2): $355,000,000 / $315,000,000 /   Appraised Value / Per SF: $1,350,000,000 / $1,716
  $120,000,000   Appraisal Date: 6/10/2021
Additional Debt Type(2): Pari Passu / Subordinate /      
  Mezzanine      
         

 

Escrows and Reserves(5)   Financial Information(2)(6)
  Initial Monthly Initial Cap    

Senior

Notes

Whole

Loan

Total 

Debt

Taxes: $0 Springing N/A   Cut-off Date Loan / SF: $597 $998 $1,150
Insurance: $0 Springing N/A   Maturity Date Loan / SF: $597 $998 $1,150
Replacement Reserves: $0 Springing $150,000   Cut-off Date LTV: 34.8% 58.1% 67.0%
TI/LC: $0 Springing $1,500,000   Maturity Date LTV: 34.8% 58.1% 67.0%
          UW NCF DSCR: 4.88x 2.92x 2.28x
          UW NOI Debt Yield: 13.6% 8.1% 7.1%
               
                 
Sources and Uses
Sources Proceeds % of Total   Uses Proceeds % of Total
Senior Loan $470,000,000 51.8%   Purchase Price $900,036,150 99.2%
Subordinate Loan 315,000,000 34.7   Closing Costs 7,272,952 0.8_
Mezzanine Loan 120,000,000 13.2        
Loan Sponsor Cash Contribution 2,309,102 0.3        
Total Sources $907,309,102  100.0%   Total Uses $907,309,102 100.0%
(1)The One SoHo Square Whole Loan (as defined below) was co-originated by Goldman Sachs Bank USA, DBR Investments Co. Limited and Bank of Montreal. GSMC will be contributing $103,950,000 (Notes A-1-C-1 and A-1-C-3) and GACC will be contributing $31,050,000 (Notes A-2-C-1 and A-2-C-5) to the Benchmark 2021-B28 transaction.

(2)The One SoHo Square Loan (as defined below) is part of a whole loan evidenced by 20 senior pari passu notes, with an aggregate outstanding principal balance as of the Cut-off Date of $470.0 million (the “One SoHo Square Senior Notes”) and three pari passu subordinate notes with an aggregate outstanding principal balance as of the Cut-off Date of $315.0 million. The Financial Information in the chart above reflects the Cut-off Date Balances of the One SoHo Square Senior Notes, the One SoHo Square Whole Loan (as defined below), and the total debt inclusive of the related $120.0 million mezzanine loan on the One SoHo Square Property (as defined below).

(3)The defeasance lockout period, with respect to a defeasance of the One SoHo Square Whole Loan, will be at least 24 payment dates beginning with and including the first payment date on September 6, 2021. Defeasance of the full $785.0 million One SoHo Square Whole Loan is permitted after the date that is earlier of (i) two years from the closing date of the securitization that includes the last note to be securitized and (ii) July 9, 2024. Prepayment in whole or in part is permitted at any time, subject to yield maintenance for any payment prior to March 6, 2028.

(4)The increase from 2019 NCF to Underwritten NCF is primarily attributable to the One SoHo Square Property undergoing lease up.

(5)For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

(6)While the One SoHo Square Whole Loan was originated after the emergence of the novel coronavirus pandemic and the economic disruption resulting from measures to combat the pandemic, the pandemic is an evolving situation and could impact The One SoHo Square Whole Loan more severely than assumed in the underwriting of The One SoHo Square Whole Loan and could adversely affect the NOI, NCF, and occupancy information, as well as the appraised value and the DSCR, LTV, and Debt Yield

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

  metrics presented above. See “Risk Factors—Risks Related to Market Conditions and Other External Factors—Coronavirus Pandemic Has Adversely Affected the Global Economy and Will Likely Adversely Affect the Performance of the Mortgage Loans” in the Prospectus.

 

The Loan. The One SoHo Square mortgage loan (the “One SoHo Square Loan”) is part of a whole loan with an aggregate outstanding principal balance as of the Cut-off Date of $785.0 million (the “One SoHo Square Whole Loan”) consisting of 20 senior pari passu notes with an aggregate outstanding principal balance as of the Cut-off Date of $470.0 million and three pari passu subordinate notes with an aggregate outstanding principal balance as of the Cut-off Date of $315.0 million. The One SoHo Square Whole Loan is secured by the borrowers’ fee interest in a 786,891 square foot office property located in New York, New York (the “One SoHo Square Property”). The non-controlling Notes A-1-C-1, A-1-C-3, A-2-C-1 and A-2-C-5, with an aggregate outstanding principal balance as of the Cut-off Date of $135.0 million, will be included in the Benchmark 2021-B28 trust. The remaining notes have been, or are expected to be, contributed to one or more future securitization trusts or may otherwise be transferred at any time. The One SoHo Square Whole Loan, which accrues interest at an interest rate of 2.72466879% per annum, was co-originated by Goldman Sachs Bank USA, DBR Investments Co. Limited and Bank of Montreal on July 9, 2021 and had an aggregate original principal balance of $785.0 million and has an aggregate outstanding principal balance as of the Cut-off Date of $785.0 million. The proceeds of the One SoHo Square Whole Loan were primarily used to refinance the One SoHo Square Property, pay origination costs. The One SoHo Square Whole Loan was previously securitized in GSMS 2019-SOHO. The relationship between the holders of the One SoHo Square Whole Loan is governed by a co-lender agreement as described under “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans—The One SoHo Square Whole Loan” in the Preliminary Prospectus. The One SoHo Square Whole Loan had an initial term of 84 months and has a remaining term of 84 months as of the Cut-off Date. The One SoHo Square Whole Loan requires monthly payments of interest only for the entire duration of the loan. The scheduled maturity date of the One SoHo Square Whole Loan is the due date in August 2028.

 

Whole Loan Summary
Note Original Balance Cut-off Date Balance   Note Holder Controlling Piece
A-1-S $685,083 $685,083   SOHO 2021-SOHO Yes
A-1-C-1 $53,950,000 $53,950,000   Benchmark 2021-B28 No
A-1-C-2 $75,000,000 $75,000,000   GSBI(1) No
A-1-C-3 $50,000,000 $50,000,000   Benchmark 2021-B28 No
A-1-C-4 $50,000,000 $50,000,000   GSBI(1) No
A-1-C-5 $50,000,000 $50,000,000   GSBI(1) No
A-1-C-6 $20,000,000 $20,000,000   GSBI(1) No
A-1-C-7 $20,000,000 $20,000,000   GSBI(1) No
A-1-C-8 $2,353,868 $2,353,868   GSBI(1) No
A-2-S $204,420 $204,420   SOHO 2021-SOHO No
A-2-C-1 $21,050,000 $21,050,000   Benchmark 2021-B28 No
A-2-C-2 $20,000,000 $20,000,000   DBRI No
A-2-C-3 $20,000,000 $20,000,000   DBRI No
A-2-C-4 $16,000,000 $16,000,000   DBRI No
A-2-C-5 $10,000,000 $10,000,000   Benchmark 2021-B28 No
A-2-C-6 $8,822,928 $8,822,928   DBRI No
A-3-S $110,497 $110,497   SOHO 2021-SOHO No
A-3-C-1 $24,000,000 $24,000,000   BMO No
A-3-C-2 $16,000,000 $16,000,000   BMO No
A-3-C-3 $11,823,204 $11,823,204   BMO No
Total Senior Notes $470,000,000 $470,000,000      
B-1 $215,801,105 $215,801,105   SOHO 2021-SOHO No
B-2 $64,392,265 $64,392,265   SOHO 2021-SOHO No
B-3 $34,806,630 $34,806,630   SOHO 2021-SOHO No
Whole Loan $785,000,000 $785,000,000      

(1)Expected to be contributed to one or more future securitization trusts or may otherwise be transferred at any time.

 

The Borrowers. The borrowers are SOHO AOA Owner, LLC, OSS 2016, LLC and 2016 SOHO LLC, each a Delaware limited liability company. The borrowers are structured to be single purpose bankruptcy-remote entities, having at least two independent directors in their organizational structure. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the One SoHo Square Whole Loan.

 

The Loan Sponsor. The loan sponsor is comprised of entities controlled by Laurence Gluck or trustees of the Amended and Restated 2013 LG Revocable Trust (d/b/a Stellar Management) and the non-recourse carveout guarantor is The Gluck Family. At origination, in lieu of funding an unfunded obligations reserve, the guarantor also provided a guaranty of certain unfunded obligations including tenant improvements and leasing commissions in an amount equal to $3,142,373.13. Stellar Management (“Stellar”) was founded in 1985 by Laurence Gluck, formerly a partner at New York real estate law firm Dreyer & Traub and a former member of the executive committee of the Real Estate Board of New York. Stellar owns and manages over 12,000 apartments, over two million square feet of office space and 1.3 million square feet of retail space. Notable New York City projects, past and present, include 14 Wall Street, The Milk Building, 522 Fifth Avenue, 220 Fifth Avenue, Otto Greenpoint, The Windermere, Embassy House, Columbus Square and Independence Plaza. Since its inception, Stellar has partnered with a number of institutions and has been a fiduciary to investors on over 150 transactions. Stellar employs over 700 people.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

15 of 89

 

 

Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

The Property. The One SoHo Square Property is a 786,891 square foot, Class A, office property located in New York, New York that was designed by the architecture firm Gensler. The One SoHo Square Property is situated in the Hudson Square / Meatpacking District submarket on the northwest corner of 6th Avenue and Spring Street. The One SoHo Square Property features multiple amenities, including roof decks with panoramic views, building management systems, destination dispatch elevators, 24/7 attended lobby with exclusive key card access, a bike room, a message center, and an online tenant service request system. The One SoHo Square Property serves as the corporate headquarters for Flatiron Health, MAC, Warby Parker, Glossier and Double Verify (through November 2023, at which time Flatiron Health is expected take this space through February 2031 as further described below) which together occupy 59.2% of the NRA.

 

As of June 1, 2021, the One SoHo Square Property was 92.5% leased to 14 tenants.

 

Major Tenants.

 

The largest tenant, Flatiron Health (“Flatiron”) (223,402 square feet; 28.4% of net rentable area; 29.0% of underwritten base rent; Moody’s/S&P/Fitch: Aa3/AA/AA) is an oncology-focused electronic health records company that seeks to accelerate cancer research and improve the quality of care for cancer patients. Founded in 2012, Flatiron Health partners with hundreds of cancer centers and developers of oncology therapeutics to facilitate the collection of patient data for research and development purposes to accelerate and impact treatment worldwide. Flatiron’s lease at the One SoHo Square Property commenced in June 2018 and expires in February 2031. Flatiron’s lease has two, five-year extension options.

 

The second largest leased tenant, Aetna (106,350 square feet; 13.5% of net rentable square feet; 14.9% of underwritten base rent; Moody’s/S&P/Fitch: Baa2/BBB/NR) provides health insurance, as well as dental, vision and other plans to individuals, families and employers. Founded in 1853 in Hartford, Connecticut, Aetna offers: (i) a range of insurance and employee benefits products, (ii) programs and services that help control rising costs while striving to improve the quality of healthcare and (iii) tools and information to help people make better-informed decisions about their healthcare and financial well-being. Aetna’s lease at the One SoHo Square Property commenced in August 2018 and expires in July 2029. Aetna’s lease has two, five-year extension options.

 

The third largest leased tenant, MAC (88,699 square feet; 11.3% of net rentable area; 13.1% of underwritten base rent; Moody’s/S&P/Fitch: A1/A+/NR) which stands for Make-Up Art Cosmetics (“MAC”), is a makeup and cosmetic supplier. Founded in 1984 in Toronto, Canada by photographer Frank Toskan and salon owner Frank Angelo, MAC is now sold in more than 120 countries around the globe and offers more than 50 collections each year. MAC’s lease at the One Soho Square Property commenced in November 2017 and expires in March 2034. MAC’s lease has two, five-year extension options.

 

The Market. The One SoHo Square Property is located within the New York City-Jersey City-White Plains metropolitan area and is part of the Hudson Square/Meatpacking Office submarket. The One SoHo Square Property benefits from the area’s mass transit infrastructure that connects Manhattan to the outer boroughs and the surrounding suburbs in the tri-state area. Air transportation is available via JFK International Airport, Newark Liberty International Airport, and LaGuardia Airport, all of which are in close proximity to the One SoHo Square Property. Further, Penn Station and Grand Central are located in New York City, offering railroad access to Long Island, New York state, Connecticut, and New Jersey. The New York City metropolitan area has a diverse economy, with major employers including JP Morgan Chase & Co., Bank of America, New York-Presbyterian Healthcare System, Macy’s, Verizon Communications, PWC, Delta Air Lines Inc., and Time Warner Inc.

 

As of the first quarter of 2021, the Midtown South Office Market had approximately 3.4 million square feet under construction with an overall vacancy rate of 17.5% and average asking rents of $76.60 per square foot. As of the first quarter of 2021, the Hudson Square/Meatpacking Office submarket had approximately 988,866 square feet under construction with an overall vacancy rate of 6.4% and average asking rents of $79.55 per square foot.

 

The appraisal identified seven directly competitive office comparables. Comparable buildings were built between 1910 and 1987 and range in size from 236,512 square feet to 2,921,914 square feet. Average asking rents ranged from $85.00 to $90.00 per square foot.

 

Historical and Current Occupancy(1)
T12 (Apr 2021) Current(2)
91.1% 92.5%
(1)Historical occupancies are not presented as the One SoHo Square Property was undergoing lease up.

(2)Current Occupancy is as of June 1, 2021.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

Sales Comparables(1)
  Address RSF

Year Built /

Renovated

Occupancy Sale Date Price

Price

PSF

Cap Rate

Adjusted

Price

PSF

1 635-641 Avenue of the Americas 267,000 1902 / 2015 84.0% Jun-2021 $ 325,000,000 $ 1,217 5.36% $ 1,339
2 546 Broadway 93,600 1900 100.0% Jun-2021 160,000,000 1,709 6.17% 1,197
3 125 West End Avenue 399,309 1929 0.0% Mar-2021 597,015,923 1,495 4.58% 1,719
4 410 Tenth Avenue 634,359 1927 / 2021 98.0% Dec-2020 952,840,000 1,502 4.30% 1,577
5 One Madison Avenue 1,392,565 1932 / 2023 0.0% May-2020 2,300,000,000 1,652 4.30% 1,817
6 424 Fifth Avenue 680,493 1929 / 2020 100.0% Mar-2020 1,289,501,065 1,895 5.21% 1,710
7 450 West 15th Street 320,789 1928 / 2012 94.0% May-2019 600,000,000 1,870 3.30% 1,688
8 330 Hudson Street 467,905 1910 / 2013 100.0% Feb-2018 385,000,000 823 4.54% 1,214
Weighted Average / Total 532,003   56.1%   $1,268,227,178 $ 1,553 4.53% $ 1,635
  One SoHo Square(2) 786,891 1904-1926 / 2016 92.5%   $1,350,000,000 $ 1,716 4.25% $ 1,716
(1)Source: Appraisal

(2)The One SoHo Square Property’s Price and Price PSF are based on the “as-is” appraised value. The One SoHo Square Property’s Occupancy and RSF is based on in-place rent roll as of June 2021 with rent steps through August 31, 2022.

 

Tenant Summary(1)
Tenant Ratings
Moody’s/Fitch/S&P(2)

Net Rentable Area

(SF)(3)

% of
Total NRA

Base Rent

PSF(4)

% of Total
Base Rent
Lease
Expiration Date
Flatiron Health(5)(6) Aa3/AA/AA 223,402 28.4% $87.17 29.0% 2/28/2031
Aetna  Baa2/BBB/NR 106,350  13.5 $93.77  14.9% 7/31/2029
MAC A1/A+/NR 88,699  11.3 $99.03  13.1% 3/31/2034
Juul Labs(7) NR/NR/NR 54,068  6.9 $128.13  10.3% 5/31/2032
Warby Parker NR/NR/NR 83,286  10.6 $75.68  9.4% 1/31/2025
Glossier NR/NR/NR 39,637  5.0 $88.13  5.2% 4/30/2028
Double Verify(8) NR/NR/NR 30,668  3.9 $87.40  4.0% 2/28/2031
Trader Joe’s NR/NR/NR 26,126  3.3 $95.69  3.7% 5/31/2033
Managed By Q(9) NR/NR/NR 27,334  3.5 $86.53  3.5% 6/30/2028
Aveda  A1/A+/A+ 20,194  2.6 $90.52  2.7% 5/31/2025
Total   699,764 88.9% $91.93 95.8%  
Other Occupied   28,208  3.6       
Total Occupied   727,972  92.5%      
Vacant   58,919  7.5      
Total   786,891 100.0%      
(1)Based on the underwritten rent roll dated June 1, 2021.

(2)In certain instances, ratings provided are those of the parent company of the entity shown, whether or not the parent company guarantees the lease.

(3)Borrower owned space. Does not include non-owned anchors or outparcels.

(4)Base Rent PSF is inclusive of contractual rent steps through August 31, 2022.

(5)Flatiron Health receives an abatement of 87.71% for the months of March 2027 through March 2028. Does not include space that has been pre-leased to Flatiron Health (35,523 square feet), which is currently occupied by Double Verify (see footnote (8) below) and another tenant.

(6)Flatiron Health originally put up approximately 111,000 square feet (approximately 49%) of its leased space for sublease during the COVID-19 pandemic. They currently have approximately 40,890 square feet (approximately 17.9%) of its leased space up for sublease, of which 30,668 square feet has been subleased to Petal for three years at approximately 35% of Flatiron Health’s contractual rent. We cannot assure you that Flatiron Health will be able to sublease its remaining space or continue paying rent.

(7)Juul Labs has yet to take occupancy of its space but continues to pay its current rent. This space is presently on the market for sublease. We cannot assure you that this space will be subleased or that Juul Labs will continue to pay rent.

(8)Suite 4 is presently leased to Double Verify through November 30, 2023. Flatiron Health has executed a lease for this space commencing on March 1, 2024. UW Base Rent depicts Double Verify’s base rent through November 2023 and Flatiron Health’s rent thereafter. Flatiron Health receives an abatement of 91.28% for the months of March 2027 through September 2027 and 58.1% for the month of October 2027.

(9)Additional credit enhancement in the form of a parent company guaranty from WeWork, a letter of credit in the amount of one year of rent and a prohibition on using the space for co-working.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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Structural and Collateral Term Sheet   Benchmark 2021-B28
 
One SoHo Square

 

Lease Rollover Schedule
Year Number
of Leases
Expiring
Net
Rentable
Area
Expiring
% of
NRA
Expiring
Base Rent
Expiring(1)
% of
Base
Rent
Expiring
Cumulative
Net
Rentable
Area
Expiring
Cumulative
% of NRA
Expiring
Cumulative
Base Rent
Expiring
Cumulative
% of Base
Rent
Expiring
Vacant 0 58,919     7.5% NAP    NAP 58,919 7.5% NAP NAP
MTM & 2021 0 0  0.0 $0     0.0% 58,919 7.5% $0 0.0%
2022 0 0  0.0 0  0.0 58,919 7.5% $0 0.0%
2023(2) 0 0  0.0 0  0.0 58,919 7.5% $0 0.0%
2024 0 0  0.0 0  0.0 58,919 7.5% $0 0.0%
2025 2 103,480  13.2   8,130,858  12.1  162,399 20.6% $8,130,858 12.1%
2026 1 4,855  0.6 89,652   0.1 167,254 21.3% $8,220,510 12.2%
2027 0 0  0.0 0   0.0 167,254 21.3% $8,220,510 12.2%
2028 2 66,971   8.5 5,858,247   8.7 234,225 29.8% $14,078,757 21.0%
2029 1 106,350  13.5   9,972,297  14.9  340,575 43.3% $24,051,054 35.8%
2030 0 0  0.0 0   0.0 340,575 43.3% $24,051,054 35.8%
2031 3 254,862  32.4  22,332,354  33.3  595,437 75.7% $46,383,408 69.1%
2032 and Thereafter 5 191,454  24.3  20,756,829  30.9  786,891 100.0% $67,140,237 100.0%
Total 14 786,891   100.0%  $67,140,237  100.0%        
(1)Base Rent Expiring is based on the underwritten rent roll dated June 1, 2021, with contractual rent steps through August 31, 2022.

(2)Double Verify’s lease expires in November 2023. Flatiron Health has pre-leased the space subsequent to Double Verify’s lease expiration. Flatiron Health is anticipated to take occupancy of the space in March 2024 until its lease expiration in February 2031 coterminous with the other Flatiron Health spaces. Base Rent represents the term of the Double Verify Lease. The Lease Expiration represents the lease expiration of Flatiron Health.

 

Operating History and Underwritten Net Cash Flow
  2019 2020 TTM 4/30/2021 Underwritten(1) Per Square Foot %(2)
Base Rent(3) $53,253,724  $63,763,493 $65,746,242 $67,140,237 $85.32 77.4%
Rent Steps(4) 0 0 0 5,035,662 6.40 5.8%
Vacant Income 0 0 0  3,588,186 4.56 4.1%
Gross Potential Rent $53,253,724 $63,763,493 $65,746,242 $75,764,085 $96.28 87.4%
Total Reimbursements 2,129,581