Fitch Ratings has issued a presale report on JP Morgan Chase Commercial Mortgage Securities Corp. 2011-C4.
Fitch expects to rate the transaction and assign loss severity (LS) ratings as follows:
- $77.86 million class A-1 rated ‘AAAsf/LS1,’
- $336.40 million class A-2 rated ‘AAAsf/LS1,’
- $353.15 million class A-3 rated ‘AAAsf/LS1,’
- $125 million class rated A-3FL ‘AAAsf/LS1,’
- $61.98 million class A-SB rated ‘AAAsf/LS1,’
- $226.81 million class A-4 rated ‘AAAsf/LS1,’ and
- $1.18 billion class X-A (notional amount and interest only) rated ‘AAAsf.’
The certificates represent the beneficial ownership in the trust, the primary assets of which are 42 loans secured by 84 commercial properties having an aggregate principal balance of approximately $1.45 billion as of the cutoff date.
The loans were originated by JPMorgan Chase Bank, and the master servicer will be Midland Loan Services Inc., which is a division of PNC Bank. Torchlight Loan Services LLC has been named the special servicer.
Fitch reviewed a sample of the transaction's collateral, including site inspections on 81.1% of the properties by balance, cashflow analysis of 89.4% of the pool, and asset summary reviews on 91.9% of the pool.
The transaction has a Fitch stressed debt-service-coverage ratio of 1.28 times, a Fitch stressed loan-to-value ratio of 86.7%, and a Fitch debt yield of 10.2%.
The transaction is concentrated by loan size, with the largest 10 loan accounting for 68.8% of the pool, according to Fitch.
