JPMorgan Chase & Co. is planning a $1.03 billion commercial mortgage-backed securities (CMBS) transaction, according to a presale report issued by Fitch Ratings.
The issuance covers 44 loans secured by 209 commercial properties. JPMorgan Chase Bank NA originated the majority of the loans. Four loans comprising approximately 13.7% of the pool were originated by KeyBank and acquired by Chase, and three loans comprising approximately 8% of the pool were co-originated by Chase and KeyBank. These loans were all underwritten or re-underwritten by JPM in accordance with its origination and underwriting guidelines.
Fitch, which gave AAAsf ratings to six classes in the transaction, reviewed a sample of the deal's collateral, including site inspections on 72.9% of the properties by balance, cashflow analysis of 90% of the pool, and asset summary reviews on 92.7% of the pool.
The transaction is concentrated by loan size, with the 10 largest loans accounting for 61.8% of the pool. The largest sponsors were Strategic Hotels (14.1% of the pool) and Inland American (12.1% of the pool).
Midland Loan Services Inc., a division of PNC Bank NA, has been named master servicer on the deal, and Torchlight Loan Services LLC has been named special servicer.
