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Friday, 09 February 2018

INITIAL PRICING: Benchmark Mortgage Trust, 2018-B2

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 29.60 30.00 2.52 AAA AAA AAA 100.000 2.618 +22 swaps
A-2 341.80 30.00 4.82 AAA AAA AAA 103.000 2.981 +38 swaps
A-3 60.00 30.00 6.80 AAA AAA AAA 101.000 3.380 +67 swaps
A-4 125.00 30.00 9.58 AAA AAA AAA 101.000 3.500 +68 swaps
A-5 444.18 30.00 9.83 AAA AAA AAA 103.000 3.528 +70 swaps
A-SB 54.33 30.00 7.11 AAA AAA AAA 103.000 3.305 +58 swaps
A-S 165.77 19.00 9.88 NR AAA AAA 103.000 3.730 +90 swaps
B 60.28 15.00 9.88 NR AA- AA 103.589 3.880 +105 swaps
C 60.28 11.00 9.97 NR A- A- 99.560 4.383 +155 swaps
D 18.84 9.75 9.97 NR BBB+ BBB+       swaps
E-RR 52.75 6.25 9.97 NR BBB- BBB-       Treas
F-RR 18.84 5.00 9.97 NR BB BB       Treas
G-RR 18.84 3.75 9.97 NR B B       Treas
NR-RR 56.51 0.00 9.97 NR NR NR       Treas
X-A 1,220.68* NA NA NR AAA AAA       Treas
X-B 60.28* NA NA NR AA- AAA       Treas
X-D 18.84* NA NA NR BBB+ BBB+       Treas

*Notional amount, interest only

Pricing Date: 9 February, 2018

Collateral balance: $1,507.01 million

Trepp/BBG Ticker: BMARK 2018-B2

Bookrunner(s):  Deutsche Bank (38.8 percent of deal balance), JPMorgan Securities (31.1 percent), Citi (30.2 percent)

Lead Managers: Deutsche Bank, JPMorgan, Citi

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: Barings LLC

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 9.75 percent of par, Barings LLC

Risk Retention Consultation Party: NA

Master Servicer: KeyBank

Special Servicer: CWCapital Asset Management

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Pentalpha Surveillance

Asset Representations Reviewer: Pentalpha Surveillance

Originators: Deutsche Bank (38.8 percent of pool balance), JPMorgan Chase Bank (31.1 percent), Citi Real Estate Funding (30.2 percent)

Number of Loans/Properties:  57/67

Top-10 Concentration: 40.9 percent

Property Types: Office (39.1 percent of pool balance), hotels (18.6 percent), multifamily (16.8 percent), retail (14.5 percent), mixed use (5.5 percent),  industrial (2.8 percent), Other-leased fee (1.6 percent), self storage (0.5 percent), manufactured housing communities (0.5 percent)

Underwritten DSCR: 2.29x

Underwritten LTV: 57.2 percent

Underwritten Debt Yield: 11.2 percent

Weighted Average Mortgage Rate: 4.21894 percent



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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Benchmark Mortgage Trust, 2018-B2
  • Private: Yes
  • bloombergDealName: BMARK 2018-B2
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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