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Friday, 09 November 2018

INITIAL PRICING: Benchmark Mortgage Trust, 2018-B7

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 20.24 30.00 2.74 AAA AAA AAA 100.000 3.408 +25 swaps
A-2 211.98 30.00 4.75 AAA AAA AAA 102.996 3.677 +50 swaps
A-SB 36.08 30.00 7.36 AAA AAA AAA 102.995 3.910 +70 swaps
A-3 203.00 30.00 9.70 AAA AAA AAA 100.996 4.131 +88 swaps
A-4 320.28 30.00 9.88 AAA AAA AAA 102.993 4.155 +90 swaps
A-M 93.29 21.75 9.91 NR AAA AAA 102.994 4.385 +113 swaps
B 52.30 17.125 9.96 NR AA- AAhigh 103.253 4.556 +130 swaps
C 52.30 12.50 9.96 NR A- AAlow 99.718 5.006 +175 swaps
D 32.51 9.625 9.96 NR BBB A   5.456 +220 swaps
E 24.03 7.50 9.96 NR BBB- BBBhigh   6.406 +315 swaps
F 26.86 5.125 9.96 NR BB- BBhigh       Treas
G-RR 11.31 4.125 9.96 NR B- BB       Treas
H-RR 11.31 3.125 9.96 NR NR B       Treas
J-RR 35.34 0.00 9.96 NR NR NR       Treas
X-A 884.87* NA NA NR AAA AAA       Treas
X-B 104.60* NA NA NR A- AA       Treas
X-D 56.54* NA NA NR BBB- Alow       Treas
X-F 26.86* NA NA NR BB- BBBlow       Treas

*Notional amount, interest only

Pricing Date: 9 November, 2018

Collateral balance: $1,167.91 million

Trepp/BBG Ticker: BMARK 2018-B7

Bookrunner(s): Citigroup (41.8 percent of deal balance), JPMorgan Securities (31.9 percent) Deutsche Bank Securities (26.3 percent)

Lead Managers: Citigroup, Deutsche Bank, JPMorgan Securities

Co-managers: Drexel Hamilton, Academy Securities 

B-Piece Buyer: Eightfold Real Estate Capital Fund V LP/LNR Partners

Risk Retention Type: Hybrid

Vertical Size, Holder: 3.18 percent of par, Deutsche Bank

Horizontal Size, Holder: 3.72 percent of par, Eightfold Real Estate Capital Fund V (75 percent of horizontal piece), LNR Partners (25 percent)

Master Servicer: Key Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Citibank (41.8 percent of pool balance), JPMorgan Chase Bank (31.9 percent), Deutsche Bank (26.3 percent)

Number of Loans/Properties: 51/227

Top-10 Concentration: 43.1 percent

Property Types: Office (38 percent of pool balance), retail (28.7 percent), hotels (17 percent), industrial (8.1 percent), multifamily (3.4 percent), self storage (2.4 percent), mixed use (2.3 percent)

Underwritten DSCR: 2.07x

Underwritten LTV: 57.2 percent

Underwritten Debt Yield: 11.5 percent

Weighted Average Mortgage Rate: 4.8775 percent

Subordinate Debt: 7 loans (29.7 percent of pool balance

Full-term IO Loans: 22 loans (57.3 percent of pool balance)

Partial-term IO Loans: 18 loans (23.9 percent of pool balance)

Largest loans:

  • $80 million piece of a $480 million debt package that includes $155 million of mezzanine debt and was contributed by Citibank against a...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Benchmark Mortgage Trust, 2018-B7
  • Private: Yes
  • bloombergDealName: BMARK 2018-B7
Read 435 times Last modified on Wednesday, 21 November 2018

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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