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Friday, 22 March 2019

INITIAL PRICING: Benchmark Mortgage Trust, 2019-B10

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 18.06 30.00 3.01 AAA AAA AAA 99.998 2.772 +35 swaps
A-2 130.61 30.00 4.88 AAA AAA AAA 102.997 2.941 +55 swaps
A-SB 37.00 30.00 7.40 AAA AAA AAA 102.997 3.158 +71 swaps
A-3 260.00 30.00 9.72 AAA AAA AAA 100.994 3.342 +82 swaps
A-4 319.75 30.00 9.88 AAA AAA AAA 102.996 3.367 +84 swaps
A-M 107.98 20.125 9.93 AAA AAA AAA 102.998 3.628 +110 swaps
B 45.11 16.00 9.93 NR AA- AA 102.995 3.828 +130 swaps
C 45.11 11.875 9.93 NR A- A- 96.276 4.228 +170 swaps
D 28.70 9.25 9.93 NR BBB BBB+ 85.480 4.878 +235 swaps
E 23.24 7.125 9.93 NR BBB- BBB-   5.978 +345 swaps
F 24.60 4.875 9.93 NR BB- BB       Treas
G 10.94 3.875 9.93 NR B- B       Treas
H 42.37 0.00 9.93 NR NR NR       Treas
X-A 873.39* NA NA AA- AAA AAA 9.378 3.706 +130 Treas
X-B 90.21* NA NA NR A- AAA       Treas
X-D 51.94* NA NA NR BBB- BBB-       Treas
X-F 24.60* NA NA NR BB- BB       Treas
X-G 10.94* NA NA NR B- B       Treas
X-H 42.37* NA NA NR NR NR       Treas
3CC-A 77.12 4.004 9.93 BBB- NR BBB       Treas
3CC-B 22.63 0.00 9.93 NR NR BBB-       Treas
3CC-VRR 5.25 NA 9.93 NR NR NR       Treas

*Notional amount, interest only

Pricing Date: 21 March, 2019

Collateral balance: $1,256.00 million

Trepp/BBG Ticker: BMARK 2019-B10

Bookrunner(s): Citigroup (49.9 percent of deal balance), Deutsche Bank Securities (28.9 percent), JPMorgan Securities (21.2 percent)

Lead Managers: Citigroup, Deutsche Bank, JPMorgan Securities

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: Eightfold Real Estate Capital 

Risk Retention Type: Vertical

Vertical Size, Holder: 5 percent, Citibank, Deutsche Bank, JPMorgan Bank

Horizontal Size, Holder: NA

Master Servicer: KeyBank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Pentalpha Surveillance

Asset Representations Reviewer: Pentalpha Surveillance

Originators: Deutsche Bank (40.25 percent of pool balance), Citibank (32.3 percent), JPMorgan Chase Bank (27.45 percent)

Number of Loans/Properties: 46/98

Top-10 Concentration: 44.4 percent

Property Types: Office (34.1 percent of pool balance), multifamily (25.1 percent), retail (15 percent), mixed use (11.8 percent), hotels (9.8 percent), self storage (2.7 percent), land (1 percent), industrial (0.6 percent)

Underwritten DSCR: 1.97x

Underwritten LTV: 55.8 percent

Underwritten Debt Yield: 11.1 percent

Weighted Average Mortgage Rate: 4.888 percent

Subordinate Debt: 8 loans (32.4 percent of pool balance)

Full-term IO Loans: 21 loans (55.2 percent of pool balance)

Partial-term IO Loans: 15 loans (31.7 percent of pool balance)

Largest loans:

  • $75...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Benchmark Mortgage Trust, 2019-B10
  • Private: Yes
  • bloombergDealName: BMARK 2019-B10
Read 301 times Last modified on Wednesday, 27 March 2019

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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