| Class | Amt $mln |
Sub Level% |
Avg Life (yrs) |
Rating S&P |
Rating Fitch |
Rating Kroll |
Rating MStar |
Pricing % |
Yield% | Final Pricing (bp) |
Bnch mark |
| A-1 | 16.40 | 30.00 | 2.62 | AAA | AAA | AAA | AAA | 99.998 | 2.225 | +48 | swaps |
| A-2 | 131.94 | 30.00 | 4.85 | AAA | AAA | AAA | AAA | 102.996 | 2.312 | +57 | swaps |
| A-3 | 191.60 | 30.00 | 9.74 | AAA | AAA | AAA | AAA | 100.998 | 2.795 | +85 | swaps |
| A-4 | 251.42 | 30.00 | 9.86 | AAA | AAA | AAA | AAA | 102.996 | 2.819 | +87 | swaps |
| A-AB | 24.64 | 30.00 | 7.38 | AAA | AAA | AAA | AAA | 103.000 | 2.594 | +75 | swaps |
| A-S | 99.00 | 18.75 | 9.91 | AA- | AAA | AAA | AAA | 102.993 | 3.071 | +112 | swaps |
| B | 41.80 | 14.00 | 9.91 | NR | AA- | AA- | AA- | 102.994 | 3.201 | +125 | swaps |
| C | 35.20 | 10.00 | 9.91 | NR | A- | A- | A | 102.999 | 3.601 | +165 | swaps |
| D | 19.80 | 7.75 | 9.91 | NR | BBB | BBB+ | BBB+ | 89.354 | 4.351 | +240 | swaps |
| E | 16.50 | 5.875 | 9.99 | NR | BBB- | BBB- | BBB- | 82.491 | 5.304 | +335 | swaps |
| F | 16.50 | 4.00 | 10.00 | NR | BB- | BB- | BB | Treas | |||
| G-RR | 8.80 | 3.00 | 10.00 | NR | B- | B- | B | Treas | |||
| H-RR | 26.40 | 0.00 | 10.00 | NR | NR | NR | NR | Treas | |||
| X-A | 714.99* | NA | NA | AA- | AAA | AAA | AAA | 8.316 | 3.288 | +135 | Treas |
| X-B | 77.00* | NA | NA | NR | A- | AAA | AAA | 4.369 | 3.338 | +134 | Treas |
| X-D | 36.30* | NA | NA | NR | BBB- | BBB- | BBB+ | Treas | |||
| X-F | 16.50* | NA | NA | NR | BB- | BB- | BB | Treas | |||
| DB-A | 5.32 | 46.95 | 4.91 | AA- | NR | NR | AA+ | swaps | |||
| DB-B | 19.90 | 35.17 | 4.91 | A- | NR | NR | AA+ | swaps | |||
| DB-C | 24.40 | 25.63 | 4.91 | BBB- | NR | NR | BBB+ | swaps | |||
| DB-D | 33.16 | 12.69 | 4.91 | BB- | NR | NR | BB | Treas | |||
| DB-E | 25.39 | 2.74 | 4.91 | B- | NR | NR | B+ | Treas | |||
| DB-F | 7.00 | 0.00 | 4.91 | NR | NR | NR | B | Treas | |||
| DB-VR | 6.06 | NA | 4.91 | NR | NR | NR | NR | Treas |
*Notional amount, interest only
Pricing Date: 26 June, 2019
Collateral balance: $914.18 million
Trepp/BBG Ticker: GSMS 2019-GC40
Bookrunner(s): Goldman Sachs (32.8 percent of deal balance), Citigroup (36.2 percent), Deutsche Bank (31 percent)
Lead Managers: Goldman Sachs, Citigroup, Deutsche Bank
Co-managers: Drexel Hamilton, Academy Securities
B-Piece Buyer: Eightfold Real Estate Fund V LP
Risk Retention Type: Hybrid
Vertical Size, Holder: 2.51 percent of par value, Goldman Sachs, Citi, Deutsche Bank; DB-VR class held by Deutsche
Horizontal Size, Holder: 3.85 percent of par value, Eightfold Real Estate Capital Fund V LP
Risk Retention Consultation Party: Goldman Sachs
Master Servicer: Midland Loan Services
Special Servicer: Midland Loan Services
Certificate Administrator: Wells Fargo Bank
Trustee: Wells Fargo Bank
Operating Adviser: Pentalpha Surveillance
Asset Representations Reviewer: Pentalpha Surveillance
Originators: Citibank (36.2 percent of pool balance), Goldman Sachs (32.8 percent), Deutsche Bank (31.1 percent)
Number of Loans/Properties: 35/44
Top-10 Concentration: 62.4 percent
Property Types: Office (32.2 percent of pool balance), industrial (21.2 percent), mixed use (20 percent), retail (16.8 percent), multfamily (4.7 percent), hotels (3.8 percent), self storage (1.2 percent)
Underwritten DSCR: 2.64x
Underwritten LTV: 53.9 percent
Underwritten Debt Yield: 11.9 percent
Weighted Average Mortgage Rate: 4.17966 percent
Subordinate Debt: 6 loans (34.8 percent of pool balance)
Full-term IO Loans: 23 loans (74.4 percent of pool balance)
Partial-term IO Loans: 6 loans (8.5 percent of pool balance)
Largest loans:
- $78 million piece of a $139 million mortgage, written by Deutsche...
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