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Thursday, 25 June 2020

INITIAL PRICING: JPMDB Commercial Mortgage Securities Trust, 2020-COR7

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Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
A-1 13.36 30.00 2.76 AAA AAA AAA 100.000 1.056 +80 swaps
A-2 49.25 30.00 4.68 AAA AAA AAA 103.000 1.538 +120 swaps
A-3 80.80 30.00 6.51 AAA AAA AAA 101.000 1.640 +118 swaps
A-4 145.00 30.00 9.14 AAA AAA AAA 100.999 1.796 +118 swaps
A-5 193.81 30.00 9.56 AAA AAA AAA 103.000 1.836 +120 swaps
A-SB 26.96 30.00 7.00 AAA AAA AAA 103.000 1.592 +110 swaps
A-S 56.37 22.25 9.70 AA- AAA AAA 102.999 2.193 +155 swaps
B 25.46 20.00 9.70 NR AA- AA 103.000 2.943 +230 swaps
C 37.28 14.625 9.70 NR A- A 98.804 3.943 +330 swaps
D 22.73 10.50 9.70 NR BBB BBB+   5.243 +460 swaps
E 8.00 9.40 9.70 NR BBB- BBB   6.393 +575 swaps
F-RR 14.73 7.375 9.70 NR BBB- BBB-       swaps
G-RR 15.46 5.25 9.70 NR BB- BB-       Treas
H-RR 7.27 4.25 9.73 NR B- B-       Treas
NR-RR 30.92 0.00 9.79 NR NR NR       Treas
X-A 693.42* NA NA AA- AAA AAA       Treas
X-B 34.10* NA NA NR AA- AAA       Treas
X-D 47.06* NA NA NR BBB- BBB-       Treas

*Notional amount, interest only

Pricing Date: 25 June, 2020

Collateral balance: $727.41 million

Trepp/BBG Ticker: JPMDB 2020-COR7

Bookrunner(s): JPMorgan Securities (61.5 percent of deal balance), Deutsche Bank Securities (20.5 percent), Goldman Sachs (17.9 percent)

Lead Managers: JPMorgan Securities, Deutsche Bank Securities, Goldman Sachs

Co-managers: Jefferies, Drexel Hamilton

B-Piece Buyer: LoanCore Capital Markets

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 9.45 percent of par, LoanCore Capital Markets

Master Servicer: Midland Loan Services

Special Servicer: Midland Loan Services

Certificate Administrator: Wells Fargo Bank

Trustee: Wells Fargo Bank

Operating Adviser: Pentalpha Surveillance LLC

Asset Representations Reviewer: Pentalpha Surveillance LLC

Originators: LoanCore Capital Markets (40.4 percent of pool balance), JPMorgan Chase Bank (21.2 percent), Deutsche Bank (20.5 percent), Goldman Sachs (17.9 percent)

Number of Loans/Properties: 34/149

Top-10 Concentration: 59 percent

Property Types: Office (71.2 percent of pool balance), mixed use (11.1 percent), industrial (8.5 percent), retail (3.9 percent), other - leased fee (3.4 percent), multitfamily (1.2 percent), manufactured housing (0.8 percent)

Underwritten DSCR: 2.47x

Underwritten LTV: 56.8 percent

Underwritten Debt Yield: 10.7 percent

Weighted Average Mortgage Rate: 3.744...


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: JPMDB Commercial Mortgage Securities Trust, 2020-COR7
  • Private: Yes
  • bloombergDealName: JPMDB 2020-COR7
Read 138 times Last modified on Friday, 26 June 2020

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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