Benchmark Mortgage Trust issues $916.7 million, through series 2024-V6

Benchmark Mortgage Trust is returning to the capital markets to raise $916.7 million in commercial mortgage pass-through certificates. The latest transaction will issue 15 tranches of certificates. Of those, nine will offer principal and interest payments, four offer interest only and one is a residual interest class.

Several Goldman Sachs entities plays several major roles on the deal, including GS Mortgage Securities Corp., II, which is the depositor and Goldman Sachs & Co., which is a co-lead manager and bookrunner along with Deutsche Bank Securities, BMO Capital Markets, Barclays and Citigroup, according to a filing with the Securities and Exchange Commission.

CastleOak Securities and AmeriVet Securities are co-managers on the deal, according to the SEC.

The series 2024-V6 certificates represent beneficial ownership interests in the trust, where the primary assets are 37 fixed-rate, commercial mortgage loans on 62 properties with an aggregate outstanding trust balance of $1.09 billion. The mixed bag of properties considered "other" represent the largest proportion of the collateral pool, 27.3%, and the office sector represents the next largest, at 23.5%, KBRA said.

All of the notes have a rated final distribution date of March 2057, according to KBRA. The A1 and A3 tranches benefit from initial credit enhancement equaling 30.0% of the pool balance.

Moody's Investors Service says that real estate located in the large major metropolitan areas secure loans representing 40.0% of the pool balance. Of that, New York (17.2%), Los Angeles (8.6%), Chicago (6.2%) and Washington, D.C. (8.0%) are the largest metro areas represented, Moody's said.

Among seven of the loans, representing 27.7% of the pool balance, multiple properties secure them or they represent a component of cross-collateralized and cross-defaulted loan portfolio. Those two groups of loans benefit from better cash flow stability as one better-performing loan helps make up for shortfalls in another, Moody's said.

But there are credit challenges, Moody's said. The pool composition includes a larger share of high volatility property types, compared with concentrations found in transactions it rated during the past four quarters (12.2%), it said. Thirty percent of the pool is secured by hotel or mixed-use properties.

Moody's assigns ratings of Aaa to the A1, A3 and ZA tranches. KBRA says it assigns AAA to the A1, A3 and AS notes; AA- to the class B notes; A- to the class C notes; BBB to the class D notes; BBB- to the class E notes; BB to the F notes; and B to the G-RR notes, which pay principal and interest. Among the interest-only certificates, the rating agency assigns AAA Xa and XB tranches; BBB- to the XD certificates and BB to the XF tranche.

Fitch Ratings also weighed in on the notes, assigning AAA to the A1, A3, XA and AS notes; A- to the XB notes; AA- to the B notes; A- to the class C notes; BBB- to the XD and E notes; BB- to the X-F and F tranches; BBB to the class D notes; and B- to the G-RR notes.