Yet another CMBS is on the way through JP Morgan Chase Commercial Mortgage securities Trust, according to a Standard & Poor’s presale.
The deal totals $961.2 million and has multiple tranches. There are six triple A tranches with 30% credit enhancement each. The largest ‘AAA’ piece is for $203 million.
The collateral consists of 45 commercial mortgages with an aggregate principal equal to the size of the transaction. Securing the loans are 70 properties across 27 states.
The pool has an average LTV of 82.5%, and a weighted average debt service coverage ratio of 1.76x, as calculated by S&P.
The originators of the collateralized loans are JPMorgan Chase, General Electric Capital Corp. and Redwood Commercial Mortgage Corp. S&P said the loan pool is diversified both in terms of property type and geography. On the other hand, the agency noted that the LTV was rather high, which was a factor in the steep credit enhancement required by the S&P for the tranches to earn their ratings.
The largest loan in the pool is for $109.6 million and has Americold Cold Storage Portfolio as the obligor. Backing that loan are 15 cold storage facilities in nine states.