JP Morgan plans to sell $769 million of securities backed by 37 commercial mortgages that are secured by 54 office and retail properties.
The notes issued under the deal, dubbed J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C20, have been assigned preliminary ratings by Morningstar.
The trust will issue $486 million of super-senior notes that have credit enhancement at 30%. Also on offer are $37.3 million of AAA’-rated, class AS notes with credit enhancement at 25.7%.
Also on offer are $69 million of AA’-rated notes with credit enhancement at 17.8% and $177 million of A-’ rated notes with credit enhancement at 13.8%.
Eighteen of the 37 loans in the pool are structured with interest-only payment periods, including five loans that are pay only interest for the full-term (26.8% of initial pool balance). The remaining 13 loans are structured with interest-only periods that range anywhere from 12 months to 60 months.
The largest loan exposure, The Outlets at Orange, accounts for 10.3% of the overall trust portfolio and the second largest loan, Technology Corners Building Six, represents 6.8% of the portfolio, according to the presale report.