JP Morgan has priced $769 million of securities backed by 37 commercial mortgages that are secured by 54 office and retail properties, according to a regulatory filing.
The trust, J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C20, issued nine tranches of notes, including seven with triple-A ratings from Morningstar and Moody’s Investors Service.
The $33.44 million class A-1 notes with a weighted average life (WAL) of 2.59 years priced at a spread of 44 basis points over swaps. The $106.744 million class A-2 notes with a WAL of 4.86 years priced at 52 basis points over swaps.
The class A-3A1 and A-4A1 notes were priced to yield 3.4718% and 3.5382% respectively.
The $161.532 A-5 notes with a WAL of 9.87 years priced at 79 basis points over swaps, while the $55.81 million A-SB notes with a WAL of 7.35 years priced at 72 basis points over swaps. The $37.32 million A-S notes, maturing in approximately 10 years, priced at 102 basis points over swaps.
The sole bookrunner for the deal is J.P. Morgan Securities LLC.
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.
