JP Morgan’s latest offering of commercial mortgage bonds is backed by a less diverse portfolio than many recent conduits rated by Fitch Ratings.

An office property located in the Tribeca neighborhood of New York City shows up as the largest loan in JPMCC 2015-JP1’s pool of collateral. A $100 million non-controlling trust note on the property at 32 Avenue of the America makes up 12.5% of the total balance, according to Fitch.

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