Tuesday, September 13, 2011

JPMCC 2011-C5

No talk, yet.


OFFERED CERTIFICATES
        Rating          Size     WAL    Principal             Certif.   NOI Debt
Class  (MDY/FTC/MSTR)   ($MM)   (Yrs)   Window        C/E     LTV       Yield
 A-1    Aaa/AAA/AAA    $49.765   2.55   10/11-5/16  30.000%   41.7%     16.9%
 A-2    Aaa/AAA/AAA   $199.727   4.83   6/16-10/16  30.000%   41.7%     16.9%
 A-3    Aaa/AAA/AAA   $405.850   9.79   4/21-8/21   30.000%   41.7%     16.9%
A-SB   Aaa/AAA/AAA    $65.448   7.17   5/16-4/21   30.000%   41.7%     16.9%

NON-OFFERED CERTIFICATES (PRIVATE)
 A-S    Aaa/AAA/AAA    $86.237   9.89   8/21-9/21   21.625%   46.6%     15.1%
  B      Aa2/AA/AA     $51.485   9.96   9/21-9/21   16.625%   49.6%     14.2%
  C       A2/A/A       $39.901   9.96   9/21-9/21   12.750%   51.9%     13.5%
  D    Baa3/BBB-/BBB-  $65.644   9.96   9/21-9/21    6.375%   55.7%     12.6%

3 comments:

crabsofsteel said...

Thanks to JPM for writing loans on portfolios of bank branches, always a great idea.

Concrete Jungle said...

This is not a problem. The 12.1% of the collateral pool that is made up of retail banks were all specially fitted with vaults that convert into short-order kitchens complete with deep fat fryers so that they can easily be reconfigured into a fast food restaurant. It's all on page 521 of the 553 page prospectus.

Side note, I'm glad my lawyer friends are not hurting.

Anonymous said...

The deep fat fryer comment really made me laugh.

Don't forget the 20%hospitality and 30% IO in addition to the previously mentioned bank branches. Will this price wide of MSC 2011-C3 or does all CMBS 2.0 price based on a "The underwriting is fixed and risk is eliminated" mentaility now?