JPMorgan Chase is putting a $535 million
A two-year floating-rate loan secured by a first priority lien mortgage on the borrowers' fee simple interest and leasehold interest in the 1,594-room hotel backs JPMorgan Chase Commercial Mortgage Securities Trust 2014-FBLU, according to S&P’s presale report on the deal.
S&P assigned preliminary ratings to seven tranches of the transaction, two of which have notional balances and A-minus (sf) ratings. The other classes have ratings ranging from S&P’s top preliminary rating of AAA (sf) to a speculative grade BB-minus.
JPMorgan Securities is the deal’s underwriter LLC and KeyBank is the servicer.