JPMorgan Securities and Barclays Capital are planning to offer $1.01 billion of commercial mortgage-backed securities, according to a Securities and Exchange Commission filing.
JPMorgan and Barclays will also act as the joint bookrunners and co-lead managers on the transaction, which is expected to price Aug. 6 and close Aug. 19.
The deal, JPMBB 2013-C14, is backed by loans contributed solely from JPMorgan ChaseBank (54.9%) and Barclays Bank (45.1%). This is fewer sellers than some previous JPMBB CMBS. For example, the Series 2013-2 transaction also included loans from Archetype Mortgage Funding II and KeyBank NA.
The collateral pool is comprised of 45 mortgages on 89 properties with an initial balance of $1.15 million and an average loan balance of $25.5 million. The weighted average cut-off date loan-to-value ratio of the pool is 63.6%. It represents 26 states, with Texas holding the greatest number of properties at 26.
The notes are expected to be rated by Moody's Investors Service and Fitch Ratings. There are six senior A and one exchangeable X-A classes, equaling $884.1 million, expected to be rated triple-A. The $122 million exchangeable X-B notes are expected to be rated A2 by Moody's and A- by Fitch. The $122.05 million total subordinate B and C notes are expected to be rated Aa3/AA- and A3/A-, respectively.
Midland Loan Services will act as both the master and special servicer.
