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Fitch Ratings issues presale report on Benchmark 2018-B1.

Chicago: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, issued a presale report on Benchmark 2018-B1 Mortgage Trust commercial mortgage pass-through certificates, series 2018-B1.

The certificates represent the beneficial ownership interest in the trust, primary assets of which are 49 loans secured by 173 commercial properties having an aggregate principal balance of $1,166,378,009 as of the cut-off date. The loans were contributed to the trust by German American Capital Corporation, JPMorgan Chase Bank, National Association, and Citi Real Estate Funding Inc.

It expects to rate the transaction and assign Rating Outlooks as follows:

--$18,703,000 class A-1 'AAAsf'; Outlook Stable;

--$157,629,000 class A-2 'AAAsf'; Outlook Stable;

--$49,272,000 class A-3 'AAAsf'; Outlook Stable;

--$40,449,000 class A-SB 'AAAsf'; Outlook Stable;

--$175,000,000 class A-4 'AAAsf'; Outlook Stable;

--$347,112,000 class A-5 'AAAsf'; Outlook Stable;

--$885,279,000b class X-A 'AAAsf'; Outlook Stable;

--$97,114,000 class A-M 'AAAsf'; Outlook Stable;

--$47,853,000 class B 'AA-sf'; Outlook Stable;

--$52,075,000 class C 'A-sf'; Outlook Stable;

--$47,853,000ab class X-B 'AA-sf'; Outlook Stable;

--$60,520,000ab class X-D 'BBB-sf'; Outlook Stable;

--$25,334,000ab class X-E 'BB-sf'; Outlook Stable;

--$60,520,000a class D 'BBB-sf'; Outlook Stable;

--$25,334,000a class E 'BB-sf'; Outlook Stable;

--$14,074,000ac class F-RR 'B-sf'; Outlook Stable;

It received a comprehensive sample of the transaction's collateral, including site inspections on 74.8% of the properties by balance, cash flow analysis of 89.9%, and asset summary reviews of 100% of the pool.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 31, 2018
Words:269
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