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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported) March 30, 1999
J.P. Morgan Commercial Mortgage Finance Corp.
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(Exact Name of Registrant as Specified in Charter)
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Delaware 333-63589 13-3789046
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(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
Incorporation)
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60 Wall Street
New York, New York 10260
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(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (212) 648-3238
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Item 5. Other Events
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Filing of Collateral Term Sheets Materials.
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In connection with the proposed offering of J.P. Morgan Commercial
Mortgage Finance Corp. (the "Company") Mortgage Pass-Through Certificates,
Series 1999-C7, J.P. Morgan Securities Inc., Chase Securities Inc. and
Deutsche Bank Securities Inc. (collectively, the "Underwriters") have prepared
certain materials (the "Collateral Term Sheets") for distribution to their
potential investors. Although the Company provided the Underwriters with
certain information regarding the characteristics of the mortgage loans in the
related portfolio, it did not participate in the preparation of the Collateral
Term Sheets.
The Collateral Term Sheets are attached hereto as Exhibit 99. These
Collateral Term Sheets supercede any prior collateral information which may
have been previously filed with the Securities and Exchange Commission.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with Item
601(b) of Regulation S-K.
Exhibit No Description
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99 Collateral Term Sheets.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J.P. MORGAN COMMERCIAL MORTGAGE
FINANCE CORP.
By:/s/ Larry Blume
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Name: Larry Blume
Title: Vice President
Dated: March 30, 1999
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Exhibit Index
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Exhibit Page
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99 Collateral Term Sheets 6
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EXHIBIT 99
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superceded by the
information contained in any collateral information subsequently delivered and
the final prospectus for any securities actually sold to you.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET March 31, 1999
(Subject to change)
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 1999-C7
$801,352,036 (Approximate)
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APPROXIMATE SECURITIES STRUCTURE: KEY FEATURES:
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APPROX. EXPECTED
FACE/ CREDIT EXPECTED EXPECTED Lead Manager: J.P. Morgan (Bookrunner)
EXPECTED NOTIONAL SUPPORT WEIGHTED PAYMENT Co-Lead Manager: Deutsche Bank Securities
RATINGS AMOUNT (% OF AVERAGE WINDOW Co-Manager: Chase Securities
CLASS S&P/FITCH (MM) BALANCE) LIFE(a) (a) Mortgage Loan Seller: Morgan Guaranty Trust Company of
- ---------------------------------------------------------------- New York
PUBLICLY OFFERED CLASSES Servicer: Midland Loan Services Inc.
A1 AAA/AAA $207.0 29.75% 5.46 1-105 Special Servicer: Midland Loan Services Inc.
A2 AAA/AAA 355.0 29.75 9.16 105-113 Trustee: State Street Bank and Trust
X(b) AAA/AAA 801.4 Company
B AA/AA 42.0 24.50 9.44 113-114 Launch: Early April
C A/A 44.0 19.00 9.47 114-114 Pricing: Mid April
D BBB/BBB 46.0 13.25 9.65 114-118 Cut-Off Date: April 1, 1999
E BBB-/ 12.0 11.75 9.80 118-118 Distribution Date: 15th of each month, or following
BBB- business day (commencing May
PRIVATE CLASSES(c) 1999)
- ---------------------------------------------------------------- Payment Delay: 14 Days
F - - - - ERISA Eligible: Classes A1, A2, X (expected)
G - - - - SMMEA Eligible: Classes A1, A2, B, X (expected)
H - - - - Structure: Sequential pay
NR - - - - Day Count: 30/360
TOTAL SECURITIES: $801.4 Tax Treatment: REMIC
- ---------------------------------------------------------------- Rated Final Distribution Date: TBD
Note: (a) Calculated at 0% CPR, no balloon extensions and ARD Clean-up Call: 1%
loans pay in full on the Anticipated Repayment Date Minimum Denomination: TBD
(b) Notional Delivery: DTC and Euroclear
(c) Not offered hereby
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COLLATERAL FACTS SELECTED LOAN DATA
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NUMBER OF WTD.
Initial Pool Balance: $801,352,036 MORTGAGED (MM) % OF AVG.
Number of Mortgage Loans: 145 GEOGRAPHIC DISTRIBUTION PROPERTIES (a) BALANCE(a) DSCR
Number of Mortgaged Properties: 164 ---------------------------------------------------------------
California 32 $166.0 20.7% 1.45x
Average Cut-Off Date Balance: $5,526,566 Florida 23 93.8 11.7 1.41
Weighted Average Current Mortgage Rate: 7.221% Illinois 16 67.9 8.5 1.28
Weighted Average U/W DSCR: 1.41x Maryland 6 67.9 8.5 1.55
Weighted Average Cut-Off Date LTV Ratio: 69.9% Michigan 14 64.5 8.0 1.34
Weighted Average Remaining Term to Maturity North Carolina 11 39.0 4.9 1.44
(months): 113.4 Minnesota 13 38.7 4.8 1.36
Weighted Average Remaining Amortization Term Other 49 263.6 32.9 1.42
(months): 322.8 ---------------------------------------------------------------
Weighted Average Seasoning: 19.1 TOTAL/WTD. AVG. 164 $801.4 100.0% 1.41x
Balloon Loans as % of Total: 90.8%
Ten Largest Loans as % of Total: 30.7% NUMBER OF WTD.
MORTGAGED (MM) % OF AVG.
PROPERTY TYPE PROPERTIES (a) BALANCE(a) DSCR
TEN LARGEST LOANS ---------------------------------------------------------------
- ----------------- Multifamily 67 $242.6 30.3% 1.36x
BALANCE % BY PROPERTY Office 24 148.2 18.5 1.35
LOAN (MM) BALANCE LTV DSCR TYPE Anchored Retail 23 137.5 17.2 1.39
- ---------------------------------------------------------------- Hotel 11 80.9 10.1 1.60
Mills Portfolio $54.0 6.7% 59.0% 1.52x Anchored Office/Retail 6 62.8 7.8 1.49
Retail Unanchored Retail 19 44.7 5.6 1.42
The Flood Building 44.7 5.6 63.9 1.53 Office/Retail Congregate Care/Retirement 3 38.5 4.8 1.31
Lodge at Paulin Community
Creek 22.6 2.8 76.7 1.25 Congregate Industrial 4 18.1 2.3 1.45
Care Mobile Home Park 1 12.9 1.6 1.61
Marriott Suites Industrial/Office 4 9.4 1.2 1.60
Bethesda 22.1 2.8 61.5 1.74 Hotel Nursing Home 2 5.6 0.7 2.08
Hotel Boulderado 20.6 2.6 68.7 1.47 Hotel ---------------------------------------------------------------
36 South Charles 18.8 2.4 67.4 1.47 Office TOTAL/WTD. AVG. 164 $801.4 100.0% 1.41x
Plaza 600 18.1 2.3 71.9 1.32 Office
USProperties Pool 15.4 1.9 77.5 1.35 Multifamily WTD.
Southland Mall 14.9 1.9 76.8 1.35 Anchored NUMBER OF % OF AVG.
Retail PAYMENT RESTRICTIONS(b) LOANS (MM) BALANCE DSCR
Brittany Court 14.8 1.9 79.4 1.20 Multifamily ----------------------------------------------------------------
- ---------------------------------------------------------------- Greater of YM and 1% 113 $498.6 62.2% 1.38x
TOTAL/WTD. AVG. $246.1 30.7% 67.6% 1.45x Defeasance followed by YM 5 50.5 6.3 1.56
Fixed Penalties 2 12.6 1.6 1.50
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TOTAL/WTD. AVG. 145 $801.4 100.0% 1.41x
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Note: (a) Balances and percentages are based an allocated
current balance
(b) All loans have an initial period of prepayment lockout
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Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any description
of the mortgage loans contained herein supersedes any previous collateral
information and will be superseded by collateral information subsequently
delivered and the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and/or its affiliates and employees may hold a position or act as market maker
in the financial instruments of any issuer discussed herein or act as
underwriter, placement agent, advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC. Copyright 1999 J.P. Morgan & Co.
Incorporated. Clients should contact analysts at and execute transactions
through a J.P. Morgan entity in their home jurisdiction unless governing law
permits otherwise.
