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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) August 6, 1999
J.P. Morgan Commercial Mortgage Finance Corp.
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(Exact Name of Registrant as Specified in Charter)
Delaware 333-63589 13-3789046
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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
Filing of Collateral Term Sheets Materials.
In connection with the proposed offering of J.P. Morgan Commercial
Mortgage Finance Corp. (the "Company") Mortgage Pass-Through Certificates,
Series 1999-C8, J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc.
(together, 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.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(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
99 Collateral Term Sheets
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: August 6, 1999
Exhibit Index
Exhibit Page
99 Collateral Term Sheets
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
August 6, 1999
(Subject to change)
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 1999-C8
$649,217,000 (Approximate)
Approximate Securities Structure:
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<TABLE>
<CAPTION>
Approx.
Face/ Credit Expected Expected
Notional Support Weighted Payment
Ratings Amount (% of Average Window
Class DCR/Mdy/ S&P (MM) Balance) Life (a) (a)
- -------- --------------- ---------- ---------- ---------- ---------
Publicly Offered Classes
<S> <C> <C> <C> <C>
A1 AAA/Aaa/AAA $171.5 27.75% 5.50 1 -109
A2 AAA/Aaa/AAA 357.0 27.75 9.38 109 -116
X(b) AAA /Aaa/AAAr 731.5 6.41 (c)
B AA/Aa2/AA 36.6 22.75 9.73 116 -117
C A/A2/A 32.9 18.25 9.84 117 -118
D A- /A3/A- 14.6 16.25 9.84 118 -118
E BBB/Baa2/BBB 25.6 12.75 9.84 118 -119
F BBB- /Baa3/ BBB- 11.0 11.25 9.92 119 -119
</TABLE>
Private Classes (d)
- -------- --------------- ---------- ---------- ---------- ---------
G - - - -
F - - - -
J - - - -
K - - - -
NR - - - -
Total
Securities: $731.5
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Note: (a) Calculated at 0% CPR, no balloon extensions and ARD loans pay in
full on the Anticipated Repayment Date
(b) Notional
(c) Implied average life
(d) Not offered hereby
<TABLE>
<CAPTION>
Key Features:
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<S> <C>
Lead Manager: J.P. Morgan Securities Inc.
(Bookrunner)
Co-Lead Manager: Deutsche Bank Securities Inc.
Mortgage Loan Seller: Morgan Guaranty Trust Company of New
York
Servicer: Midland Loan Services, Inc.
Special Servicer: Midland Loan Services, Inc.
Trustee: State Street Bank and Trust Company
Launch: Late July
Pricing: Early August
Cut-Off Date: August 1, 1999
Distribution Date: 15th of each month, or following
business day (commencing
September 1999)
Payment Delay: 14 Days
ERISA Eligible: Classes A1, A2 and X (expected)
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Distribution Date in July 2031
Date:
Clean-up Call: 1%
Minimum Denomination: $25,000 (All Classes except Class X)
$100,000 (Class X only)
Delivery: DTC, Euroclear and Cedel
</TABLE>
Collateral Facts
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<TABLE>
<CAPTION>
<S> <C>
Initial Pool Balance: $731,516,500
Number of Mortgage Loans: 128
Number of Mortgaged Properties: 139
Average Cut-Off Date Balance per Loan: $5,714,973
Average Cut-Off Date Balance per Property: $5,262,709
Weighted Average Current Mortgage Rate: 7.54%
Weighted Average UW DSCR: 1.40x
Weighted Average Cut-Off Date LTV Ratio: 69.6%
Weighted Average Remaining Term to Maturity (months): 117
Weighted Average Remaining Amortization Term (months): 322
Weighted Average Seasoning: 6
Balloon Loans as % of Balance: 54.3%
Ten Largest Loans as % of Balance: 33.2%
</TABLE>
Ten Largest Loans
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<TABLE>
<CAPTION>
Balance % by UW Property
Loan (MM) Balance LTV DSCR Type
- --------------------- ------- -------- ------- ------ -------------
<S> <C> <C> <C> <C> <C>
Mills Portfolio $58.1 7.9% 63.9% 1.49x Anchored Retail
Ridgewood Country Club 30.9 4.2 78.4 1.30 Multifamily
Woodfield Garden 24.2 3.3 78.3 1.31 Multifamily
51 Sleeper Street 23.0 3.1 74.3 1.35 Office
Madison Concourse 22.0 3.0 65.6 1.70 Hotel
Vartan Building 17.9 2.4 62.8 1.36 Office
Hyatt Regency Rochester 17.8 2.4 67.1 1.44 Hotel
Northfield Office Park I & II 17.5 2.4 71.3 1.30 Office
Merrill Place 16.9 2.3 60.0 1.44 Office
Becker Office Building 14.6 2.0 71.0 1.34 Office
- --------------------- ------- -------- ------- ------ -------------
Total/Wtd. Avg. $242.9 33.2% 69.2% 1.41x
</TABLE>
Selected Loan Data
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<TABLE>
<CAPTION>
% of
No. of Balance Balance WA UW
Geographic Distribution Properties (MM) (a) (a) DSCR
- ------------------------- ----------- --------- ----------- --------
<S> <C> <C> <C> <C>
Florida 23 80.6 11.0% 1.40
California 17 72.6 9.9 1.45
Wisconsin 6 69.1 9.5 1.44
Ohio 10 63.3 8.7 1.39
Illinois 3 53.3 7.3 1.37
Washington 4 42.4 5.8 1.40
Georgia 4 31.9 4.4 1.42
Michigan 4 26.8 3.7 1.31
North Carolina 8 25.7 3.5 1.31
Missouri 4 24.1 3.5 1.33
Other 56 241.7 33.0 1.41
- ------------------------- ----------- --------- ----------- --------
Total/Wtd. Avg. 139 $731.5 100.0% 1.40x
</TABLE>
<TABLE>
<CAPTION>
% of
No. of Balance Balance WA UW
Property Type Properties (MM) (a) (a) DSCR
- ------------------------- ----------- --------- ----------- --------
<S> <C> <C> <C> <C>
Office 26 $195.8 26.8% 1.36x
Multifamily 21 156.0 21.3 1.32
Anchored Retail 24 120.8 16.5 1.39
Hotel 14 87.7 12.0 1.60
Unanchored Retail 17 36.5 5.0 1.30
Industrial 10 36.0 4.9 1.36
Nursing Home 7 29.5 4.0 1.76
Mixed Use 9 24.3 3.3 1.27
Factory Outlet 3 23.8 3.3 1.52
Mobile Home Park 3 9.3 1.3 1.22
Congregate Care 3 7.7 1.1 1.61
Self-Storage 2 4.1 0.6 1.35
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Total/Wtd. Avg. 139 $731.5 100.0% 1.40x
</TABLE>
<TABLE>
<CAPTION>
Prepayment Restrictions No. of Balance % of WA UW
(b) Loans (MM) Balance DSCR
- ------------------------- ----------- --------- ----------- --------
<S> <C> <C> <C> <C>
Defeasance 90 $556.5 76.1% 1.40x
Greater of YM and 1% 35 161.6 22.1 1.43
Defeasance followed by 3 13.5 1.8 1.31
YM
- ------------------------- ----------- --------- ----------- --------
Total/Wtd. Avg. 128 $731.5 100.0% 1.40x
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</TABLE>
Note: (a) Balances and percentages are based an allocated current balance
(b) All loans have an initial period of prepayment lockout
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.
