- --------------------------------------------------------------------------------
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) January 5, 2000
J.P. Morgan Commercial Mortgage Finance Corp.
---------------------------------------------
(Exact Name of Registrant as Specified in Charter)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Delaware 333-87441 13-3789046
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
Incorporation)
</TABLE>
60 Wall Street
New York, New York 10260
------------------------
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (212) 648-3060
--------------
- --------------------------------------------------------------------------------
Item 5. Other Events
- ------- ------------
Filing of Collateral Term Sheet Materials.
In connection with the proposed offering of J.P. Morgan Commercial
Mortgage Finance Corp. (the "Company") Mortgage Pass-Through Certificates,
Series 2000-C9, J.P. Morgan Securities Inc. and ABN AMRO Incorporated
(together, the "Underwriters") have prepared certain materials (the
"Collateral Term Sheet") 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 Sheet.
The Collateral Term Sheet is attached hereto as Exhibit 99. This
Collateral Term Sheet supercedes 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 Sheet
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/ Clive Bull
----------------------------
Name: Clive Bull
Title: Vice President
Dated: January 7, 2000
Exhibit Index
Exhibit Page
------- ----
99 Collateral Term Sheet 6
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.
January 3, 2000
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
(Subject to change)
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C9
$732,945,000 (Approximate)
Approximate Securities Structure
Approx.
Face/ Credit Expected Expected
Notional Support Weighted Payment
Ratings Amount (% of Average Window
Class Fitch/Moody (MM) Balance) Life (a) (a)
- ----------------------------------------------------------------------
Publicly Offered Classes
A1 AAA/Aaa $200.0 25.75% 5.47 1 - 108
A2 AAA/Aaa 404.7 25.75 9.53 108 - 117
X AAA/Aaa 814.4(b) NA 5.47(c) NA
B AA/Aa2 36.6 21.25 9.72 117 - 117
C A/A2 38.7 16.50 9.72 117 - 117
D A-/A3 10.2 15.25 9.72 117 - 117
E BBB/Baa2 28.5 11.75 9.80 117 - 118
F BBB-/Baa3 14.3 10.00 9.81 118 - 118
Private Classes (d)
- -------------------------------------------------------------------------
G BB+ / Ba1 - - - - |
H BB / Ba2 - - - - |
J NR / B2 - - - - |
K NR / B3 - - - - |
NR - - - - |
Total Securities: $814.4 |
|
- --------------------------------------------------------------------------
Note: (a) Calculated at 0% CPR, no balloon extensions, ARD loans pay in
full on the Anticipated Repayment Date, clean-up call is not
exercised and there are no defaults
(b) Notional
(c) Implied average life
(d) Not offered hereby
Key Features
- ------------
Lead Manager: J.P. Morgan & Co. Incorporated (Bookrunner)
Co-Manager: ABN AMRO Incorporated
Mortgage Loan Sellers: Morgan Guaranty Trust Company of New York
LaSalle Bank National Association
Servicer: ORIX Real Estate Capital Markets, LLC
Special Servicer: ORIX Real Estate Capital Markets, LLC
Trustee: Norwest Bank Minnesota, National Association
Bond Administrator: LaSalle Bank National Association
Pricing: Mid January
Cut-off Date: January 1, 2000
Distribution Date: 15th of each month, or following business day
(commencing February 2000)
Payment Delay: 14 Days
ERISA Eligible: Classes A1, A2 and X
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: Distribution Date in October 2032
Clean-up Call: 1%
Minimum Denomination: $25,000 (All Classes except Class X)
$100,000 (Class X only)
Delivery: DTC, Euroclear and Cedel
Collateral Facts
- ----------------
Initial Pool Balance: $814,388,116
Number of Mortgage Loans: 140
Number of Mortgaged Properties: 164
Average Cut-off Date Balance per Loan: $5,817,058
Average Cut-off Date Balance per Property: $4,965,781
Weighted Average Current Mortgage Rate: 8.07%
Weighted Average UW DSCR: 1.38x
Weighted Average Cut-off Date LTV Ratio: 68.3%
Weighted Average Remaining Term to Maturity (months): 112
Weighted Average Remaining Amortization Term (months): 327
Weighted Average Seasoning (months): 5
Balloon Loans as % of Balance: 43.0%
Ten Largest Loans as % of Balance: 28.7%
Ten Largest Individual Loans
- ----------------------------
Loan Balance % by UW Property
(MM) Balance DSCR LTV Type
- -------------------------------------------------------------------------------
711 Third Avenue $49.2 6.0% 1.42x 57.6% Office
International Airport 27.5 3.4 1.30 71.3 Industrial
Center
Atlantic Development 23.1 2.8 1.27 71.8 Industrial
Portfolio
Circle Park Apartments 22.9 2.8 1.21 70.3 Multifamily
Penn Mar Shopping 22.3 2.7 1.38 71.5 Anchored
Center Retail
Abbey Portfolio I 20.0 2.5 1.74 59.0 Retail
332 South Michigan 18.7 2.3 1.27 76.9 Office
Avenue
Abbey Portfolio II 17.5 2.1 1.82 59.0 Industrial/
Office/Retail
Alpine Commons 16.8 2.1 1.25 79.9 Anchored Retail
Shopping Center
Pirate's Cove Apartments 15.8 1.9 1.22 77.7 Multifamily
- -------------------------------------------------------------------------------
Total/Wtd. Avg. $233.8 28.7% 1.39 67.9%
Selected Loan Data
- -------------------
No. of Balance % of WA UW
Geographic Distribution Properties (MM)(a) Balance (a) DSCR
- -------------------------------------------------------------------------------
California 26 $145.4 17.9% 1.46x
New York 12 97.4 12.0 1.37
Illinois 8 68.8 8.4 1.27
Maryland 8 66.4 8.2 1.43
Florida 11 65.5 8.0 1.31
Texas 17 44.7 5.5 1.28
New Jersey 6 40.8 5.0 1.30
Massachusetts 6 30.4 3.7 1.38
North Carolina 7 29.0 3.6 1.43
Nevada 4 27.9 3.4 1.26
Other 59 198.2 24.3 1.42
- -------------------------------------------------------------------------------
Total/Wtd. Avg. 164 $814.4 100.0% 1.38x
No. of Balance % of WA UW
Property Type Properties (MM)(a) Balance (a) DSCR
- -------------------------------------------------------------------------------
Multifamily 45 $183.2 22.5% 1.33x
Office 24 172.9 21.2 1.37
Industrial 21 143.4 17.6 1.31
Anchored Retail 15 102.9 12.6 1.36
Hotel 20 58.8 7.2 1.67
Unanchored Retail 21 46.9 5.8 1.36
Mixed Use 5 23.5 2.9 1.42
Factory Outlet 3 22.8 2.8 1.45
MHP/MHC 4 19.8 2.4 1.23
Nursing Home 1 13.9 1.7 1.75
Congregate Care 2 12.6 1.6 1.49
Self-Storage 2 8.5 1.0 1.41
Specialty Retail 1 5.1 0.6 1.45
- -------------------------------------------------------------------------------
Total/Wtd. Avg. 164 $814.4 100.0% 1.38x
No. of Balance % of WA UW
Prepayment Restrictions (b) Loans (MM) Balance DSCR
- -------------------------------------------------------------------------------
Defeasance 127 $769.4 94.5% 1.35x
Greater of YM and 1% 12 37.6 4.6 1.72
Greater of YM and 1%, then
1% Fixed Penalty 1 7.4 0.9 2.31
- -------------------------------------------------------------------------------
Total/Wtd. Avg. 140 $814.4 100.0% 1.38x
- -------------------------------------------------------------------------------
Note: (a) Balances and percentages are based an allocated current balance
(b) All loans have an initial period of prepayment lockout and an open
period prior to maturity
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do 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 ABN AMRO Incorporated 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.
and ABN AMRO Incorporated are members of SIPC. Copyright 2000 J.P. Morgan &
Co. Incorporated. Clients should contact analysts at and execute transactions
through a J.P. Morgan or ABN AMRO Incorporated entity in their home
jurisdiction unless governing law permits otherwise.
