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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) September 11, 2000
J.P. Morgan Commercial Mortgage Finance Corp.
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(Exact Name of Registrant as Specified in Charter)
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<CAPTION>
<S> <C> <C>
Delaware 333-87441 13-3789046
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(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
Incorporation)
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) 648-3060
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<PAGE>
Item 5. Other Events
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Filing of Collateral Term Sheet.
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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 2000-C10, J.P. Morgan Securities Inc. and Salomon Smith Barney Inc.
(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. These
Collateral Term Sheet supercede any prior collateral information which may
have been previously filed with the Securities and Exchange Commission.
<PAGE>
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 Sheet
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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/ Clive Bull
____________________________
Name: Clive Bull
Title: Vice President
Dated: September 13, 2000
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Exhibit Index
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Exhibit Page
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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.
September 11, 2000
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
(Subject to change)
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C10
$738,541,419 (Approximate)
Approximate Securities Structure
Approx.
Face/ Credit Expected Expected
Notional Support Weighted Payment
Amount (% of Average Window
Class Ratings (MM) Balance) Life (a) (a)
-------- --------------- ---------- ---------- ---------- ---------
Publicly Offered Classes
A1 AAA / Aaa $95.5 23.250% 5.5 1 - 105
A2 AAA / Aaa 471.3 23.250 9.1 105 - 114
X AAA / Aaa 738.5(b) N/A N/A N/A
B AA / Aa2 31.4 19.000 9.5 114 - 115
C A / A2 29.5 15.000 9.6 115 - 116
D A- / A3 9.2 13.750 9.6 116 - 116
E BBB / Baa2 23.0 10.625 9.6 116 - 116
Privately Offered Classes
-------- --------------- --------- ----------- ---------- --------
F BBB- / Baa3 10.2 9.250 N/A N/A
G BB+ / Ba1 14.8 7.250 N/A N/A
H BB / Ba2 14.8 5.250 N/A N/A
J BB- / Ba3 7.4 4.250 N/A N/A
K B+ / B1 5.5 3.500 N/A N/A
L B / B2 7.4 2.500 N/A N/A
M B- / B3 5.5 1.750 N/A N/A
NR 12.9 0.000 N/A N/A
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Total Securities: $738.5
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 amount
Key Features
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Co-Lead Managers: J.P. Morgan Securities Inc.
(Bookrunner)
Salomon Smith Barney
Mortgage Loan Seller: Morgan Guaranty Trust Company of New
York
Servicer: Midland Loan Services, Inc.
Special Servicer: ORIX Real Estate Capital Markets, LLC
Trustee: State Street Bank & Trust Co.
Rating Agencies: Fitch, Inc.
Moody's Investors Services, Inc.
Pricing: Late-September
Cut-off Date: September 1, 2000
Distribution Date: 15th of each month, or following
business day (commencing October
2000)
Payment Delay: 14 Days
ERISA Eligible: A1, A2 and X (other classes TBD)
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Distribution Date in October 2032
Date:
Clean-up Call: 1%
Minimum Denomination: $25,000 (All Classes except Class X)
$100,000 (Class X only)
Delivery: DTC, Euroclear and Cedel
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Collateral Facts
Initial Pool Balance: $738,541,419
Number of Mortgage Loans: 168
Number of Mortgaged Properties: 194
Average Cut-off Date Balance per Loan: $4,396,080
Average Cut-off Date Balance per Property: $3,806,915
Weighted Average Current Mortgage Rate: 8.33%
Weighted Average UW DSCR: (a) 1.33x
Weighted Average Cut-off Date LTV Ratio: (a) 68.9%
Weighted Average Remaining Term to Maturity 116
(months):
Weighted Average Remaining Amortization Term 328
(months): (b)
Weighted Average Seasoning (months): 9
Ten Largest Loans as % of Balance: 28.8%
(a) For purposes of calculating the weighted average
DSCR and LTV ratio throughout this termsheet, three
credit tenant lease loans representing 1.3% of initial
pool balance, were excluded.
(b) Excludes two interest-only loans representing 6.5%
of the initial pool balance.
Ten Largest Loans (a)
Balance % by UW
Loan (MM) Balance DSCR LTV Property Type
--------------------- -------- -------- ------- ------- --------------
Abbey Portfolios 47.7 6.45 1.74 58.9 Retail/Indust./Off.
III & IV
Atlantic 22.0 2.98 1.27 61.8 Industrial
Development II Flex
Covina Hills 21.6 2.92 1.27 71.9 Mobile Home Park
Liberty Fair Mall 20.5 2.78 1.26 63.4 Regional Mall
Wilshire Financial 18.6 2.52 1.32 68.8 CBD Office
Hub Tower 18.0 2.43 1.25 70.4 CBD Office
Gerry Buildings 16.8 2.28 1.25 71.9 Retail/Mfr./Flex.
Embassy 16.5 2.24 1.40 69.7 Full Service
Suites-Deerfield Hotel
Fairgrounds Plaza 16.2 2.19 1.27 78.3 Anchored Retail
Comfort Inn & Suites 14.9 2.01 1.39 68.5 Hotel
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Total/Wtd. Avg. $212.8 28.8% 1.39 67.8%
(a) Abbey Portfolio III & IV, represent two mortgage loans, which are
cross-collateralized and cross-defaulted with each other.
Selected Loan Data
No. of Balance % of WA UW
Geographic Distribution Properties (MM)(a) Balance (a) DSCR
--------------------------- ---------- -------- ----------- --------
California 39 $203.1 27.5% 1.40x
Southern 35 190.3 25.8 1.41
Northern 4 12.9 1.7 1.24
Texas 19 62.5 8.5 1.32
New Jersey 5 44.0 6.0 1.27
Illinois 10 40.1 5.4 1.34
Florida 18 37.9 5.1 1.31
Virginia 6 35.2 4.8 1.26
Arizona 7 29.9 4.1 1.31
Maryland 2 28.8 3.9 1.26
Ohio 6 26.2 3.6 1.34
< 3.5% (24 states) 82 230.8 31.3 1.34
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Total/Wtd. Avg. 194 $738.5 100.0% 1.33x
No. of Balance % of WA UW
Property Type Properties (MM)(a) Balance (a) DSCR
--------------------------- ---------- -------- ----------- --------
Multifamily/MHP 73 228.0 31.0% 1.30x
Retail 51 195.4 26.5 1.32
Office 24 126.8 17.2 1.30
Industrial 19 93.0 12.6 1.39
Hotel 10 53.2 7.2 1.38
Self Storage 10 22.5 3.0 1.42
Mixed Use 3 10.6 1.4 1.37
Nursing Home 3 7.8 1.1 1.90
Congregate Care 1 1.2 0.2 1.50
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Total/Wtd. Avg. 194 $738.5 100.0% 1.33x
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan Incorporated 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 members of SIPC.
Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact analysts
at and execute transactions through a J.P. Morgan Securities Inc. entity in
their home jurisdiction unless governing law permits otherwise.
