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J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB Table of Contents

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J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB Table of Contents MAY 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 5 DBRS Viewpoint 5 Strengths 6 Challenges & Considerations 6 Property Description 8 610 Main Street North 8 One Portland Street 9 700 Main Street 9 Market Overview 10 Local Economy 10 Office Market 11 Submarket Description 12 Competitive Set 13 238 Main Street 14 1 Main Street 14 45 & 75 Sidney Street 14 301 Binney Street 14 100 Binney Street 14 399 Binney Street 14 Sponsorship 14 DBRS Analysis 15 DBRS Value Analysis 18 DBRS Sizing Hurdles 19 Loan Detail & Structural Features 20 Transaction Structural Features 21 Methodology 22 Surveillance 22 Tucker Rhodes David Fackler Senior Financial Analyst Vice President +1 312 845 2264 +1 312 332 9457 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] PRESALE REPORT – JPMCC 2019-OSB MAY 2019 Capital Structure Description Rating Action Class Amount Subordination DBRS Rating Trend Class A New Rating – Provisional 195,870,000 41.409% AAA (sf) Stable Class B New Rating – Provisional 32,790,000 31.601% AA (sf) Stable Class C New Rating – Provisional 36,740,000 22.539% A (high) (sf) Stable Class D New Rating – Provisional 61,900,000 11.774% BBB (high) (sf) Stable Class E New Rating – Provisional 43,700,000 4.174% BBB (sf) Stable Class HRR New Rating – Provisional 24,000,000 0.000% BBB (low) (sf) Stable Class X-A New Rating – Provisional 195,870,000 -- AAA (sf) Stable Class X-B New Rating – Provisional 32,790,000 -- AA (high) (sf) Stable 1. Subordination is based on the total mortgage debt including the $180.0 million of non-trust Companion Notes held outside the trust. 2. The Class X-A balance is notional and based on the aggregate Certificate Balance of the Class A certificate. 3. The Class X-B balance is notional and based on the aggregate Certificate Balance of the Class B certificate. 4. The Class HRR certificates will be retained by the retaining sponsor through a third party purchaser as part of the U.S. risk retention requirements. Transaction Summary LOAN CHARACTERISTICS Trust Balance $395,000,000 DBRS Term DSCR 2.12x Number of Loans 1 DBRS Refi DSCR 1.07x Number of Properties 3 DBRS Debt Yield 8.0% Collateral SF 676,947 DBRS Exit Debt Yield 8.0% Interest Rate 3.797% DBRS LTV 90.1% Remaining Term 120 DBRS Refi LTV 90.1% Remaining Amortization n/a DBRS NCF Variance -10.5% 1. All DBRS calculationss include $180.0 million of Companion Notes to be held outside the trust. Structured Finance: CMBS 3 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 PARTICIPANTS Issuer J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB Depositor J.P. Morgan Chase Commercial Mortgage Securities Corp. Trust Loan Seller JPMorgan Chase Bank, National Association Servicer KeyBank National Association Special Servicer Situs Holdings, LLC Trustee Wells Fargo Bank, National Association Certificate Administrator Wells Fargo Bank, National Association Operating Advisor Park Bridge Lender Services, LLC Initial Purchasers J.P. Morgan Securities, LLC and Drexel Hamilton, LLC Retaining Sponsor JPMCB Structured Finance: CMBS 4 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 Rating Considerations DBRS VIEWPOINT The loan is secured by the Borrower’s leasehold interest in Osborn Triangle, a collection of three Class A office and labo- ratory buildings totaling 676,947 sf and a 650-space parking garage. The three buildings include 610 Main Street North (278,738 sf ), One Portland Street (229,330 sf ) and 700 Main Street (168,879 sf ). Loan proceeds of $575.0 million in addition to approximately $581.9 million of cash equity financed the sponsors’ $1.15 billion acquisition of the collateral from the Massachusetts Institute of Technology Investment Management Company (MITIMCo), which retains ownership of the underlying ground and a 5.0% interest in the collateral. The ten-year loan is full-term IO and represents a relatively low LTC of 49.7%. SOURCES & USES Sources Amount Per SF % of Total Uses Amount Per SF % of Total Mortgage Loan 575,000,000 849.40 49.7% Purchase Price 1,148,275,000 1,696.26 99.3% Sponsor Equity 581,942,656 859.66 50.3% Closing Costs 8,667,656 12.80 0.7% Total 1,156,942,656 1,709.06 100.0% Total 1,156,942,656 1,709.06 100.0% The collateral is superbly located in the East Cambridge/Kendall Square submarket of the greater Boston MSA, less than 500 feet from Massachusetts Institute of Technology’s (MIT) main campus. The East Cambridge/Kendall Square sub- market is quickly becoming one of the most desirable submarkets for office and laboratory space nationally, offering a highly educated workforce, strong economic fundamentals and an increasingly dominant presence of life sciences and biotechnology companies. Per Reis, the Cambridge office submarket features nearly 13.4 million sf of Class A office space with an average vacancy rate of only 0.9% and average asking rents of $62.99 psf for office properties constructed after 2009. Though Reis identified approximately 1.4 million sf of new construction under development in the local market, at the time of DBRS’s inspection in May 2019, management indicated that all but approximately 100,000 sf of the new supply was pre-leased, further evidencing the increasingly tight market conditions throughout the Cambridge Class A office sub- market. Per Reis, office properties constructed after 2009 throughout the Cambridge/Charlestown/Somerville submarket accounted for approximately 12.0% of submarket inventory as of Q1 2019. The strength of the market is also evident in that all buildings serving as collateral for this transaction have been 100.0% leased since construction/conversion. The properties were constructed to state-of-the-art office and laboratory standards between 2002 and 2016 and have been exceptionally well maintained. The properties additionally benefit from strong tenancy with 88.5% of total NRA, repre- senting 91.5% of total DBRS base rent, leased to investment grade-rated tenants, such as Pfizer Inc. (Pfizer) and Novartis International AG (Novartis). Pfizer leases 100.0% of the One Portland Street building and 100.0% of the office/laboratory space at the 610 Main Street North building. Pfizer subleases 48.5% of its space at 610 Main Street North, though its current lease at the building extends through December 2031 and the tenant has reportedly continued to invest significant capital into its space. Novartis leases nearly 180,000 sf of space at the 700 Main Street building to accommodate spillover from its neighboring headquarters. Though the Novartis lease in place per the May 1, 2019, rent roll is scheduled to expire in July 2024, the tenant’s in-place base rent of $55.15 psf is well below the appraiser’s market rent estimate of $87.50 psf. Both Pfizer and Novartis use their respective spaces at the property to house critical research and development (R&D) departments focused on using cutting-edge scientific research to pursue potential medical breakthroughs and new drug discoveries. In addition to providing proximity to MIT’s main campus and a highly educated labor force, the collateral offers both Pfizer and Novartis proximity to LabCentral, which leases 32,988 sf of space at the 700 Main Street property and subleases additional space from Pfizer at 610 Main Street North. LabCentral is an office and laboratory incubator space geared toward high-potential life sciences and biotechnology startups, many of which spill over from the neighboring MIT campus. By proximity, Pfizer and Novartis benefit from early exposure to the flourishment of new innovations in the life sciences and biotechnology spaces from startups at LabCentral. The synergistic relationship of tenants at the collateral is Structured Finance: CMBS 5 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 further evidenced by the presence of CRISPR Therapeutics AG (CRISPR), Casebia Therapeutics LLP (Casebia) and KSQ Therapeutics, Inc. (KSQ), all of which sublease space from Pfizer at the 610 Main Street North building and operate col- lectively within the gene editing and functional genomics industries. The sponsor for this loan is a joint venture (JV) between Harrison Street Real Estate Capital (Harrison; 94.5%), Bulfinch Companies, Inc. (Bulfinch; 0.5%) and MIT (5.0%). Harrison is a leading real estate investment management firm with a current portfolio of approximately $18.0 billion in assets. Harrison has acquired or developed over 900 properties since inception in 2006, bringing nationally recognized investment management experience to this transaction. Bulfinch focuses on the acquisition, management and leasing of commercial properties within the Boston area, offering specialized local expertise to the sponsorship team. MIT is a globally renowned leader in higher education and a crucial anchor to the col- lateral’s East Cambridge/Kendall Square submarket. Furthermore, as the seller of the collateral’s leasehold interest via this transaction, MIT’s continued interest in the property is indicative of its commitment to the innovative potential of the collateral’s R&D-focused tenancy. The DBRS LTV on the $575.0 million mortgage loan is somewhat high at 90.1%, considering that DBRS rates the last dollar of debt at BBB (low) (sf ), although the excellent location, high level of curb appeal and favorable market dynamics bring stability to the value over time. Given the irreplaceable site adjacent to the MIT campus, DBRS believes that there would be very high levels of demand for this asset through a variety of real estate cycles, which will dampen downside volatility in the future.
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