CD 2017-CD5 MORTGAGE TRUST Form FWP Filed 2017-07-13
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SECURITIES AND EXCHANGE COMMISSION FORM FWP Filing under Securities Act Rules 163/433 of free writing prospectuses Filing Date: 2017-07-13 SEC Accession No. 0001539497-17-001135 (HTML Version on secdatabase.com) SUBJECT COMPANY CD 2017-CD5 MORTGAGE TRUST Mailing Address Business Address 390 GREENWICH STREET 390 GREENWICH STREET CIK:1710360| State of Incorp.:DE 7TH FLOOR 7TH FLOOR Type: FWP | Act: 34 | File No.: 333-207132-12 | Film No.: 17963438 NEW YORK NY 10013 NEW YORK NY 10013 SIC: 6189 Asset-backed securities 2128165343 FILED BY CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC Mailing Address Business Address 390 GREENWICH STREET 390 GREENWICH STREET CIK:1258361| IRS No.: 861073506 | State of Incorp.:DE 7TH FLOOR 7TH FLOOR Type: FWP NEW YORK NY 10013 NEW YORK NY 10013 SIC: 6189 Asset-backed securities 2128165343 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FREE WRITING PROSPECTUS FILED PURSUANT TO RULE 433 REGISTRATION FILE NO.: 333-207132-12 The information in this free writing prospectus is preliminary and may be supplemented or changed. These securities may not be sold nor may offers to buy be accepted prior to the time a final prospectus is delivered. This free writing prospectus is not an offering to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. THIS FREE WRITING PROSPECTUS, DATED JULY 12, 2017 MAY BE AMENDED OR SUPPLEMENTED PRIOR TO TIME OF SALE STATEMENT REGARDING THIS FREE WRITING PROSPECTUS The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-207132) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., Deutsche Bank Securities Inc., or any other underwriter or dealer participating in this offering will arrange to send to you the prospectus if you request it by calling toll-free 1-800-831-9146. The securities offered by these collateral materials (“Materials”) will be described in greater detail in the prospectus expected to be dated in July 2017 (the “Preliminary Prospectus”) that will be included as part of our registration statement (SEC File No. 333-207132). The Preliminary Prospectus will contain material information that is not contained in these Materials (including, without limitation, a detailed discussion of risks associated with an investment in the offered securities under the heading “Risk Factors”). These Materials are subject to change. Information in these Materials regarding the securities and the mortgage loans backing any securities discussed in these Materials supersedes all prior information regarding such securities and mortgage loans and will be superseded by any subsequent information delivered prior to the time of sale. The Securities May Not Be a Suitable Investment for You The securities offered by these Materials are not suitable investments for all investors. In particular, you should not purchase any class of securities unless you understand and are able to bear the prepayment, credit, liquidity and market risks associated with that class of securities. For those reasons and for the reasons set forth under the heading “Risk Factors” in the Preliminary Prospectus, the yield to maturity and the aggregate amount and timing of distributions on the offered securities will be subject to material variability from period to period and give rise to the potential for significant loss over the life of those securities. The interaction of these factors and their effects are impossible to predict and are likely to change from time to time. As a result, an investment in the offered securities involves substantial risks and uncertainties and should be considered only by sophisticated institutional investors with substantial investment experience with similar types of securities and who have conducted appropriate due diligence on the mortgage loans and the securities. Potential investors are advised and encouraged to review the Preliminary Prospectus in full and to consult with their legal, tax, accounting and other advisors prior to making any investment in the offered securities described in these Materials. These Materials are not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information contained in these Materials may not pertain to any securities that will actually be sold. The information contained in these Materials may be based on assumptions regarding market conditions and other matters as reflected in these Materials. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and these Materials should not be relied upon for such purposes. We and our affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of these Materials may, from time to time, have long or short positions in, and buy or sell, the securities mentioned in these Materials or derivatives thereof (including options). Information contained in these Materials is current as of the date appearing on these Materials only. Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these Materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these Materials are accurate or complete and that these Materials may not be updated or (3) these Materials possibly being confidential, are, in each case, not applicable to these Materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these Materials having been sent via Bloomberg or another system. Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document LOAN #1: GENERAL MOTORS BUILDING Mortgaged Property Information Mortgage Loan Information Number of Mortgaged Properties 1 Loan Seller(3) CGMRC / GACC Location (City/State) New York, New York Cut-off Date Balance(4) $100,000,000 Property Type Mixed Use Cut-off Date Balance per SF(2) $738.70 Size (SF) 1,989,983 Percentage of Initial Pool Balance 10.7% Total Occupancy as of 6/1/2017(1) 95.0% Number of Related Mortgage Loans None Owned Occupancy as of 6/1/2017(1) 95.0% Type of Security Fee Simple Year Built / Latest Renovation 1968 / 2017 Mortgage Rate 3.43000% Appraised Value $4,800,000,000 Original Term to Maturity (Months) 120 Appraisal Date 5/8/2017 Original Amortization Term (Months) NAP Boston Properties Limited Partnership; Original Interest Only Period (Months) 120 Borrower Sponsor 767 LLC; Sungate Fifth Avenue LLC First Payment Date 7/9/2017 Property Management Boston Properties Limited Partnership Maturity Date 6/9/2027 Underwritten Revenues $334,764,418 Underwritten Expenses $107,458,009 Escrows(5) Underwritten Net Operating Income (NOI) $227,306,409 Upfront Monthly Underwritten Net Cash Flow (NCF) $221,544,794 Taxes $0 $0 Cut-off Date LTV Ratio(2) 30.6% Insurance $0 $0 Maturity Date LTV Ratio(2) 30.6% Replacement Reserve $0 $0 DSCR Based on Underwritten NOI / NCF(2) 4.45x / 4.33x TI/LC(6) $0 $0 Debt Yield Based on Underwritten NOI / NCF(2) 15.5% / 15.1% Other(6) $0 $0 Sources and Uses Sources $ % Uses $ % Senior Pari Passu Notes $1,470,000,000 63.9% Loan Payoff $1,606,000,000 69.8% Junior Non-Trust Notes 830,000,000 36.1 Principal Equity Distribution 652,892,324 28.4 Closing Costs 41,107,676 1.8 Total Sources $2,300,000,000 100.0% Total Uses $2,300,000,000 100.0% Occupancy includes Under Armour, which has an executed lease but is not expected to be in occupancy at the General Motors Building Property until (1) January 1, 2019. DSCR, LTV, Debt Yield and Balance / SF calculations are based on the aggregate outstanding principal balance of the General Motors Building Senior (2) Pari Passu Notes (as defined below) and exclude the outstanding principal balance of the Junior Non-Trust Notes (as defined below). The General Motors Building Loan Combination (as defined below) was co-originated by Citigroup Global Markets Realty Corp. (“CGMRC”), (3) Deutsche Bank AG, acting through its New York Branch (“DBNY”) (an affiliate of German American Capital Corporation (“GACC”)), Wells Fargo Bank, N.A. (“Wells Fargo”), and Morgan Stanley Bank, N.A. (“MSBNA”). The Cut-off Date Balance of $100,000,000 represents the non-controlling notes A-2-C2-a1, A-3-C2 and A-3-C3-a1 which are part of a loan combination evidenced by 35 notes having an aggregate outstanding principal balance as of the Cut-off Date of $2,300,000,000. The related companion loans are (4) evidenced by (i) 29 pari passu notes with an aggregate outstanding principal balance as of the Cut-off Date of $1,370,000,000 and (ii) four junior notes with an aggregate outstanding principal balance as of the Cut-off Date of $830,000,000. (5) See “Escrows” below. At closing, Boston Properties Limited Partnership (“BPLP”) provided a guaranty in lieu of depositing (i) $107,946,183 for existing tenant improvement (6) and leasing commission costs and (ii) $161,161,013 in existing gap rent and free rent obligations.