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GS Mortgage Securities Trust 2019-GC42 Table of Contents

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GS Mortgage Securities Trust 2019-GC42 Table of Contents SEPTEMBER 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT GS Mortgage Securities Trust 2019-GC42 Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 4 DBRS Credit Characteristics 6 Largest Loan Summary 7 DBRS Sample 8 Transaction Concentrations 10 Loan Structural Features 11 Moffett Towers II Buildings 3 & 4 16 Northpoint Tower 22 2 Cooper 27 19100 Ridgewood 32 New Jersey Center of Excellence 37 Woodlands Mall 42 Diamondback Industrial Portfolio 1 47 105 East 17th Street 53 USAA Office Portfolio 58 Covington Portfolio 63 U.S. Industrial Portfolio V 69 Capitol Commons 75 Powered Shell Portfolio - Manassas 79 Millennium Park Plaza 84 Pharr Town Center 90 Transaction Structural Features 95 Methodologies 97 Operational Risk Reviews 97 Surveillance 97 Jake Noeldner Dan Kastilahn Senior Financial Analyst Vice President +1 312 332 9576 +1 312 332 9444 [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 — GSMS 2019-GC42 SEPTEMBER 2019 Capital Structure Description Rating Action Balance Subordination DBRS Rating Trend Class A-1 New Rating - Provisional $11,528,000 30.000% AAA (sf) Stable Class A-2 New Rating - Provisional $117,422,000 30.000% AAA (sf) Stable Class A-3 New Rating - Provisional TBD4 30.000% AAA (sf) Stable Class A-4 New Rating - Provisional TBD4 30.000% AAA (sf) Stable Class A-AB New Rating - Provisional $20,849,000 30.000% AAA (sf) Stable Class X-A New Rating - Provisional $823,402,000 - AAA (sf) Stable Class A-S New Rating - Provisional $98,394,000 20.500% AAA (sf) Stable Class B New Rating - Provisional $45,313,000 16.125% AA (sf) Stable Class X-B New Rating - Provisional $89,332,000 - A (sf) Stable Class C New Rating - Provisional $44,019,000 11.875% A (low) (sf) Stable Class D New Rating - Provisional $28,482,000 9.125% BBB (high) (sf) Stable Class X-D New Rating - Provisional $50,491,000 - BBB (sf) Stable Class E New Rating - Provisional $22,009,000 7.000% BBB (low) (sf) Stable Class F-RR New Rating - Provisional $22,010,000 4.875% BB (sf) Stable Class G-RR New Rating - Provisional $10,357,000 3.875% B (high) (sf) Stable Class H-RR New Rating - Provisional $40,134,720 0.000% NR n/a Notes: 1. NR = Not Rated. 2. The Class X-A, X-B, X-D, and X-F and balances are notional. The notional balance of the Class X-A certificates will be equal to the aggregate Certificate Balanec of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class A-S certificates. The notional balance of the Class X-B certificates will be equal to the aggregate Certificate Balances of the Class B and Class C certificates. The notional balance of the Class X-D certiicates will be equal to the aggregate Certificate Balance of the Class D and Class E certificates. 3. The notional amounts of the Class X-A, Class X-B and Class X-D certificates may vary depending upon the final pricing of the classes of the Principal Balance Certificates. 4. The exact initial certificate balances of the Class A-3, and A-4 Certificates are unknown and will be determined based on the final pricing of those classes of certificates. The aggregate initial certificate balance of Class A-3 and Class A-4 cerificates is expected to be approximately $575,209,000, subject to a variance of plus or minus 5%. Transaction Summary POOL CHARACTERISTICS Trust Amount $1,060,426,720 Wtd. Avg. Interest Rate 3.760% Number of Loans 36 Wtd. Avg. Remaining Term 112 Number of Properties 94 Wtd. Avg. Remaining Amortization 344 Average Loan Size $29,456,298 Total DBRS Expected Amortization3 3.2% Wtd. Avg. DBRS Term DSCR 2.30 Wtd. Avg. DBRS Term DSCR Whole Loan 2.66x Top Ten Loan Concentration 50.6% Avg. DBRS NCF Variance -14.2% Structured Finance: CMBS 3 PRESALE REPORT — GSMS 2019-GC42 SEPTEMBER 2019 PARTICIPANTS Depositor GS Mortgage Securities Corporation II Mortgage Loan Sellers Goldman Sachs Mortgage Company Citi Real Estate Funding Inc. German American Capital Corporation Master Servicer Midland Loan Services, a Division of PNC Bank, National Association Special Servicer Midland Loan Services, a Division of PNC Bank, National Association Certificate Administrator Wells Fargo Bank, National Association Trustee Wells Fargo Bank, National Association Custodian Wells Fargo Bank, National Association Rating Considerations The collateral consists of 36 fixed-rate loans secured by 94 commercial and multifamily properties. The transaction is a sequential-pay pass-through structure. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. Five loans, representing a combined 19.4% of the pool, are shadow-rated investment grade by DBRS. The pool additionally includes 11 loans, representing a combined 27.3% of the pool by allocated loan balance, with issuance LTVs equal to or in excess of 67.1%, a threshold historically indicative of above-average default frequency. The WA LTV of the pool at issuance is 58.8%, and the pool is scheduled to amortize down to a WA LTV of 56.6% at maturity. STRENGTHS • The collateral features five loans, representing a combined 19.4% of the pool, that are shadow-rated investment grade by DBRS: 30 Hudson Yards, Grand Canal Shoppes, Moffett Towers II Buildings 3 & 4, Woodlands Mall and Diamondback Industrial Portfolio 1. The 30 Hudson Yards loan exhibits credit characteristics consistent with a BBB shadow rating, Grand Canal Shoppes exhibits credit characteristics consistent with a BBB (high) shadow rating, Woodlands Mall and Moffett Towers II Buildings 3 & 4 exhibit credit characteristics consistent with a AA shadow rating and the Diamondback Industrial Portfolio 1 exhibits credit characteristics consistent with an “A” shadow rating. For more information on Moffett Towers II Buildings 3 & 4, Woodlands Mall and Diamondback Industrial Portfolio 1, please see pages 16, 42 and 47, respectively. • Nine loans, representing a combined 32.5% of the pool by allocated loan balance, exhibit issuance LTVs of less than 59.3%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency. • No properties were deemed Average (-), Below Average or Poor quality. Additionally, 13 loans, representing 51.5% of the pool by allocated loan balance, exhibited Average (+), Above Average or Excellent property quality. The pool’s largest loan, Moffett Towers II Buildings 3 & 4, and 30 Hudson Yards are secured by collateral that DBRS deemed to be of Excellent property quality. • Ten loans, representing a combined 30.0% of the pool, are located in areas with a DBRS Market Rank of 6, 7 or 8, which are characterized as urbanized locations. These markets benefit from increased liquidity that is driven by consistently strong investor demand. Such markets therefore tend to benefit from lower default frequencies than less dense suburban, tertiary and rural markets. Areas with a DBRS Market Rank of 7 or 8 are especially densely urbanized and benefit from significantly elevated liquidity. Six loans, representing 18.5% of the pool by allocated loan balance, are located in areas with a DBRS Market Rank of 7 or 8. Structured Finance: CMBS 4 PRESALE REPORT — GSMS 2019-GC42 SEPTEMBER 2019 CHALLENGES AND CONSIDERATIONS • Eleven loans, representing 38.5% of the aggregate pool balance, are secured by properties that are either fully or partially leased to a single tenant. The largest single-tenant property by proportion of pool balance (Moffett Towers II Buildings 3 & 4) represents 6.2% of the aggregate pool balance, and five of the top ten loans by proportion of pool balance are either fully or partially leased to a single tenant. – DBRS sampled nine of the 11 loans secured by single-tenant properties. Additionally, three of the 11 loans leased to a single tenant are shadow-rated investment grade by DBRS (Moffett Towers II Buildings 3 & 4, Diamondback Industrial Portfolio 1 and 30 Hudson Yards). – Ten of the 11 identified properties are leased to single tenants that DBRS considers to be investment-grade rated: Moffett Towers II Buildings 3 & 4, 19100 Ridgewood, Diamondback Industrial Portfolio 1, 105 East 17th Street, USAA Office Portfolio, Capitol Commons, Powered Shell Portfolio – Manassas, Powered Shell Portfolio – Ashburn, 30 Hudson Yards and 1609 Avenue Y. • The pool has a relatively high concentration of loans secured by office properties, as evidenced by ten loans, representing 37.0% of the pool by allocated loan balance, being secured by such properties. DBRS considers office properties to be a riskier property type with a generally above-average historical default frequency. – Of the ten loans secured by office properties, two loans, representing 8.1% of the pool by allocated loan balance, are shadow- rated investment grade by DBRS: 30 Hudson Yards and Moffett Towers II Buildings 3 & 4. – Three of the ten identified loans, representing 8.8% of the pool by allocated loan balance, are secured by office properties located in areas with a DBRS Market Rank of 8, which is characterized as a highly dense, urbanized area such as New York or San Francisco. These markets benefit from increased liquidity that is driven by consistently strong investor demand. Such markets therefore tend to benefit from lower default frequencies than less dense suburban, tertiary and rural markets. – The WA expected loss of the seven loans secured by office properties that are not located in DBRS Market Rank 8 or are shadow-rated investment grade is more than two times the WA expected loss of the overall pool.
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