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