JPMorgan Chase Puts $535M CMBS in Pipeline

Mortgage & Real Estate

JPMorgan Chase is putting a $535 million commercial mortgage-backed securities deal backed by a single loan on the Fountainebleau Miami Beach hotel in the pipeline, according to Standard Poors.

A two-year floating-rate loan secured by a first priority lien mortgage on the borrowers’ fee simple interest and leasehold interest in the 1,594-room hotel backs JPMorgan Chase Commercial Mortgage Securities Trust 2014-FBLU, according to SPs presale report on the deal.

SP assigned preliminary ratings to seven tranches of the transaction, two of which have notional balances and A-minus (sf) ratings. The other classes have ratings ranging from SPs top preliminary rating of AAA (sf) to a speculative grade BB-minus.

JPMorgan Securities is the deals underwriter LLC and KeyBank is the servicer.

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