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JP Morgan Chase Commercial Mortgage Securities

Filed: 28 May 15, 8:00pm

 
  FREE WRITING PROSPECTUS
  FILED PURSUANT TO RULE 433
  REGISTRATION FILE NO.:333-190246-14
   
 
   
Dated May 29, 2015  
JPMBB 2015-C29
 
Free Writing Prospectus
Structural and Collateral Term Sheet
 
 
 JPMBB 2015-C29 
   
   
$984,488,178
 (Approximate Mortgage Pool Balance)
 
$829,499,000
(Approximate Offered Certificates)
 
J.P. Morgan Chase Commercial Mortgage Securities Corp.
Depositor
   
 
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2015-C29
   
 
JPMorgan Chase Bank, National Association
Barclays Bank PLC
RAIT Funding, LLC
Redwood Commercial Mortgage Corporation
Starwood Mortgage Funding II LLC
Mortgage Loan Sellers
 
J.P. Morgan
Co-Lead Manager and
Joint Bookrunner
 
Barclays
Co-Lead Manager and
Joint Bookrunner
 
 
Drexel Hamilton
Co-Manager
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
 

 

 
Dated May 29, 2015 
JPMBB 2015-C29
 
This material is for your information, and none of J.P. Morgan Securities LLC (“JPMS”), Barclays Capital Inc. (“Barclays”) or Drexel Hamilton, LLC (“Drexel”) (each individually, an “Underwriter”, and together, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is 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 Depositor has filed a registration statement (including a prospectus) with the SEC (SEC File no. 333-190246) for the offering to which this free writing prospectus 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 Web site at www.sec.gov. Alternatively, the Depositor or any Underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling 1 (866) 400-7834 or by emailing cmbs-prospectus@jpmorgan.com.
 
Neither this document nor anything contained in this document shall form the basis for any contract or commitment whatsoever. The information contained in this document is preliminary as of the date of this document, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale. These materials are subject to change, completion or amendment from time to time.
 
This document has been prepared by the Underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Directive 2003/71/EC (as amended) and/or Part VI of the Financial Services and Markets Act 2000 as amended or other offering document.
 
The attached information contains certain tables and other statistical analyses (the “Computational Materials”) that have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected in this document. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these certificates. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the Computational Materials. The specific characteristics of the certificates may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any certificate described in the Computational Materials are subject to change prior to issuance. None of the Underwriters nor any of their respective affiliates make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the certificates.
 
This information is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change.
 
This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth in this document. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of their dates, the Depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Investors should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the Depositor’s view only as of the date of this document.
 
J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.
 
THE CERTIFICATES REFERRED TO IN THESE MATERIALS ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING THE POSSIBILITY THAT ONE OR MORE CLASSES OF CERTIFICATES MAY BE SPLIT, COMBINED OR ELIMINATED AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL PROSPECTUS) AND ARE OFFERED ON A “WHEN, AS AND IF ISSUED” BASIS. PROSPECTIVE INVESTORS SHOULD UNDERSTAND THAT, WHEN CONSIDERING THE PURCHASE OF THESE CERTIFICATES, A CONTRACT OF SALE WILL COME INTO BEING NO SOONER THAN THE DATE ON WHICH THE RELEVANT CLASS OF CERTIFICATES HAS BEEN PRICED AND THE UNDERWRITERS HAVE CONFIRMED THE ALLOCATION OF CERTIFICATES TO BE MADE TO INVESTORS; ANY “INDICATIONS OF INTEREST” EXPRESSED BY ANY PROSPECTIVE INVESTOR, AND ANY “SOFT CIRCLES” GENERATED BY THE UNDERWRITERS, WILL NOT CREATE BINDING CONTRACTUAL OBLIGATIONS FOR SUCH PROSPECTIVE INVESTORS, ON THE ONE HAND, OR THE UNDERWRITERS, THE DEPOSITOR OR ANY OF THEIR RESPECTIVE AGENTS OR AFFILIATES, ON THE OTHER HAND.
 
AS A RESULT OF THE FOREGOING, A PROSPECTIVE INVESTOR MAY COMMIT TO PURCHASE CERTIFICATES THAT HAVE CHARACTERISTICS THAT MAY CHANGE, AND EACH PROSPECTIVE INVESTOR IS ADVISED THAT ALL OR A PORTION OF THE CERTIFICATES REFERRED TO IN THESE MATERIALS MAY BE ISSUED WITHOUT ALL OR CERTAIN OF THE CHARACTERISTICS DESCRIBED IN THESE MATERIALS. EACH UNDERWRITER’S OBLIGATION TO SELL CERTIFICATES TO ANY PROSPECTIVE INVESTOR IS CONDITIONED ON THE CERTIFICATES AND THE TRANSACTION HAVING THE CHARACTERISTICS DESCRIBED IN THESE MATERIALS. IF THE UNDERWRITERS DETERMINE THAT A CONDITION IS NOT SATISFIED IN ANY MATERIAL RESPECT, SUCH PROSPECTIVE INVESTOR WILL BE NOTIFIED, AND NEITHER THE DEPOSITOR NOR THE UNDERWRITERS WILL HAVE ANY OBLIGATION TO SUCH PROSPECTIVE INVESTOR TO DELIVER ANY PORTION OF THE CERTIFICATES THAT SUCH PROSPECTIVE INVESTOR HAS COMMITTED TO PURCHASE, AND THERE WILL BE NO LIABILITY OR OBLIGATION BETWEEN THE UNDERWRITERS, THE DEPOSITOR OR ANY OF THEIR RESPECTIVE AGENTS OR AFFILIATES, ON THE ONE HAND, AND SUCH PROSPECTIVE INVESTOR, ON THE OTHER HAND, AS A CONSEQUENCE OF THE NON-DELIVERY.
 
THE UNDERWRITERS MAY FROM TIME TO TIME PERFORM INVESTMENT BANKING SERVICES FOR, OR SOLICIT INVESTMENT BANKING BUSINESS FROM, ANY COMPANY NAMED IN THESE MATERIALS. THE UNDERWRITERS AND/OR THEIR AFFILIATES OR RESPECTIVE EMPLOYEES MAY FROM TIME TO TIME HAVE A LONG OR SHORT POSITION IN ANY CERTIFICATE OR CONTRACT DISCUSSED IN THESE MATERIALS.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Indicative Capital Structure
 
Publicly Offered Certificates
Class
Expected Ratings
(Moody’s / Fitch /
Morningstar)
Approximate Initial Certificate Balance
or Notional
Amount(1)
Approximate
Initial Credit
Support(2)
Expected
Weighted
Avg. Life
(years)(3)
Expected
Principal
Window(3)
Certificate
Principal to
Value Ratio(4)
Underwritten
NOI Debt Yield(5)
A-1Aaa(sf) / AAAsf / AAA$49,025,000 30.000%2.837/15-4/2045.2%14.9%
A-2Aaa(sf) / AAAsf / AAA$212,993,000 30.000%4.874/20-6/2045.2%14.9%
A-3A1Aaa(sf) / AAAsf / AAA$60,000,000 30.000%9.6511/24-4/2545.2%14.9%
A-4Aaa(sf) / AAAsf / AAA$222,921,000 30.000%9.804/25-5/2545.2%14.9%
A-SBAaa(sf) / AAAsf / AAA$69,203,000 30.000%7.204/20-11/2445.2%14.9%
X-A(6)
Aa1(sf) / AAAsf / AAA$753,133,000 N/AN/AN/AN/AN/A
X-B(6)
NR / AA-sf / AAA$54,147,000 N/AN/AN/AN/AN/A
A-S(7)(8)
Aa2(sf) / AAAsf / AAA$63,991,000 23.500%9.885/25-5/2549.4%13.6%
B(7)(8)
NR / AA-sf / AA-$54,147,000 18.000%9.885/25-5/2553.0%12.7%
C(7)(8)
NR / A-sf / A-$44,302,000 13.500%9.925/25-6/2555.9%12.0%
EC(7)(8)(9)
NR / A-sf / A-$162,440,000 13.500%9.895/25-6/2555.9%12.0%
DNR / BBB-sf / BBB-$52,917,000 8.125%9.966/25-6/2559.4%11.3%
 
Privately Offered Certificates(10)
Class
Expected Ratings
(Moody’s / Fitch /
Morningstar)
Approximate Initial Certificate Balance
or Notional
Amount(1)
Approximate
Initial Credit
Support(2)
Expected
Weighted
Avg. Life
(years)(3)
Expected
Principal
Window(3)
Certificate
Principal to
Value Ratio(4)
Underwritten
NOI Debt Yield(5)
A-3A2Aaa(sf) / AAAsf / AAA$75,000,000 30.000%9.6511/24-4/2545.2%14.9%
X-C(6)
NR / A-sf / AAA$44,302,000 N/AN/AN/AN/AN/A
X-D(6)
NR / BBB-sf / AAA$52,917,000 N/AN/AN/AN/AN/A
X-E(6)
NR / BBsf / AAA$20,920,000 N/AN/AN/AN/AN/A
X-F(6)
NR / Bsf / AAA$11,075,000 N/AN/AN/AN/AN/A
X-NR(6)
NR / NR / AAA$47,994,178 N/AN/AN/AN/AN/A
ENR / BBsf / BB$20,920,000 6.000%9.966/25-6/2560.7%11.1%
FNR / Bsf / B+$11,075,000 4.875%9.966/25-6/2561.5%10.9%
NRNR / NR / NR$47,994,178 0.000%11.076/25-5/3064.6%10.4%
(1)In the case of each such Class, subject to a permitted variance of plus or minus 5%.
(2)The credit support percentages set forth for Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates represent the approximate initial credit support for the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates in the aggregate.
(3)
Assumes 0% CPR / 0% CDR and a June 30, 2015 closing date. Based on modeling assumptions as described in the Free Writing Prospectus dated May 29, 2015 (the “Free Writing Prospectus”).
(4)
The “Certificate Principal to Value Ratio” for any Class (other than the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates) is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates. The Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificate Principal to Value Ratios are calculated in the aggregate for those Classes as if they were a single Class. Investors should note, however, that excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan.
(5)
The “Underwritten NOI Debt Yield” for any Class (other than the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates) is calculated as the product of (a) the weighted average UW NOI Debt Yield for the mortgage loans and (b) the total initial Certificate Balance of all of the Classes of Principal Balance Certificates divided by the total initial Certificate Balance for such Class and all Classes of Principal Balance Certificates senior to such Class of Certificates. The Underwritten NOI Debt Yield for each of the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates is calculated in the aggregate for those Classes as if they were a single Class. Investors should note, however, that net operating income from any mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan.
(6)The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Notional Amounts are defined in the Free Writing Prospectus.
(7)
A holder of Class A-S, Class B and Class C Certificates (the “Exchangeable Certificates”) may exchange such Classes of Certificates (on an aggregate basis) for a related amount of Class EC Certificates, and Class EC Certificates may be exchanged for a ratable portion of each class of Exchangeable Certificates.
(8)
The initial Certificate Balance of a Class of Exchangeable Certificates represents the principal balance of such Class without giving effect to any exchange. The initial Certificate Balance of the Class EC Certificates is equal to the aggregate of the initial Certificate Balances of the Exchangeable Certificates and represents the maximum principal balance of such Class that could be issued in an exchange. See “Exchangeable Certificates and the Class EC Certificates” below.
(9)Although the Class EC Certificates are listed below the Class C Certificates in the chart, the Class EC Certificates’ payment entitlements and subordination priority will be a result of the payment entitlements and subordination priority at each level of the related component classes of Class A-S, Class B and Class C Certificates. For purposes of determining the Approximate Initial Credit Support, Certificate Principal to Value Ratio and Underwritten NOI Debt Yield for Class EC Certificates, the calculation is based on the aggregate initial Certificate Balance of Class A-S, Class B and Class C Certificates as if they were a single class.
(10)The Class A-3A2, Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR, Class E, Class F, Class NR and Class R Certificates are not being offered by the Free Writing Prospectus and this Term Sheet. The Class R Certificates are not shown above.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Summary of Transaction Terms
 
Securities Offered:$829,499,000 monthly pay, multi-class, commercial mortgage REMIC Pass-Through Certificates.
 
Co-Lead Managers
and Joint Bookrunners:
J.P. Morgan Securities LLC and Barclays Capital Inc.

Co-Manager:Drexel Hamilton, LLC.

Mortgage Loan Sellers:
JPMorgan Chase Bank, National Association (“JPMCB”) (39.4%), Barclays Bank PLC (“Barclays”) (24.4%), RAIT Funding, LLC (“RAIT”) (13.2%), Redwood Commercial Mortgage Corporation (“RCMC”) (11.7%) and Starwood Mortgage Funding II LLC (“SMF II”) (11.2%).
 
Master Servicer:
Wells Fargo Bank, National Association (“Wells Fargo”).
 
Special Servicer:
Midland Loan Services, a Division of PNC Bank, National Association (“Midland”).
 
Directing Certificateholder:
An affiliated fund of, or an entity controlled by affiliated funds of, Blackrock Realty Advisors, Inc.
 
Trustee:Wilmington Trust, National Association.
 
Certificate Administrator:Wells Fargo Bank, National Association.
 
Senior Trust Advisor:Pentalpha Surveillance LLC.
 
Rating Agencies:
Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Morningstar Credit Ratings, LLC (“Morningstar”).
 
Pricing Date:On or about June 5, 2015.
 
Closing Date:On or about June 30, 2015.
 
Cut-off Date:With respect to each mortgage loan, the related due date in June 2015, or with respect to any mortgage loan that has its first due date in July 2015, the date that would otherwise have been the related due date in June 2015.
 
Distribution Date:
The 4th business day after the Determination Date in each month, commencing in July 2015.
 
Determination Date:
11th day of each month, or if the 11th day is not a business day, the next succeeding business day, commencing in July 2015.
 
Assumed Final Distribution Date:
The Distribution Date in May 2030, which is the latest anticipated repayment date of the Certificates.
 
Rated Final Distribution Date:
The Distribution Date in May 2048.
 
Tax Treatment:The Publicly Offered Certificates are expected to be treated as REMIC regular interests for U.S. federal income tax purposes.
 
Form of Offering:
The Class A-1, Class A-2, Class A-3A1, Class A-4, Class A-SB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class EC and Class D Certificates will be offered publicly (the “Publicly Offered Certificates”). The Class A-3A2, Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR, Class E, Class F, Class NR and Class R Certificates (the “Privately Offered Certificates”) will be offered domestically to Qualified Institutional Buyers and to Institutional Accredited Investors and to institutions that are not U.S. Persons pursuant to Regulation S.
 
SMMEA Status:The Certificates will not constitute “mortgage related securities” for purposes of SMMEA.
 
ERISA:The Publicly Offered Certificates are expected to be ERISA eligible.

Optional Termination:On any distribution date on which the aggregate principal balance of the pool of mortgage loans is less than the greater of (i) 1% of the aggregate principal balance of the mortgage loans as of the cut-off date, or (ii) the product of (x) a percentage that is calculated by dividing the sum of the outstanding principal balance of the mortgage loans identified on Annex A-1 to the Free Writing Prospectus as “Bridgeway Business Center” and “The Heights” on the date that is the 10-year anniversary from the start-up date of the trust by the aggregate principal balance of the mortgage loans as of the cut-off date and (y) the aggregate principal balance of the mortgage loans as of the cut-off date.
 
Minimum Denominations:
The Publicly Offered Certificates (other than the Class X-A and Class X-B Certificates) will be issued in minimum denominations of $10,000 and integral multiples of $1 in excess of $10,000. The Class X-A and Class X-B Certificates will be issued in minimum denominations of $1,000,000 and in integral multiples of $1 in excess of $1,000,000.
 
Settlement Terms:DTC, Euroclear and Clearstream Banking.
 
Analytics:The transaction is expected to be modeled by Intex Solutions, Inc. and Trepp, LLC and is expected to be available on Bloomberg L.P., Blackrock Financial Management Inc., Interactive Data Corporation and Markit.
 
Risk Factors:
THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. SEE THE “RISK FACTORS” SECTION OF THE FREE WRITING PROSPECTUS.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Collateral Characteristics
   
Loan Pool 
 
Initial Pool Balance (“IPB”):
$984,488,178
 Number of Mortgage Loans:63
 Number of Mortgaged Properties:85
 Average Cut-off Date Balance per Mortgage Loan:$15,626,796
 Weighted Average Current Mortgage Rate:4.21568%
 10 Largest Mortgage Loans as % of IPB:43.2%
 Weighted Average Remaining Term to Maturity:107 months
 Weighted Average Seasoning:1 months
   
Credit Statistics 
 
Weighted Average UW NCF DSCR(1)(2):
1.79x
 
Weighted Average UW NOI Debt Yield(1):
10.4%
 
Weighted Average Cut-off Date Loan-to-Value Ratio (“LTV”)(1)(3):
64.6%
 
Weighted Average Maturity Date LTV(1)(3):
55.6%
   
Other Statistics 
 % of Mortgage Loans with Additional Debt:17.0%
 % of Mortgaged Properties with Single Tenants:1.1%
   
Amortization 
 
Weighted Average Original Amortization Term(4):
351 months
 
Weighted Average Remaining Amortization Term(4):
351 months
 % of Mortgage Loans with Partial Interest-Only followed by Amortizing Balloon:49.1%
 % of Mortgage Loans with Amortizing Balloon:31.8%
 % of Mortgage Loans with Interest-Only:17.5%
 % of Mortgage Loans with Fully Amortizing:1.5%
   
Cash Management(5)
 
 % of Mortgage Loans with Springing Lockboxes:47.7%
 % of Mortgage Loans with In-Place, Hard Lockboxes:30.2%
 % of Mortgage Loans with In-Place, CMA Lockboxes:19.8%
 % of Mortgage Loans with In-Place, Soft Lockboxes:1.8%
 % of Mortgage Loans with No Lockbox:0.6%
   
Reserves 
 % of Mortgage Loans Requiring Monthly Tax Reserves:85.6%
 % of Mortgage Loans Requiring Monthly Insurance Reserves:52.9%
 
% of Mortgage Loans Requiring Monthly CapEx Reserves(6):
92.0%
 
% of Mortgage Loans Requiring Monthly TI/LC Reserves(7):
83.3%
 
(1)In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI Debt Yield, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
(2)In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
(3)
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
(4)Excludes six mortgage loans that are interest-only for the entire term.
(5)
For a detailed description of Cash Management, refer to “Description of the Mortgage Pool – Lockbox Accounts” in the Free Writing Prospectus.
(6)CapEx Reserves include FF&E reserves for hotel properties.
(7)
Calculated only with respect to the Cut-off Date Balance of mortgage loans secured or partially secured by retail, industrial, office and mixed use properties.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Collateral Characteristics
 
Mortgage Loan Seller
 
Number of
Mortgage Loans
 
Number of Mortgaged Properties
 
Aggregate
Cut-off Date
Balance
 
% of
IPB
JPMCB 18 22 $387,644,693 39.4%
Barclays 16 32 240,628,182 24.4 
RAIT 8 8 130,392,090 13.2 
RCMC 13 13 115,541,327 11.7 
SMF II 8 10 110,281,886 11.2 
Total: 63 85 $984,488,178 100.0%
 
Ten Largest Mortgage Loans
 
No. Loan Name 
Mortgage
Loan Seller
 
No.
of
Prop.
 
Cut-off
Date
Balance
 % of IPB SF/Units/ Rooms Property Type 
UW
NCF
DSCR(1)
 
UW NOI Debt
Yield(1)
 
Cut-off Date
LTV(1)
 
Maturity Date
LTV(1)
1 2025 M Street RAIT 1 $63,560,000    6.5% 191,248 Office 1.43x 8.8% 57.8% 50.3%
2 One City Centre JPMCB 1 $60,000,000 6.1% 602,122 Office 2.04x 9.1% 61.7% 61.7%
3 400 Poydras JPMCB 1 $55,756,339 5.7% 595,566 Mixed Use 1.60x 11.1% 72.7% 58.7%
4 Cole IV Retail Portfolio - Pool I Barclays 6 $50,000,000 5.1% 680,486 Retail 3.30x 13.4% 48.1% 48.1%
5 Cole IV Retail Portfolio - Pool II Barclays 6 $50,000,000 5.1% 551,854 Retail 3.27x 13.4% 48.4% 48.4%
6 Alta Woodlake Square JPMCB 1 $31,000,000 3.1% 256 Multifamily 1.34x 8.0% 77.0% 70.1%
7 Little Palm Island Resort Barclays 1 $30,963,678 3.1% 30 Hotel 1.90x 11.7% 56.1% 51.5%
8 JAGR Portfolio JPMCB 3 $30,000,000 3.0% 721 Hotel 1.78x 11.4% 64.6% 61.7%
9 Lenox Towers JPMCB 1 $27,500,000 2.8% 378,838 Office 1.56x 11.1% 55.0% 49.9%
10 Horizon Outlet Shoppes Portfolio SMF II 3 $26,675,000 2.7% 555,682 Retail 1.42x 9.6% 62.6% 53.4%
                     
  Top 3 Total/Weighted Average 3 $179,316,339 18.2%     1.69x 9.6% 63.7% 56.7%
  Top 5 Total/Weighted Average 15 $279,316,339 28.4%     2.26x 11.0% 58.2% 53.7%
  Top 10 Total/Weighted Average 24 $425,455,018 43.2%     2.03x 10.8% 59.9% 55.0%
(1)In the case of Loan Nos. 2, 8 and 10, the UW NCF DSCR, UW NOI Debt Yield, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loans.

Pari Passu Note Loan Summary
 
No.
 
Loan Name
 
Trust Cut-
off Date
Balance
 
Pari Passu
Loan Cut-off
Date
Balance
 
Total
Mortgage
Loan Cut-
off Date
Balance
 
Controlling
Pooling &
Servicing
Agreement
 
Master Servicer
 
Special Servicer
 
Voting Rights
2 One City Centre $60,000,000 $40,000,000 $100,000,000 JPMBB 2015-C29 Wells Fargo Midland JPMBB 2015-C29
8 JAGR Portfolio $30,000,000 $17,500,000 $47,500,000 JPMBB 2015-C29 Wells Fargo Midland JPMBB 2015-C29
10 Horizon Outlet Shoppes Portfolio $26,675,000 $28,000,000 $54,675,000 JPMBB 2015-C28 Wells Fargo Midland JPMBB 2015-C28
12 Marriott - Pittsburgh $25,000,000 $19,060,000 $44,060,000 JPMBB 2015-C29 Wells Fargo Midland JPMBB 2015-C29
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Collateral Characteristics
 
Additional Debt Summary(1)
 
No.
 
Loan Name
 
Trust
Cut-off
Date
Balance
 
Subordinate Debt
Cut-off Date Balance
 
Total Debt
Cut-off Date Balance
 
Mortgage
Loan
 UW NCF DSCR(2)(3)
 
Total
Debt
UW NCF DSCR(3)
 
Mortgage Loan
Cut-off
Date
LTV(2)
 
Total
Debt
Cut-off
Date
LTV
 
Mortgage Loan UW
NOI Debt
Yield(2)
 
Total
Debt
UW NOI Debt
Yield
3 400 Poydras $55,756,339 $7,000,000 $62,756,339 1.60x 1.32x 72.7% 81.8% 11.1% 9.9%
6 Alta Woodlake Square $31,000,000 $4,000,000 $35,000,000 1.34x 1.10x 77.0% 86.9% 8.0% 7.1%
8 JAGR Portfolio $30,000,000 $7,500,000 $55,000,000 1.78x 1.41x 64.6% 74.8% 11.4% 9.8%
11 Aspen Heights - Texas A&M University Corpus Christi $26,000,000 $4,380,000 $30,380,000 1.54x 1.20x 66.3% 77.5% 9.0% 7.7%
12 Marriott - Pittsburgh $25,000,000 $7,140,000 $51,200,000 1.78x 1.40x 68.8% 80.0% 10.9% 9.3%
(1)In the case of Loan Nos. 3, 6, 8, 11 and 12, subordinate debt represents mezzanine loans.
(2)In the case of Loan Nos. 8 and 12, Mortgage Loan UW NCF DSCR, Mortgage Loan UW NOI Debt Yield and Mortgage Loan Cut-off Date LTV calculations include the related Pari Passu Companion Loan.
(3)In the case of Loan No. 11, the Mortgage Loan UW NCF DSCR and Total Debt UW NCF DSCR are calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Collateral Characteristics
 
Mortgaged Properties by Type(1)

            
Weighted Average
Property Type  Property Subtype Number of Properties Cut-off Date Principal Balance 
% of
IPB
 Occupancy 
UW
NCF
DSCR(2)(3)
 
UW
NOI
DY(2)
 
Cut-off
Date
LTV(2)(4)
 
Maturity Date
LTV(2)(4)
Office CBD 5 $170,431,534 17.3% 89.5% 1.66x 9.3% 60.2% 55.3%
  Suburban 7 43,947,105 4.5 82.4% 1.71x 11.5% 72.0% 60.7%
  Medical 4 24,468,000 2.5 98.2% 1.44x 8.9% 73.8% 65.1%
  Subtotal: 16 $238,846,639 24.3% 89.1% 1.65x 9.7% 63.8% 57.3%
                   
Retail Anchored 17 $142,138,912 14.4% 96.7% 2.76x 12.8% 53.0% 45.2%
  Unanchored 2 35,000,000 3.6 100.0% 1.56x 9.5% 61.1% 53.0%
  Outlet Center 3 26,675,000 2.7 86.7% 1.42x 9.6% 62.6% 53.4%
  Shadow Anchored 2 14,150,000 1.4 87.9% 1.71x 10.8% 65.8% 55.7%
  Freestanding 3 10,910,000 1.1 100.0% 1.76x 8.1% 64.8% 59.7%
  Subtotal: 27 $228,873,912 23.2% 95.6% 2.31x 11.6% 56.7% 48.7%
                   
Hotel Full Service 7 $124,300,322 12.6% 72.9% 1.82x 11.2% 63.7% 56.6%
  Limited Service 5 54,686,298 5.6 75.1% 1.93x 11.5% 62.9% 49.5%
  Extended Stay 2 18,033,970 1.8 82.0% 1.57x 10.2% 69.6% 50.8%
  Subtotal: 14 $197,020,590 20.0% 74.3% 1.83x 11.2% 64.0% 54.1%
                   
Multifamily Garden 6 $80,301,930 8.2% 96.0% 1.39x 8.5% 73.6% 64.6%
  Student 4 64,950,000 6.6 98.2% 1.42x 8.8% 69.4% 63.0%
  Subtotal: 10 $145,251,930 14.8% 97.0% 1.41x 8.7% 71.7% 63.9%
                   
Mixed Use Office/Retail/Parking 1 $55,756,339 5.7% 85.2% 1.60x 11.1% 72.7% 58.7%
  Retail/Office 2 42,125,000 4.3 85.1% 1.35x 8.7% 73.8% 63.5%
  Office/Retail 2 8,100,000 0.8 94.1% 1.79x 11.8% 67.0% 56.9%
  Subtotal: 5 $105,981,339 10.8% 85.9% 1.52x 10.2% 72.7% 60.5%
                   
Self Storage Self Storage 10 $42,564,184 4.3% 82.5% 1.53x 9.0% 73.3% 63.9%
                   
Industrial Warehouse 1 $15,958,634 1.6% 98.2% 2.03x 17.0% 50.7% 17.3%
  Flex 2 $9,990,950 1.0 93.2% 1.60x 11.3% 67.6% 55.3%
  Subtotal: 3 $25,949,584 2.6% 96.3% 1.87x 14.8% 57.2% 31.9%
                   
Total / Weighted Average: 85 $984,488,178 100.0% 88.4% 1.79x 10.4% 64.6% 55.6%
(1)Because this table presents information relating to the mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts.
(2)In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
(3)In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
(4)
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Collateral Characteristics

(MAP)

Mortgaged Properties by Location(1)
 
        
Weighted Average
State
 
Number of Properties
 
Cut-off Date Principal
Balance
 
% of
IPB
 
Occupancy
 
UW
NCF
DSCR(2)(3)
 
UW
NOI
DY(2)
 
Cut-off
Date
LTV(2)(4)
 
Maturity
Date LTV(2)(4)
Texas 9 $145,810,000 14.8% 90.8% 1.80x           9.1% 66.4% 62.9%
Florida 10 128,443,193 13.0 84.0% 1.60x 9.9% 66.6% 57.7%
California 7 80,336,644 8.2 90.8% 2.18x 11.1% 61.6% 53.8%
Georgia 10 73,207,806 7.4 85.0% 2.03x 11.1% 58.1% 51.7%
Washington, D.C. 1 63,560,000 6.5 99.5% 1.43x 8.8% 57.8% 50.3%
Louisiana 1 55,756,339 5.7 85.2% 1.60x 11.1% 72.7% 58.7%
Pennsylvania 4 49,300,000 5.0 83.1% 2.00x 11.3% 65.2% 56.8%
Virginia 5 45,158,634 4.6 87.8% 1.68x 13.5% 66.5% 45.8%
South Carolina 7 42,720,261 4.3 91.8% 2.09x 11.4% 63.8% 52.2%
North Carolina 3 38,965,422 4.0 93.4% 1.51x 9.4% 69.6% 59.1%
Maryland 3 32,138,158 3.3 73.0% 1.64x 10.4% 64.5% 58.4%
Mississippi 2 31,506,632 3.2 84.8% 1.53x 10.0% 67.0% 63.9%
Indiana 5 30,176,768 3.1 89.8% 1.81x 10.5% 66.7% 55.8%
Michigan 3 29,968,654 3.0 83.6% 1.61x 12.7% 59.1% 30.4%
Tennessee 2 26,118,640 2.7 76.9% 2.32x 12.5% 57.8% 48.9%
Ohio 1 17,200,000 1.7 100.0% 3.30x 13.4% 48.1% 48.1%
Wisconsin 1 15,453,692 1.6 90.4% 1.42x 9.6% 62.6% 53.4%
Alabama 1 13,700,000 1.4 100.0% 1.30x 8.5% 72.5% 63.5%
Connecticut 2 12,968,000 1.3 98.9% 1.38x 8.3% 74.8% 68.1%
Arizona 2 11,297,105 1.1 85.6% 1.42x 9.2% 72.4% 60.6%
Massachusetts 1 10,471,534 1.1 91.8% 1.37x 9.5% 71.2% 57.0%
Oregon 1 8,900,000 0.9 98.1% 1.35x 8.9% 70.6% 61.6%
New Mexico 1 6,950,000 0.7 98.1% 3.30x 13.4% 48.1% 48.1%
Washington 1 6,391,267 0.6 77.3% 1.42x 9.6% 62.6% 53.4%
Illinois 1 4,000,000 0.4 92.1% 1.53x 9.9% 68.4% 58.2%
South Dakota 1 3,989,430 0.4 98.5% 1.48x 9.2% 74.7% 60.0%
Total / Weighted Average: 85 $984,488,178 100.0% 88.4% 1.79x 10.4% 64.6% 55.6%
(1)Because this table presents information relating to the mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts.
(2)In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
(3)In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
(4)
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet 
JPMBB 2015-C29
 
Collateral Characteristics
 
Cut-off Date Principal Balance
                     
          
Weighted Average
Range of Principal Balances Number of Loans Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity
Date
LTV
(1)(3)
$2,497,105-$9,999,999 33 $202,744,045  20.6% 4.22147% 119 1.66x 10.1% 69.8% 58.8%
$10,000,000-$19,999,999 13 191,977,471 19.5 4.28236% 119 1.58x 10.7% 64.5% 49.7%
$20,000,000-$24,999,999 5 113,311,644 11.5 4.13269% 119 1.51x 9.7% 71.2% 59.9%
$25,000,000-$49,999,999 7 197,138,678 20.0 4.42239% 91 1.62x 10.2% 64.4% 58.2%
$50,000,000-$63,560,000 5 279,316,339 28.4 4.05344% 97 2.26x 11.0% 58.2% 53.7%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%

Mortgage Interest Rates
                     
          Weighted Average
Range of
Mortgage Interest Rates
 Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
3.76800% -4.40000% 49 $771,232,303    78.3% 4.09937% 111 1.84x 10.5% 64.2% 55.0%
4.40001% -4.60000% 10 159,517,819   16.2 4.53309% 100 1.56x 10.1% 66.6% 57.7%
4.60001% -4.80000% 2 7,988,055   0.8 4.62937% 119 1.54x 11.2% 65.8% 50.1%
4.80001% -5.07000% 2 45,750,000   4.6 4.99754% 59 1.76x 11.3% 62.4% 59.0%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
Original Term to Maturity in Months
                   
        Weighted Average
Original Term to
Maturity in Months
 Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
60 7 $221,463,678    22.5% 4.24190% 59 2.41x 12.1% 54.7% 52.5%
120 54 731,877,422 74.3 4.21978% 118 1.60x 9.7% 68.1% 58.5%
180 2 31,147,077   3.2 3.93298% 179 1.78x 15.8% 50.7% 9.0%
Total / Weighted Average: 63 $984,488,178   100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
                   
Remaining Term to Maturity in Months
                   
          Weighted Average
Remaining Term to Maturity
in Months
 Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
58 -60 7 $221,463,678  22.5% 4.24190% 59 2.41x 12.1% 54.7% 52.5%
61 -120 54 731,877,422 74.3 4.21978% 118 1.60x 9.7% 68.1% 58.5%
121 -180 2 31,147,077  3.2 3.93298% 179 1.78x 15.8% 50.7% 9.0%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
(1)In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
(2)In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
(3)
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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9 of 122(barclays logo)
 
 
 

 

 
   
Structural and Collateral Term Sheet 
JPMBB 2015-C29
 
Collateral Characteristics
 
Original Amortization Term in Months
                   
        Weighted Average
Original
Amortization
Term in Months
 Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity
Date
LTV
(1)(3)
Interest Only 6 $172,760,000    17.5% 3.86533% 84 2.80x 11.7% 53.9% 53.9%
180 1 15,188,444  1.5 3.76800% 179 1.51x 14.6% 50.6% 0.3%
240 1 15,958,634  1.6 4.09000% 179 2.03x 17.0% 50.7% 17.3%
300 5 39,757,334   4.0 4.36933% 119 1.52x 10.2% 69.4% 50.8%
360 50 740,823,767 75.2 4.30103% 109 1.57x 9.9% 67.4% 58.2%
Total / Weighted Average: 63 $984,488,178   100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
Remaining Amortization Term in Months
                   
          Weighted Average
Remaining
Amortization Term in Months
 Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
Interest Only 6 $172,760,000   17.5% 3.86533% 84 2.80x 11.7% 53.9% 53.9%
179 -240 2 31,147,077  3.2 3.93298% 179 1.78x 15.8% 50.7% 9.0%
241 -300 5 39,757,334  4.0 4.36933% 119 1.52x 10.2% 69.4% 50.8%
301 -360 50 740,823,767 75.2 4.30103% 109 1.57x 9.9% 67.4% 58.2%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
Amortization Types
                   
        Weighted Average
Amortization Types Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
IO-Balloon 33 $483,628,000     49.1% 4.31376% 112 1.48x 9.3% 68.3% 60.2%
Balloon 23 312,911,735 31.8 4.27927% 108 1.71x 11.4% 65.2% 52.0%
Interest Only 6 172,760,000 17.5 3.86533% 84 2.80x 11.7% 53.9% 53.9%
Fully Amortizing 1 15,188,444    1.5 3.76800% 179 1.51x 14.6% 50.6% 0.3%
Total / Weighted Average: 63 $984,488,178   100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
Underwritten Net Cash Flow Debt Service Coverage Ratios(1)
                     
        Weighted Average
Underwritten Net Cash Flow
Debt Service Coverage
Ratios
 Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
1.30x -1.35x 6 $113,450,000     11.5% 4.36841% 110 1.33x 8.4% 72.9% 65.3%
1.36x -1.45x 11 171,324,534 17.4 4.23769% 118 1.40x 8.9% 65.8% 56.2%
1.46x -1.55x 17 184,027,699 18.7 4.20365% 124 1.50x 10.1% 69.3% 55.0%
1.56x -1.65x 9 135,997,758 13.8 4.20859% 107 1.59x 10.7% 66.4% 55.7%
1.66x -1.80x 4 77,326,163   7.9 4.78609% 81 1.77x 11.2% 65.1% 58.3%
1.81x -2.00x 6 81,269,020   8.3 4.28014% 96 1.90x 11.2% 63.8% 54.5%
2.01x -3.30x 10 221,093,003 22.5 3.91145% 96 2.64x 12.3% 54.3% 50.0%
Total / Weighted Average: 63 $984,488,178  100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
(1)In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
(2)In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
(3)
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet 
JPMBB 2015-C29
 
Collateral Characteristics
 
LTV Ratios as of the Cut-off Date(1)(2)
                     
        Weighted Average
Range of Cut-off Date LTVs Number
of Loans
 Cut-off Date Principal
Balance
 % of
IPB
 Mortgage Rate Remaining Loan Term 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity Date
LTV
(1)(3)
48.1% -59.9% 11 $310,865,941    31.6% 4.09223% 91 2.20x 11.9% 53.4% 45.3%
60.0% -64.9% 7 137,264,184 13.9 4.29272% 105 1.91x 10.2% 62.5% 59.1%
65.0% -69.9% 16 164,274,943 16.7 4.32864% 111 1.60x 9.9% 67.7% 57.4%
70.0% -77.0% 29 372,083,110 37.8 4.24053% 119 1.48x 9.5% 73.3% 62.1%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
LTV Ratios as of the Maturity Date(1)(2)
                     
        Weighted Average
Range of
Maturity Date LTVs
 Number
of Loans
 Cut-off Date
Principal
Balance
 % of
IPB
 Mortgage
Rate
 Remaining
Loan Term
 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity
Date
LTV
(1)(3)
0.3%      -44.9% 2 $31,147,077       3.2% 3.93298% 179 1.78x 15.8% 50.7% 9.0%
45.0% -49.9% 8 178,725,319 18.2 3.90571% 76 2.63x 12.5% 52.0% 48.2%
50.0% -54.9% 12 193,990,136 19.7 4.41215% 104 1.57x 10.0% 61.3% 51.7%
55.0% -59.9% 11 171,033,215 17.4 4.28602% 118 1.67x 10.6% 70.2% 57.5%
60.0% -64.9% 23 317,264,430 32.2 4.24131% 113 1.62x 9.5% 69.3% 62.1%
65.0% -70.1% 7 92,328,000   9.4 4.27994% 108 1.41x 8.6% 73.8% 67.8%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
Prepayment Protection
                   
        Weighted Average
Prepayment Protection Number
of Loans
 Cut-off Date
Principal
Balance
 % of
IPB
 Mortgage
Rate
 Remaining
Loan Term
 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity
Date
LTV
(1)(3)
  Defeasance 45 $531,607,550     54.0% 4.26886% 115 1.59x 9.8% 66.7% 57.2%
  Yield Maintenance 17 $435,630,628 44.2 4.13558% 99 2.04x 11.4% 61.8% 53.2%
  None 1 17,250,000   1.8 4.60000% 58 1.32x 8.8% 69.0% 65.7%
Total / Weighted Average: 63 $984,488,178 100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
 
Loan Purpose
                   
        Weighted Average
Loan Purpose Number
of Loans
 Cut-off Date
Principal
Balance
 % of
IPB
 Mortgage Rate Remaining
Loan Term
 
UW
NCF
DSCR(1)(2)
 
UW
NOI
DY(1)
 
Cut-off
Date
LTV
(1)(3)
 
Maturity
Date
LTV
(1)(3)
  Refinance 43 $621,859,144   63.2% 4.27485% 111 1.68x 10.6% 65.7% 55.0%
  Acquisition 18 322,529,034 32.8 4.09293% 97 2.03x 10.4% 61.8% 56.3%
  Refinance/Acquisition 1 21,500,000   2.2 4.15000% 119 1.53x 9.3% 65.5% 55.5%
  Recapitalization 1 18,600,000   1.9 4.44200% 120 1.34x 8.9% 74.1% 63.2%
Total / Weighted Average: 63 $984,488,178  100.0% 4.21568% 107 1.79x 10.4% 64.6% 55.6%
(1)In the case of Loan Nos. 2, 8, 10 and 12, the UW NCF DSCR, UW NOI DY, Cut-off Date LTV and Maturity Date LTV calculations include the related Pari Passu Companion Loan.
(2)In the case of Loan No. 11, the UW NCF DSCR is calculated using the average of principal and interest payments over the first 12 months following the interest-only period based on the principal payment schedule provided on Annex F of the Free Writing Prospectus.
(3)
In the case of Loan No. 21, the Cut-off Date LTV and the Maturity Date LTV are calculated using an appraised value based on certain hypothetical assumptions. Refer to “Description of the Mortgage Pool—Assessments of Property Value and Condition” in the Free Writing Prospectus for additional details.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet 
JPMBB 2015-C29
 
Collateral Characteristics
 
Previous Securitization History(1)
 
No. Loan Name Location Property Type Previous Securitization
2 One City Centre Houston, TX Office GCCFC 2005-GG5
4.02 Marketplace at the Lakes West Covina, CA Retail GSMS 2007-GG10
7 Little Palm Island Resort Little Torch Key, FL Hotel GSMS 2012-GCJ7
8.02 Doubletree Grand Rapids Grand Rapids, MI Hotel CSMC 2006-C1
8.03 Doubletree Annapolis Annapolis, MD Hotel CSMC 2006-C1
10 Horizon Outlet Shoppes Portfolio Various, Various Retail WBCMT 2006-C23
12 Marriott – Pittsburgh Pittsburgh, PA Hotel GCCFC 2005-GG5
19.01 Assured Self Storage Altamonte, FL Self Storage BACM 2006-1
19.03 United Self Storage Valrico, FL Self Storage BSCMS 2006-PW14
19.04 Gordon Highway Self Storage Augusta, GA Self Storage GSMS 2012-GC6
24 The Heights Dearborn Heights, MI Retail JPMCC 2005-CB12
25 Garden District Apartments Auburn, AL Multifamily BSCMS 2006-PW13
26 El Paseo Collection South Palm Desert, CA Retail JPMCC 2005-LDP3
29 Chestnut Place Worcester, MA Office BACM 2005-3
34 The Weatherly Portland, OR Office MLCFC 2006-3
36 Fairfield Inn Destin Destin, FL Hotel GSMS 2005-GG4
40 Windwood Centre Virginia Beach, VA Office CD 2005-CD1
47 Cavalier Building Nashville, TN Office MLMT 2005-LC1
52 14001 Weston Parkway Cary, NC Industrial BSCMS 2005-PWR8
53 Rockmead Professional Center Kingwood, TX Office GMACC 2005-C1
61 AAA Storage City Ridgeland, SC Self Storage BACM 2005-4
(1)The table above represents the properties for which the previously existing debt was most recently securitized, based on information provided by the related borrower or obtained through searches of a third-party database.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet 
JPMBB 2015-C29

Class A-2(1)

No.
 
Loan Name
 
Location
 
Cut-off Date Balance
 
% of IPB
 
Maturity Balance
 
% of Certificate Class(2)
 
Original Loan Term
 
Remaining Loan Term
 
UW
NCF DSCR
 
UW NOI Debt
Yield
 
Cut-off Date LTV Ratio
 
Maturity Date LTV Ratio
4 Cole IV Retail Portfolio - Pool I Various, Various $50,000,000 5.1% $50,000,000 23.5% 60 59 3.30x 13.4% 48.1% 48.1%
5 Cole IV Retail Portfolio - Pool II Various, Various 50,000,000 5.1% 50,000,000 23.5 60 59 3.27x 13.4% 48.4% 48.4%
7 Little Palm Island Resort Little Torch Key, FL 30,963,678 3.1% 28,407,158 13.3 60 59 1.90x 11.7% 56.1% 51.5%
8 JAGR Portfolio Various, Various 30,000,000 3.0% 28,663,111 13.5 60 58 1.78x 11.4% 64.6% 61.7%
9 Lenox Towers Atlanta, GA 27,500,000 2.8% 24,952,041 11.7 60 60 1.56x 11.1% 55.0% 49.9%
21 Eagles Trail Hattiesburg, MS 17,250,000 1.8% 16,427,597 7.7 60 58 1.32x 8.8% 69.0% 65.7%
23 Doubletree Baltimore Airport Linthicum Heights, MD 15,750,000 1.6% 14,543,166 6.8 60 60 1.73x 11.2% 58.3% 53.9%
Total / Weighted Average:   $221,463,678 22.5% $212,993,074 100.0% 60 59 2.41x 12.1% 54.7% 52.5%
(1)The table above presents the mortgage loans whose balloon payments would be applied to pay down the principal balance of the Class A-2 Certificates, assuming a 0% CPR and applying the “Modeling Assumptions” described in the Free Writing Prospectus, including the assumptions that (i) none of the mortgage loans in the pool experience prepayments, defaults or losses; (ii) there are no extensions of maturity dates of any mortgage loans in the pool; and (iii) each mortgage loan in the pool is paid in full on its stated maturity date or anticipated repayment date, as applicable. Each class of Certificates, including the Class A-2 Certificates, evidences undivided ownership interests in the entire pool of mortgage loans. Debt service coverage ratio, debt yield and loan-to-value ratio information does not take into account subordinate debt (whether or not secured by the mortgaged property), if any, that is allowed under the terms of any mortgage loan. See Annex A-1 to the Free Writing Prospectus.
(2)Reflects the percentage equal to the Maturity Balance divided by the initial Class A-2 Certificate Balance.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
 Accrual: Each Class of Certificates (other than the Class R Certificates) will accrue interest on a 30/360 basis. The Class R Certificates will not accrue interest.
     
 Distribution of Interest: 
On each Distribution Date, accrued interest for each Class of Certificates (other than the Class R Certificates) at the applicable pass-through rate will be distributed in the following order of priority to the extent of available funds: first, to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates, on a pro rata basis, based on the interest entitlement for each such Class on such date, and then to the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates, in that order, in each case until the interest entitlement for such date payable to each such Class is paid in full.
     
    
The pass-through rate applicable to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR certificates on each Distribution Date will be a per annum rate equal to one of (i) a fixed rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) the lesser of a specified fixed pass-through rate and the rate described in clause (ii) above or (iv) the rate described in clause (ii) above less a specified percentage.
     
    The pass-through rate for the Class X-A Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the weighted average of the pass-through rates on the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB and Class A-S Certificates, weighted on the basis of their respective Certificate Balances immediately prior to that Distribution Date and calculated without giving effect to any exchange and conversion of any Class A-S Certificates for Class EC Certificates.
     
    The pass-through rate for the Class X-B Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class B Certificates for that Distribution Date.
     
    The pass-through rate for the Class X-C Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class C Certificates for that Distribution Date.
     
    The pass-through rate for the Class X-D Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class D Certificates for that Distribution Date.
     
    The pass-through rate for the Class X-E Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class E Certificates for that Distribution Date.
     
    The pass-through rate for the Class X-F Certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate on the Class F Certificates for that Distribution Date.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    The pass-through rate for the Class X-NR certificates for any Distribution Date will equal the excess, if any, of (a) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (b) the pass-through rate of the Class NR certificates for that Distribution Date.
     
    The Class EC Certificates will not have a pass-through rate, but will be entitled to receive the sum of the interest otherwise distributable on the portion of Exchangeable Certificates that have been converted in an exchange for such Class EC Certificates.
     
    
See “Description of the Certificates—Distributions” in the Free Writing Prospectus.
     
 
Distribution of Principal: 
On any Distribution Date prior to the Cross-Over Date, payments in respect of principal of the Certificates will be distributed first, to the Class A-SB Certificates until the Certificate Balance of the Class A-SB Certificates is reduced to the planned principal balance for the related Distribution Date set forth in Annex E to the Free Writing Prospectus, second, to the Class A-1 Certificates, until the Certificate Balance of such Class is reduced to zero, third, to the Class A-2 Certificates, until the Certificate Balance of such Class is reduced to zero, fourth, to the Class A-3A1 and Class A-3A2 Certificates, pro rata based on the respective Certificate Balances, until the Certificate Balances of such Classes are reduced to zero, fifth, to the Class A-4 Certificates, until the Certificate Balance of such Class is reduced to zero, sixth, to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to zero and then to the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates, in that order, until the Certificate Balance of each such Class is reduced to zero.
     
    
On any Distribution Date on or after the Cross-Over Date, payments in respect of principal of the Certificates will be distributed first, to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates, on a pro rata basis, based on the Certificate Balance of each such Class until the Certificate Balance of each such Class is reduced to zero and then, to the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates, in that order, until the Certificate Balance of each such Class is reduced to zero.
     
    
The “Cross-Over Date” means the Distribution Date on which the aggregate Certificate Balances of the Class A-S, Class B, Class C, Class D, Class E, Class F and Class NR Certificates (without giving effect to any exchange of the Exchangeable Certificates for Class EC Certificates) have been reduced to zero (after taking into account any allocation of realized losses on the mortgage loans (exclusive of any related companion loan) to such Classes on or prior to such date). If Exchangeable Certificates are converted in an exchange for Class EC Certificates, all principal that would otherwise be distributable to such converted Exchangeable Certificates will be distributed to such Class EC Certificates.
     
    
The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates (the “Class X Certificates”) will not be entitled to receive distributions of principal; however, the notional amount of the Class X-A Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to Certificates that are components of the Class X-A Certificates’ notional amount (the Certificate Balances of the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB and Class A-S Certificates (determined without giving effect to any exchange and conversion of any Class A-S Certificates for Class EC Certificates)), the notional amount of the Class X-B Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to Certificates that are components of the Class X-B Certificates’ notional amount (the Certificate Balance of the Class B Certificates (determined without giving effect to any exchange and conversion of any Class B Certificates for Class EC Certificates)), the notional amount of the Class X-C Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to Certificates that are components of the Class X-C Certificates’ notional amount (the Certificate Balance of the
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    Class C Certificates (determined without giving effect to any exchange and conversion of any Class C Certificates for Class EC Certificates)), the notional amount of the Class X-D Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-D Certificates’ notional amount (the Certificate Balance of the Class D Certificates), the notional amount of the Class X-E Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-E Certificates’ notional amount (the Certificate Balance of the Class E Certificates), the notional amount of the Class X-F Certificates will be reduced by the aggregate amount of principal distributions, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-F Certificates’ notional amount (the Certificate Balance of the Class F Certificates) and the notional amount of the Class X-NR Certificates will be reduced by the aggregate amount of principal distribution, realized losses and trust fund expenses allocated to the Certificates that are components of the Class X-NR Certificates’ notional amount (the Certificate Balance of the Class NR Certificates).
     
 
Exchangeable Certificates
and the Class EC Certificates:
 
A holder of Class A-S, Class B and Class C Certificates (the “Exchangeable Certificates”) may exchange and convert such Classes of Certificates (on an aggregate basis) for a related amount of Class EC Certificates, and Class EC Certificates may be exchanged and converted for a ratable portion of each Class of Exchangeable Certificates.
     
    The initial Certificate Balance of a Class of Exchangeable Certificates represents the principal balance of such Class without giving effect to any exchange and conversion for Class EC Certificates. The initial Certificate Balance of the Class EC Certificates is equal to the aggregate of the initial Certificate Balances of the Exchangeable Certificates and represents the maximum principal balance of such Class that could be issued in an exchange. In the event that no Exchangeable Certificates are exchanged and converted for Class EC Certificates, the Class EC Certificate Balance would be equal to zero. Any exchange of (a) a portion of the Exchangeable Certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of a proportionate share of each related component Class of the Exchangeable Certificates and an increase, on a dollar-for-dollar basis, of the Certificate Balance of the Class EC Certificates, and (b) any amount of the Class EC Certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of the Certificate Balance of the Class EC Certificates and an increase, on a dollar-for-dollar basis, of a proportionate share of the related Certificate Balances of each Class of Certificates that are components of the Exchangeable Certificates.
     
    The Class EC Certificates will not have a pass-through rate, but will be entitled to receive the sum of the interest otherwise distributable on the portion of Exchangeable Certificates that have been exchanged and converted for such Class EC Certificates.
     
    If an exchange and conversion has occurred, the Class EC Certificates received in such exchange will be entitled to receive on each Distribution Date distributions equal to the aggregate amount of Interest Distribution Amounts, Accrued Interest From Recoveries, distributions of principal, Yield Maintenance Charges and reimbursements of Collateral Support Deficits that would be distributable to the Exchangeable Certificates that were exchanged and converted for such Class EC Certificates.
     
    If an exchange and conversion has occurred, the Class EC Certificates received in such exchange and conversion will be allocated the aggregate amount of Collateral Support Deficits, Net Prepayment Interest Shortfalls and other interest shortfalls (including those resulting from Appraisal Reduction Events) that would be allocated to the Exchangeable Certificates that were exchanged and converted for such Class EC Certificates.
     
 
Yield Maintenance / Fixed
Penalty Allocation:
 
For purposes of the distribution of Yield Maintenance Charges on any Distribution Date, Yield Maintenance Charges collected in respect of the mortgage loans will first be allocated pro rata between four groups (based on the amount of principal distributed to the Principal Balance Certificates in each group), consisting of (a) the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class X-A and Class A-S Certificates
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    
(calculated without giving effect to any exchange and conversion of Class A-S Certificates for Class EC Certificates), on the one hand (“YM Group A”), (b) the Class B and Class X-B Certificates (calculated without giving effect to any exchange and conversion of Class B Certificates for Class EC Certificates) (“YM Group B”), (c) the Class C and Class X-C Certificates (calculated without giving effect to any exchange and conversion of Class C Certificates for Class EC Certificates) (“YM Group C”) and (d) the Class D and Class X-D Certificates (“YM Group D”). As among the Classes of Certificates in each YM Group, each Class of Certificates entitled to distributions of principal will receive an amount calculated generally in accordance with the following formula and as more specifically described in the Free Writing Prospectus, with any remaining Yield Maintenance Charges on such Distribution Date being distributed to the class of Class X Certificates in such YM Group.
     
     YM ChargeXPrincipal Paid to Classx(Pass-Through Rate on Class – Discount Rate)
      Total Principal Paid (Mortgage Rate on Loan – Discount Rate)
     
    No Yield Maintenance Charges will be distributed to the Class X-E, Class X-F, Class X-NR, Class E, Class F, Class NR or Class R Certificates. Once the Certificate Balances of the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates have been reduced to zero, all Yield Maintenance Charges will be distributed to the holders of the Class X-C Certificates, regardless of whether the notional amount of such Class of Certificates has been reduced to zero.
     
    If Exchangeable Certificates are converted in an exchange for Class EC Certificates, any Yield Maintenance Charges that otherwise would have been distributable to such Exchangeable Certificates had they not been converted will be distributed to the Class EC Certificates.
     
 
Realized Losses: 
Realized losses on the mortgage loans (exclusive of losses on any related companion loan) will be allocated first to the Class NR, Class F, Class E, Class D, Class C, Class B and Class A-S Certificates, in that order, in each case until the Certificate Balance of each such Class has been reduced to zero, and then, to the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates, on a pro rata basis, based on the Certificate Balance of each such class, until the Certificate Balance of each such class has been reduced to zero. The notional amount of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates will be reduced by the aggregate amount of realized losses allocated to Certificates that are components of the notional amounts of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR Certificates, respectively.
     
    
Realized losses on each whole loan will be allocated first to the related subordinate companion loan(s), if any, and then, pro rata, between the related mortgage loan and the related pari passu companion loan(s), based upon their respective Stated Principal Balances.
     
    The Class EC Certificates will be allocated the realized losses and other shortfalls otherwise allocable to the Class A-S, Class B and Class C Certificates that are converted in an exchange for such Class EC Certificates.
     
 
Interest Shortfalls: A shortfall with respect to the amount of available funds distributable in respect of interest can result from, among other sources: (a) delinquencies and defaults by borrowers; (b) shortfalls resulting from the application of Appraisal Reductions to reduce P&I Advances; (c) shortfalls resulting from interest on Advances made by the Master Servicer or the Trustee; (d) shortfalls resulting from the payment of Special Servicing Fees and other additional compensation that the Special Servicer is entitled to receive; (e) shortfalls resulting from extraordinary expenses of the trust, including indemnification payments payable to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Senior Trust Advisor; (f) shortfalls resulting from a modification of a mortgage loan’s interest rate or principal balance; and (g) shortfalls resulting from other unanticipated or default-related expenses of the trust. Any such

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    
shortfalls that decrease the amount of available funds distributable in respect of interest to the Certificateholders will reduce distributions to the classes of Certificates (other than the Class R Certificates) beginning with those with the lowest payment priorities, in reverse sequential order. See “Description of the Certificates—Distributions—Priority” in the Free Writing Prospectus.
     
 
Appraisal Reductions: 
With respect to mortgage loans serviced under the Pooling and Servicing Agreement, upon the occurrence of certain trigger events with respect to a mortgage loan, which are generally tied to certain events of default under the related mortgage loan documents, the Special Servicer will be obligated to obtain an appraisal of the related mortgaged property and the Master Servicer will calculate the Appraisal Reduction amount. The “Appraisal Reduction” amount is generally the amount by which the current principal balance of the related mortgage loan or whole loan, plus outstanding advances, real estate taxes, unpaid servicing fees and certain similar amounts exceeds 90% of the appraised value of the related mortgaged property, plus the amount of any escrows and letters of credit.
     
    With respect to the Horizon Outlet Shoppes Portfolio mortgage loan, any Appraisal Reduction will be similarly determined pursuant to the JPMBB 2015-C28 pooling and servicing agreement under which it is serviced.
     
    In general, the Appraisal Reduction amounts that are allocated to the mortgage loans (exclusive of amounts allocated to a Companion Loan (defined below)) are notionally allocated to reduce, in reverse sequential order, the Certificate Balance of each Class of Certificates (other than the Class A-1, Class A-2, Class A-3A1, Class A-3A2, Class A-4 and Class A-SB Certificates) beginning with the Class NR Certificates for certain purposes, including certain voting rights and the determination of the controlling class.
     
    
With respect to each whole loan, the Appraisal Reduction amount is notionally allocated first to the related subordinate companion loan(s), if any (until the principal balance of such subordinate companion loan is notionally reduced to zero by such Appraisal Reductions), and then, pro rata, between the related mortgage loan and the related pari passu companion loan(s), based upon their respective Stated Principal Balances.
     
 
Appraisal Reduced Interest: Accrued and unpaid interest at the related Mortgage Rate for a mortgage loan that is not advanced by the Master Servicer or the Trustee as backup master servicer due to the application of Appraisal Reduction amounts to such mortgage loan.
     
 
Master Servicer Advances: The Master Servicer will be required to advance certain delinquent scheduled mortgage loan payments of principal and interest and certain property protection advances, in each case, to the extent the Master Servicer deems such advances to be recoverable. At any time that an Appraisal Reduction amount exists, the amount that would otherwise be required to be advanced by the Master Servicer in respect of delinquent payments of interest on the mortgage loan will be reduced to equal the product of (x) the interest portion of the amount that would be advanced without regard to any Appraisal Reduction and (y) a fraction, the numerator of which is the then-outstanding principal balance of the mortgage loan minus the Appraisal Reduction amount and the denominator of which is the then-outstanding principal balance of the mortgage loan. The Master Servicer will not make any principal or interest advances with respect to any companion loan.
     
 
Whole Loans: 
Four mortgage loans are each evidenced by one or more separate notes and are each, together with one or more companion loans (each a “Companion Loan” and collectively with the related mortgage loan, a “Whole Loan”), secured by the same mortgage(s) on the related mortgaged property or portfolio of related mortgaged properties. Each such mortgage loan and its related Companion Loan(s) are subject to an intercreditor agreement. None of these Companion Loans will be part of the trust.
     
    
In the case of these Whole Loans, referred to as the “One City Centre Whole Loan”, the “JAGR Portfolio Whole Loan”, the “Horizon Outlet Shoppes Portfolio Whole Loan” and the “Marriott - Pittsburgh Whole Loan”, a related Companion Loan is pari passu with the related mortgage loan (these Companion Loans are also referred to as the “Pari Passu
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    
Companion Loans”). The One City Centre Pari Passu Companion Loan, the JAGR Portfolio Pari Passu Companion Loan and the Marriott - Pittsburgh Pari Passu Companion Loan are referred to as “Serviced Companion Loans”.
     
    
The One City Centre Whole Loan, the JAGR Portfolio Whole Loan and the Marriott-Pittsburgh Whole Loan (the “Serviced Whole Loans”) will be serviced under the pooling and servicing agreement for the JPMBB 2015-C29 transaction (the “Pooling and Servicing Agreement”).
     
    
The Horizon Outlet Shoppes Portfolio Whole Loan will be serviced pursuant to the JPMBB 2015-C28 pooling and servicing agreement as described under “Description of the Mortgage Pool—The Whole Loans—Horizon Outlet Shoppes Portfolio Whole Loan” in the Free Writing Prospectus.
     
 
Liquidated Loan Waterfall: On liquidation of any mortgage loan, all net liquidation proceeds related to the mortgage loan (but not any related Companion Loan) will be applied so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include any Appraisal Reduced Interest. After the adjusted interest amount is so allocated, any remaining liquidation proceeds will be allocated to offset certain advances and to pay principal on the mortgage loan until the unpaid principal amount of the mortgage loan has been reduced to zero. Any remaining liquidation proceeds will then be allocated to pay Appraisal Reduced Interest. Any liquidation proceeds in respect of each such mortgage loan in excess of the related outstanding balance will first be applied to offset any interest shortfalls allocated to the Certificates (other than the Class X Certificates), in sequential order, and then to offset any realized losses allocated to the Certificates (other than the Class X Certificates), in sequential order. Any liquidation proceeds remaining after such applications will be distributed to the Class R Certificates.
     
 
Sale of Defaulted Mortgage
Loans and REO Properties:
 
The Special Servicer may offer to sell or may offer to purchase any defaulted mortgage loan or REO property, if the Special Servicer determines that no satisfactory arrangements can be made for collection of delinquent payments and the sale would be in the best economic interests of the trust (or in the case of any Whole Loan, the trust and the holder of the related Pari Passu Companion Loan, as a collective whole, taking into account the pari passu nature of any Pari Passu Companion Loan), on a net present value basis. The Special Servicer is required to accept the highest offer for any defaulted mortgage loan or REO property in an amount at least equal to par plus accrued interest plus all other outstanding amounts due under such mortgage loan and any outstanding expenses of the trust relating to such mortgage loan (the “Defaulted Loan Purchase Price”) except as described in the Free Writing Prospectus.
     
    With respect to each Serviced Whole Loan, any such sale of the related defaulted mortgage loan will also include the related Pari Passu Companion Loan, and the prices will be adjusted accordingly.
     
    In connection with such sale and fair value determination, within 30 days of a mortgage loan becoming a specially serviced mortgage loan, the Special Servicer is required to order an appraisal and, within 30 days of receipt of such appraisal, is required to determine the fair value of such defaulted mortgage loan in accordance with the applicable servicing standard. If, however, the Special Servicer is already in the process of obtaining an appraisal with respect to the related mortgaged property, the Special Servicer is required to make its fair value determination as soon as reasonably practicable (but in any event within 30 days) after its receipt of such appraisal. Additionally, with respect to the mortgage loans that have mezzanine debt (whether in existence now or permitted in the future) the mezzanine lenders may have the option to purchase the related mortgage loan after certain events of default under such mortgage loan.
     
    The Directing Certificateholder will not have a right of first refusal to purchase a defaulted mortgage loan.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    
If the Special Servicer does not receive an offer at least equal to the Defaulted Loan Purchase Price, the Special Servicer may purchase the defaulted mortgage loan or REO property at the Defaulted Loan Purchase Price. If the Special Servicer does not elect to purchase the defaulted mortgage loan or REO property at the Defaulted Loan Purchase Price, the Special Servicer is required to accept the highest offer received from any person that is determined to be a fair price (supported by an appraisal required to be obtained by the Special Servicer within 30 days of a mortgage loan becoming a specially serviced mortgage loan) for such defaulted mortgage loan or REO property, provided that the highest offeror is a person other than the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Senior Trust Advisor, any borrower, any manager of a mortgaged property, any independent contractor engaged by the Special Servicer, a holder of any related Companion Loan (but only with respect to the related Serviced Whole Loan) or mezzanine loan (but only with respect to the related mortgage loan), or any known affiliate of any such person (each, an “Interested Person”). If the highest offer is made by an Interested Person, the Trustee must approve the purchase of the defaulted mortgage loan or REO property based upon its determination of the fair price for the defaulted mortgage loan or REO property (based upon updated appraisals received by the Trustee) and the Trustee may conclusively rely on the opinion of an independent appraiser or other independent expert retained by the Trustee in connection with making such determination. Neither the Trustee nor any of its affiliates may make an offer for or purchase any defaulted mortgage loan or REO property.
     
    If the Special Servicer does not receive any offers that are at least equal to the Defaulted Loan Purchase Price, the Special Servicer is not required to accept the highest offer and may accept a lower offer for a defaulted mortgage loan or REO property if the Special Servicer determines, in accordance with the servicing standard, that a rejection of such offer would be in the best interests of the Certificateholders and, with respect to a Serviced Whole Loan, the holder of any related Pari Passu Companion Loan, as a collective whole, so long as such lower offer was not made by the Special Servicer or any of its affiliates.
     
    If title to any mortgaged property is acquired by the trust fund, the Special Servicer will be required to sell such mortgaged property prior to the close of the third calendar year beginning after the year of acquisition, unless (a) the IRS grants or has not denied an extension of time to sell such mortgaged property or (b) the Trustee, the Certificate Administrator and the Master Servicer receive an opinion of independent counsel to the effect that the holding of the property by the trust fund longer than the above-referenced three-year period will not result in the imposition of a tax on any REMIC of the trust fund or cause any REMIC of the trust fund to fail to qualify as a REMIC.
     
    
The foregoing applies to mortgage loans serviced under the Pooling and Servicing Agreement. With respect to the Horizon Outlet Shoppes Portfolio Whole Loan, if the special servicer under the JPMBB 2015-C28 pooling and servicing agreement determines to sell the related Pari Passu Companion Loan as described above, then the JPMBB 2015-C28 special servicer will be required to sell the related Whole Loan, including the related mortgage loan included in the JPMBB 2015-C29 trust (the “JPMBB 2015-C29 Trust”) and the related Pari Passu Companion Loan, as a single loan. In connection with any such sale, the then-applicable special servicer will be required to follow procedures substantially similar to those set forth above.
     
 
Control Eligible Certificates: Classes E, F and NR.
     
 
Control Rights: 
The Control Eligible Certificates will have certain control rights attached to them. The “Directing Certificateholder” will be the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class Certificateholders; provided, however, that (1) absent that selection, (2) until a Directing Certificateholder is so selected or (3) upon receipt of a notice from a majority of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) will be the Directing Certificateholder; provided,
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    
however, that in the case of this clause (3), in the event no one holder owns the largest aggregate Certificate Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance with the terms of the Pooling and Servicing Agreement. The Directing Certificateholder will be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to a mortgage loan. Furthermore, the Directing Certificateholder will also have the right to receive notice and provide consent with respect to certain material actions that the Master Servicer and the Special Servicer plan on taking with respect to a mortgage loan. With respect to any mortgage loan that has, or may in the future have, mezzanine debt, pursuant to the related intercreditor agreement, the related mezzanine lender may have certain consent rights with respect to certain modifications related to such mortgage loan.
     
    With respect to the Horizon Outlet Shoppes Portfolio mortgage loan, direction, consent and consultation rights with respect to the related Whole Loan will be exercised by the directing certificateholder or controlling class representative under the JPMBB 2015-C28 pooling and servicing agreement.
     
    With respect to each of the One City Centre Whole Loan, the JAGR Portfolio Whole Loan and the Marriott - Pittsburgh Whole Loan, direction, consent and consultation rights of the Directing Certificateholder, with respect to the related Whole Loan are subject to certain consultation rights of the holder of the related Pari Passu Companion Loan pursuant to the `related intercreditor agreement.
     
 
Directing Certificateholder: BlackRock Realty Advisors, Inc. on behalf of one or more managed funds or accounts is expected to be appointed the initial Directing Certificateholder.
     
 
Controlling Class: 
The “Controlling Class” will at any time of determination be the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate Certificate Balance, as notionally reduced by any Appraisal Reduction amounts allocable to such Class, equal to no less than 25% of the initial Certificate Balance for such Class. Each holder of a certificate of the Controlling Class is referred to herein as a “Controlling Class Certificateholder”.
     
    The Controlling Class as of the Closing Date will be the Class NR Certificates.
     
 
Control Event: 
A “Control Event” will occur when (i) the Certificate Balance of the Class E Certificates (taking into account the application of Appraisal Reductions to notionally reduce the Certificate Balance of the Class E Certificates) has been reduced to less than 25% of the initial Certificate Balance of such Class as of the Closing Date or (ii) a holder of the Class E Certificates becomes the majority Controlling Class Certificateholder and irrevocably waives its right to exercise any rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder.
     
    Upon the occurrence and during the continuance of a Control Event, the Controlling Class will no longer have any control rights. After the occurrence and during the continuance of a Control Event, the Directing Certificateholder will relinquish its right to direct certain actions of the Special Servicer and will no longer have consent rights with respect to certain actions that the Master Servicer or the Special Servicer plan on taking with respect to a mortgage loan. Following the occurrence and during the continuance of a Control Event, the Directing Certificateholder will retain consultation rights with the Special Servicer with respect to certain material actions that the Special Servicer plans on taking with respect to a mortgage loan. Such consultation rights will continue until the occurrence of a Consultation Termination Event.
     
 
Consultation Termination
Event:
 
A “Consultation Termination” Event will occur (i) when, without regard to the application of any Appraisal Reduction amount (i.e., giving effect to principal reductions through principal payments and realized losses only), there is no Class of Control Eligible Certificates that satisfies the requirement of a Controlling Class or (ii) during such time as the Class E Certificates are the only Class of Control Eligible Certificates that have a then-
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    outstanding Principal Balance, net of Appraisal Reductions, at least equal to 25% of the initial Certificate Balance of such Class, and the then-Controlling Class Certificateholder has irrevocably waived its right to appoint a Directing Certificateholder and to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated.
     
    Upon the occurrence of a Consultation Termination Event, there will be no Class of Certificates that will act as the Controlling Class. After the occurrence of a Consultation Termination Event, the Directing Certificateholder will have no rights under the Pooling and Servicing Agreement, other than those rights generally available to all Certificateholders.
     
 
Appraised-Out Class: A Class of Control Eligible Certificates that has been determined, as a result of Appraisal Reduction amounts allocable to such Class, to no longer be the Controlling Class.
     
 
Remedies Available to
Holders of an
Appraised-Out Class:
 Holders of the majority of any Class of Control Eligible Certificates that are determined at any date of determination to no longer be the Controlling Class as a result of an Appraisal Reduction allocable to such class will have the right, at their sole expense, to require the Special Servicer to order a second appraisal report from an MAI appraiser (selected by the Special Servicer) for any mortgage loan that results in the Class becoming an Appraised-Out Class.
     
    Upon receipt of that second appraisal, the Special Servicer will be required to determine, in accordance with the Servicing Standard, whether, based on its assessment of the second appraisal, any recalculation of the Appraisal Reduction amount is warranted, and if so warranted, the Special Servicer is required to recalculate the Appraisal Reduction amount based on the second appraisal and if required by such recalculation, the Appraised-Out Class will be reinstated as the Controlling Class. The holders of an Appraised-Out Class requesting a second appraisal are not permitted to exercise any control or consent rights of the Controlling Class until such time, if any, as the Class is reinstated as the Controlling Class.
     
 
Senior Trust Advisor: The Senior Trust Advisor will initially be Pentalpha Surveillance LLC. The Senior Trust Advisor will have certain review and consultation rights relating to the performance of the Special Servicer and with respect to its actions taken in connection with the resolution and/or liquidation of specially serviced mortgage loans. The Senior Trust Advisor will generally be responsible for reviewing the Special Servicer’s operational practices with respect to the resolution and liquidation of specially serviced mortgage loans. In addition, after the occurrence and during the continuance of a Control Event, the Senior Trust Advisor will have certain consultation rights with respect to the specially serviced mortgage loans. The Senior Trust Advisor will generally have no obligations or consultation rights under the Pooling and Servicing Agreement with respect to the Horizon Outlet Shoppes Portfolio Whole Loan. However, Pentalpha Surveillance LLC is also the senior trust advisor under the JPMBB Commercial Mortgage Securities Trust 2015-C28 pooling and servicing agreement and, in such capacity, will have certain obligations and consultation rights with respect to the Horizon Outlet Shoppes Portfolio Whole Loan that are substantially similar to those of the senior trust advisor under the Pooling and Servicing Agreement.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
  The Senior Trust Advisor will be responsible for:
    
  
after the occurrence and during the continuance of a Control Event, consulting with the Special Servicer with respect to each asset status report prepared by the Special Servicer and recommending proposed alternative courses of action.
    
  
after the occurrence and during the continuance of a Control Event, preparing an annual report addressing the Senior Trust Advisor’s overall findings and determinations and setting forth its assessment of the Special Servicer’s performance of its duties under the Pooling and Servicing Agreement on a platform-level basis with respect to the resolution and liquidation of specially serviced mortgage loans that the Special Servicer is responsible for servicing under the Pooling and Servicing Agreement. As used above, “platform-level basis” refers to the Special Servicer’s performance of its duties as they relate to the resolution and liquidation of specially serviced mortgage loans, taking into account the Special Servicer’s specific duties under the Pooling and Servicing Agreement as well as the extent to which those duties were performed in accordance with the servicing standard, with due consideration to (and as limited by) the Senior Trust Advisor’s review of any assessment of compliance report, attestation report, asset status report and other information delivered to the Senior Trust Advisor by the Special Servicer with respect to the specially serviced mortgage loans (other than any communications between the Directing Certificateholder and the Special Servicer that would be privileged information). The annual report will be based on the Senior Trust Advisor’s knowledge of the Special Servicer’s actions taken during the applicable calendar year with respect to the resolution or liquidation of specially serviced mortgage loans that the Special Servicer is responsible for servicing under the Pooling and Servicing Agreement, including knowledge obtained in connection with the Senior Trust Advisor’s review of each asset status report prepared by the Special Servicer.
    
  
prior to the occurrence and continuance of a Control Event, the Special Servicer will forward any Appraisal Reduction and net present value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a specially serviced mortgage loan to the Senior Trust Advisor after such calculations have been finalized. The Senior Trust Advisor will be required to review such calculations but will not opine on or take any affirmative action with respect to such Appraisal Reduction calculations and/or net present value calculations.
    
  
after the occurrence and during the continuance of a Control Event, recalculating and verifying, on a limited basis, the accuracy of mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas utilized in connection with any Appraisal Reduction or net present value calculations performed by the Special Servicer. In the event the Senior Trust Advisor does not agree with the mathematical calculations or the application of the non-discretionary portion of the applicable formulas required to be utilized for such calculation, the Senior Trust Advisor and the Special Servicer will consult with each other in order to resolve any disagreement. Any disagreement with respect to such calculations that the Senior Trust Advisor and the Special Servicer are unable to resolve will be determined by the Certificate Administrator.
    
  In addition, the Senior Trust Advisor is required to promptly review all information available to Privileged Persons (as defined in the Free Writing Prospectus) on the Certificate Administrator’s website related to specially serviced mortgage loans and certain information available to Privileged Persons on the Certificate Administrator’s website related to mortgage loans included on the monthly CREFC® servicer watch list report, each final asset status report delivered to the Senior Trust Advisor by the Special Servicer and each assessment of compliance report and attestation report prepared by the Special Servicer in order to maintain its familiarity with the mortgage loans and the performance of the Special Servicer under the Pooling and Servicing Agreement.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
    After the occurrence and during the continuance of a Control Event, the Senior Trust Advisor will also consult with the Special Servicer in connection with certain major decisions and propose possible alternative courses of action.
     
    In addition, after the occurrence of a Consultation Termination Event, if the Senior Trust Advisor determines that the Special Servicer is not performing its duties as required under the Pooling and Servicing Agreement or is otherwise not acting in accordance with the Servicing Standard, the Senior Trust Advisor will have the right to recommend the replacement of the Special Servicer and will submit its formal recommendation to the Trustee and the Certificate Administrator (along with its rationale, its proposed replacement special servicer and other relevant information justifying its recommendation).
     
    The Senior Trust Advisor’s recommendation to replace the Special Servicer must be confirmed by an affirmative vote of holders of Certificates evidencing at least a majority of the aggregate notional balance of all Classes of Certificates entitled to principal distributions (taking into account the application of any Appraisal Reduction amounts to notionally reduce the Certificate Balances of the Classes to which such Appraisal Reduction amounts are allocable). In the event the holders of such Certificates elect to remove and replace the Special Servicer, the Certificate Administrator will be required to obtain a rating agency confirmation from each of the rating agencies at that time.
     
 
Replacement of
Senior Trust Advisor:
 The Senior Trust Advisor may be terminated or removed under certain circumstances and a replacement Senior Trust Advisor appointed as described in the Free Writing Prospectus.
     
    Any replacement Senior Trust Advisor (or the personnel responsible for supervising the obligations of the replacement Senior Trust Advisor) must (A) (i) be regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and have at least 5 years of experience in collateral analysis and loss projections and (ii) have at least 5 years of experience in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets or (B) be an institution that is a special servicer, senior trust advisor or operating advisor on a rated CMBS transaction, but has not been a special servicer or a senior trust advisor on a transaction that a rating agency has downgraded, qualified or withdrawn its ratings citing servicing concerns with the special servicer or a senior trust advisor as the sole or a material factor in such rating action. Any Senior Trust Advisor is prohibited from making an investment in any class of certificates in the Trust as described in the Free Writing Prospectus.
     
 
Appointment and Replacement
of Special Servicer:
 The Directing Certificateholder will appoint the initial Special Servicer as of the Closing Date. Prior to the occurrence and continuance of a Control Event, the Special Servicer may generally be replaced at any time by the Directing Certificateholder.
     
    Upon the occurrence and during the continuance of a Control Event, the Directing Certificateholder will no longer have the right to replace the Special Servicer and such replacement will occur based on a vote of holders of all voting eligible Classes of Certificates as described below.
     
    After the occurrence of a Consultation Termination Event, the Senior Trust Advisor may also recommend the replacement of the Special Servicer as described above.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
 
Replacement of Special
Servicer by Vote of
Certificateholders:
 
After the occurrence and during the continuance of a Control Event and upon (a) the written direction of holders of Certificates evidencing not less than 25% of the aggregate notional balance of all Classes of Certificates entitled to principal (taking into account the application of Appraisal Reduction amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction amounts are allocable) requesting a vote to replace the Special Servicer with a replacement special servicer, (b) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery by such holders to the Certificate Administrator and the Trustee of written confirmations from each Rating Agency that the appointment of such replacement special servicer will not result in a downgrade, withdrawal or qualification of the Certificates (which confirmations will be obtained at the expense of such holders), the Certificate Administrator will be required to promptly post such notice on its Internet website, and by mail conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of holders of at least 75% of a Certificateholder Quorum, the Trustee will immediately replace the Special Servicer with the replacement special servicer.
     
    
A “Certificateholder Quorum” means, in connection with any solicitation of votes in connection with the replacement of the Special Servicer described above, the holders of Certificates evidencing at least 75% of the aggregate voting rights (taking into account the application of realized losses and the application of any Appraisal Reductions to notionally reduce the Certificate Balance of the Certificates) of all Classes of Certificates entitled to principal on an aggregate basis.
     
    
With respect to each of the One City Centre Whole Loan, the JAGR Portfolio Whole Loan and the Marriott - Pittsburgh Whole Loan, the holder of the related Pari Passu Companion Loan, under certain circumstances following a servicer termination event with respect to the special servicer, will be entitled to direct the Trustee (and the Trustee will be required) to terminate the special servicer solely with respect to such Whole Loan. A replacement special servicer will be selected by the Trustee or, prior to a Control Event, by the Directing Certificateholder; provided, however, that any successor special servicer appointed to replace the Special Servicer with respect to such Whole Loan can generally not be the person (or its affiliate) that was terminated at the direction of the holder of the related Pari Passu Companion Loan.
     
    
With respect to the Horizon Outlet Shoppes Portfolio Whole Loan, the JPMBB 2015-C29 Trust as holder of the related mortgage loan has similar termination rights in the event of a servicer termination event with respect to the special servicer under the JPMBB 2015-C28 pooling and servicing agreement as described above, which may be exercised by the Directing Certificateholder prior to the Control Event. However, the successor special servicer will be selected pursuant to the JPMBB 2015-C28 pooling and servicing agreement by the related directing holder prior to a control event under such pooling and servicing agreement. The Master Servicer and Special Servicer are entitled to certain fees in connection with the servicing and administration of the mortgage loans as more fully described in “Transaction Parties—Servicing and Other Compensation and Payment of Expenses” in the Free Writing Prospectus.
     
 
Master Servicer and
Special Servicer Compensation:
 
The Master Servicer is entitled to a fee (the “Servicing Fee”) payable monthly from interest received in respect of each mortgage loan (including any non-serviced mortgage loan), REO loan and any related Serviced Companion Loan that will accrue at the related servicing fee rate described in the Free Writing Prospectus. The Special Servicer is also entitled to a fee (the “Special Servicing Fee”) with respect to each specially serviced mortgage loan and REO loan at the special servicing fee rate described in the Free Writing Prospectus.
     
    In addition to the Servicing Fee, Special Servicing Fee and certain other fees described below, the Master Servicer and Special Servicer are entitled to retain and share certain additional servicing compensation, including assumption application fees, assumption
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview
 
  fees, defeasance fees and certain Excess Modification Fees and consent fees with respect to the mortgage loans. The Special Servicer may also be entitled to either a Workout Fee or Liquidation Fee, but not both, from recoveries in respect of any particular mortgage loan.
   
  
An “Excess Modification Fee” with respect to any mortgage loan (other than the non-serviced mortgage loan) or Serviced Whole Loan is the sum of (A) the excess of (i) any and all Modification Fees with respect to a mortgage loan or Serviced Whole Loan over (ii) all unpaid or unreimbursed additional expenses described in the Free Writing Prospectus (excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding with respect to the related mortgage loan or Serviced Whole Loan, as applicable, and reimbursed from such Modification Fees and (B) expenses previously paid or reimbursed from Modification Fees as described in clause (A), which expenses have subsequently been recovered from the related borrower or otherwise.
   
  
With respect to the Master Servicer and Special Servicer, the Excess Modification Fees collected and earned by such servicer from the related borrower (taken in the aggregate with any other Excess Modification Fees collected and earned by such servicer from the related borrower within the prior 12 months of the collection of the current Excess Modification Fees) will be subject to a cap of 1.00% of the outstanding principal balance of the related mortgage loan or Serviced Whole Loan on the closing date of the related modification, extension, waiver or amendment. A “Modification Fee” with respect to any mortgage loan (other than the non-serviced mortgage loan) or Serviced Whole Loan is generally any fee with respect to a modification, extension, waiver or amendment of any mortgage loan or Serviced Whole Loan.
   
  
A “Workout Fee” will generally be payable with respect to each corrected mortgage loan (as more specifically described in the Free Writing Prospectus) and will be calculated at a rate of 1.00% of payments of principal and interest on the respective mortgage loan for so long as it remains a corrected mortgage loan. After receipt by the Special Servicer of Workout Fees with respect to a corrected mortgage loan in an amount equal to $25,000, any Workout Fees in excess of such amount will be reduced by the Excess Modification Fee Amount; provided that in the event the Workout Fee, collected over the course of such workout, calculated at the Workout Fee Rate is less than $25,000, then the Special Servicer will be entitled to an amount from the final payment on the related corrected mortgage loan that would result in the total Workout Fees payable to the Special Servicer in respect of that corrected mortgage loan to be $25,000.
   
  
The “Excess Modification Fee Amount” for any corrected mortgage loan is an amount equal to any Excess Modification Fees paid by or on behalf of the related borrower with respect to the related mortgage loan (including any related Serviced Companion Loan) and received and retained by the Master Servicer or the Special Servicer, as applicable, as additional servicing compensation within the prior 12 months of the related modification, waiver, extension or amendment resulting in the mortgage loan or REO loan being a corrected mortgage loan, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.
   
  
A “Liquidation Fee” will generally be payable with respect to each specially serviced mortgage loan or REO property as to which the Special Servicer obtains a full or partial recovery of the related asset. The Liquidation Fee for each specially serviced mortgage loan will be payable at a rate of 1.00% of the liquidation proceeds; provided, however, that no Liquidation Fee will be less than $25,000.
   
  The Liquidation Fees will be reduced by the amount of any Excess Modification Fees received by the Special Servicer with respect to the related mortgage loan (including any Companion Loan) or REO property as additional compensation within the prior 12 months, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
Structural Overview

    
Similar fees to those described above will be payable to the special servicer for the Horizon Outlet Shoppes Portfolio Whole Loan under the JPMBB 2015-C28 pooling and servicing agreement. See “Servicing of the Mortgage Loans—Servicing of the Horizon Outlet Shoppes Portfolio Mortgage Loan” in the Free Writing Prospectus.
       
    Subject to certain limited exceptions, in connection with its duties under the Pooling and Servicing Agreement, the Special Servicer and its affiliates are prohibited from receiving or retaining any compensation (other than compensation specifically provided for under the Pooling and Servicing Agreement) from anyone in connection with the disposition, workout or foreclosure of any mortgage loan, the management or disposition of any REO property, or the performance of any other special servicing duties under the Pooling and Servicing Agreement. In the event the Special Servicer does receive any such compensation, it will be required to disclose those fees to the Certificate Administrator who will include it as part of the statement to Certificateholders.
       
    In addition, no liquidation fee will be payable to the Special Servicer if a mortgage loan becomes a specially serviced mortgage loan only because of a maturity default and the related liquidation proceeds are received within 90 days following the stated maturity date as a result of the related mortgage loan being refinanced or otherwise repaid in full.
       
 
Deal Website: The Certificate Administrator will maintain a deal website to which certain persons will have access to certain information including, but not limited to the following, which will be posted:
     special notices
     
summaries of asset status reports
     
appraisals in connection with Appraisal Reductions plus any second appraisals ordered
     
an “Investor Q&A Forum”
     
a voluntary investor registry
     
SEC EDGAR filings
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term SheetJPMBB 2015-C29
 
[THIS PAGE INTENTIONALLY LEFT BLANK]
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
(GRAPHIC)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
(MAP)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
(GRAPHIC)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
Mortgage Loan Information Property Information
Mortgage Loan Seller:RAIT Single Asset / Portfolio:Single Asset
Original Principal Balance:$63,560,000 Title:Fee
Cut-off Date Principal$63,560,000 Property Type - Subtype:Office – CBD
% of Pool by IPB:6.5% Net Rentable Area (SF):191,248
Loan Purpose:Acquisition Location:Washington, DC
Borrower:Mikeone EK M Street Holdings, Year Built / Renovated:1971 / 1995
 LLC
Occupancy(1):
99.5%
Sponsors:EK 2013 Family Trust and MichaelOccupancy Date:2/11/2015
 Klein Number of Tenants:7
Interest Rate:4.25000% 2012 NOI:$6,807,959
Note Date:3/13/2015 2013 NOI:$5,206,586
Maturity Date:4/1/2025 2014 NOI:$5,107,614
Interest-only Period:36 months UW Economic Occupancy:95.0%
Original Term:120 months UW Revenues:$9,882,877
Original Amortization:360 months UW Expenses:$4,278,934
Amortization Type:IO-Balloon 
UW NOI(1):
$5,603,943
Call Protection:L(26),Def(90),O(4) 
UW NCF(1):
$5,358,823
Lockbox:Springing Appraised Value / Per SF:$110,000,000 / $575
Additional Debt:N/A Appraisal Date:2/11/2015
Additional Debt Balance:N/A   
Additional Debt Type:N/A   
     
 
Escrows and Reserves(2)
 Financial Information
 InitialMonthlyInitial Cap   Cut-off Date Loan / SF: $332
Taxes:$369,150$147,660 N/A     Maturity Date Loan / SF: $289
Insurance:$21,945$7,315 N/A   Cut-off Date LTV: 57.8%
Replacement Reserves:$0$4,489N/A   Maturity Date LTV: 50.3%
TI/LC:$2,328,880$80,065 N/A     UW NCF DSCR: 1.43x
Other:$888,242$0N/A   UW NOI Debt Yield: 8.8%
        

Sources and Uses
SourcesProceeds% of Total UsesProceeds% of Total
Mortgage Loan$63,560,00056.2%     Purchase Price$105,944,20093.7%   
Sponsor Equity49,518,99443.8     Upfront Reserves3,608,217 3.2   
    Closing Costs3,526,577 3.1   
Total Sources$113,078,994100.0%     Total Uses$113,078,994100.0%  
(1)Occupancy, UW NOI and UW NCF include a newly executed lease to American-Mideast Educational and Training Services, Inc. totaling 20,404 square feet, for which the tenant is not yet in occupancy or paying rent. The tenant is expected to take occupancy on or about July 1, 2015. American-Mideast Educational and Training Services, Inc.’s first year base rent is $816,160. Current occupancy as of February 11, 2015 excluding this tenant is 88.8%.
(2)
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The 2025 M Street loan has an outstanding principal balance of $63.56 million and is secured by a first mortgage lien on the borrower’s fee interest on a 191,248 square foot office building located in Washington, D.C. The 2025 M Street loan has a 10-year term and, subsequent to an initial three-year interest-only period, will amortize on a 30-year schedule.

The Borrower. The borrowing entity is Mikeone EK M Street Holdings, LLC, a Delaware limited liability company and special purpose entity.

The Sponsors. The sponsors and nonrecourse carve-out guarantors of the loan are Michael Klein, a Brazilian citizen who primarily resides in Brazil, and the EK 2013 Family Trust, a Florida trust (the EK 2013 Family Trust was established by Samuel Klein for the benefit of his daughter, Eva Klein, and her children). Michael Klein is the son of Samuel Klein, who was the founder of Casas Bahia, a large Brazilian retail chain that recently merged with a competitor and was taken public in 2013. The Kleins are a high-net worth family.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
The Property. 2025 M Street is a 191,248 square foot, mid-rise, Class B office building built in 1971, renovated in 1995, and located on a 0.63-acre parcel in the central business district of Washington, D.C. The eight-story, “L” shaped building consists of primarily office space, with a ground-floor retail component. Amenities include a rooftop terrace with tables, chairs, and a shade canopy, and a terrace on the second floor level with tables and chairs. In addition, parking is available in a 242-space (approximately 1.3 spaces per 1,000 square feet) underground garage directly beneath the building.

As of February 11, 2015, the property was 99.5% leased by seven tenants, with two vacant spaces, one of which is currently undergoing tenant fit-out for July 2015 occupancy (occupancy as of February 11, 2015 is 88.8% without the leased but not yet occupied space). The largest tenant at the property, Radio Free Asia, leases 72,748 square feet (approximately 38.0% of the net rentable area) through March 2024 with two five-year renewal options, and has been a tenant at the property since 1996. Radio Free Asia is a private, non-profit corporation that broadcasts and publishes news to Asian countries where full, accurate and timely news reports may be unavailable. The second largest tenant at the property, Smith Bucklin, leases 71,389 square feet (approximately 37.3% of the net rentable area) through June 2020 with one, five-year renewal option, and has been a tenant at the property since 1999. Smith Bucklin is a large association management and professional services company, providing full-service management and outsourcing services to trade associations, professional societies, and public, private and non-profit corporations. Smith Bucklin subleases (i) approximately 9,059 square feet of its leased space (representing approximately 4.7% of the net rentable area of the property) to Young Women’s Christian Association of the United States of America, Inc., a non-profit corporation (“YWCA”), and (ii) approximately 4,721 square feet of its leased space (representing approximately 2.5% of the net rentable area of the property) to the Asian & Pacific Islander Scholarship Fund, a non-profit corporation (“APISF”). The third largest tenant at the property, American-Mideast Educational and Training Services, Inc. (“AMID”), recently executed a lease for 20,404 square feet (approximately 10.7% of the net rentable area) through June 2026 with one five-year renewal option, and is scheduled to take occupancy on or about July 1, 2015. AMID is a non-profit organization engaged in international education, training and development activities in the Middle East and North Africa.

The property is located in the “Golden Triangle” area of the central business district submarket of Washington, D.C., on the north side of M Street NW between its intersections with 20th Street NW and 21st Street NW, just east of New Hampshire Avenue NW. According to a third party research firm, this area encompasses 43 blocks and includes approximately 3,000 businesses, 500 retail shops and restaurants and seven luxury hotels containing approximately 2,000 rooms. The property’s location is served by the Washington Metropolitan Transportation Authority’s Metrorail, which has four stations near the property that provide transportation throughout Washington, D.C. and connect to Northern Virginia and Maryland suburban areas. According to the appraisal, the central business district office submarket contains over 33 million square feet of available office space with a direct vacancy rate of 10.5% as of the fourth quarter of 2014, which is down from 12.5% in 2013. The direct average asking rental rate for all classes of office buildings in the submarket increased by 3.3% year-over-year to $53.23 per square foot on a full service basis, which the appraisal reports is due to fewer immediate, large options available in the vicinity. The 2014 Class A office building direct weighted asking rent at $63.93 per square foot, full service, increased at a higher rate than the overall submarket, 4.5%, due in part to the higher asking rents advertised at buildings currently under construction and/or renovation. According to a marketing report, the central business district Class B office submarket contains approximately 11.8 million square feet of available office space with a direct vacancy rate of 11.1%, as of the first quarter of 2015. The direct average asking rental rate for Class B office space in the central business district office submarket is $53.10 per square foot, full service, as of the first quarter of 2015.
 
Historical and Current Occupancy (1)
201220132014
Current (2)
88.9%88.2%98.6%99.5%
(1)Historical Occupancies are as of December 31 of each year.
(2)Current Occupancy as of February 11, 2015. Includes one tenant who has signed a lease but is not yet in occupancy. The tenant is expected to take occupancy on or about July 1, 2015. Current occupancy as of February 11, 2015 excluding this tenant is 88.8%.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
Tenant Summary(1)
       
TenantTenant
Type
Ratings(2)
Moody’s/S&P/Fitch
Net Rentable
Area (SF)
% of
Total NRA
Base Rent PSFLease Expiration Date
Radio Free Asia(3)
OfficeNA / NA / NA72,748 38.0% $25.483/31/2024 
Smith Bucklin(4)
OfficeNA / NA / NA71,389 37.3% $59.216/30/2020 
AMID(5)
OfficeNA / NA / NA20,404 10.7% $40.006/30/2026 
Kaplan(6)
RetailNA / NA / NA14,177 7.4% $39.4610/31/2019 
Destination MarketingOfficeNA / NA / NA7,599 4.0% $42.733/31/2020 
Salon PrestigeRetailNA / NA / NA2,709 1.4% $30.002/28/2025 
University of PittsburghOfficeNA / NA / NA1,235 0.6% $45.008/31/2018 
(1)Based on the underwritten rent roll dated February 11, 2015.
(2)Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
(3)If the U.S. government (1) fails to renew tenant’s annual broadcasting grant or (2) reduces tenant’s annual broadcasting grant by 50% or more, the tenant has the one-time right to terminate its lease with respect to either (A) the entire premises or (B) up to 50% of the premises, in either case effective March 31, 2018 with one year’s prior notice. Such termination is subject to the tenant’s payment of a termination fee equal to the aggregate of (i) rent payments that would have been due but for the termination event for the four month period following the termination, and (ii) the unamortized cost of tenant improvements at the rate of 6.5% per annum.
(4)Smith Bucklin subleases approximately (i) 9,059 square feet of its space (or 4.7% of the property’s net rentable area) to YWCA, and (ii) 4,721 square feet of its space (or 2.5% of the property’s net rentable area) to APISF.
(5)Assumes a July 1, 2015 lease commencement date and that AMID is paying base rent. Tenant’s lease has been executed and commences on the earlier of (i) July 1, 2015 or (ii) the date that tenant commences business operations at the property.
(6)Kaplan has a one-time right to terminate its lease effective September 30, 2016 with one year’s prior notice, which is subject to the payment of a termination fee equal to any unamortized cost of the aggregate of tenant improvements, brokerage commissions, rent abatement and legal costs at the rate of 8.0% per annum.

Lease Rollover Schedule(1)
                    
Year Number
of
Leases Expiring
 Net
Rentable
Area
Expiring
 % of NRA Expiring Base Rent Expiring % of
Base
Rent
Expiring
 Cumulative
Net
Rentable
Area
Expiring
 Cumulative
% of NRA Expiring
 Cumulative
Base Rent Expiring
 Cumulative
% of Base
Rent
Expiring
 
Vacant NAP 987 0.5 NAP NAP 987 0.5% NAP NAP 
2015 & MTM 0 0  0.0  $0 0.0 0 0.5% $0 0% 
2016 0 0  0.0  0  0.0  0 0.5% $0 0% 
2017 0 0  0.0  0  0.0  0 0.5% $0 0% 
2018 1 1,235  0.6  55,575  0.7  1,235 1.2% $55,575 0.7% 
2019 1 14,177  7.4  559,424  7.0  15,412 8.6% $614,999 7.7% 
2020 2 78,988  41.3  4,551,983  57.0  94,400 49.9% $5,166,982 64.6% 
2021 0 0  0.0  0  0.0  94,400 49.9% $5,166,982 64.6% 
2022 0 0  0.0  0  0.0  94,400 49.9% $5,166,982 64.6% 
2023 0 0  0.0  0  0.0  94,400 49.9% $5,166,982 64.6% 
2024 1 72,748  38.0  1,927,948 24.1  167,148 87.9% $7,094,930 88.8% 
2025 1 2,709  1.4  81,270  1.0  169,857 89.3% $7,176,200 89.8% 
2026 & Beyond 1 20,404  10.7  816,160  10.2  190,261 100.0% $7,992,360 100.0% 
Total 7 191,248  100.0 $7,992,360 100.0         
(1)Based on the underwritten rent roll dated February 11, 2015.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
Operating History and Underwritten Net Cash Flow
  2012 2013 2014 Underwritten Per
Square
Foot
 
%(1)
 
Rents in Place(2)
 $6,896,384 $6,600,389 $6,916,353 $7,992,360 41.79 83.4
Vacant Income 0 0 0 19,740 0.10  0.2 
Gross Potential Rent $6,896,384 $6,600,389 $6,916,353 $8,012,100 $41.89 83.6
Total Reimbursements 1,035,555 1,661,143 1,257,619 1,567,632 8.20  16.4 
Net Rental Income $7,931,939 $ 8,261,532 $ 8,173,972 $ 9,579,732 $ 50.09 100.0
(Vacancy/Credit Loss) 0 0 0 (478,987) (2.50)  (5.0
Other Income(3)
 2,113,782 364,421 67,430 2,000 0.01  0.0 
Submetered Elec. & OT HVAC 348,666 398,927 474,176 459,600 2.40  4.8 
Parking 280,571 295,483 308,046 320,531 1.68  3.3 
Effective Gross Income $10,674,958 $9,320,363 $9,023,624 $9,882,877 $51.68 103.2
              
Total Expenses $3,866,999 $4,113,777 $3,916,010 $4,278,934 $22.37 43.3
              
Net Operating Income $6,807,959 $5,206,586 $5,107,614 $5,603,943 $29.30 56.7
              
Total TI/LC, Capex/RR 0 0 0 245,120 1.28  2.5 
Net Cash Flow $6,807,959 $5,206,586 $5,107,614 $5,358,823 $28.02 54.2
              
(1)Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
(2)The increase in Underwritten Rents in Place from 2014 is primarily due to a new 20,404 square foot AMID lease, which has been executed and is expected to commence on or about July 1, 2015. AMID’s first year base rent is $816,160.
(3)2012 Other Income includes a $2,002,822 termination fee paid by then-tenant Arqiva.

Property Management. The property is managed by Carr Properties Services Subsidiary Corporation, which was the manager of the property prior to the acquisition and is not affiliated with the borrower.
 
Escrows and Reserves. At origination, the borrower deposited into escrow approximately $2,328,880 for outstanding tenant improvements and leasing commissions associated with five tenants, $888,242 for future rent credits and abatements, $369,150 for real estate taxes and $21,945 for insurance premiums.
 
Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $147,660.
 
Insurance Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual insurance premiums, which currently equates to $7,315.
 
Replacement Reserves - On a monthly basis, the borrower is required to escrow $4,489 (approximately $0.28 per square foot annually) for replacement reserves.
 
TI/LC Reserves - On a monthly basis, during the interest-only period, the excess cash flow after payment of the monthly debt service is required to be escrowed for tenant improvements and leasing commissions and as of the Cut-off Date, the amount is $80,065 (approximately $5.02 per square foot annually). After the interest-only period, the required monthly deposit is $15,937 (approximately $1.00 per square foot annually).
 
Lockbox / Cash Management. The loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Trigger Period (as defined below), the loan documents require the borrower to establish a lender-controlled lockbox account into which all revenue generated by the property is required to be deposited thereafter. Upon the first occurrence of a Trigger Period, a cash management account is also required to be established in the name of the borrower for the sole and exclusive benefit of the lender. The funds on deposit in the lockbox account are required to be deposited on each business day to or at the direction of the borrower, unless a Trigger Period exists, in which case, funds are required to be transferred on each business day to the cash management account. So long as no event of default has occurred and is continuing, on each monthly payment date, the lender is required to disburse all funds on deposit in the cash management account to pay required reserves, debt service, approved operating expenses and all other amounts then due and payable under the loan documents, with any remaining amounts (“Excess Cash”) to be disbursed to the borrower unless a Tenant Trigger Period (as defined below) exists. During a Tenant Trigger Period, all Excess Cash will be deposited into a lender-controlled excess cash flow account to be disbursed to the borrower for payment of approved tenant improvements and approved leasing commissions associated with the applicable tenant’s premises unless an event of default has occurred and is continuing.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
2025 M Street
 
A “Trigger Period” means a period commencing upon the earliest to occur of (i) the occurrence and continuance of an event of default under the loan documents, (ii) the date on which the debt service coverage ratio (as calculated under the loan documents) is less than 1.10x, and (iii) the occurrence of a Tenant Trigger Period.
 
A “Tenant Trigger Period” means a period commencing upon the first to occur of (i) Smith Bucklin defaulting under its lease, (ii) Smith Bucklin “going dark” in its premises, (iii) Smith Bucklin giving notice that it is terminating its lease for all or any portion of its premises, (iv) any termination or cancellation of Smith Bucklin’s lease and/or Smith Bucklin’s lease failing to otherwise be in full force and effect, (v) any bankruptcy or similar insolvency of Smith Bucklin and (vi) Smith Bucklin failing to extend or renew its lease on or prior to December 31, 2018, but not earlier than June 30, 2018 on terms acceptable to the lender in its sole but reasonable discretion; and expiring upon the first to occur of the lender’s receipt of evidence reasonably acceptable to the lender of (i) the satisfaction of the Tenant Cure Conditions (as defined below) or (ii) (x) the entirety of Smith Bucklin’s space is leased to a replacement tenant pursuant to a lender-approved lease, and (y) the replacement tenant under such replacement lease (I) is in actual, physical occupancy of, and open to the public for business in, the leased space, (II) is paying the full unabated rent under its lease and (III) has unconditionally accepted its leased premises.
 
The “Tenant Cure Conditions” mean, as applicable, (i) Smith Bucklin has cured all defaults under its lease, (ii) Smith Bucklin is no longer “dark”, (iii) Smith Bucklin has revoked or rescinded all termination or cancellation notices and has reaffirmed its lease as being in full force and effect, (iv) with respect to any event specified in clause (vi) of the definition of “Tenant Trigger Period”, Smith Bucklin has renewed or extended its lease on terms that are acceptable to the lender in its sole but reasonable discretion, (v) with respect to any event specified in clause (v) of the definition of “Tenant Trigger Period”, Smith Bucklin is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed its lease pursuant to final, non-appealable order of a court of competent jurisdiction and (vi) Smith Bucklin is paying full, unabated rent under its lease.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
(Graphic)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
(Map)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
(Map)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
Mortgage Loan Information Property Information
 Mortgage Loan Seller:JPMCB  Single Asset / Portfolio:Single Asset
 Original Principal Balance(1):
$60,000,000  Title:Fee
 Cut-off Date Principal Balance(1):
$60,000,000  Property Type - Subtype:Office - CBD
 % of Pool by IPB:6.1%  Net Rentable Area (SF):602,122
 Loan Purpose:Refinance  Location:Houston, TX
 Borrower:BRI 1850 Houston OCC, LLC  Year Built / Renovated:1961 / 2010
 Sponsor:Accesso Partners, LLC 
 Occupancy(2):
82.6%
 Interest Rate:3.95000%  Occupancy Date:2/28/2015
 Note Date:3/25/2015  Number of Tenants:18
 Maturity Date:4/1/2025 
 2012 NOI(3):
$7,911,764
 Interest-only Period:120 months  2013 NOI:$9,740,131
 Original Term:120 months  2014 NOI:$9,107,191
 Original Amortization:None  TTM NOI (as of 2/2015):$9,377,052
 Amortization Type:Interest Only  UW Economic Occupancy:81.6%
 Call Protection:L(25),Grtr1%orYM(92),O(3)  UW Revenues:$19,305,498
 Lockbox:Hard  UW Expenses:$10,216,109
 Additional Debt:Yes  UW NOI:$9,089,389
 Additional Debt Balance:$40,000,000  UW NCF:$8,176,746
 Additional Debt Type:Pari Passu  Appraised Value / Per SF:$162,000,000 / $269
    Appraisal Date:2/20/2015
     

Escrows and Reserves(4)
 
Financial Information(1)
 InitialMonthlyInitial Cap  Cut-off Date Loan / SF:$166 
 Taxes:$954,924$318,308N/A  Maturity Date Loan / SF:$166 
 Insurance:$0SpringingN/A  Cut-off Date LTV:61.7% 
 Replacement Reserves:$10,036$10,036N/A  Maturity Date LTV:61.7% 
 TI/LC:$62,500$62,500$2,250,000  UW NCF DSCR:2.04x 
 Other:$6,625,904Springing$1,500,000  UW NOI Debt Yield:9.1% 
        
 
Sources and Uses
 SourcesProceeds % of Total  UsesProceeds % of Total 
 Mortgage Loan(1)
$100,000,000 100.0 
 Payoff Existing Debt
$70,840,321 70.8 
       Return of Equity20,382,129 20.4  
       Upfront Reserves7,653,364 7.7  
       Closing Costs1,124,186 1.1  
 Total Sources$100,000,000 100.0  Total Uses$100,000,000 100.0 
(1)  
One City Centre is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $100.0 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $100.0 million One City Centre Whole Loan.
(2)  Occupancy does not include a 21,103 square foot space for which Waste Management has notified the borrower of its plans to vacate at the end of December 2015.
(3)  2012 NOI represents annualized Q4 figures, as the property was acquired in September 2012.
(4)  
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
 
The Loan. The One City Centre loan is secured by a first mortgage lien on a 29-story, 602,122 square foot office building located in Houston, Texas. The whole loan has an outstanding principal balance as of the Cut-off Date of $100.0 million (the “One City Centre Whole Loan”), which is comprised of two pari passu notes, Note A-1 and Note A-2. Note A-1, with an outstanding principal balance as of the Cut-off Date of $60.0 million, is being contributed to the JPMBB 2015-C29 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $40.0 million and is expected to be contributed to a future securitization trust. The holder of Note A-1 (the “Controlling Noteholder”) is the trustee of the JPMBB 2015-C29 Trust. The trustee of the JPMBB 2015-C29 Trust (or, prior to the occurrence and continuance of a control event under the related pooling and servicing agreement, the directing certificateholder), will be entitled to exercise all of the rights of the Controlling Noteholder with respect to the One City Centre Whole Loan; however, the holder of Note A-2 will be entitled, under certain circumstances, to be consulted with respect to certain major decisions. The One City Centre Whole Loan has a 10-year term and will be interest-only for the entire term of the loan. The previously existing debt was securitized in 2005 as part of the GCCFC 2005-GG5 transaction.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
The Borrower. The borrowing entity for the One City Centre loan is BRI 1850 Houston OCC, LLC, a Delaware limited liability company and special purpose entity.
 
The Sponsor. The loan sponsor is Accesso Partners, LLC (“Accesso”). The nonrecourse carve-out guarantors are Dalet Investment Properties (US), LLLP and Dalet Investment Properties, LLLP, both Florida limited liability limited partnerships and affiliates of the loan sponsor. Accesso is a real estate investment and property development group based in Hallandale Beach, Florida, with additional offices in Houston, Texas, Dallas, Texas, Atlanta, Georgia and Minneapolis, Minnesota. Accesso was established in 2003 and has sponsored six closed-end real estate funds and separate accounts with an aggregate capital raise of approximately $500.0 million. Through these funds Accesso has acquired over $1.0 billion worth of commercial and residential real estate. Accesso’s current commercial real estate portfolio includes 38 assets totaling more than of 8.5 million square feet of office, retail, and industrial properties located throughout Texas, Pennsylvania, Florida, North Carolina and the Midwest. Accesso has 11 assets that are located in the Houston market totaling 2.7 million square feet and approximately $416.0 million of total capital.
 
Accesso acquired the property in 2012 from Behringer Harvard for approximately $131.0 million and assumed the existing debt on the property in order to avoid an estimated prepayment penalty of over $10.0 million. The sponsor is utilizing the loan proceeds to pay off the existing assumed debt. Prior to the acquisition, the property underwent substantial renovations from 2008-2010, including completely renovated common areas and lobby, new mechanicals, upgrades to the exterior and an elevator modernization.
 
The Property. One City Centre is a LEED Gold-certified Class A office building located at 1021 Main Street in Houston, Texas. The property was constructed in 1961 and renovated in 2010.  The 29-story property totals 602,122 square feet of gross leasable area and consists of office space and two adjacent seven-level parking garages totaling 1,369 spaces (approximately 2.3 spaces per 1,000 square feet which is the highest ratio in the Houston central business district according to the appraisal).  The property is connected to other Class A office buildings in the Houston central business district by a privately-owned, climate controlled seven-mile pedestrian tunnel system. One City Centre is located in front of the Main Street Square Light Rail Station, providing mass-transit access within the Houston area.
 
As of February 28, 2015, the property was 82.6% leased by 18 tenants. The largest tenant at the property, Waste Management, has been a tenant since 2000 and currently leases 40.5% of the net rentable area through December 2020. Waste Management utilizes the property as part of its downtown Houston headquarters. Waste Management also leases a smaller space in a nearby building and according to the loan sponsor is in discussions to relocate the space to One City Centre. As part of the potential relocation, Waste Management has informed the borrower that it intends to vacate its ninth floor space (21,103 square feet) on December 31, 2015, which was underwritten as vacant. Waste Management is a provider of comprehensive waste management services in North America, servicing more than 20 million customers in the United States and Canada, as well as over 100 Fortune 500 companies as of 2012. The company is rated Baa2/A-/BBB by Moody’s, S&P, and Fitch, respectively. The second largest tenant, Energy XXI (NASDAQ: EXXI), leases 28.4% of the net rentable area through December 2022, has been in occupancy at the property since 2005 and utilizes One City Centre as its headquarters. Initially occupying 13,288 square feet, Energy XXI has expanded its space at the property on several occasions, adding 86,228 square feet between 2006 and 2011 and an additional 71,500 from 2013 to 2014 for a total area leased of 171,016 square feet. Energy XXI is an independent oil and natural gas exploration and production company with a strategy emphasizing acquisitions enhanced by the implementation of value-added drilling programs that provide for organic growth. Since 2005, Energy XXI has completed five acquisitions totaling approximately $2.5 billion, most recently acquiring 130,000 acres from Exxon, essentially doubling Energy XXI’s land holdings. The third largest tenant, Ballard Exploration (“Ballard”), leases 3.1% of the net rentable area through August 2017.  Ballard has been a tenant at the property since January 1999. Ballard provides an extensive range of natural gas and crude oil marketing and field services designed to meet the unique needs of independent producers operating along the onshore Texas and Louisiana Gulf. More specifically, Ballard builds and installs natural gas and crude oil production facilities and pipelines, as well as purchases, markets, transports, and balances natural gas and crude oil production.
 
One City Centre is located in the heart of the Houston central business district office submarket and is less than one mile from several key Houston demand drivers, such as Main Street Square, the Toyota Center, Bayou Place and Minute Maid Park. Per the appraisal, 26 Fortune 500 companies are headquartered in Houston, 10 of which are based in the Houston central business district submarket. Although known as the “Energy Capital of the World,” several non-energy companies, such as Bank of America, Deloitte & Touche, and JP Morgan Chase also maintain a presence in downtown Houston. One City Centre is located in front of the Main Street Square light rail station, part of a newly constructed seven mile light rail system that provides for transportation throughout the Houston central business district. The appraisal notes that, since 1990, approximately $5.5 billion has been invested in major residential development, infrastructure, hotels and office buildings. According to the appraisal, the Houston central business district office submarket contained approximately 57.6 million square feet of existing supply with an overall vacancy rate of 9.2% as of year-end 2014. The Class A office property vacancy rate for the Houston central business district submarket over the same time period was 8.7% with asking rents of $36.78 and $41.96 per square foot for general office properties and Class A office space, respectively. The appraisal identified four properties that are directly competitive with One City Centre. The properties range in size from 372,757 to 1,061,351 square feet and occupancy from 83.0% to 95.0%. The weighted average occupancy of the group is 89.1% and the average rental rate is $23.25 per square foot.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
Historical and Current Occupancy(1)
2012
2013
2014
Current(2)
86.5%82.3%82.2%82.6%
(1)  Historical Occupancies are as of December 31 of each respective year.
(2)  Current Occupancy is as of February 28, 2015.
 
Tenant Summary(1)
 Tenant 
Ratings(2)
Moody’s/S&P/Fitch
 Net Rentable
Area (SF)
 % of Total
NRA
 Base Rent Base Rent
PSF
 Lease Expiration
Date
 Waste Management(3)(4)
 Baa2 / A- / BBB 243,628 40.5% $4,595,568  $18.86 12/31/2020  
 Energy XXI(5)
 NA / B- / CCC 171,016 28.4% $3,154,271  $18.44 12/31/2022  
 Ballard Exploration NA / NA / NA 18,518 3.1% $333,324  $18.00 8/31/2017  
 Wells Fargo Bank A2 / A+ / AA- 13,136 2.2% $203,608  $15.50 4/30/2016  
 Stone Bond Technologies NA / NA / NA 8,823 1.5% $136,757  $15.50 5/31/2016  
 Paloma Resources NA / NA / NA 7,354 1.2% $147,080  $20.00 1/31/2016  
 CT Corporation Systems NA / NA / NA 7,071 1.2% $141,420  $20.00 12/31/2015  
 McCord Development(6)
 NA / NA / NA 6,843 1.1% $136,860  $20.00 12/31/2016  
 Rivington Capital Advisors NA / NA / NA 5,214 0.9% $97,763  $18.75 2/28/2019  
 Wynne & Wynne LLP NA / NA / NA 2,992 0.5% $53,856  $18.00 7/31/2017  
(1)  Based on the underwritten rent roll.
(2)  Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
(3)  The Waste Management lease has two five-year extension options.
(4)  Waste Management has several options to contract its space: (i) approximately 880 square feet in the lower tunnel of the building any time on or after the last day of the 72nd month after lease commencement with respect to this particular space, with 12 months’ prior notice; and (ii) all of the space (but not less than all) either on the 12th floor (9,625 square feet) or the 17th floor (21,266 square feet), as of June 30, 2019, with prior written notice by October 31, 2018. In addition, Waste Management executed a contraction option earlier this year and plans to vacate the space it currently occupies on the 9th floor of the property (21,103 square feet) on December 31, 2015. According to the borrower, Waste Management is in the process of consolidating its Houston office footprint and is in discussions to expand the current lease. The ninth floor give-back is part of this long term strategy.
(5)  The Energy XXI lease has one five-year extension option.
(6)  McCord Development has the right to terminate its lease with 30 days’ notice.

Lease Rollover Schedule(1)
Year Number of Leases
Expiring
 Net Rentable Area
Expiring
 % of NRA Expiring Base Rent Expiring 
% of Base
Rent
Expiring
 Cumulative
Net Rentable
Area
Expiring
 Cumulative
% of NRA
Expiring
 Cumulative Base Rent Expiring Cumulative %
of Base Rent Expiring
 Vacant(2)
 NAP 104,612           17.4% NAP           NAP  104,612 17.4% NAP   NAP  
 2015 & MTM 1 7,071           1.2 $141,420   1.5%   111,683 18.5% $141,420     1.5%  
 2016 7 39,421   6.5 689,752   7.4   151,104 25.1% $831,172   9.0%  
 2017 4 24,097   4.0 438,299   4.7   175,201 29.1% $1,269,471   13.7%  
 2018 0 0   0.0 0   0.0   175,201 29.1% $1,269,471   13.7%  
 2019 1 5,214   0.9 97,763   1.1   180,415 30.0% $1,367,233   14.7%  
 2020 1 243,628   40.5 4,595,568   49.5   424,043 70.4% $5,962,801   64.2%  
 2021 1 2,848   0.5 51,264   0.6   426,891 70.9% $6,014,065   64.8%  
 2022 1 171,016   28.4 3,154,271   34.0   597,907 99.3% $9,168,336   98.8%  
 2023 0 0   0.0 0   0.0   597,907 99.3% $9,168,336   98.8%  
 2024 0 0   0.0 0   0.0   597,907 99.3% $9,168,336   98.8%  
 2025 0 0   0.0 0   0.0   597,907 99.3% $9,168,336   98.8%  
 2026 & Beyond 2 4,215   0.7 115,653   1.2   602,122 100.0%        $9,283,989       100.0%  
 Total 18 602,122   100.0%     $9,283,989   100.0%          
(1)  Based on the underwritten rent roll.
(2)  Includes 21,103 square feet of space that Waste Management indicated it will vacate on December 31, 2015.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
Operating History and Underwritten Net Cash Flow
 
2012(1)
20132014
TTM(2)
UnderwrittenPer Square
Foot
%(3)
 Rents in Place(4)
$7,817,405$8,844,687$8,858,616$9,170,042$9,283,989$15.42 46.2
 Vacant Income00002,087,620
3.47
 
10.4
 
 Gross Potential Rent$7,817,405$8,844,687$8,858,616$9,170,042$11,371,609  $18.89 56.6
 Total Reimbursements5,157,2726,701,9147,084,8497,030,9888,732,769
 14.50
 
43.4
 
 Net Rental Income$12,974,677$15,546,601$15,943,465$16,201,029$20,104,378
     $33.39
 100.0
 (Vacancy/Credit Loss)00(360,886)(541,420)(3,690,797)   (6.13(18.4
 Other Income(5)
1,818,8193,352,9682,780,7592,706,3532,891,917   4.80 14.4 
 Effective Gross Income$14,793,495$18,899,569$18,363,338$18,365,962$19,305,498
$32.06
 
96.0
%
          
 Total Expenses$6,881,731$9,159,438$9,256,147$8,988,910$10,216,109 $16.97 52.9
          
 Net Operating Income$7,911,764$9,740,131$9,107,191$9,377,052$9,089,389$15.10 47.1
          
 Total TI/LC, Capex/RR0000912,642  1.52 4.7 
          
 Net Cash Flow$7,911,764$9,740,131$9,107,191$9,377,052$8,176,746$13.58 42.4
(1)  2012 NOI represents annualized fourth quarter financials, as the property was acquired in September 2012.
(2)  TTM column represents the trailing 12-month period ending on February 28, 2015.
(3)  Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
(4)  Underwritten Rents in Place consist of in-place rents as of February 28, 2015 including rent steps through March 2016.
(5)  Other Income consists primarily of income from the parking garages, totaling 1,369 spaces. The increase in 2013 Other Income is attributed to the lease termination penalty paid by Electronic Data Systems which had occupied 62,000 square feet at the property. Electronic Data Systems was acquired by Hewlett Packard in 2008 and as part of consolidation, exercised a termination option in 2013 resulting in approximately $1.0 million in termination fees.
 
Property Management. The property is managed by Accesso Services, LLC, a Florida limited liability company and an affiliate of the borrower.
 
Escrows and Reserves. At origination, the borrower deposited into escrow $4,000,000 for an Energy XXI Reserve (as defined below), $2,104,333 for outstanding tenant improvements associated with leases in effect at closing, $954,924 for real estate taxes, $361,070 for outstanding free rent, rent abatements and tenant reimbursements associated with leases in effect at closing, $160,501 for a deferred maintenance reserve, $62,500 for future tenant improvements and leasing commissions and $10,036 for replacement reserves.
 
Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $318,308.
 
Insurance Escrows - The requirement for the borrower to make monthly deposits into the insurance escrow is waived so long as (i) no event of default exists and (ii) either the borrower provides satisfactory evidence that the property is insured under an approved blanket policy in accordance with the loan documents or the property maintains a debt service coverage ratio greater than 1.75x.
 
Replacement Reserves - On a monthly basis, the borrower is required to escrow $10,036 (approximately $0.20 per square foot annually) for replacement reserves.
 
TI/LC Reserves - On a monthly basis, the borrower is required to deposit $62,500 (approximately $1.25 per square foot annually) into the TI/LC escrow. The reserve is subject to a cap of $2,250,000 (approximately $3.74 per square foot).
 
Energy XXI Reserve - At origination of the loan, $4,000,000 was reserved for re-leasing costs in the event Energy XXI contracts or vacates its space. Provided no event of default is continuing and the lender receives evidence that (i) there is no default under the Energy XXI lease, (ii) Energy XXI is in physical occupancy of the space covered by the lease and (iii) Energy XXI is open for business and is paying full contractual rent, the funds in this reserve will be released into the general TI/LC reserve in three installments: (a) $2,000,000 on April 1, 2017, (b) $1,000,000 on April 1, 2018 and (c) all funds remaining on deposit in the reserve account that may be used for general re-leasing costs on April 1, 2019.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
One City Centre
 
Waste Management Reserve - On each payment date following a Waste Management Trigger Event (as defined below) the borrower is required to deposit (a) all excess cash flows and (b) any termination deposit in connection with the Waste Management lease to be held for tenant improvements and leasing commissions pursuant to the terms more fully described in the loan agreement. The Waste Management Reserve is subject to a cap of (i) $30.00 per square foot of gross leasable space demised to Waste Management as of the origination date if triggered by clauses (i) or (ii) of the Waste Management Trigger Event or (ii) $30.00 per square foot of the leasable space demised to Waste Management as of the origination date not physically occupied by Waste Management or a replacement tenant if triggered by clause (iii).
 
Waste Management Sublease Reserve - On each payment date following a Waste Management Sublease Trigger Event (as defined below), the borrower is required to deposit $41,667 to be held as additional security for the loan. The Waste Management Sublease Reserve is subject to an initial cap of $1,500,000 (approximately $6.16 per square foot).
 
A “Waste Management Trigger Event” means the occurrence of any of the following: (i) Waste Management becomes the subject of a bankruptcy, insolvency or similar action, (ii) Waste Management goes dark or (iii) the borrower fails to satisfy the renewal criteria as described in the loan documents at least 12 months prior to expiration of the Waste Management lease.

A “Waste Management Sublease Trigger Event” means Waste Management subleasing more than 25% of the space demised to Waste Management under its lease as of the origination date.
 
Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. The borrower was required to send tenant direction letters to tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. All funds in the lockbox account are swept daily to a cash management account under the control of the lender and disbursed during each interest period of the term of the loan in accordance with the loan documents. To the extent that (i) there is an event of default under the loan documents, (ii) the debt service coverage ratio (as calculated in the loan documents) based on the immediately preceding trailing three-month period falls below 1.55x or (iii) the borrower or the property manager becomes the subject of a bankruptcy, insolvency or similar action, then all excess cash flow after payment of debt service, required reserves and operating expenses will be held as additional collateral for the loan. To the extent that there is a Waste Management Trigger Event, all excess cash flow after the payment of debt service and required reserves shall be swept into a Waste Management reserve subaccount.
 
Permitted Mezzanine Debt. Future mezzanine debt is permitted in connection with a bona fide sale to a third party and consequent assumption of the loan by a lender-approved borrower, provided, among other things as detailed in the loan agreement, (i) no event of default has occurred and is continuing, (ii) the combined loan-to-value ratio does not exceed 70.0%, (iii) the aggregate debt service coverage ratio including the mezzanine loan is no less than 1.55x, and (iv) an acceptable intercreditor agreement has been executed.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
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THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
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THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
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THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
Mortgage Loan Information Property Information
Mortgage Loan Seller:JPMCB Single Asset / Portfolio:Single Asset
Original Principal Balance:$55,900,000 Title:Fee
Cut-off Date Principal Balance:$55,756,339 Property Type - Subtype:Mixed Use - Office/Retail/Parking
% of Pool by IPB:5.7% 
Net Rentable Area (SF)(1):
595,566
Loan Purpose:Refinance Location:New Orleans, LA
Borrower:Hertz Texaco Center, LLC Year Built / Renovated:1983 / N/A
Sponsors:William Z. Hertz, Isaac Hertz Occupancy:85.2%
 and Sarah Hertz Occupancy Date:2/25/2015
Interest Rate:4.38984% Number of Tenants:73
Note Date:3/20/2015 2012 NOI:$5,109,642
Maturity Date:4/1/2025 
2013 NOI(2):
$5,188,598
Interest-only Period:None 
2014 NOI(2):
$5,708,029
Original Term:120 months 
TTM NOI (as of 3/2015)(3):
$5,778,132
Original Amortization:360 months UW Economic Occupancy:88.6%
Amortization Type:Balloon UW Revenues:$11,390,127
Call Protection:L(25),Grtr1%orYM(92),O(3) UW Expenses:$5,176,925
Lockbox:Hard 
UW NOI(3):
$6,213,202
Additional Debt:Yes UW NCF:$5,379,409
Additional Debt Balance:$7,000,000 Appraised Value / Per SF:$76,700,000 / $129
Additional Debt Type:Mezzanine Loan Appraisal Date:1/23/2015
     
 
Escrows and Reserves(4)
 Financial Information
 InitialMonthlyInitial Cap   Cut-off Date Loan / SF:$94  
Taxes:$336,644$84,200N/A     Maturity Date Loan / SF:$76  
Insurance:$0SpringingN/A    Cut-off Date LTV:72.7%  
Replacement Reserves:$9,925$9,925N/A     Maturity Date LTV:58.7%  
TI/LC:$1,500,000$59,557N/A   UW NCF DSCR:1.60x  
Other:$551,842$0N/A     UW NOI Debt Yield:11.1%  
        
 
Sources and Uses
SourcesProceeds % of Total  UsesProceeds % of Total
Mortgage Loan$55,900,000 88.9%  Payoff Existing Debt$46,241,666 73.5
Mezzanine Loan7,000,000 11.1  Return of Equity13,854,425 22.0 
      Upfront Reserves2,398,411 3.8 
      Closing Costs405,497 0.7 
Total Sources$62,900,000 100.0%  Total Uses$62,900,000 100.0%
(1)Net Rentable Area (SF) excludes 11,042 square feet of structurally vacant space located at the top of the Office Property. For the purpose of underwriting, the space has been removed from any underwriting consideration.
(2)The increase in 2014 NOI from 2013 NOI is primarily driven by 20 tenants that either renewed or signed new leases at the Office Property in 2014. The 20 tenants account for 124,824 square feet of net rentable area and pay approximately $2.2 million in annual rent.
(3)The increase in UW NOI from TTM NOI is due to rent escalations underwritten through April 1, 2016 totaling $120,526, as well as 12 new tenants which took occupancy between October 2014 and February 2015. The 12 tenants account for 35,359 square feet of net rentable area and pay $596,155 in annual rent and the burning off of concessions from leases signed in 2014.
(4)
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
 
The Loan. The 400 Poydras loan has an outstanding principal balance of approximately $55.8 million and is secured by a first mortgage lien on a 585,639 square foot Class A office tower and a 766 space parking structure with 9,927 square feet of ground floor retail space, located in New Orleans, Louisiana. The loan has a 10-year term and will amortize on a 30-year schedule. The previously existing debt of approximately $46.2 million was originally issued by Wells Fargo Bank.

The Borrower. The borrowing entity for the 400 Poydras loan is Hertz Texaco Center, LLC, a Delaware limited liability company and special purpose entity.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
The Sponsors. The loan sponsors and nonrecourse carve-out guarantors are William Z. Hertz, Isaac Hertz and Sarah Hertz of the Hertz Investment Group, LLC. The Hertz Investment Group is a national real estate investment and management company currently headquartered in Santa Monica, California. Hertz Investment Group focuses its acquisition strategy toward secondary central business districts and state capitals in an effort to control the market. Since its founding in 1979 by Judah Hertz, the company has grown to own and manage approximately 12.2 million square feet, with an aggregate portfolio market value of approximately $1.2 billion. Currently, the Hertz Investment Group owns four other commercial real estate assets, totaling approximately 1.9 million square feet, in New Orleans.

The sponsors purchased the property for approximately $49.0 million in July 2005, at a point when occupancy was dwindling and the largest tenant, Texaco, had announced its intentions to vacate its space. Although the sponsors were able to retain a majority of the sublet space, occupancy proceeded to drop to approximately 63.3% after Texaco vacated its space.

The Property. The 400 Poydras property consists of a 33-story building with 585,639 square feet of Class A office space and adjoining parking garage (the “400 Poydras Office Property” or the “Office Property”) and a separate 766-space parking facility located across the street from the 400 Poydras Office Property (the “Tchoupitoulas Parking Garage”). Both the 400 Poydras Office Property and the Tchoupitoulas Parking Garage were constructed in 1983 and are situated on approximately 1.2 acres and 0.7 acres, respectively. The 400 Poydras Office Property was originally designed by architectural firm Skidmore, Owings & Merrill. The lobby features 20 foot ceilings and serves as a gallery for a collection of regional artwork. Additionally, a majority of the floors offer unobstructed views of the Mississippi River, French Quarter, Warehouse District and central business district skyline. Office tenants at the property also benefit from the adjoining parking garage that offers 251 spaces allocated solely for tenant use. As of February 25, 2015, all 251 spaces were contracted on a monthly basis by tenants at the 400 Poydras Office Property. The adjoining parking garage also contains several ground floor retail spaces consisting of, among other tenants, a Regions Bank, Subway and Green to Go, a local restaurant offering an organic alternative to traditional fast food. Access to the 400 Poydras Office Property is provided by Poydras Street, Magazine Street, Constance Street and Lafayette Street. US Highway 90 is located approximately 0.6 miles south of the office property and provides regional access, as well as direct access to Interstate Highway 10.

As of February 25, 2015, the property was 85.2% occupied by 73 tenants and, since the beginning of 2014, the loan sponsors have executed 25 new or renewal leases. The largest tenant at the property, CACI, Inc. - Commercial (“CACI”), leases 7.6% of the net rentable area through June 2016 and has occupied the space since November 2007. CACI is a multinational professional services and information technology company headquartered in Arlington, Virginia. CACI is currently a member of the Fortune 1000 Largest Companies, the Russell 2000 Index and the S&P SmallCap 600 Index and in 2014 was named by Fortune as one of the World’s Most Admired Companies in the information technology services industry. CACI operates on a year-to-year basis which is consistent across their 111 office locations totaling approximately 2.4 million square feet nationwide and accounts for approximately 10.4% of the in-place base rent at the office property. The second largest tenant, Irwin Fritchie Urquhart & Moore (“IFUM”), leases approximately 7.4% of the net rentable area through December 2019 and has occupied the space since April 2001. IFUM serves as local, regional and national counsel for public companies, privately owned businesses, governmental entities, non-profit organizations, individuals and insurers. IFUM is currently headquartered at the Office Property and accounts for 8.4% of the in-place base rent. The third largest tenant, Fowler Rodriguez (“Fowler”), leases approximately 5.6% of the net rentable area through February 2019 and has occupied the space since September 2003. Additionally, the tenant most recently renewed its lease in September 2013. Fowler is an international law firm with eight offices located in the United States and South America. Fowler accounts for approximately 6.4% of the in-place base rent at the property.

The Tchoupitoulas Parking Garage, currently under a management contract with Central Parking, is located across the street from the 400 Poydras Office Property and contains 766 parking spaces, of which 434 spaces are contracted to 400 Poydras Office Property tenants on a monthly basis. The remaining spaces are allocated for transient use and cater to the surrounding office buildings, hotels, special event facilities and the French Quarter. Access to the parking garage is provided via a single point of entry on Tchoupitoulas Street, a north and south one-way street that runs perpendicular to Poydras Street. The parking garage benefits from its automatic payment systems, which allow for reduced personnel costs and a more efficient parking system. The Tchoupitoulas Parking Garage benefits from contracts with the Social Security Administration, Louisiana Department of Justice, Harrah’s Hotel and Casino and Barcadia Bar and Grill. The parking garage also contains 9,927 square feet of ground floor retail space that is currently leased to Barcadia Bar and Grill through June 2024, who accounts for approximately 2.0% of the in-place base rent.

The properties are located in the heart of the New Orleans central business district and many demand drivers lie within walking distance of the property, including the French Quarter, Mercedes-Benz Superdome, City Hall, Port of New Orleans and six casinos. The properties also benefit from their proximity to major public transportation lines, including the Poydras Station, which is located three blocks east, and the Canal Street Station, which is located four blocks northeast. Additionally, the property is located approximately 14.9 miles east of Louis Armstrong New Orleans International Airport and approximately 4.2 miles east of Tulane University.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
According to the appraisal, the property is located in the New Orleans central business district submarket of the New Orleans / Metairie / Kenner market. As of the fourth quarter of 2014, the submarket consisted of 144 buildings totaling approximately 9.2 million square feet of office space with an overall vacancy rate of 15.3% and average rents of $16.22 per square foot, compared to 17.5% and $13.90 per square foot, respectively, from the fourth quarter of 2013. The appraisal identified four directly comparable office properties built between 1983 and 1987 and ranging in size from approximately 453,255 to 757,275 square feet. The comparable properties reported occupancies ranging from 72.0% to 95.0% with a weighted average of 87.4%. Asking rents for the comparable properties range from $17.00 to $18.50 per square foot. The appraisal concluded an office market rent of $16.00 per square foot for the Office Property’s low-rise floors (5 through 18) and $17.00 per square foot for the Office Property’s high-rise floors (19 through 31). The average in-place rents for the Office Property’s low-rise and high-rise floors are $18.53 per square foot and $16.73 per square foot, respectively, which is in line with the appraisal’s concluded office market rents. Additionally, the appraisal identified five comparable parking garage properties ranging in size from 450 spaces to 825 spaces. The daily rates at the comparable garages ranged from $20 to $30 per space with monthly rates ranging from $175 to $250 for unreserved spaces and $225 to $270 for reserved spaces.
 
Historical and Current Occupancy(1)
    
201220132014
Current(2)
79.8%80.9%82.8%85.2%
(1)Historical occupancies are as of December 31 of each respective year.
(2)Current Occupancy is as of February 25, 2015.
 
Tenant Summary(1)
 
Tenant
Ratings(2)
Moody’s/S&P/Fitch
Net Rentable
Area (SF)
% of
Total NRA
Base Rent
PSF
Lease
Expiration Date
CACI, Inc. – Commercial(3)
Ba2 / BB+ / NA45,1887.6%$20.006/30/2016 
Irwin Fritchie Urquhart & MooreNA / NA / NA44,3177.4%$16.5012/31/2019 
Fowler Rodriguez(4)
NA / NA / NA33,5345.6%$17.002/28/2019  
Regions BankBa1 / BBB / BBB28,6254.8%$18.4212/31/2021  
Entercom New Orleans, LLCNA / NA / NA22,1693.7%$18.502/28/2023  
Krebs Farley & PelleteriNA / NA / NA17,2032.9%$17.007/31/2017  
Social Security AdministrationNA / NA / NA15,9272.7%$27.991/11/2024  
GHS-400, LLCNA / NA / NA15,2762.6%$19.8012/31/2020  
Degan Blanchard & NashNA / NA / NA14,2012.4%$16.752/28/2020  
Louisiana Department of JusticeNA / NA / NA12,7092.1%$17.232/24/2018  
(1)
Based on the underwritten rent roll.
(2)Ratings provided are for the parent company of the entity listed in the “Tenant” field, whether or not the parent company guarantees the lease.
(3)CACI has the one-time option to terminate its lease on December 31, 2015 with 60 days’ prior written notice.
(4)Fowler Rodriguez occupies two suites at the property, 19,880 square feet and 13,654 square feet, respectively. The $17.00 per square foot Base Rent PSF represents a weighted average of the underwritten base rent on Fowler’s two suites.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
Lease Rollover Schedule(1)
Year
 
Number
of
Leases Expiring
Net
Rentable
Area
Expiring
 
 
% of
NRA
Expiring
 
Base Rent
Expiring
 
% of Base
Rent
Expiring
 
Cumulative
Net Rentable Area
Expiring
 
Cumulative
% of NRA
Expiring
 
Cumulative
Base Rent
Expiring
 
Cumulative
% of Base
Rent
Expiring
Vacant NAP88,366 14.8 
NAP
  NAP  88,366 14.8% 
NAP
 NAP
2015 & MTM 317,279 
2.9
  $289,384 3.3 105,645 17.7% $289,384 3.3%
2016 19114,404 
19.2
  2,077,738 
23.7
  220,049 36.9% $2,367,122 27.0%
2017 1156,451 
9.5
  957,321 
10.9
  276,500 46.4% $3,324,443 37.9%
2018 836,061 
6.1
  639,499 
7.3
  312,561 52.5% $3,963,942 45.2%
2019 15130,034 
21.8
  2,160,380 
24.6
  442,595 74.3% $6,124,322 69.8%
2020 1051,542 
8.7
  920,865 
10.5
  494,137 83.0% $7,045,187 80.3%
2021 235,735 
6.0
  658,542 
7.5
  529,872 89.0% $7,703,729 87.8%
2022 00 
0.0
  0 
0.0
  529,872 89.0% $7,703,729 87.8%
2023 122,169 
3.7
  410,127 
4.7
  552,041 92.7% $8,113,855 92.5%
2024 327,492 
4.6
  641,619 
7.3
  579,533 97.3% $8,755,474 99.8%
2025 00 
0.0
  0 
0.0
  579,533 97.3% $8,755,474 99.8%
2026 & Beyond(2)
 116,033 
2.7
  17,556 
0.2
  595,566 100.0% $8,773,030 
100.0%
Total 73595,566 100.0% $8,773,030 100.0%        
(1)Based on the underwritten rent roll as of February 25, 2015.
(2)2026 & Beyond includes a building parking office totaling 585 square feet, a building storage space totaling 8,242 square feet, a Hertz Investment Group, Inc. storage space totaling 736 square feet and the Hertz Investment Group, Inc. management office totaling 4,342 square feet, none of which have income associated with their respective spaces. The spaces are not considered vacant as they contribute to building amenities and services.
 
Operating History and Underwritten Net Cash Flow
  
2012
 
2013
 
2014
 
TTM(1)
 
Underwritten
 
Per Square
Foot
 
      %(2)
 
Rents in Place(3)(4)
 $7,630,122 $7,716,120 $8,157,547 $8,222,481 $8,773,030 $14.73 68.5
Vacant Income 0 0 0 0 1,458,039 2.45 
11.4
 
Gross Potential Rent $7,630,122 $7,716,120 $8,157,547 $8,222,481 $10,231,069 $17.18 79.8
Parking Income 1,906,092 1,939,325 2,137,077 2,256,840 2,137,077 3.59 
16.7
 
Total Reimbursements 337,786 506,056 457,447 498,063 445,640 0.75 
3.5
 
Net Rental Income $9,874,000 $10,161,501 $10,752,071 $10,977,384 $12,813,786 $21.52 100.0%
(Vacancy/Credit Loss) 0 0 0 0 (1,458,038) (2.45) (11.4
Other Income 33,176 21,306 34,379 34,419 34,379 0.06 
0.3
 
Effective Gross Income $9,907,176 $10,182,807 $10,786,450 $11,011,803 $11,390,127 $19.12 88.9
                
Total Expenses $4,797,534 $4,994,209 $5,078,421 $5,233,671 $5,176,925 $8.69 45.5%
                
Net Operating Income $5,109,642 $5,188,598 $5,708,029 $5,778,132 $6,213,202 $10.43 54.5
                
Total TI/LC, Capex/RR 0 0 0 0 833,792 1.40 
7.3
 
Net Cash Flow $5,109,642 $5,188,598 $5,708,029 $5,778,132 $5,379,409 $9.03 47.2
(1)TTM column represents the trailing 12-month period ending on March 31, 2015.
(2)Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of the fields.
(3)The increase in 2014 Rents in Place from 2013 Rents in Place is primarily driven by 20 tenants that either renewed or signed new leases at the Office Property in 2014. The 20 tenants account for 124,824 square feet of net rentable area and pay approximately $2.2 million in annual rent.
(4)The increase in Underwritten Rents in Place from TTM Rents in Place is due to rent escalations underwritten through April 1, 2016 totaling $120,526, as well as 12 new tenants which took occupancy between October 2014 and February 2015. The 12 tenants account for 35,359 square feet of net rentable area and pay $596,155 in annual rent.
 
Property Management. The 400 Poydras Office Property is managed by Hertz Investment Group, LLC, an affiliate of the sponsor. The current management agreement commenced on March 16, 2015 and has a three-year term and will automatically renew for two consecutive periods of three years unless otherwise terminated by either party. The management agreement provides for a contractual management fee of 5.0% of the gross income, payable on a monthly basis. The management fees related to the 400 Poydras loan are subordinate to the liens and interests of the 400 Poydras loan.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
400 Poydras
 
Escrows and Reserves. At origination, the borrower was required to deposit into escrow $1.5 million for future tenant improvements and leasing commission reserves, $450,223 for outstanding tenant improvements and leasing commissions, $336,644 for real estate taxes, $73,494 for free rent reserves related to seven tenants, $28,125 for engineering reserves and $9,925 for capital expenditure reserves.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $84,200.

Insurance Escrows - The requirement for the borrower to make deposits to the insurance escrow is waived so long as no event of default has occurred and is continuing and the borrower provides satisfactory evidence that the property is insured as part of a blanket policy in accordance with the loan documents.

Replacement Reserves - On a monthly basis, the borrower is required to escrow approximately $9,925 (approximately $0.20 per square foot annually) for replacement reserves. The reserve is not subject to a cap.

TI/LC Reserves - On a monthly basis, the borrower is required to escrow $59,557 (approximately $1.20 per square foot annually) for tenant improvement and leasing commission reserves. The reserve is not subject to a cap.
 
Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. At origination, the borrower was required to send a tenant direction letter to all tenants at the properties instructing them to deposit all rents and payments into the lockbox account. All funds in the lockbox account are swept daily to a segregated cash management account under the control of the lender. To the extent there is a Cash Sweep Event (as defined below) continuing, all excess cash flow after payment of the mortgage and mezzanine debt service, required reserves and operating expenses will be held as additional collateral for the loan. The lender has a first priority security interest in the cash management account.

A “Cash Sweep Event” means the occurrence of (i) an event of default, (ii) any bankruptcy action of the borrower or property manager, or (iii) the date on which the debt service coverage ratio based on a trailing three months of gross income from operations and a 12 month operating expense calculation is less than 1.10x.

Additional Debt. The $7.0 million mezzanine loan is secured by direct equity interests in the borrower and is coterminous with the mortgage loan. The mezzanine loan was sold to a third party investor. The mezzanine loan is interest-only for the entire term of the loan and has a 10.25000% coupon. Including the mezzanine loan, the Cut-off Date LTV is 81.8%, the UW NCF DSCR is 1.32x and the UW NOI Debt Yield is 9.9%.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Cole IV Retail Portfolio – Pool I
 
(GRAPHIC)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
 
(MAP)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
 
Mortgage Loan Information Property Information
Mortgage Loan Seller:Barclays Single Asset / Portfolio:Portfolio
Original Principal Balance:$50,000,000 Title:Fee
Cut-off Date Principal Balance:$50,000,000 Property Type - Subtype:Retail - Anchored
% of Pool by IPB:5.1% Net Rentable Area (SF):680,486
Loan Purpose(1):
Acquisition Location:Various
Borrowers(2):
Various Year Built / Renovated:Various / N/A
Sponsor:Cole Operating Partnership IV, LP Occupancy:99.6%
Interest Rate:3.80300% Occupancy Date:2/10/2015
Note Date:4/9/2015 Number of Tenants:36
Maturity Date:5/6/2020 
2012 NOI(3):
N/A
Interest-only Period:60 months 
2013 NOI(3):
N/A
Original Term:60 months 
2014 NOI(4):
$7,244,804
Original Amortization:None 
TTM NOI (as of 2/2015)(5)(6):
$7,434,168
Amortization Type:Interest Only UW Economic Occupancy:95.1%
Call Protection:L(25),Grtr1%orYM(31),O(4) UW Revenues:$9,818,217
Lockbox:Hard UW Expenses:$3,098,492
Additional Debt:N/A 
UW NOI(6):
$6,719,726
Additional Debt Balance:N/A UW NCF:$6,389,112
Additional Debt Type:N/A Appraised Value / Per SF:$103,900,000 / $153
   
Appraisal Date(7):
Various
     
 
Escrows and Reserves(8)
 Financial Information
 InitialMonthlyInitial Cap  Cut-off Date Loan / SF: $73
Taxes:$0SpringingN/A  Maturity Date Loan / SF: $73
Insurance:$0SpringingN/A  Cut-off Date LTV: 48.1%
Replacement Reserves:$0$5,671N/A  Maturity Date LTV: 48.1%
TI/LC:$0$28,354N/A  UW NCF DSCR: 3.30x
Other:$0$0N/A  UW NOI Debt Yield: 13.4%
        
 
Sources and Uses
SourcesProceeds% of Total UsesProceeds% of Total
Mortgage Loan$50,000,00051.3% 
Purchase Price(1)
$96,511,98399.0%
Sponsor Equity47,528,12748.7 Closing Costs1,016,1441.0
Total Sources$97,528,127100.0% Total Uses$97,528,127100.0%
(1)A portion of the mortgage loan proceeds were used to remove four of the six properties that served as collateral under the loan sponsor’s line of credit facilities.
(2)
For a full description of the borrowing entities, please refer to “The Borrowers” below.
(3)Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between March 2013 and September 2014 for a combined purchase price of $96,511,983.
(4)2014 NOI encompasses the year-end 2014 period for four of the six properties, the trailing seven-month period annualized for Plaza San Mateo and the trailing four-month period for annualized Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
(5)TTM NOI encompasses the trailing 12-month period for four of the six properties, the trailing nine-month period annualized for Plaza San Mateo and the trailing six-month period annualized for Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
(6)The portfolio was 99.6% occupied as of February 10, 2015. As such, the decrease from TTM NOI to UW NOI is primarily due to the inclusion of a $504,555 vacancy adjustment.
(7)The appraisals are dated as of February 12, 2015 through February 27, 2015.
(8)
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.
 
The Loan. The Cole IV Retail Portfolio – Pool I loan has an outstanding principal balance of $50.0 million and is secured by a first mortgage lien on the borrowers’ fee simple interests in a portfolio of six multi-tenant retail anchored properties totaling 680,486 square feet located across six states. The loan has a five-year term and is interest-only for the entire term. The properties were acquired by the loan sponsor between March 2013 and September 2014, and at origination of the mortgage loan, two of the six assets were unencumbered (Plaza San Mateo and Village at Hereford Farms). The other four assets served as collateral under the loan sponsor’s line of credit facilities.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
 
The Borrowers. The borrowing entities for the loan are Cole MT West Covina (Lakes) CA, LP, ARCP MT Grovetown GA, LLC, Cole MT Albuquerque (San Mateo) NM, LLC, Cole MT Beavercreek OH, LLC, Cole MT Greenwood SC, LLC and Cole MT Marion IN, LLC. Each entity is a single purpose entity and is either a Delaware limited liability company or Delaware limited partnership.

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor is Cole Operating Partnership IV, LP. The sole general partner of Cole Operating Partnership IV, LP is Cole Credit Property Trust IV, Inc. (“CCPT”), a Maryland corporation formed in July 2010. CCPT is externally managed by Cole REIT Advisors IV, LLC, an affiliate of Cole Capital, which is the trade name used to refer to a group of affiliated entities directly or indirectly controlled by American Realty Capital Properties, Inc. See “Risk Factors-Litigation or Other Legal Proceedings Could Adversely Affect the Mortgage Loans” in the Free Writing Prospectus. CCPT primarily invests in power retail centers leased to creditworthy tenants under long-term net leases. As of December 31, 2014, CCPT owned 759 properties comprised of 20.2 million square feet located in 45 states that were 99.0% leased in the aggregate. As of December 31, 2014, CCPT had total assets equal to approximately $4.04 billion and a net worth of approximately $2.33 billion.

The Properties. Cole IV Retail Portfolio – Pool I is comprised of six anchored retail properties totaling 680,486 square feet located in six different states. The Cole IV Retail Portfolio – Pool I properties were constructed between 1994 and 2014 and, as of February 10, 2015, had a combined occupancy of 99.6%. There are seven investment grade rated tenants (anchors and majors) at the properties which collectively occupy 224,666 square feet (33.0% of the net rentable area) and comprise approximately $2,179,369 (28.5%) of the total underwritten rent. The credit rated tenants include Bed Bath & Beyond, Food Lion, HomeGoods, Kohl’s, Ross, Starbucks and TJ Maxx. The weighted average remaining lease term for the portfolio is approximately 9.3 years. Approximately, 85.7% of the net rentable area and 87.5% of the underwritten base rent expire after the loan maturity date. Additionally, 19 of the 36 tenants have renewal options.

Portfolio Summary
        
PropertyLocationYear Built
Net Rentable
Area
(SF)
Allocated
Loan
Amount
Appraised
Value
Underwritten
Net Cash
Flow
% of
Underwritten
Net
 Cash Flow
Beavercreek Shopping CenterBeavercreek, OH1995, 2009, 2013278,112$17,200,000$35,700,000$2,255,795    35.3%
Marketplace at the LakesWest Covina, CA199495,62811,300,00023,500,0001,416,057  22.2
Plaza San MateoAlbuquerque, NM201463,2866,950,00014,450,000865,576  13.6
Emerald PlaceGreenwood, SC2012107,6286,250,00013,000,000697,366  10.9
Village at Hereford FarmsGrovetown, GA200949,6084,250,0008,850,000666,185  10.4
University MarketplaceMarion, IN201286,2244,050,0008,400,000488,134    7.6
Total  680,486$50,000,000$103,900,000$6,389,112   100.0%
 
Beavercreek Shopping Center. The property is a 278,112 square foot anchored retail center located on approximately 30.4 acres in Beavercreek, Ohio. The property was originally built in 1995 with outlot buildings built in 2009 and 2013. The property is anchored by Gabriel Brothers (49,853 square feet), LA Fitness (49,776 square feet) and Toys R Us (49,000 square feet) and also includes several junior anchors such as Kings Furniture (30,724 square feet), HomeGoods (28,487 square feet), PetSmart (25,760 square feet) and Michaels (22,447 square feet). Other notable tenants include Five Below and Vitamin Shoppe. Gabriel Brothers has two five-year extension options remaining, LA Fitness has three five-year extension options remaining and Toys R Us has eight five-year extension options remaining. As of February 10, 2015, the property was 100.0% occupied by 11 tenants. The property benefits from being located directly across the street from Fairfield Commons Mall, a demand generator within the neighborhood. The property also benefits from its location approximately seven miles east of the Dayton central business district and less than one mile from Interstate Highway 675, which provides regional access through the Dayton area. The 2015 estimated population within a one-, three- and five-mile radius of the property is 6,832, 52,154 and 115,466, respectively. The 2015 median household income within a one-, three- and five-mile radius of the property is $76,151, $55,384 and $50,361, respectively. The appraisal concluded per square foot market rents of $8.00 (anchor), $9.00 (junior anchor), $11.00 (large in-line), $30.00 (outlot) and $15.00 (fitness center) at the property. According to the appraisal, the property is located within the Dayton retail market and Greene County submarket which had vacancy rates of approximately 16.8% and 14.8%, respectively, as of the fourth quarter of 2014.

Marketplace at the Lakes. The property is a 95,628 square foot anchored retail center located in West Covina, California. The property was built in 1994 and is located on approximately 7.1 acres. As of February 10, 2015, the property was 100.0% occupied by Toys R Us / Babies R Us (65,027 square feet) and Michaels (30,601 square feet). Both tenants have leases that expire after the mortgage loan maturity date and both tenants have four five-year extension options remaining. The property is located proximate to the West Covina shopping mall, a 1.2 million square foot regional shopping mall. Marketplace at the Lakes is also located near Interstate 10, a major east-west arterial connecting Santa Monica in the west to Phoenix in the east. The 2015 estimated population within a one-, three- and five-mile radius of the property is 6,685, 62,287 and 130,671, respectively. The 2015 median household income within a one-, three- and five-mile radius of the property is $66,581, $60,800 and $60,598, respectively. The appraisal concluded per square foot market rent
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
  
of $18.00 at the property. According to the appraisal, the property is located within the Greater Los Angeles retail market and San Gabriel Valley submarket which had vacancy rates of approximately 5.3% and 5.0%, respectively, as of the fourth quarter of 2014.

Plaza San Mateo. The property is a 63,286 square foot anchored retail center located in Albuquerque, New Mexico. The property was built in 2014 and is located on approximately 4.5 acres. The property is anchored by an investment grade tenant, Bed Bath & Beyond (58,001 square feet), who shares its space with a buybuy BABY and whose lease expires in 2025, approximately 4.5 years past the mortgage loan maturity date. The property also has a 5,285 pad retail building with Starbucks (1,779 square feet), Subway (1,219 square feet) and Keva Juice (1,068 square feet). As of February 10, 2015, the property was 98.1% occupied by four tenants. Plaza San Mateo is located on a main thoroughfare, San Mateo Boulevard NE, and benefits from the daily traffic of approximately 40,000 vehicles. The subject property is located four miles northeast of the Albuquerque central business district and directly across from Interstate 40 west, the main east-west arterial connecting Texas to Arizona. The 2015 estimated population within a one-, three- and five-mile radius of the property is 13,315, 123,639 and 299,043, respectively. The 2015 median household income within a one-, three- and five-mile radius of the property is $43,770, $35,300 and $39,063, respectively. The appraisal concluded per square foot market rents of $14.00 (anchor) and $29.00 (pad retail) at the property. According to the appraisal, the property is located within the Albuquerque retail market and Northeast Heights submarket which had vacancy rates of approximately 11.7% and 10.8%, respectively, as of the fourth quarter of 2014.

Emerald Place. The property is a 107,628 square foot anchored retail center located in Greenwood, South Carolina. The property was built in 2012 and is located on approximately 12.2 acres. The property is anchored by Kohl’s (55,459 square feet) and junior anchored by Ross (22,012 square feet), PetSmart (12,157 square feet) and Shoe Carnival (10,000 square feet). The four largest tenants, which account for 81.3% of the underwritten rent, have leases that expire after the mortgage loan maturity date and each has multiple extension options. As of February 10, 2015, the property was 100.0% occupied by eight tenants, two of which, Kohl’s and Ross, are investment grade. Emerald Place benefits from its proximity to a Wal-Mart supercenter anchored retail center to the north and Lowe’s as a shadow anchor to the east. The property is also located along a primary corridor and features high accessibility and visibility. The subject property is located approximately 50 miles south of Greenville, South Carolina and 50 miles north of Augusta, Georgia. The 2015 estimated population within a one-, three- and five-mile radius of the property is 3,031, 27,575 and 44,195, respectively. The 2015 median household income within a one-, three- and five-mile radius of the property is $52,794, $37,558 and $34,626, respectively. The appraisal concluded per square foot market rents of $14.00 (anchor) and $20.00 (in-line) at the property. Per the appraisal, the property is located within the Greenville/Spartanburg retail market and Greenwood County submarket which had vacancy rates of approximately 6.7% and 15.3%, respectively, as of the fourth quarter of 2014.

Village at Hereford Farms. The property is a 49,608 square foot anchored retail center located in Grovetown, Georgia. The property was built in 2009 and is located on approximately 8.6 acres. Village at Hereford Farms is anchored by Food Lion (34,928 square feet), with in-line tenants such as Georgia Lottery (5,600 square feet), Pizza Guys Augusta (1,650 square feet) and State Farm (1,354 square feet). Food Lion, which has an investment grade rating from Moody’s, S&P and Fitch, accounts for 69.1% of the underwritten rent and has a lease that expires more than nine years after the mortgage loan maturity date. As of February 10, 2015, the property was 96.4% occupied by eight tenants. Village at Hereford Farms benefits from being proximate to several upscale housing divisions in the area, including Tudor Branch and River Birch Landing. The subject is located approximately 135 miles east of Atlanta, Georgia and approximately 84 miles southwest of Columbia, South Carolina. The 2015 estimated population within a one-, three- and five-mile radius of the property is 1,103, 22,243 and 75,828, respectively. The 2015 median household income within a one-, three- and five-mile radius of the property is $80,711, $77,655 and $69,539, respectively. The appraisal concluded per square foot market rents of $14.50 (anchor) and $18.00 (in-line) at the property. According to the appraisal, the property is located within the Augusta retail market and Columbia County submarket which had vacancy rates of approximately 10.2% and 1.8%, respectively, as of the fourth quarter of 2014.

University Marketplace. The property is a 86,224 square foot anchored retail center located in Marion, Indiana. The property was built in 2012 and is located on approximately 6.8 acres. As of February 10, 2015, the property was 100.0% occupied by Hobby Lobby (50,000 square feet), TJ Maxx (24,000 square feet) and PetSmart (12,224 square feet). All three tenants have leases that expire after the mortgage loan maturity date and each has multiple extension options. University Marketplace is shadow anchored by Kohl’s and Meijer grocery store, which has a gas station. University Marketplace is located less than one mile east of Indiana Wesleyan University, which has enrollment exceeding 15,000 students, making it one of the largest private universities in Indiana. The property is located in the southwestern portion of the city of Marion and is approximately 25 miles east of the city of Kokomo and approximately 25 miles northwest of the city of Muncie. The 2015 estimated population within a one-, three- and five-mile radius of the property is 6,014, 23,522 and 43,792, respectively. The 2015 median household income within a one-, three- and five-mile radius of the property is $31,605, $32,294 and $35,770, respectively. The appraisal concluded per square foot market rents of $6.00 (anchor), $8.00 (junior anchor) and $13.00 (large in-line) at the property. According to the appraisal, as of the fourth quarter of 2014, direct vacancy in the lifestyle, power center and neighborhood shopping center inventory is reported to be 1.3% within the overall Marion, Indiana community.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
 
Reporting Tenant Sales Summary
        
TenantProperty Name
Ratings(1)
Moody’s/S&P/Fitch
Net Rentable
Area (SF)
% of Total
NRA
Gross Sales
($ Million)(2)
Sales Per
Square Foot
Toys R Us / Babies R UsMarketplace at the LakesCaa2 / B- / CC65,0279.6%$9.1 $140
Bed Bath & Beyond(3)
Plaza San MateoBaa1 / A- / NA58,0018.5%$2.6 $113
Kohl’sEmerald PlaceBaa1 / BBB / BBB+55,4598.1%$16.9 $305
Hobby LobbyUniversity MarketplaceNA / NA / NA50,0007.3%$6.5 $130
Toys R UsBeavercreek Shopping CenterNA / NA / NA49,0007.2%$9.1 $186
Food Lion(4)(5)
Village at Hereford FarmsBaa3 / BBB- / NA34,9285.1%$8.5 $242
Kings Furniture(4)(6)
Beavercreek Shopping CenterNA / NA / NA30,7244.5%$1.6 $52
MichaelsMarketplace at the LakesNA / B+ / NA30,6014.5%$4.7 $153
HomeGoods(4)
Beavercreek Shopping CenterA3 / A+ / NA28,4874.2%$5.3 $187
PetSmartBeavercreek Shopping CenterNA / B+ / NA25,7603.8%$5.2 $202
TJ Maxx(4)
University MarketplaceA3 / A+ / NA24,0003.5%$3.4 $140
Michaels(4)(7)
Beavercreek Shopping CenterNA / B+ / NA22,4473.3%$4.3 $192
Five Below(4)(8)
Beavercreek Shopping CenterNA / NA / NA10,0001.5%$1.0 $101
 (1)Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
 (2)Gross Sales are third party service estimates as of March 19, 2015, unless otherwise noted.
 (3)Gross Sales for Bed Bath & Beyond are only for the buybuy BABY portion of the store. Sales Per Square Foot are based on the portion occupied by buybuy BABY, 23,000 square feet.
 (4)Gross Sales are as reported per the loan sponsor.
 (5)Food Lion Gross Sales are as of year-end 2013.
 (6)Kings Furniture Gross Sales are for the 11-month period ending in November 2014.
 (7)Michaels, located at the Beavercreek Shopping Center, Gross Sales are as of year-end 2012.
 (8)Five Below Gross Sales are for the eight-month period ending in August 2013.
 
Historical and Current Occupancy(1)
    
2012(2)
2013(2)
2014
Current(3)
88.6%99.7%100.0%99.6%
(1)Historical occupancies are as of December 31 of each respective year.
(2)2012 Historical Occupancy and 2013 Historical Occupancy exclude Plaza San Mateo as it was built in 2014.
(3)Current Occupancy is as of February 10, 2015.
 
Top 10 Tenant Summary(1)
       
TenantProperty
Ratings(2)
Moody’s/S&P/Fitch
Net Rentable
Area (SF)
% of
Total NRA
Base
Rent PSF
Lease
Expiration Date
Toys R Us(3)
VariousCaa2 / B- / CC 114,02716.8%$14.13Various
Bed Bath & BeyondPlaza San MateoBaa1 / A- / NA 58,0018.5%$14.001/31/2025
Kohl’sEmerald PlaceBaa1 / BBB / BBB+ 55,4598.1%$2.701/31/2033
Michaels(4)
VariousNA / B+ / NA 53,0487.8%$12.74Various
PetSmart(5)
VariousNA / B+ / NA 50,1417.4%$11.55Various
Hobby LobbyUniversity MarketplaceNA / NA / NA 50,0007.3%$5.509/30/2027
Gabriel BrothersBeavercreek Shopping CenterNA / NA / NA 49,8537.3%$5.2511/30/2018
LA FitnessBeavercreek Shopping CenterNA / NA / NA 49,7767.3%$14.755/31/2024
Food LionVillage at Hereford FarmsBaa3 / NA / NA 34,9285.1%$14.5210/20/2029
Kings FurnitureBeavercreek Shopping CenterNA / NA / NA 30,7244.5%$6.109/30/2023
(1)Based on the underwritten rent roll.
(2)Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.
(3)Toys R Us / Babies R Us at the Marketplace at the Lakes property (65,027 square feet) has a lease expiration of January 31, 2027 and a rent of $17.65 per square foot. Toys R Us at the Beavercreek Shopping Center property (49,000 square feet) has a lease expiration of January 31, 2024 and a rent of $9.45 per square foot.
(4)Michaels at the Marketplace at the Lakes property (30,601 square feet) has a lease expiration of February 28, 2022 and a rent of $16.77 per square foot. Michaels at the Beavercreek Shopping Center property (22,447 square feet) has a lease expiration of September 30, 2018 and a rent of $7.25 per square foot.
(5)PetSmart at the Beavercreek Shopping Center property (25,760 square feet) has a lease expiration of January 31, 2021 and a rent of $9.00 per square foot. PetSmart at the University Marketplace property (12,224 square feet) has a lease expiration of January 31, 2023 and a rent of $12.50 per square foot. PetSmart at the Emerald Place property (12,157 square feet) has a lease expiration of January 31, 2023 and a rent of $16.00 per square foot.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
 
Lease Rollover Schedule(1)
YearNumber of Leases
Expiring
Net Rentable
Area Expiring
% of NRA ExpiringBase Rent Expiring
% of Base
Rent
Expiring
Cumulative
Net Rentable
Area
Expiring
Cumulative
% of NRA
Expiring
Cumulative Base Rent ExpiringCumulative
% of Base
Rent
Expiring
 VacantNAP 2,9940.4NAPNAP2,9940.4%NAPNAP
 2015 & MTM11 0.0 $9,4500.12,9950.4%$9,4500.1%
 20162 2,954 0.4 52,625 0.7 5,9490.9%$62,0750.8%
 20172 2,800 0.4 46,480 0.6 8,7491.3%$108,5551.4%
 20185 78,750 11.6 546,869 7.2 87,49912.9%$655,4248.7%
 20191 1,600 0.2 32,000 0.4 89,09913.1%$687,4249.1%
 20203 8,482 1.2 233,107 3.1 97,58114.3%$920,53112.2%
 20211 25,760 3.8 231,840 3.1 123,34118.1%$1,152,37115.2%
 20222 59,088 8.7 765,252 10.1 182,42926.8%$1,917,62325.3%
 20238 126,717 18.6 1,281,128 16.9 309,14645.4%$3,198,75242.3%
 20245 106,857 15.7 1,449,437 19.1 416,00361.1%$4,648,18961.4%
 20251 58,001 8.5 812,014 10.7 474,00469.7%$5,460,20372.1%
 2026 & Beyond5 206,482 30.3 2,110,319 27.9 680,486100.0%$7,570,522100.0%
 Total36
 680,486
100.0$7,570,522100.0    
(1)Based on the underwritten rent roll.
 
Operating History and Underwritten Net Cash Flow(1)
 
 
2014(2)
TTM(3)
UnderwrittenPer Square
Foot
%(4)
Rents in Place$7,746,978$7,772,379$7,570,522$11.1373.3
Vacant Income0067,3010.10 0.7 
Gross Potential Rent$7,746,978$7,772,379$7,637,823$11.2274.0
Total Reimbursements2,101,4852,145,5452,684,9493.95 26.0 
Net Rental Income$9,848,464$9,917,923$10,322,772$15.17100.0
(Vacancy/Credit Loss)00(504,555)(0.74)(4.9) 
Other Income24,079123,30400.000.0 
Effective Gross Income$9,872,543$10,041,227$9,818,217$14.4395.1
       
Total Expenses$2,627,738$2,607,059$3,098,492$4.5531.6
       
Net Operating Income(5)
$7,244,804$7,434,168$6,719,726$9.8768.4
       
Total TI/LC, Capex/RR00330,6130.493.4 
Net Cash Flow$7,244,804$7,434,168$6,389,112$9.3965.1
       
(1)Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between March 2013 and September 2014 for a combined purchase price of $96,511,983.
(2)2014 NOI encompasses the year-end 2014 period for four of the six properties, the trailing seven-month period annualized for Plaza San Mateo and the trailing four-month period annualized for Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
(3)TTM encompasses the trailing 12-month period ending February 28, 2015 for four of the six properties, trailing nine-month period annualized for Plaza San Mateo and the trailing six-month period annualized for Village at Hereford Farms, as these properties were acquired in May 2014 and September 2014, respectively.
(4)Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
(5)The portfolio was 99.6% occupied as of February 10, 2015. As such the decrease from TTM NOI to UW NOI is primarily due to the inclusion of a $504,555 vacancy adjustment.

Property Management. The properties are managed by CREI Advisors, LLC, an affiliate of the loan sponsor.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
   
Cole IV Retail Portfolio – Pool I
 
Escrows and Reserves. No upfront escrows were taken at origination.

Tax Escrows - The requirement for the borrowers to make monthly deposits into the tax escrow is waived with respect to any portion of any property leased to a tenant required to pay taxes directly pursuant to the terms of its lease.

Insurance Escrows - The requirement for the borrowers to make monthly deposits into the insurance escrow is waived so long as the borrowers provide satisfactory evidence that the properties are insured under an acceptable blanket policy in accordance with the loan documents.

Replacement Reserves - On a monthly basis, the borrowers are required to escrow approximately $5,671 (approximately $0.10 per square foot annually) for replacement reserves.

TI/LC Reserves - On a monthly basis, the borrowers are required to escrow approximately $28,354 (approximately $0.50 per square foot annually) for TI/LC reserves.

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. At origination, the borrowers were required to send tenant direction letters to tenants instructing them to deposit all rents and payments directly to the lockbox account controlled by the lender. All funds in the lockbox account are swept on the 5th, 12th, 19th and 26th of each month to a cash management account under the control of the lender and disbursed on each monthly payment date during the term of the loan in accordance with the loan documents. Upon the occurrence of an Excess Cash Sweep Event (as defined below), the borrowers will deposit with the lender all excess cash into the cash management account, which will be held by the lender as additional security for the mortgage loan.

An “Excess Cash Sweep Event” means any period during which (i) an event of default occurs or (ii) the debt service coverage ratio at the end of a fiscal quarter is less than or equal to 1.75x.

Release of Individual Properties. Following the lockout period, the borrowers are permitted to sell one or more of the properties to a bona fide third party purchaser who is not a restricted party or an affiliate of a restricted party with the payment of the applicable yield maintenance premium if prior to the permitted par prepayment date, provided that, among other things (i) no event of default exists, (ii) the borrowers make a payment of 125.0% of the allocated loan amount applicable to such property, (iii) the debt service coverage ratio will not be less than the greater of (a) the debt service coverage ratio, as calculated in the loan documents, for all properties in effect as of the origination date and (b) the debt service coverage ratio in effect immediately prior to the property sale and (iv) the loan-to-value ratio then remaining will not be greater than the loan-to-value ratio for all properties in effect as of the origination date.

Condominium. The University Marketplace property within the portfolio is part of a condominium regime. The borrower owns three units of a total 14 units. A condominium declaration outlines the rights, responsibilities and obligations of each owner and outlines each unit’s proportional share of various expenses related to the common elements and management of common areas. Once 75.0% of the undivided common ownership interest in the condominium has been sold and conveyed by the declarant, all unit owners will elect the initial board of managers consisting of not less than five members, at least three of whom shall be unit owners.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
   
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Cole IV Retail Portfolio – PooI II
 
(GRAPHIC)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Cole IV Retail Portfolio – PooI II
 
(MAP)
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Cole IV Retail Portfolio – PooI II
 
Mortgage Loan Information Property Information
Mortgage Loan Seller:Barclays Single Asset / Portfolio:Portfolio
Original Principal Balance:$50,000,000 Title:Fee
Cut-off Date Principal Balance:$50,000,000 Property Type - Subtype:Retail - Anchored
% of Pool by IPB:5.1% Net Rentable Area (SF):551,854
Loan Purpose(1):
Acquisition Location:Various
Borrowers(2):
Various Year Built / Renovated:Various / Various
Sponsor:Cole Operating Partnership IV, LP Occupancy:96.9%
Interest Rate:3.80300% Occupancy Date:2/10/2015
Note Date:4/9/2015 Number of Tenants:47
Maturity Date:5/6/2020 
2012 NOI(3):
N/A
Interest-only Period:60 months 
2013 NOI(3):
N/A
Original Term:60 months 
2014 NOI(4):
$6,387,484
Original Amortization:None 
TTM NOI (as of 2/2015)(5):
$6,649,019
Amortization Type:Interest Only UW Economic Occupancy:94.0%
Call Protection:L(25),Grtr1%orYM(31),O(4) UW Revenues:$8,984,006
Lockbox:Hard UW Expenses:$2,285,884
Additional Debt:N/A UW NOI:$6,698,122
Additional Debt Balance:N/A UW NCF:$6,329,251
Additional Debt Type:N/A Appraised Value / Per SF:$103,370,000 / $187
   
Appraisal Date(6):
Various
     

Escrows and Reserves(7)
 Financial Information
 InitialMonthlyInitial Cap  Cut-off Date Loan / SF:$91
Taxes:$0SpringingN/A  Maturity Date Loan / SF:$91
Insurance:$0SpringingN/A  Cut-off Date LTV:48.4%
Replacement Reserves:$0$4,599N/A  Maturity Date LTV:48.4%
TI/LC:$0$22,994N/A  UW NCF DSCR:3.27x
Other:$0$0N/A  UW NOI Debt Yield:13.4%
       
 
Sources and Uses
SourcesProceeds% of Total UsesProceeds% of Total
Mortgage Loan$50,000,00050.5% 
Purchase Price(1)
$98,225,00099.1%
Sponsor Equity49,101,30349.5 Closing Costs876,3030.9
Total Sources$99,101,303100.0% Total Uses$99,101,303100.0%
(1)A portion of the mortgage loan proceeds were used to remove two of the six properties that served as collateral under the loan sponsor’s line of credit facilities.
(2)
For a full description of the borrowing entities, please refer to “The Borrowers” below.
(3)Complete historical operating statements are unavailable for the portfolio as the properties were acquired by the loan sponsor between December 2012 and September 2014 for a combined purchase price of $98,225,000.
(4)2014 NOI encompasses the year-end period for three of the six properties, the trailing eleven-month period annualized for Terrell Mill Village, the trailing nine-month period annualized for Target Center and the trailing four-month period annualized for Inglewood Plaza, as these properties were acquired in January 2014, March 2014 and September 2014, respectively.
(5)TTM NOI encompasses the trailing 12-month period for four of the six properties, the trailing 11-month period annualized for Target Center and the trailing six-month period annualized for Inglewood Plaza, as these properties were acquired in March 2014 and September 2014, respectively.
(6)The appraisals are dated as of February 15, 2015 through February 25, 2015.
(7)
For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The Cole IV Retail Portfolio – Pool II loan has an outstanding principal balance of $50.0 million and is secured by a first mortgage lien on the borrowers’ fee simple interests in a portfolio of six multi-tenant retail anchored properties totaling 551,854 square feet located in five states. The loan has a five-year term and is interest-only for the entire term. The properties were acquired by the loan sponsor between December 2012 and September 2014. At origination of the mortgage loan, four of the six assets, East Manchester Village, Target Center, Terrell Mill Village and Westover Marketplace, were unencumbered. The other two assets served as collateral under the loan sponsor’s line of credit facilities.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
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Structural and Collateral Term Sheet JPMBB 2015-C29
 
Cole IV Retail Portfolio – PooI II
 
The Borrowers. The borrowing entities for the loan are ARCP MT Inglewood CA, LP, Cole MT Canton GA, LLC, Cole MT Columbia SC, LLC, Cole MT East Manchester, PA, LLC, Cole MT Marietta GA, LLC and Cole MT San Antonio (Highway 151) TX, LLC. Each entity is a single purpose entity and is either a Delaware limited liability company or Delaware limited partnership.

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor is Cole Operating Partnership IV, LP. The sole general partner of Cole Operating Partnership IV, LP is Cole Credit Property Trust IV, Inc. (“CCPT”), a Maryland corporation formed in July 2010. CCPT is externally managed by Cole REIT Advisors IV, LLC, an affiliate of Cole Capital, which is the trade name used to refer to a group of affiliated entities directly or indirectly controlled by American Realty Capital Properties, Inc. See “Risk Factors-Litigation or Other Legal Proceedings Could Adversely Affect the Mortgage Loans” in the Free Writing Prospectus. CCPT primarily invests in power retail centers leased to creditworthy tenants under long-term net leases. As of December 31, 2014, CCPT owned 759 properties comprised of 20.2 million square feet located in 45 states that were 99.0% leased in the aggregate. As of December 31, 2014, CCPT had total assets equal to approximately $4.04 billion and a net worth of approximately $2.33 billion.

The Properties. Cole IV Retail Portfolio – Pool II is comprised of six anchored retail properties totaling 551,854 square feet located in five different states. The portfolio properties were constructed between 1974 and 2013 and had a combined physical occupancy of 96.9% as of February 10, 2015. There are six investment grade tenants in the portfolio which collectively occupy 158,322 square feet (28.7% of the net rentable area) and comprise approximately $1,904,129 of the underwritten rent. The credit rated tenants include Kroger, Giant, CVS, T-Mobile (a subsidiary of Deutsche Telekom AG), Verizon Wireless and Starbucks. The weighted average remaining lease term for the portfolio is approximately 9.2 years, and 67.2% of the net rentable area and 61.4% of underwritten base rent expire after the loan maturity date. Additionally, 12 of the 47 tenants have renewal options, comprising 52.5% of the portfolio’s net rentable area.

Portfolio Summary
 
Property Location Year Built / Year Renovated 
Net Rentable Area
(SF)
 
Allocated
Loan
Amount
 
Appraised
Value
 
Underwritten
Net Cash
Flow
 
% of Underwritten
Net Cash Flow
Inglewood Plaza Inglewood, CA 2008 / N/A 96,919  $12,700,000  $26,200,000  $1,604,041  25.3%
Hickory Flat Commons Canton, GA 2008 / N/A 114,830  9,850,000  20,400,000  1,037,339   16.4
East Manchester Village Centre Manchester, PA 1995, 2009 / 2008 120,584  8,300,000  17,200,000  1,092,834   17.3
Terrell Mill Village Marietta, GA 1974 / 2012 75,184  7,500,000  15,500,000  1,060,878   16.8
Westover Marketplace San Antonio, TX 2013 / N/A 60,646  6,200,000  12,770,000  789,151   12.5
Target Center Columbia, SC 2001 / 2012 83,691  5,450,000  11,300,000  745,008   11.8
Total     551,854  $50,000,000  $103,370,000  $6,329,251  100.0%

Inglewood Plaza. The property is a 96,919 square foot anchored retail center located on approximately 6.0 acres in Inglewood, California. The property was built in 2008. The property is anchored by Burlington Coat Factory (80,000 square feet) and includes one junior anchor, CVS (12,900 square feet). The property’s additional in-line tenants are T-Mobile (3,019 square feet) and Louisiana Fried Chicken (1,000 square feet). Burlington Coat Factory has four five-year extension options remaining and CVS has seven five-year extension options remaining. As of February 10, 2015, the property was 100.0% occupied by the four tenants. The property is located on the southwest corner of Crenshaw Boulevard and Imperial Highway, less