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Morningstar Credit Ratings Assigns Preliminary Ratings for J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-BXH, Commercial Mortgage Pass-Through Certificates, Series 2014-BXH (JPM 2014-BXH)
Posted July 7th, 2014 for
NEW YORK, July 7, 2014—Morningstar Credit Ratings, LLC today assigned preliminary ratings for the commercial mortgage-backed securities (CMBS) transaction J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-BXH, Commercial Mortgage Pass-Through Certificates, Series 2014-BXH (JPM 2014-BXH). The preliminary ratings are based on information known to Morningstar as of July 7, 2014. PRELIMINARY RATINGS (AS OF JULY 7, 2014) Class / Balance/Notional Amt. / Preliminary Ratings / Morningstar DSCR / Morningstar BLTV / Morningstar ELTV / Credit Support LevelsClass A-1 $97,020,000 AAA 5.62x 26.70% 26.70% 63.93%Class X-CP $269,000,000 AAA N/A N/A N/A N/AClass B $35,600,000 AA- 4.11x 36.50% 36.50% 50.70%Class C $26,470,000 A- 3.43x 43.80% 43.80% 40.86%Class D $34,970,000 BBB- 2.81x 53.40% 53.40% 27.86%Class E $74,940,000 BB- 2.03x 74.00% 74.00% 0.00%The key characteristics of the mortgage loan collateral supporting JPM 2014-BXH are:• Two uncrossed floating-rate mortgage loans, each with an initial term of two years and subject to three one-year extension options. The OTO Portfolio mortgage loan is secured by the borrower’s fee simple and leasehold interests in 16 hotels located throughout the United States totaling 2,031 rooms. The Four Seasons Las Colinas loan is secured by the borrower’s fee simple interest in a 431-room luxury resort, spa, and golf club located in Irving, Texas; • The aggregate principal balance of the two mortgage loans, which is collateral for the trust, is $269.0 million; and• Each loan included in this transaction is structured with subordinate debt in the form of a senior mezzanine loan and a junior mezzanine loan. The total mezzanine debt for the OTO Portfolio loan is $85.0 million and the total mezzanine debt for the Four Seasons Las Colinas loan is $43.0 million. Based on information provided on the arranger’s website, Morningstar’s analysis of the loan yielded the following Morningstar metrics:• An aggregate Morningstar net cash flow (NCF) of $32.2 million, which is lower than the arranger’s NCF by 4.70 percent;• A current debt service coverage ratio (DSCR) of 5.48x based on the loan spreads and current one-month LIBOR. Based on the Morningstar stressed interest rate of 5.93 percent for the OTO Portfolio loan and 5.87 percent for the Four Seasons Las Colinas loan, the Morningstar DSCR is 2.03x;• Morningstar valued the properties at $363.5 million using a weighted-average capitalization rate of 8.87 percent; and• The Morningstar term value, which equates to $147,626 per room, is 29.20 percent lower than the appraised value of $513.6 million. The Morningstar term value resulted in a weighted-average beginning loan-to-value (LTV) ratio of 74.00 percent. For complete details about the preliminary ratings for this transaction, Morningstar’s Presale Analysis Package, including the Presale Report, Asset Summary Reports, and the Representations, Warranties, and Enforcement Mechanisms, is available under the “Ratings Reports” tab on https://ratingagency.morningstar.com. Information subsequently received could result in the assignment of final ratings that differ from the preliminary ratings.About Morningstar Credit Ratings, LLC and Morningstar, Inc. Morningstar Credit Ratings, LLC is a Nationally Recognized Statistical Rating Organization (NRSRO) that specializes in structured credit research and ratings, and offers a wide array of services including new-issue ratings and analysis, operational risk assessments, surveillance services, data, and technology solutions.Morningstar Credit Ratings, LLC is a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia.Morningstar, Inc. offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on approximately 456,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 12 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $164 billion in assets under advisement and management as of March 31, 2014. The company has operations in 27 countries.Morningstar, Inc. is not an NRSRO and its credit ratings on corporate and municipal issuers are not NRSRO credit ratings.# # #©2014 Morningstar, Inc. All Rights Reserved.MORN-R
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