Commercial Real Estate News reports that JPMorgan Chase has launched a $1.1-billion CMBS transaction backed by 30 mortgages it recently originated. JPMorgan Chase Commercial Mortgage Securities Trust 2010-C2 is the second multi-borrower transaction and third CMBS deal issued by the investment bank in the past three months, making it the most active issuer so far this year. Last June, it priced a $716.3-million deal, and earlier this month, it priced a $484.6-million deal that provided financing for 72 properties owned by Centro Properties Group. Like those two deals, the bank’s upcoming transaction has a heavy concentration of loans on retail properties, which comprise 66.7% of its collateral pool. Office loans comprise 15% of the pool, industrial 10.3% and other property types 8%. The deal’s 10 largest loans amount to 74.6% of its balance. The transaction has been divided into 11 principal paying classes and two interest-only classes that are being rated by Fitch and S&P. The deal’s three AAA classes have an 18.25% subordination level compared with a 15% subordination level for JPMorgan’s last multi-borrower deal. Its unrated class, with a balance of $22 million, comprises part of the deal’s B-piece, which was acquired by H/2 Capital Partners, a Stamford, CT investment manager led by Spencer Haber, a former president of iStar Financial. Midland Loan Services is the deal’s master and special servicer. The transaction is the first of a number of multi-borrower deals that are expected to price before the end of the year. On deck are deals from Deutsche Bank, RBS and Wells Fargo, each of which could total $1 billion.
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