# EDGAR Filing Document

**Accession Number:** 0001961629
**File Stem:** 0001539497-23-000143
**Filing Date:** 2023-2
**Character Count:** 10597
**Document Hash:** 22320a58a20fba648a38f12401fd510c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-23-000143.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001539497-23-000143

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIVE 2023-V1 Mortgage Trust
- **CENTRAL INDEX KEY:** 0001961629
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-260277-02
- **FILM NUMBER:** 23590442

**BUSINESS ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (212) 250-2500

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGH 2023-FIVE Mortgage Trust
- **DATE OF NAME CHANGE:** 20230109
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE MORTGAGE & ASSET RECEIVING CORP
- **CENTRAL INDEX KEY:** 0001013454
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 043310019
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (212) 250-2500

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

---

| |
|:---|
| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-260277-02 |

---

**From:** Db Cmbs Deutsche Bank (DEUTSCHE BANK SECURI) <br> **Sent:** Monday, February 6, 2023 12:54 PM<br> **Subject:** FIVE 2023-V1 \*\*NEW ISSUE ANNOUNCEMENT\*\* PUBLIC

FIVE 2023-V1 -- NEW ISSUE CMBS

$657.227MM NEW ISSUE CMBS \*\*\*PUBLIC OFFERING\*\*\*

JOINT BOOKRUNNERS & CO-LEAD MANAGERS: DEUTSCHE BANK, BARCLAYS, BMO, CITIGROUP, & GOLDMAN SACHS

CO-MANAGERS: ACADEMY SECURITIES & DREXEL HAMILTON

RATING AGENCIES: MOODY'S, FITCH & KBRA

\*\*\*PUBLIC OFFERED CERTIFICATES\*\*\*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS | RATING (M/F/K) | SIZE (MM) | C/E | WAL | LTV | DY |
| A-1 | AAA/AAA/AAA | 7.356 | 30.000% | 2.49 | 37.2% | 18.3% |
| A-2\* | AAA/AAA/AAA | 125.000 | 30.000% | 4.72 | 37.2% | 18.3% |
| A-3\* | AAA/AAA/AAA | 376.700 | 30.000% | 4.86 | 37.2% | 18.3% |
| A-M | NR/AAA/AAA | 79.994 | 19.000% | 4.94 | 43.0% | 15.8% |
| B | NR/AA-/AA- | 40.906 | 13.375% | 4.94 | 46.0% | 14.8% |
| C | NR/A-/A- | 27.271 | 9.625% | 4.94 | 48.0% | 14.2% |

---

\*SIZES SUBJECT TO CHANGE AS DETAILED IN THE TERM SHEET. RANGE OF POSSIBLE SIZES BELOW:

CLASS EXPECTED RANGE OF BALANCE EXPECTED RANGE OF WAL <br> A-2 0.000 - 200.000 NA - 4.77 <br> A-3 301.700 - 501.700 4.86 - 4.83

---

| | |
|:---|:---|
| POOL BALANCE: | $765497945 |
| NUMBER OF LOANS: | 26 |
| NUMBER OF PROPERTIES: | 43 |
| WA CUT-OFF LTV: | 53.1% |
| WA UNDERWRITTEN NCF DSCR: | 1.82x |
| WA UNDERWRITTEN NOI DEBT YIELD: | 12.8% |
| WA MORTGAGE INTEREST RATE: | 6.4248% |
| WA REM. TERM TO MATURITY (MOS): | 59 |
| PROPERTY TYPES: | OFFICE (29.1%), RETAIL (26.5%), INDUSTRIAL (14.1%), MULTIFAMILY (12.5%), MIXED USE (11.3%), HOSPITALITY (5.8%), SELF STORAGE (0.7%), PARKING (0.1%) |
| TOP STATES: | CA (26.5%), NY (21.2%), IL (12.6%), FL (9.1%) |
| AMORTIZATION TYPE: | INTEREST ONLY (78.0%); AMORTIZING BALLOON (16.1%); INTEREST ONLY, AMORTIZING BALLOON (5.9%) |
| TOP 10 & 5 LOANS AS A % OF POOL: | 68.9% & 44.1% |
| MASTER SERVICER: | MIDLAND LOAN SERVICES |
| SPECIAL SERVICER: | GREYSTONE SERVICING COMPANY |
| OPERATING ADVISOR: | PARK BRIDGE LENDER SERVICES LLC |
| DIRECTING HOLDER: | GREYSTONE HIGH YIELD INVESTMENTS I LLC |
| TRUSTEE: | COMPUTERSHARE TRUST COMPANY, NA |
| CERT. ADMINISTRATOR: | COMPUTERSHARE TRUST COMPANY, NA |

---

---

| | |
|:---|:---|
| ANTICIPATED TIMING: |  |
| - TERM SHEET & ANNEX A-1: | ATTACHED |
| - RED: | TODAY 2/6 |
| - THIRD PARTY SYSTEMS: | TODAY 2/6 |
| - INVESTOR CALLS AVAILABLE UPON REQUEST (CONTACT SALES COVERAGE) | - INVESTOR CALLS AVAILABLE UPON REQUEST (CONTACT SALES COVERAGE) |
| - PRE-SALE REPORTS: | TODAY 2/6 OR TOMORROW 2/7 |
| - ANTICIPATED PRICING: | WEEK OF 2/6 |
| - ANTICIPATED SETTLEMENT: | 2/28 |

---

---

| | |
|:---|:---|
| DEUTSCHE BANK TRADING DESK CONTACTS: | DEUTSCHE BANK TRADING DESK CONTACTS: |
| RYAN HORVATH | 212-250-5149 |
| AFTON ENGLAND | 212-250-5149 |
| DAN PENN | 212-250-5149 |
| BARCLAYS DESK CONTACTS: | BARCLAYS DESK CONTACTS: |
| DAVID KUNG | 212-528-7970 |
| PETER TAYLOR | 212-526-1528 |
| BRIAN WIELE | 212-412-5780 |
| SEAN FOLEY | 212-412-5780 |
| MELANIE MOTSCHWILLER-RAZ | 212-412-5780 |
| BMO CAPITAL MARKETS CONTACTS: | BMO CAPITAL MARKETS CONTACTS: |
| PAUL VANDERSLICE | 203-451-4151 |
| DAVID SCHELL | 201-723-4872 |
| ALEX SMITH-CONSTANTINE | 201-637-9725 |
| CITIGROUP SYNDICATE DESK CONTACTS: | CITIGROUP SYNDICATE DESK CONTACTS: |
| RAUL OROZCO | 212-723-1295 |
| MATT PERRY | 212-723-1295 |
| GOLDMAN SACHS SYNDICATE DESK CONTACTS: | GOLDMAN SACHS SYNDICATE DESK CONTACTS: |
| SCOTT WALTER | 212-357-8910 |
| LISA SCHEXNAYDER | 212-902-2330 |
| MONIQUE HARMON | 212-357-9012 |

---

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Investors are urged to read the final prospectus relating to these securities because it contains important information regarding the offering that is not included herein. The issuer, any underwriter or any dealer participating in the offering will arrange to send you the final prospectus if you request it by calling toll-free 1-800-503-4611 or e-mailing a request to prospectus.cpdg@db.com.

The asset-backed securities referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of securities may be split, combined or eliminated at any time prior to issuance or availability of a prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these securities, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of securities to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us.

Because the asset-backed securities are being offered on a "when, as and if issued" basis, any such contract will terminate, by its terms, without any further obligation or liability between us, if the securities themselves, or the particular class to which the contract relates, are not issued. Because the asset-backed securities are subject to modification or revision, any such contract also is conditioned upon the understanding that no material change will occur with respect to the relevant class of securities prior to the closing date. If a material change does occur with respect to such class, our contract will terminate, by its terms, without any further obligation or liability between us (the "Automatic Termination"). If an Automatic Termination occurs, we will provide you with revised offering materials reflecting the material change and give you an opportunity to purchase such class. To indicate your interest in purchasing the class, you must communicate to us your desire to do so within such timeframe as may be designated in connection with your receipt of the revised offering materials.

The information contained in these materials may be based on assumptions regarding market conditions and other matters as reflected herein. Deutsche Bank Securities Inc. and the other underwriters make no representation regarding the reasonableness of such assumptions or the likelihood that any such assumptions will coincide with actual market conditions or events, and these materials should not be relied upon for such purposes. The underwriters and their respective affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of these materials, may, from time to time, have long or short positions in, and buy and sell, the securities mentioned herein or derivatives thereof (including options). Deutsche Bank Securities Inc. and the other underwriters may have an investment or commercial banking relationship with the issuer.

Information in these materials is current as of the date appearing on the material only. This preliminary prospectus is not required to contain all information that is required to be included in the prospectus. The information in this prospectus is preliminary and subject to change. Information in these materials regarding any securities discussed herein supersedes all prior information regarding such securities. These materials are 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. 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 securities.

The issuer has filed a registration statement (including a prospectus) with the SEC (registration statement file no. 333-260277) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by e-mailing a request to prospectus.cpdg@db.com. The securities may not be suitable for all investors.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.