JPMorgan Chase (JPM) is coming to market with $1 billion of commercial mortgage-backed securities to the market containing 44 loans on 209 properties, according to the pre-sale report from credit rating agency Morningstar. Seven classes within the security were rated AAA. One class was given AA status and another was give an A rating. Morningstar gave the rest of the classes a noninvestment grade. The properties span across 24 states. The largest loan, the InterContinental Hotel in Chicago represents 14.1% of the overall trust portfolio, according to the pre-sale report. Slightly more than half of the loan balance are on 177 retail properties, followed by hospitality properties taking up 20% and office buildings making up 16.7%. Morningstar analysts visited 35 properties in the trust backing 18 loan, representing 73.7% of the loan balance and rated them on age, location and condition. Most of the properties scored an “average” rating from Morningstar. Morningstar estimates a closing date of Sept. 29 for the deal. Write to Jon Prior. Follow him on Twitter @JonAPrior.