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EXHIBIT 99
BANC OF AMERICA COMMERCIAL MORTGAGE INC.,
COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2000-2
OCTOBER 2000
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TABLE OF CONTENTS
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I. DISCLOSURE / DISCLAIMER STATEMENT
II. MORTGAGE POOL CHARACTERISTICS
III. RELEVANT PARTIES AND DATES
IV. SIGNIFICANT ASSETS
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DISCLOSURE / DISCLAIMER STATEMENT
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THIS MATERIAL IS FOR YOUR PRIVATE INFORMATION AND BANC OF AMERICA SECURITIES LLC
AND HYPOVEREINSBANK CAPITAL MARKETS (THE "UNDERWRITERS") ARE NOT 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. THIS MATERIAL IS BASED ON
INFORMATION THAT THE UNDERWRITERS CONSIDER RELIABLE, BUT THE UNDERWRITERS DO NOT
REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS
SUCH. BY ACCEPTING THIS MATERIAL THE RECIPIENT AGREES THAT IT WILL NOT
DISTRIBUTE OR PROVIDE THE MATERIAL TO ANY OTHER PERSON. THE INFORMATION
CONTAINED IN THIS MATERIAL MAY PERTAIN TO SECURITIES THAT ULTIMATELY ARE NOT
SOLD. THE INFORMATION CONTAINED IN THIS MATERIAL MAY BE BASED ON ASSUMPTIONS
REGARDING MARKET CONDITIONS AND OTHER MATTERS AS REFLECTED HEREIN. THE
UNDERWRITERS MAKE NO REPRESENTATION REGARDING THE REASONABLENESS OF SUCH
ASSUMPTIONS OR THE LIKELIHOOD THAT ANY OF SUCH ASSUMPTIONS WILL COINCIDE WITH
ACTUAL MARKET CONDITIONS OR EVENTS, AND THIS MATERIAL SHOULD NOT BE RELIED UPON
FOR SUCH PURPOSES. THE UNDERWRITERS AND ITS AFFILIATES, OFFICERS, DIRECTORS,
PARTNERS AND EMPLOYEES, INCLUDING PERSONS INVOLVED IN THE PREPARATION OR
ISSUANCE OF THIS MATERIAL MAY, FROM TIME TO TIME, HAVE LONG OR SHORT POSITIONS
IN, AND BUY AND SELL, THE SECURITIES MENTIONED THEREIN OR DERIVATIVES THEREOF
(INCLUDING OPTIONS). THIS MATERIAL MAY BE FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE "SEC") AND INCORPORATED BY REFERENCE INTO AN EFFECTIVE
REGISTRATION STATEMENT PREVIOUSLY FILED WITH THE SEC UNDER RULE 415 OF THE
SECURITIES ACT OF 1933, INCLUDING ALL CASES WHERE THE MATERIAL DOES NOT PERTAIN
TO SECURITIES THAT ARE ULTIMATELY OFFERED FOR SALE PURSUANT TO SUCH REGISTRATION
STATEMENT. INFORMATION CONTAINED IN THIS MATERIAL IS CURRENT AS OF THE DATE
APPEARING ON THIS MATERIAL ONLY. INFORMATION IN THIS MATERIAL REGARDING ANY
ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR INFORMATION
REGARDING SUCH ASSETS. ANY INFORMATION IN THE MATERIAL, WHETHER REGARDING THE
ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED
BY THE INFORMATION CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY
SOLD TO YOU. THIS MATERIAL IS FURNISHED SOLELY BY THE UNDERWRITERS AND NOT BY
THE ISSUER OF THE SECURITIES. THE ISSUER OF THE SECURITIES HAS NOT PREPARED,
REVIEWED OR PARTICIPATED IN THE PREPARATION OF THIS MATERIAL, IS NOT RESPONSIBLE
FOR THE ACCURACY OF THIS MATERIAL AND HAS NOT AUTHORIZED THE DISSEMINATION OF
THIS MATERIAL. THE UNDERWRITERS ARE ACTING AS UNDERWRITERS AND NOT ACTING AS
AGENTS FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION.
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MORTGAGE POOL CHARACTERISTICS
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- Initial Pool Balance: $889,796,853
- Property Type (as a percent of Initial Pool Balance(1):
-- Office: 45.3%
-- Multi-Family: 26.9%
-- Retail: 13.4%
* Anchored: 11.9%
* Unanchored: 1.6%
-- Hotel: 9.8%
-- Industrial: 2.7%
-- Self-Storage: 1.9%
- Top Five State Concentrations (as a percent of Initial Pool Balance(1):
-- California: 16.9%
-- Florida: 15.4%
-- Texas: 13.3%
-- Nevada: 6.6%
-- New York: 5.1%
(1) The sum of aggregate percentage calculations may not equal 100% due to
rounding.
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MORTGAGE POOL CHARACTERISTICS
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- Balloon Loans: 102
- Hyper-Amortization Loans: 22
- Fully-Amortizing Loans: 4
- Total Mortgage Loans: 128
- Mortgaged Properties: 157
- Weighted Average:
-- Underwritten DSCR: 1.39x
-- Cut-off Date Loan-to-Value: 67.5%
-- Remaining Lock-Out Period: 107 months
-- Remaining Term to Maturity(1): 111 months
(1) The maturity date for hyper-amortization loans is the anticipated repayment
date.
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RELEVANT PARTIES AND DATES
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- Depositor: Banc of America Commercial Mortgage Inc.
(formerly known as NationsLink Funding Corporation)
- Mortgage Loan Sellers: Bank of America, N.A. and HVB Realty Capital Inc.
- Trustee: Wells Fargo Bank Minnesota, N.A.
- Master Servicer: ORIX Real Estate Capital Markets, LLC
- Special Servicer: Lennar Partners, Inc.
- Cut-off Date: September 1, 2000
- Trust Formation Date: September 22, 2000
- Commencement Date: October 1, 2000
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SIGNIFICANT ASSETS
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OLEN RESIDENTIAL PORTFOLIO
The Olen Residential Portfolio consists of four mortgage loans each secured by a
class A multi-family property located in either Florida or Nevada. All of the
properties were recently constructed in either 1998 or 1999, and achieved a
stabilized occupancy within 1999 or 2000. The properties are owned and managed
by an experienced organization with over 8,000 residential units and
approximately 4 million square feet of commercial properties.
<TABLE>
<CAPTION>
Sanctuary Cove Weston Place Durango South Durango North
-------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
- Location: N. Palm Beach, FL Weston, FL Las Vegas, NV Las Vegas, NV
- Property Type: Multi-Family Multi-Family Multi-Family Multi-Family
- Year Built (Renovated): 1999 1998 1998 1998
- Cut-off Balance: $ 29,849,232 $26,165,960 $21,303,408 $10,297,269
- % of Initial Pool Balance: 3.4% 2.9% 2.4% 1.2%
- LTV based on Cut-off Balance: 74% 72% 75% 75%
- LTV based on Balloon Balance: 67% 65% 67% 67%
- Origination Date: November 22, 1999
- Anticipated Repayment Date: December 1, 2009
- Maturity Date: December 1, 2029
- Borrower: Sanctuary Bay Weston Durango Durango
Trust Corp. Apartments Corp. South Corp. North Corp.
</TABLE>
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SIGNIFICANT ASSETS
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OLEN RESIDENTIAL PORTFOLIO
- Loan Structure:
-- Borrowing Entities:
* Single purpose, bankruptcy remote
* Non-consolidation opinion
* Independent director
-- Springing Lock-box
-- Escrows:
* Real estate taxes - up-front and monthly
* Property insurance - up-front with monthly due only
if annual premium has not been prepaid and 50% of the
annual premium is not maintained in escrow
* Repair and replacements - up-front and monthly
-- Cross-collateralized and Cross-defaulted
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SIGNIFICANT ASSETS
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OLEN RESIDENTIAL PORTFOLIO
- Key Points:
-- Quality of Assets: Newly constructed class A apartment complex
with luxury amenity package
-- Sponsorship / Management: Through related entities, own and/or
operate over 8,000 residential units and approximately 4
million square feet of commercial space; over 25 years real
estate experience
-- Market Strength: The properties are located in markets with
strong demographic trends and profiles.
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SIGNIFICANT ASSETS
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OLEN RESIDENTIAL PORTFOLIO (continued)
- Operating History:
-- DSCR based on NOI
1999 1/00 - 6/00 2000
Actual Annualized Budget Underwritten
------ ----------- ------ ------------
* Sanctuary Cove 0.71x 1.35x 1.40x 1.33x
* Weston Place 0.79x 1.26x 1.32x 1.24x
* Durango North 1.02x 1.37x 1.43x 1.28x
* Durango South 0.96x 1.43x 1.35x 1.35x
-- DSCR based on Cash Flow
1999 1/00 - 6/00 2000
Actual Annualized Budget Underwritten
------ ----------- ------ ------------
* Sanctuary Cove 0.70x 1.32x 1.38x 1.30x
* Weston Place 0.78x 1.24x 1.32x 1.20x
* Durango North 1.01x 1.36x 1.42x 1.23x
* Durango South 0.95x 1.42x 1.34x 1.31x
-- Occupancy
1999 1/00 - 6/00 2000
Actual Annualized Budget Underwritten
------ ----------- ------ ------------
* Sanctuary Cove 51% 86% 89% 90%
* Weston Place 66% 93% 93% 93%
* Durango North 68% 92% 92% 91%
* Durango South 68% 89% 92% 91%
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SIGNIFICANT ASSETS
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RESIDENCE INN PORTFOLIO
The Residence Inn Portfolio consists of a mortgage loan secured by ten Residence
Inns by Marriott located in seven states. All of the properties were constructed
in either 1989 or 1990. The properties are ultimately owned by Crestline Capital
Corporation and are managed by Residence Inn by Marriott Inc.
- Cut-off Balance: $ 54,698,161
- % of Initial Pool Balance: 6.1%
- LTV based on Cut-Off Balance: 46%
- LTV based on Balloon Balance: 30%
- Origination Date: December 29, 1999
- Maturity Date: January 1, 2010
- Borrower: Residence Inn III, LLC
- Properties: # of Rooms Year Built/Year Renovated
---------- -------------------------
-- Montgomery, AL 94 1990
-- Bakersfield, CA 114 1990
-- Pleasant Hill, CA 126 1990
-- San Ramon, CA 106 1990
-- Meriden, CT 106 1990
-- Atlanta (Hapeville), GA 126 1990
-- Boston (Tewksbury), MA 130 1989
-- Cincinnati (Blue Ash), OH 118 1990
-- Houston, TX 110 1990/1997
-- Dallas (Irving), TX 120 1989
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SIGNIFICANT ASSETS
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RESIDENCE INN PORTFOLIO (continued)
- Loan Structure:
-- Borrowing Entity:
* Single purpose, bankruptcy remote
* Non-consolidation opinion
* Independent director
-- Springing Lock-box
-- Escrows:
* Real estate taxes - up-front and monthly
* Repair and replacements - up-front and monthly
* Debt service reserve - equal to 2 months held for the
term
* Ground lease - For the Meriden, CT property, monthly
funding starting in year six through maturity to
provide for ground lease extension in 2013
- Operating History: 1998 1999
Actual Actual Underwritten
------ ------ ------------
-- DSCR based on NOI 2.65x 2.78x 2.15x
-- DSCR based on Cash Flow 2.31x 2.46x 1.88x
-- Occupancy 87% 86% 75%
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SIGNIFICANT ASSETS
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RESIDENCE INN PORTFOLIO (continued)
- Key Points:
-- Low Leverage: The loan to value based on Cut-off Balance is
46%.
-- Shortened Amortization: The amortization is 18 years.
-- Management: The properties are managed by Residence Inn by
Marriott Inc. which has more than 1,900 owned or franchised
properties.
-- Sponsorship: Crestline Capital Corporation is one of the
largest independent lessees of hospitality assets and owner of
senior living communities in the country.
-- Seismic: The three California properties have earthquake
insurance.
-- Ground Lease: The Meriden, CT property is subject to a ground
lease which expires in October 2013 and has ten 5-year
automatic renewal options. A ground lease escrow will be
funded monthly starting in year six until maturity to provide
the ground rent pre-payment due upon automatic renewal in
October 2013.
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SIGNIFICANT ASSETS
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SCI PORTFOLIO
The SCI Portfolio consists of two mortgage loans secured by two office buildings
located in the Dallas and Fort Worth central business district and one office
building in the Dallas central business district, respectively. The primary
tenant in all three buildings is Bank of America, N.A. (A+, S&P), whose lease
extends beyond the term of the loan with an expiration date of December 31,
2009. The properties are ultimately controlled by SCI, S.p.A., an Italian real
estate investment company founded in 1944 with holdings in five countries.
1401 Elm Street 500 W. 7th Street 1025 Elm Street
--------------- ----------------- ---------------
- Location: Dallas, TX Ft. Worth, TX Dallas, TX
- Year Built (Renovated): 1964 1961 1925 (1960)
- Cut-off Balance: $ 34,189,373(1) $34,189,373(1) $ 8,923,623
- % of Initial Pool Balance: 3.8%(1) 3.8%(1) 1.0%
- Borrower: Elm Street Elm Street 1025 Elm
Portfolio, L.P. Portfolio, L.P. Holdings, L.P.
- LTV based on Cut-off Balance: 72%(1) 72%(1) 71%
- LTV based on Balloon Balance 61%(1) 61%(1) 61%
- Property Type: Office (CBD) Office (CBD) Office (CBD)
- Origination Date: November 1, 1999
- Maturity Date: November 1, 2009
(1) The 1401 Elm Street and 500 W. 7th Street properties secure one mortgage
note.
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SIGNIFICANT ASSETS
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SCI PORTFOLIO
- Loan Structure:
-- Borrowing Entity:
* Special purpose, bankruptcy remote
* Non-consolidation opinion
* Independent director
-- Hard Lock-box
-- Escrows:
* Real estate taxes - up-front and monthly
* Property insurance - up-front and monthly
* Repair and replacements - monthly
* Ground lease - equal to 3 years ground lease payments
held until maturity
* TI/LC - up-front and monthly required only if Bank of
America does not renew
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SIGNIFICANT ASSETS
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SCI PORTFOLIO (continued)
- Operating History - 1401 Elm Street & 500 West 7th Street:
1998 1999
Actual Actual Underwritten
------ ------ ------------
-- DSCR based on NOI 1.76x 1.78x 1.89x
-- DSCR based on Cash Flow 1.76x 1.76x 1.54x
- Operating History - 1025 Elm Street:
1998 1999
Actual Actual Underwritten
------ ------ ------------
-- DSCR based on NOI 1.51x 1.52x 1.59x
-- DSCR based on Cash Flow 1.51x 1.52x 1.33x
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SIGNIFICANT ASSETS
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SCI PORTFOLIO (continued)
- Key Points:
-- Sponsorship: The ultimate parent company, SCI, S.p.A., is a
Milan-based publicly traded company controlled by the Pirelli
family and Gemina S.p.A. The company was founded in 1944 and
has real estate holdings throughout North America, the Middle
East and Europe.
-- Ground Leases: Both the 1401 Elm Street and 500 W. 7th Street
properties are subject to ground leases. A ground lease escrow
was established at closing in an amount equal to three years
worth of ground lease payments for both properties. This
escrow will remain in place throughout the term of the loan.
-- Potential Refinance Risk: Bank of America, N.A. is the largest
tenant in all three buildings representing 97.6%, 39.9% and
99.2% of the net rentable area at 1401 Elm Street, 500 W. 7th
Street and 1025 Elm Street, respectively. All of these leases
expire beyond the term of the loan in December 31, 2009. In
the event that Bank of America does not renew their leases, a
cash sweep will be triggered two years prior to maturity which
will provide funds for tenant improvements and leasing
commissions associated with re-tenanting the buildings, if
needed. Furthermore, a TI/LC escrow was established at
closing.
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SIGNIFICANT ASSETS
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INTERSTATE CORPORATE CENTER
The Interstate Corporate Center is a mortgage loan secured by a seventeen
building office park located in Norfolk, VA. Purchased in May 1999, the property
was renovated and re-tenanted during the remainder of 1999. The property
achieved stabilization in early to mid-2000. The two largest tenants are Harris
Publishing and Bernard C. Harris, which occupy approximately 9.7% and 6.4% of
the net rentable space, respectively. Their leases expire June 30, 2002 and June
30, 2001, respectively.
- Location: Norfolk, VA
- Property Type: Office
- Year Built (Renovated): 1968 (1977)
- Cut-off Balance: $ 26,580,260
- % of Initial Pool Balance: 3.0%
- LTV based on Cut-off Balance: 71%
- LTV based on Balloon Balance: 64%
- Origination Date: June 29, 2000
- Maturity Date: July 1, 2010
- Borrower: Interstate Office Holdings, L.L.C.
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SIGNIFICANT ASSETS
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INTERSTATE CORPORATE CENTER (continued)
- Loan Structure:
-- Borrower:
* Special purpose, bankruptcy remote
-- Escrows:
* Real estate taxes - up-front and monthly
* Property insurance - up-front and monthly
* Repairs and replacements - up-front and monthly
- Operating History: 1998 Actual Underwritten
----------- ------------
-- DSCR based on NOI 1.20x 1.48x
-- DSCR based on Cash Flow 0.92x 1.26x
- Key Points
-- Management: The property is managed by the Harbor Group
Management Company, a related entity with approximately 1.9
million square feet of commercial real estate under management
and over 15 years real estate experience.
-- Market Strength: The property is well located in a strong
sub-market.
-- Sponsorship: The sponsor has a strong history of buying
sub-performing properties and successfully renovating and
re-tenanting.
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SIGNIFICANT ASSETS
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111 WEST JACKSON
111 West Jackson is a mortgage loan secured by a 25-story, class B office
building located in the south sector of downtown Chicago, known as the Financial
District. Built in 1960, the property has been continuously upgraded with the
most recent major renovation completed in 1992. The property has approximately
21,000 square feet of retail space located on the first floor and 519,044 net
rentable square feet of office space on floors three through twenty-five.
Additionally, there are ninety underground parking spaces. The two largest
tenants are Union Tank Car (A+, S&P) and REFCO, which occupy approximately 18.6%
and 8.7% of the net rentable space, respectively. Their leases mature on
December 31, 2001 and October 31, 2001, respectively.
- Location: Chicago, IL
- Property Type: Office (CBD)
- Year Built (Renovated): 1960 (1992)
- Cut-off Balance: $ 26,057,903
- % of Initial Pool Balance: 2.9%
- LTV based on Cut-off Balance: 45%
- LTV based on Balloon Balance: 41%
- Origination Date: February 9, 2000
- Maturity Date: March 1, 2010
- Borrower: P&S Limited Partners
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SIGNIFICANT ASSETS
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111 WEST JACKSON (continued)
- Loan Structure:
-- Borrower:
* Special purpose, bankruptcy remote entity
* Non-consolidation opinion
-- Escrows:
* Real estate taxes - up-front and monthly
* Property insurance - up-front and monthly
* TI/LC - letter of credit posted
* Repair and replacements - monthly
-- Springing Lock-box: A cash management agreement was executed
at closing with the following trigger events:
* Aggregate DSCR falls below 1.10x,
* Letter of credit fails to be renewed, or
* An Event of Default occurs.
- Operating History: 1999 Actual Underwritten
----------- ------------
-- DSCR based on NOI 1.42x 1.71x
-- DSCR based on Cash Flow 1.09x 1.25x
-- Occupancy 90% 87%
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SIGNIFICANT ASSETS
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111 WEST JACKSON (continued)
- Key Points:
-- Letter of Credit: A letter of credit has been posted to
mitigate the roll-over risk associated with the Union Tank Car
lease. The letter of credit can be used to fund any tenant
improvements or leasing commissions.
-- Location: The property is located one block east of the
intersection of South LaSalle and West Jackson Streets within
the Central Loop of Chicago. The property is situated in the
center of the Financial District with the Chicago Board of
Trade, Federal Reserve Bank and the State of Illinois
buildings all within close proximity.
-- Management: The property is managed by Big Bear Properties,
Inc, an affiliated entity, which manages in excess of one
million square feet of commercial real estate.
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SIGNIFICANT ASSETS
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MERIDIAN CORNERS APARTMENTS
The Meridian Corners Apartments is a mortgage loan secured by a 660-unit
apartment complex located one mile from Arizona State University in Tempe, AZ.
Constructed in 1985, the property consists of 35 two-story garden style
apartment buildings situated on approximately 29 acres. The property is managed
by Alliance Property Management Company, one of the largest residential
management companies in the western United States.
- Location: Tempe, AZ
- Property Type: Multi-Family
- Year Built (Renovated): 1985
- Cut-off Balance: $ 25,480,402
- % of Initial Pool Balance: 2.9%
- LTV based on Cut-off Balance: 80%
- LTV based on Balloon Balance: 72%
- Origination Date: March 10, 2000
- Maturity Date: April 1, 2010
- Borrower: Meridian Corner Apartments, LLC
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SIGNIFICANT ASSETS
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MERIDIAN CORNERS APARTMENTS (continued)
- Loan Structure:
-- Borrower:
* Special purpose, bankruptcy remote
* Non-consolidation opinion
-- Escrows
* Real estate taxes - up-front and monthly
* Property insurance - up-front and monthly
* Repair / replacements - monthly
- Operating History: 1998 Actual 1999 Actual Underwritten
----------- ----------- ------------
-- DSCR based on NOI 1.29x 1.24x 1.27x
-- DSCR based on Cash Flow 1.19x 1.10x 1.20x
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SIGNIFICANT ASSETS
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MERIDIAN CORNERS APARTMENTS (continued)
- Key Points:
-- Management: The property is managed by Alliance Property
Management Company, an entity formed in 1997 as the result of
the merger of Trammel Crow Residential - West and BRE
Properties, Inc. Currently, Alliance is one of the largest
multi-family management companies in the western United States
with over 9,100 units in 34 communities spanning six states
under management.
-- Sponsors: The borrower principals have over thirty years real
estate experience, and currently maintain an eleven property
portfolio.
-- University Location: The property is located within one mile
of Arizona State University, and has approximately 24% student
residents. The property requires proof of student loans or
parental guarantees and larger security deposits for all
students.
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SIGNIFICANT ASSETS
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TOWNGATE COMMUNITY SHOPPING CENTER
The Towngate Community Shopping Center is a mortgage loan secured by an anchored
retail center with seventeen buildings located in a master planned community in
Moreno Valley, CA. The property has net rentable square feet of 286,729. Major
tenants include Ralph's Supermarket (BBB-, S&P), Staples (BBB-, S&P), Edwards
Cinema, Ross Dress for Less, and Circuit City. The property is owned and managed
by related entities whose key principals have extensive real estate experience.
- Location: Moreno Valley, CA
- Property Type: Anchored Retail
- Year Built (Renovated): 1989 (1992)
- Cut-off Balance: $ 22,990,591
- % of Initial Pool Balance: 2.6%
- LTV based on Cut-off Balance: 78%
- LTV based on Balloon Balance: 70%
- Origination Date: December 20, 1999
- Maturity Date: January 1, 2010
- Borrower: TSC, LC
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SIGNIFICANT ASSETS
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TOWNGATE COMMUNITY SHOPPING CENTER (continued)
- Loan Structure:
-- Borrower:
* Special purpose, bankruptcy remote
* Non-consolidation opinion
- Operating History: 1998 Actual 1999 Actual Underwritten
----------- ----------- ------------
-- DSCR based on NOI 1.35x 1.29x 1.29x
-- DSCR based on Cash Flow 1.35x 1.29x 1.20x
- Key Points:
-- Management: The property is managed by Fritz Duda Company, a
related entity, who manages over 1.5 million square feet of
commercial real estate and has over 25 years of real estate
experience.
-- Tenant Mix: The property has a larger percentage of nationally
recognized tenants than its competitors, which should provide
the property with the ability to retain a superior tenant mix.
-- Tenant Sales: The property's tenants enjoy higher than
national average sales figures with increasing trends.
-- Edwards Cinemas: Edwards Theater Circuit, Inc. leases
approximately 12% of the net rentable square feet of the
property, and has filed for bankruptcy protection.
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SIGNIFICANT ASSETS
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WEST*QUEST OFFICE BUILDINGS
The West*Quest Office Buildings is a mortgage loan secured by two office
buildings located near the Baltimore-Washington International Airport just
outside Baltimore, MD. The buildings are fully leased to Northrop Grumman
Corporation (BBB-, S&P) until June 30, 2009.
- Location: Linthicum Heights, MD
- Property Type: Office
- Year Built (Renovated): 1992
- Cut-off Balance: $ 21,600,000
- % of Initial Pool Balance: 2.4%
- LTV based on Cut-off Balance: 45%
- LTV based on Balloon Balance: 40%
- Origination Date: August 8, 2000
- Maturity Date: September 1, 2010
- Borrower: West*Quest Limited Partnership
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SIGNIFICANT ASSETS
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WEST*QUEST OFFICE BUILDINGS (continued)
- Loan Structure:
-- Borrower:
* Special purpose, bankruptcy remote
-- Escrows:
* Repairs and replacements - monthly
-- Springing Lock-box
- Operating History: 1998 Actual 1999 Actual Underwritten
----------- ----------- ------------
-- DSCR based on NOI 2.67x 2.60x 2.40x
-- DSCR based on Cash Flow 2.67x 2.54x 2.07x
-- Occupancy 100% 100% 97%
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SIGNIFICANT ASSETS
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WEST*QUEST OFFICE BUILDINGS (continued)
- Key Points:
-- Northrop Grumman Lease: The two office buildings are 100%
leased to Northrop Grumman (BBB-, S&P). A cash management
agreement was executed at closing which requires upon notice
of the tenant's non-renewal a cash sweep be instituted until
eighteen months of debt service has accumulated. The tenant is
required to give 18 months notice prior to non-renewal.
-- Low LTV: The property loan to value based on the Cut-off
Balance is 45%.
-- Ground Lease: The property is subject to a ground lease which
has 89 years remaining.
-- Property Condition: The property is eight years old and in
very good condition.
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SIGNIFICANT ASSETS
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11 EAST 44TH STREET
The 11 East 44th Street is a mortgage loan secured by 18-story, class B office
building located in the Grand Central neighborhood of Manhattan. Built in 1927,
the property was renovated in 1999. Overall, the building consists of
approximately 123,000 square feet of net rentable area, and includes both retail
and office space. The two major tenants are J. Press (a men's apparel retailer)
and Leavy Rosenweig (a law firm), which occupy approximately 11.4% and 10.8% of
the net rentable space, respectively. Their leases mature on December 31, 2008
and April 30, 2005, respectively.
- Location: New York, NY
- Property Type: Office (CBD)
- Year Built (Renovated): 1927 (1999)
- Cut-off Balance: $ 17,883,990
- % of Initial Pool Balance: 2.0%
- LTV based on Cut-off Balance: 73%
- LTV based on Balloon Balance: 69%
- Origination Date: September 1, 1999
- Anticipated Repayment Date: September 1, 2006
- Maturity Date: September 1, 2029
- Borrower: 11-44 Associates, L.L.C.
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SIGNIFICANT ASSETS
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11 EAST 44TH STREET (continued)
- Loan Structure:
-- Borrower:
* Special purpose, bankruptcy remote
* Non-consolidation opinion
* Independent director
-- Escrows:
* Real estate taxes - up-front and monthly
* Property insurance - up-front and monthly
* TI/LC - monthly
* Repair and replacements - up-front and monthly
* Environmental - up-front
- Operating History: 1998 Actual 1999 Actual Underwritten
----------- ----------- ------------
-- DSCR based on NOI 1.28x 1.42x 1.40x
-- DSCR based on Cash Flow 1.12x 1.42x 1.28x
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SIGNIFICANT ASSETS
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11 EAST 44TH STREET (continued)
- Key Points:
-- Occupancy: The property has maintained an average occupancy of
96% over the last three years, and was 100% leased as of
January 1, 2000.
-- Management: The property is managed by Kensico Management,
Inc., a related entity founded in 1979. Currently, Kensico
manages two office properties, including the subject property,
totaling approximately 275,000 square feet and a luxury
hospitality property with 128 rooms.
-- Market: The property is well located in a strong market with
high barriers to entry.
-- Tenant Retention: In recent years, more than 60% of the
existing tenants have renewed and/or expanded their space.
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SIGNIFICANT ASSETS
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BANK ONE PLAZA
Bank One Plaza is a mortgage loan secured by a 14-story, class A office building
and an attached 6-story parking deck located in the central business district of
Lexington, KY. The office building is approximately 236,000 square feet and the
parking garage can accommodate approximately 420 cars. The two largest tenants
are Bank One (A+, S&P) and Stoll Keenan Park, which occupy approximately 69% and
16% of the net rentable space, respectively. Their leases expire November 30,
2009 and June 30, 2002, respectively.
- Location: Lexington, KY
- Property Type: Office (CBD)
- Year Built (Renovated): 1973 (1998)
- Cut-off Balance: $ 16,920,985
- % of Initial Pool Balance: 1.9%
- LTV based on Cut-off Balance: 75%
- LTV based on Balloon Balance: 68%
- Origination Date: November 18, 1999
- Maturity Date: December 1, 2009
- Borrower: Lextower Associates, LLC
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SIGNIFICANT ASSETS
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BANK ONE PLAZA (continued)
- Loan Structure:
-- Borrower:
* Single purpose, bankruptcy remote
-- Escrows:
* Real estate taxes - up-front and monthly
* Property insurance - up-front and monthly
* TI/LC - up-front
* Repair / replacements -up-front and monthly
* Other - up-front
-- Springing Lock-box
- Operating History: 1998 Actual Underwritten
----------- ------------
-- DSCR based on NOI 1.12x 1.46x
-- DSCR based on Cash Flow 1.12x 1.27x
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SIGNIFICANT ASSETS
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BANK ONE PLAZA (continued)
- Key Points:
-- Bank One Lease: Bank One (A+, S&P) is the largest tenant
occupying 69% of the space. The Bank One lease expires
November 30, 2009, and has three 7-year renewal options at
below market rents. A cash management agreement was executed
at closing which requires a TI/LC escrow be funded monthly
beginning in year five through the maturity date.
-- Tenant Mix: The property has a strong tenant base with Bank
One, PricewaterhouseCoopers, a local law firm, a real estate
brokerage firm and The Lafayette Club (a private dining club)
occupying the majority of the building.
-- Recently Renovated: The property was renovated in 1998,
including remodeling the lobby and tenant floors one through
nine.
-- Management: The property is managed by Harbor Group Management
Company, which currently manages approximately 7,100
residential units and over 3 million square feet of commercial
real estate.
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