- ------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported) January 7, 2000
J.P. Morgan Commercial Mortgage Finance Corp.
---------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 333-87441 13-3789046
- ---------------------------- ------------- ------------------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer Identification No.)
of Incorporation) File Number)
60 Wall Street
New York, New York 10260
------------------------
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (212) 648-3060
--------------
- ------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
- ------ ------------
Filing of Computational Materials.
- ---------------------------------
In connection with the proposed offering of J.P. Morgan Commercial
Mortgage Finance Corp. (the "Company") Mortgage Pass-Through Certificates,
Series 2000-C9, J.P. Morgan Securities Inc., and ABN AMRO Incorporated
(collectively, the "Underwriters") have prepared certain materials (the
"Computational Materials") for distribution to their potential investors.
Although the Company provided the Underwriters with certain information
regarding the characteristics of the mortgage loans in the related portfolio,
it did not participate in the preparation of the Computational Materials.
For the purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the mortgage loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials are attached hereto as Exhibit 99. These
Computational Materials supercede any prior collateral information which may
have been previously filed with the Securities and Exchange Commission.
.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
- ------ ------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with Item
601(b) of Regulation S-K.
Exhibit No Description
---------- -----------
99 Computational Materials
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J.P. MORGAN COMMERCIAL MORTGAGE
FINANCE CORP.
By:/s/ Clive Bull
----------------------------------------
Name: Clive Bull
Title: Vice President
Dated: January 10, 2000
<PAGE>
Exhibit Index
-------------
Exhibit Page
------- ----
99 Computational Materials 6
<PAGE>
EXHIBIT 99
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C9
$732,945,000
J.P. Morgan & Co. ABN AMRO Incorporated
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 1
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan and ABN AMRO Incorporated do not warrant its
completeness or accuracy. These materials are subject to change from time to
time without notice. Past performance is not indicative of future results. All
information contained herein, whether regarding the mortgage loans or otherwise,
supersedes any previous such information delivered to you and will be superseded
by any such information subsequently delivered and ultimately by the final
prospectus relating to the securities. These materials are not intended as an
offer or solicitation with respect to the purchase or sale of any security, and
have been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual rate or
timing of principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared in
reliance on information regarding the mortgage loans furnished by the sellers of
the mortgage loans. J.P. Morgan and ABN AMRO Incorporated and/or their
affiliates and employees may hold a position or act as market maker in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
and ABN AMRO Incorporated are members of SIPC. Copyright 2000 J.P. Morgan & Co.
Incorporated. Clients should contact analysts at and execute transactions
through a J.P. Morgan or ABN AMRO Incorporated entity in their home jurisdiction
unless governing law permits otherwise.
<PAGE>
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C9
$732,945,000
J.P. Morgan:
Trading Brian Baker (212) 648-1413
Andrew Taylor (212) 648-1413
Thomas Doherty (212) 648-1414
Theresa Dooley (212) 648-0651
Research Patrick Corcoran (212) 648-6130
Joshua Philips (212) 648-6562
Banking/Underwriting Clive Bull (212) 648-9496
Robert Gray (212) 648-7276
Dennis Schuh (212) 648-3060
ABN AMRO
Trading Frank Forelle (212) 314-1182
Gerald Sneider (212) 314-1182
Banking/Underwriting Margaret Govern (312) 904-8359
Maria Fregosi (312) 904-8507
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 2
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C9
$732,945,000
Transaction Overview
<TABLE>
<CAPTION>
Current Certificate Avg. Principal
Rating Size % of Credit To Life Window Coupon
Class (Fitch/Moody's) ($) (1) Total Support Value (%)(2) (years)(3) (months)(3) Description
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA / Aaa $200,000,000 24.56% 25.75 50.0% 5.47 1 -108 Fixed/WAC
A-2 AAA / Aaa 404,682,000 49.69 25.75 50.0 9.53 108 -117 Fixed/WAC
X AAA / Aaa 814,388,116(5) NA NA NA 5.47(6) NA WAC(7)
B AA / Aa2 36,647,000 4.50 21.25 53.0 9.72 117 -117 Fixed/WAC
C A / A2 38,683,000 4.75 16.25 56.2 9.72 117 -117 Fixed/WAC
D A- / A3 10,179,000 1.25 15.25 57.1 9.72 117 -117 Fixed/WAC
E BBB / Baa2 28,503,000 3.50 11.75 59.4 9.80 117 -118 Fixed/WAC
F BBB- / Baa3 14,251,000 1.75 10.00 60.6 9.81 118 -118 Fixed/WAC
Private Certificates 81,443,116(8) Fixed/WAC
Total $814,388,116 100.0% 67.3% 8.75
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Rating Price
Class (Fitch/Moody's) Price ($) Talk ERISA(4)
- ----------------------------------------------------------
<S> <S> <C>
A-1 AAA / Aaa Yes
A-2 AAA / Aaa Yes
X AAA / Aaa Yes
B AA / Aa2 No
C A / A2 No
D A- / A3 No
E BBB / Baa2 No
F BBB- / Baa3 No
Private Certificates No
Total
- -------------------------------------------------------
</TABLE>
(1) Approximate, subject to change
(2) The sum of the principal balance of each bond and the bonds senior to it,
divided by the aggregate appraised value of the properties collateralizing
the mortgage loan pool
(3) Assumes a prepayment rate of 0% CPR, optional redemption is not exercised
and a closing date of January 25, 2000
(4) ERISA eligibility is subject to certain limitations described in the
prospectus supplement under "Certain ERISA Considerations"
(5) Notional balance
(6) Implied average life
(7) The Class X Certificates will receive the net interest on the mortgage
loans less the interest paid on the other certificates
(8) Includes Classes G, H, J, K and NR
MORTGAGE POOL CHARACTERISTICS
The mortgage pool consists of 140 fixed rate mortgage loans secured by one or
more first liens on fee simple and/or leasehold interests in 164 multifamily,
retail, office, hotel and other commercial properties located in 29 states and
4 provinces of Canada. The three largest geographic concentrations are
California (17.9%), New York (12.0%) and Illinois (8.4%). The mortgage loans
will have an initial pool balance of $814,388,116 and individual principal
balances as of the Cut-off Date of at least $798,725 but not more than
$49,225,000 with an average principal balance of approximately $5,817,058. The
mortgage pool has a weighted average loan-to-value of 68.3% and a weighted
average debt service coverage ratio of 1.38x.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 3
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Deal Summary
<S> <C>
Lead Manager J.P. Morgan Securities Inc.
Co-Manager ABN AMRO Incorporated
Pricing Speed 0% CPR
Depositor J.P. Morgan Commercial Mortgage Finance Corp., an
indirect wholly-owned limited purpose finance
subsidiary of J.P. Morgan & Co. Incorporated and
an affiliate of J.P. Morgan Securities Inc.
("JPMSI"), an Underwriter
Originator 84.8% of the mortgage loans
were originated or purchased by
Morgan Guaranty Trust Company
of New York ("MGT") and 15.2%
were originated or purchased by
LaSalle National Bank ("LSNB")
Master Servicer ORIX Real Estate Capital Markets, LLC
Special Servicer ORIX Real Estate Capital Markets, LLC
Trustee Norwest Bank Minnesota, National Association
Bond Administrator LaSalle Bank National Association
Bond Administrator Website www.lnbabs.com
Rating Agencies Fitch IBCA, Inc.
Moody's Investors Service, Inc.
----------------------------------------
Legal Status All offered certificates are public
Cut-off Date January 1, 2000
Settlement Date On or about January 25, 2000
Delivery DTC, Euroclear and Cedel
Rated Final Maturity Date The distribution date in October 2032
Monthly Distribution Dates Pays monthly
on the 15th day of every month
or, if any such 15th day is not
a business day, then the next
succeeding business day
First Payment Date February 15, 2000, 14 day delay
Optional Redemption When pool pays down to 1% of original pool
balance
Deal Information/Analytics Bloomberg, Conquest, Intex and The Trepp Group
ERISA Eligible (1) Classes A1, A2 and X
(1) ERISA eligibility is subject to certain limitations described in the
prospectus supplement under "Certain ERISA Considerations"
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 4
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Structural Overview
o Interest payments will be pro-rata to the Class A1, A2 and X Certificates
and then, after payment of the principal distribution amount, interest
will be paid sequentially to the Class B, C, D, E, F, G, H, J, K and NR
Certificates
o The pass-through rate for the Class A1, A2, B, C, D, E, F, G, H, I, J, K
and NR Certificates will be equal to either a fixed rate or a rate based
on the weighted average of the remittance rates on the mortgage loans.
The Class X Certificates will receive the net interest on the mortgage
loans less the interest paid on the other certificates
o All Classes offered will pay interest on a 30/360 basis
o The Class X Certificates will have the same interest payment priority as
the Class A1 and A2 Certificates
o Principal payments will be paid sequentially to the Class A1, A2, B, C,
D, E, F, G, H, J, K and NR Certificates, until each class is retired. The
Class X Certificates do not have a class principal balance and are
therefore not entitled to any principal distributions
o Losses will be born by the Classes in reverse sequential order, from the
Class NR Certificates up to the Class B Certificates and then pro-rata to
the Class A1 and A2 Certificates
o If the principal balance of the mortgage pool is less than or equal to
the aggregate bond balance of the Class A1 and A2 Certificates, the
principal will be allocated pro-rata to the Class A1 and A2 Certificates
o Net prepayment premiums calculated by reference to a U.S. Treasury rate
to the extent received will be allocated first to the interest bearing
certificates, according to a specified formula, with any remaining amount
paid to the Class X Certificates. For the amount payable to any
interest-bearing Class, the formula is as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Principal Paid to Class (Pass-Through Rate on Class - Discount Rate)
Prepayment Premium x -------------------------- x --------------------------------------------
Total Principal Paid (Mortgage Rate on Loan - Discount Rate)
</TABLE>
o Net prepayment premiums not calculated by reference to a U.S. Treasury
rate to the extent received will be allocated solely to the Class X
Certificates
o The deal will provide for the standard collateral value adjustment
feature for problem or delinquent loans. Generally, when a loan becomes
90 days delinquent, the special servicer obtains a new appraisal. To the
extent any such adjustment is not reversed, the interest portion of any
P&I Advance will be reduced in proportion to such adjustment
Collateral Characteristics
Principal Balance $814,388,116
Number of Loans 140
Number of Mortgaged Properties 164
Avg. Principal Balance
Per Loan $5,817,058
Per Property $4,965,781
WA Mortgage Rate 8.07%
WA Remaining Term 112 months
WA Remaining Amortization Term 327 months
WA Underwritten DSCR 1.38x
WA Cut-off Date LTV Ratio 68.3%
WA Seasoning 5 months
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 5
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Average Life Sensitivities
Prepayment Speeds (CPR) (1)
Average Life (years) (2)
------------- ------------- ------------- ------------- -------------
Class 0% 25% 50% 75% 100%
- ---------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
A1 5.47 5.40 5.35 5.31 5.16
A2 9.53 9.52 9.50 9.47 9.29
B 9.72 9.72 9.72 9.67 9.47
C 9.72 9.72 9.72 9.72 9.47
D 9.72 9.72 9.72 9.72 9.47
E 9.80 9.78 9.76 9.72 9.55
F 9.81 9.81 9.81 9.80 9.56
X (3) 5.47 5.46 5.46 5.44 5.32
</TABLE>
(1) Assumes no prepayment during the lockout and yield maintenance periods and
optional redemption is not exercised
(2) Assumes a closing date of January 25, 2000
(3) Implied average life
<TABLE>
<CAPTION>
Prepayment Protection
Percentage of Mortgage Loans by Outstanding Principal Balance as of the Cut-off
Date that have Prepayment Lockouts or Penalties (assuming no prepayments)
Current 1/01 1/02 1/03 1/04 1/05 1/06 1/07 1/08 1/09 1/10
- ------------------------------- ---------- ------- -------- ------- -------- ------- -------- -------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 100.0 99.1 99.1 99.1 96.9 97.3 97.2 97.1 96.8 96.5 43.5
Yield Maintenance (1) 0.0 0.9 0.9 0.9 3.1 1.8 1.8 1.8 2.2 2.3 56.5
Total Lockout and YM 100.0 100.0 100.0 100.0 100.0 99.1 99.0 99.0 99.0 98.8 100.0
1.00 % 0.0 0.0 0.0 0.0 0.0 0.9 1.0 1.0 0.0 0.0 0.0
No Prepayment Premium 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.2 0.0
- ------------------------------- ---------- ------- -------- ------- -------- ------- -------- -------- ------- -------- -------
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
- ------------------------------- ---------- ------- -------- ------- -------- ------- -------- -------- ------- -------- -------
Aggregate Mortgage Balance ($) 814.4 807.0 798.5 789.3 779.3 752.9 679.8 646.5 634.8 590.6 24.7
% of Cut-off Date Balance 100.0 99.1 98.1 96.9 95.7 92.4 83.5 79.4 78.0 72.5 3.0
(1) U.S. Treasury rate; 1% floor
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 6
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Deal Summary by Property Type
- ------------------------------------------------------------------------------------------------------------------------------------
% of Gross Rem. WA WA WA
No. of Principal Principal Average WAC WAM UW LTV Occ. Rate
Property Type Properties Balance ($) Balance Balance ($) (%) (months) DSCR Ratio(%) (%) % Balloon (1)
------------- ---------- ----------- ------- ----------- --- -------- ---- ----- --- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 49 $203,039,876 24.9% $4,143,671 7.89% 113 1.32x 72.3% 95.93% 98.4%
Conventional 45 183,242,204 22.5 4,072,049 7.88 113 1.33 72.7 95.54 98.2
MHC (2) 1 13,985,254 1.7 13,985,254 8.00 114 1.20 71.7 99.90 100.0
MHP (2) 3 5,812,417 0.7 1,937,472 8.06 117 1.32 62.7 98.87 100.0
Retail 40 $177,630,087 21.8% $4,440,752 8.08% 116 1.37x 67.9% 93.90% 99.1%
Anchored 15 102,892,766 12.6 6,859,518 7.98 118 1.36 71.1 95.42 98.5
Unanchored 21 46,933,858 5.8 2,234,946 8.09 114 1.36 66.6 94.19 100.0
Factory Outlet 3 22,753,296 2.8 7,584,432 8.46 115 1.45 55.8 85.07 100.0
Specialty 1 5,050,168 0.6 5,050,168 8.29 115 1.45 68.2 100.00 100.0
Office 24 $172,888,583 21.2% $7,203,691 8.18% 100 1.37x 66.0% 95.61% 100.0%
CBD (2) 6 111,907,572 13.7 18,651,262 8.20 95 1.36 64.4 94.82 100.0
Suburban 18 60,981,010 7.5 3,387,834 8.16 110 1.38 69.0 97.05 100.0
Industrial 21 $143,444,356 17.6% $6,830,684 7.97% 119 1.31x 69.9% 98.66% 98.8%
Flex Space 15 79,543,735 9.8 5,302,916 8.12 113 1.32 70.3 99.71 100.0
Warehouse 6 63,900,621 7.8 10,650,104 7.79 126 1.30 69.4 97.36 97.4
Hotel 20 $58,780,168 7.2% $2,939,008 8.32% 106 1.67x 62.0% NA 100.0%
Limited Service 16 44,530,876 5.5 2,783,180 8.29 119 1.61 63.1 NA 100.0
Full Service 4 14,249,292 1.7 3,562,323 8.45 65 1.87 58.4 NA 100.0
Mixed Use 5 $23,522,959 2.9% $4,704,592 8.11% 117 1.42x 65.5% 97.39% 100.0%
Multifamily/Hotel 1 13,776,427 1.7 13,776,427 8.12 117 1.33 67.2 97.70 100.0
Office/Retail 4 9,746,531 1.2 2,436,633 8.09 116 1.54 63.0 96.95 100.0
Nursing Home 1 $13,918,633 1.7% $13,918,633 8.69% 116 1.75x 61.6% 94.00% 100.0%
Congregate Care 2 $12,637,276 1.6% $6,318,638 8.26% 117 1.49x 67.0% 95.90% 100.0%
Self-Storage 2 $8,526,178 1.0% $4,263,089 8.65% 114 1.41x 60.8% 80.42% 100.0%
- ------------ - ---------- ---- ---------- ----- --- ----- ----- ------ ------
Total/Avg./WA: 164 $814,388,116 100.0% $4,965,781 8.07% 112 1.38x 68.3% 95.73% (3) 99.2%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Balloon loans deemed to be any loans which are not fully amortizing
(2) "MHC" means manufactured housing community, "MHP" means mobile home park
and "CBD" means central business district
(3) Weighted average deal occupancy excludes hotel properties
<TABLE>
<CAPTION>
Reserves
- -------------------------------------------------- ------------------------------- ------------------- ------------------
% of Loans by Principal
Balance with Annual Escrows Current Balance (1) Annual Deposit
- -------------------------------------------------- ------------------------------- ------------------- ------------------
<S> <C> <C> <C>
Replacement Reserves 90.5% $6,144,176 $4,167,894
Tenant Improvement /Leasing Commissions (2) 64.6 3,740,624 3,289,863
Taxes 97.7 5,084,189 14,859,273
Insurance 88.2 1,092,858 1,531,290
- -------------------------------------------------- ------------------------------- ------------------- ------------------
</TABLE>
(1) Current balance as of December 21, 1999 may include any balance associated
with up-front deposits that have not been completely disbursed
2 Balances and percentages are for commercial properties only
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 7
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Collateral Summary
In the following tables, Principal Balance refers to
Aggregate Cut-off Date Principal Balance
<TABLE>
<CAPTION>
Property Types
% of Principal
Property Type No. of Properties Principal Balance ($) Balance WA DSCR WA LTV
- --------------------- ------------------ ------------------------ ---------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Multifamily 45 $183,242,204 22.5% 1.33x 72.7%
Office 24 172,888,583 21.2 1.37 66.0
Industrial 21 143,444,356 17.6 1.31 69.9
Anchored Retail 15 102,892,766 12.6 1.36 71.1
Hotel 20 58,780,168 7.2 1.67 62.0
Unanchored Retail 21 46,933,858 5.8 1.36 66.6
Mixed Use 5 23,522,959 2.9 1.42 65.5
Factory Outlet 3 22,753,296 2.8 1.45 55.8
MHP/MHC (1) 4 19,797,672 2.4 1.23 69.1
Nursing Home 1 13,918,633 1.7 1.75 61.6
Congregate Care 2 12,637,276 1.6 1.49 67.0
Self-Storage 2 8,526,178 1.0 1.41 60.8
Specialty Retail 1 5,050,168 0.6 1.45 68.2
- --------------------- ------------------ ------------------------ ---------------- ------------ -----------
Total: 164 $814,388,116 100.0% 1.38x 68.3%
- --------------------- ------------------ ------------------------ ---------------- ------------ -----------
(1) "MHP" means mobile home park and "MHC" means manufactured housing community
</TABLE>
<TABLE>
<CAPTION>
Geographic Distribution
% of Principal
Property State No. of Properties Principal Balance ($) Balance WA DSCR WA LTV
- ------------------- ----------------- ---------------------- --------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
California 26 $145,372,868 17.9% 1.46x 64.5%
New York 12 97,359,852 12.0 1.37 65.7
Illinois 8 68,757,586 8.4 1.27 73.1
Maryland 8 66,441,508 8.2 1.43 68.9
Florida 11 65,512,867 8.0 1.31 70.6
Texas 17 44,658,735 5.5 1.28 72.4
New Jersey 6 40,835,753 5.0 1.30 65.3
Massachusetts 6 30,373,752 3.7 1.38 66.6
North Carolina 7 28,972,220 3.6 1.43 66.5
Nevada 4 27,932,532 3.4 1.26 73.0
Colorado 5 27,839,747 3.4 1.56 64.2
Pennsylvania 7 22,732,097 2.8 1.33 66.7
Canada 10 22,559,278 2.8 1.88 61.7
Michigan 4 21,828,529 2.7 1.31 76.1
Ohio 5 19,599,094 2.4 1.24 71.6
Other 28 83,611,698 10.3 1.35 70.9
- ------------------- ----------------- ----------------------- --------------- ----------- -----------
Total: 164 $814,388,116 100.0% 1.38x 68.3%
- ------------------- ----------------- ----------------------- --------------- ----------- -----------
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 8
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Cut-off Balances
% of Principal
Principal Balance ($) No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- --------------------------- ------------ --------------------- ---------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
$750,001 - $1,000,000 4 $3,508,728 0.4% 1.55x 69.4%
$1,000,001 - $1,500,000 16 20,394,295 2.5 1.38 69.0
$1,500,001 - $2,000,000 21 37,572,553 4.6 1.40 69.0
$2,000,001 - $2,500,000 6 13,780,791 1.7 1.45 64.6
$2,500,001 - $3,000,000 6 16,396,923 2.0 1.32 69.0
$3,000,001 - $3,500,000 12 39,982,838 4.9 1.39 70.5
$3,500,001 - $4,000,000 11 40,240,214 4.9 1.35 71.3
$4,000,001 - $4,500,000 8 34,694,726 4.3 1.46 69.0
$4,500,001 $5,000,000 10 47,475,531 5.8 1.34 68.7
$5,000,001 - $6,000,000 9 47,701,336 5.9 1.37 68.6
$6,000,001 - $7,500,000 4 26,564,769 3.3 1.58 66.9
$7,500,001 - $10,000,000 9 79,827,988 9.8 1.32 70.5
$10,000,001 - $12,500,000 8 89,415,152 11.0 1.33 65.1
$12,500,001 - $15,000,000 6 82,998,446 10.2 1.39 67.5
$15,000,001 - $17,500,000 3 50,025,765 6.1 1.44 71.9
$17,500,001 - $20,000,000 1 18,689,849 2.3 1.27 76.9
$20,000,001 - $25,000,000 4 88,380,595 10.9 1.39 68.4
$25,000,001 - $30,000,000 1 27,512,617 3.4 1.30 71.3
$45,000,001 - $50,000,000 1 49,225,000 6.0 1.42 57.6
- --------------------------- ------------ --------------------- ---------------- ------------ ------------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- --------------------------- ------------ --------------------- ---------------- ------------ ------------
Average per Loan: $5,817,058
Average per Property: $4,965,781
</TABLE>
<TABLE>
<CAPTION>
Mortgage Interest Rates
% of Principal
Mortgage Interest Rate (%) No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- -------------------------- ------------------ ------------------------ ---------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
7.2500% or less 2 $11,848,313 1.5% 1.95x 58.7%
7.2501% - 7.5000% 7 91,500,449 11.2 1.53 65.6
7.5001% - 7.7500% 7 30,036,516 3.7 1.34 70.7
7.7501% - 8.0000% 31 183,604,316 22.5 1.28 73.9
8.0001% - 8.2500% 49 247,868,667 30.4 1.35 68.5
8.2501% - 8.5000% 23 153,852,251 18.9 1.37 65.8
8.5001% - 9.0000% 18 87,323,273 10.7 1.45 63.8
9.0001% or more 3 8,354,331 1.0 1.48 62.3
- -------------------------- ------------------ ------------------------ ---------------- ------------ ------------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- -------------------------- ------------------ ------------------------ ---------------- ------------ ------------
Weighted Average: 8.07%
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 9
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Underwritten Debt Service Coverage Ratios
% of Principal
UW DSCR (x) No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- --------------------- ------------------ ------------------------ ---------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
1.200x or less (1) 2 4,030,687 0.5% 1.13x 70.1%
1.201x - 1.250x 22 137,869,289 16.9 1.23 73.3
1.251x - 1.300x 34 197,111,662 24.2 1.27 73.4
1.301x - 1.400x 42 223,568,170 27.5 1.33 69.1
1.401x - 1.500x 19 143,449,256 17.6 1.44 61.7
1.501x - 1.600x 4 17,394,528 2.1 1.52 62.8
1.601x - 1.700x 3 12,375,016 1.5 1.64 57.9
1.701x - 1.800x 5 36,863,715 4.5 1.74 60.5
1.801x - 1.900x 3 21,184,183 2.6 1.82 59.3
1.901x - 2.000x 2 5,319,012 0.7 1.94 56.7
2.001x - 2.100x 1 1,998,364 0.2 2.05 68.5
2.201x - 2.300x 1 4,259,809 0.5 2.22 57.1
2.301x - 2.400x 2 8,964,425 1.1 2.31 49.6
- --------------------- ------------------ ------------------------ ---------------- ------------ ------------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- --------------------- ------------------ ------------------------ ---------------- ------------ ------------
Weighted Average: 1.38x
</TABLE>
(1) Herndon Village Shoppes ($2,442,396) has an UW DSCR of 1.16x and a 16-year
amortization term. RiteAid Dayton ($1,588,291) is a credit tenant lease and
has an UW DSCR of 1.07x.
<TABLE>
<CAPTION>
Loan-to-Value Ratios
% of Principal
LTV (%) No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- ------------------ ------------------ ------------------------ ---------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
50.00% or less 4 $22,056,890 2.7% 1.69x 48.4%
50.01% - 55.00% 2 4,772,468 0.6 1.70 53.5
55.01% - 60.00% 16 148,011,324 18.2 1.57 58.0
60.01% - 65.00% 16 61,505,428 7.6 1.50 62.8
65.01% - 70.00% 28 165,346,922 20.3 1.35 67.6
70.01% - 75.00% 46 264,570,713 32.5 1.29 72.1
75.01% - 80.00% 28 148,124,371 18.2 1.26 78.0
- ------------------ ------------------ ------------------------ ---------------- ------------ -----------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- ------------------ ------------------ ------------------------ ---------------- ------------ -----------
Weighted Average: 68.3%
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 10
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Remaining Term to Maturity/ARD (months)
Remaining Term to % of Principal
Maturity/ARD (months) No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- ----------------------- ---------------- ----------------------- ---------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ARD 71 $457,867,272 56.2% 1.35x 68.3%
49 - 60 1 2,789,582 0.3 1.25 75.4
61 - 72 2 51,667,396 6.3 1.41 57.9
73 - 84 3 22,934,032 2.8 1.23 76.0
85 - 120 65 380,476,262 46.7 1.34 69.2
Balloon 64 $312,428,873 38.4% 1.38x 69.2%
49 - 60 4 14,331,226 1.8 1.54 66.1
61 - 72 8 15,578,384 1.9 2.00 59.9
73 - 84 1 1,132,598 0.1 1.26 70.8
85 - 120 49 256,901,887 31.5 1.34 69.8
121 - 180 2 24,484,778 3.0 1.41 70.4
Interest Only 2 $37,503,350 4.6% 1.78x 59.0%
85 - 120 2 37,503,350 4.6 1.78 59.0
Fully Amortizing 3 $6,588,621 0.8% 1.23x 73.0%
181 - 240 3 6,588,621 0.8 1.23 73.0
- ----------------------- ---------------- ----------------------- ---------------- ------------ ------------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- ----------------------- ---------------- ----------------------- ---------------- ------------ ------------
Weighted Average: 112 months
</TABLE>
<TABLE>
<CAPTION>
Remaining Amortization Term (months) (1), (2)
Remaining Amortization Term % of Principal
(months) No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- ---------------------------- --------------- ------------------------ ----------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
ARD 71 $457,867,272 58.9% 1.35x 68.3%
181 - 240 8 44,142,290 5.7 1.52 63.2
241 - 300 25 107,497,205 13.8 1.38 63.2
301 - 360 38 306,227,777 39.4 1.31 70.8
Balloon 64 $312,428,873 40.2% 1.38x 69.2%
181 - 240 13 38,957,346 5.0 1.69 61.7
241 - 300 16 66,060,194 8.5 1.40 68.0
301 - 360 35 207,411,333 26.7 1.32 71.0
Fully Amortizing 3 $6,588,621 0.8% 1.23x 73.0%
181 - 240 3 6,588,621 0.8 1.23 73.0
- ---------------------------- --------------- ------------------------ ----------------- ----------- ------------
Total: 138 $776,884,766 100.0% 1.36x 68.3%
- ---------------------------- --------------- ------------------------ ----------------- ----------- ------------
Weighted Average: 327 months
</TABLE>
(1) Two loans, Abbey Portfolio I ($20,039,350) and Abbey Portfolio II
($17,464,000) are interest only loans and have been excluded from this
analysis
(2) One loan, 711 Third Avenue ($49,225,000) is currently subject to interest
only payments. The remaining amortization term used for this loan applies
to principal and interest payments which begin on November 1, 2000
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 11
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Month and Year of Origination
% of Principal
Month and Year of Origination No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- ------------------------------ ---------------- ------------------------ ---------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
June 1997 1 $3,310,110 0.4% 1.27x 73.6%
December 1997 1 3,429,290 0.4 1.96 57.2
June 1998 1 4,259,809 0.5 2.22 57.1
August 1998 7 11,318,575 1.4 1.92 61.0
September 1998 1 13,619,235 1.7 1.50 65.7
December 1998 2 28,653,235 3.5 1.31 71.6
March 1999 3 17,025,071 2.1 1.36 73.9
May 1999 3 11,779,769 1.4 1.27 73.7
June 1999 11 92,618,380 11.4 1.28 71.9
July 1999 21 104,471,691 12.8 1.36 67.0
August 1999 31 184,372,516 22.6 1.42 66.9
September 1999 33 200,359,191 24.6 1.36 67.1
October 1999 13 81,029,259 9.9 1.39 71.5
November 1999 11 53,581,350 6.6 1.33 67.5
December 1999 1 4,560,634 0.6 1.35 66.8
- ------------------------------ ---------------- ------------------------ ---------------- ------------ ----------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- ------------------------------ ---------------- ------------------------ ---------------- ------------ ----------
Weighted Average Seasoning: 5 months
</TABLE>
<TABLE>
<CAPTION>
Year of Scheduled Maturity/ARD
% of Principal
Year of Scheduled Maturity/ARD No. of Loans Principal Balance ($) Balance WA DSCR WA LTV
- ------------------------------- ------------------ ------------------------ ---------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
2004 4 $13,691,518 1.7% 1.38x 70.2%
2005 11 70,675,070 8.7 1.57 58.3
2006 4 24,066,630 3.0 1.23 75.7
2008 1 7,361,125 0.9 2.31 47.5
2009 115 667,520,374 82.0 1.35 69.1
2013 1 13,619,235 1.7 1.50 65.7
2014 1 10,865,543 1.3 1.30 76.2
2017 1 3,310,110 0.4 1.27 73.6
2018 1 1,588,291 0.2 1.07 79.0
2019 1 1,690,220 0.2 1.30 66.3
- ------------------------------- ------------------ ------------------------ ---------------- ------------ ----------
Total: 140 $814,388,116 100.0% 1.38x 68.3%
- ------------------------------- ------------------ ------------------------ ---------------- ------------ ----------
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 12
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
Ten Largest Individual Loans
- ---------------------------------- ----------------------- ------------------------- ----------- -------------- --------------------
Loan Principal Balance ($) % of Principal Balance UW DSCR LTV Property Type
- ---------------------------------- ----------------------- ------------------------- ----------- -------------- --------------------
<S> <C> <C> <C> <C>
711 Third Avenue $49,225,000 6.0% 1.42x 57.6% Office
International Airport Center 27,512,617 3.4 1.30 71.3 Industrial
Atlantic Development Portfolio 23,113,978 2.8 1.27 71.8 Industrial
Circle Park Apartments 22,924,768 2.8 1.21 70.3 Multifamily
Penn Mar Shopping Center 22,302,499 2.7 1.38 71.5 Anchored Retail
Abbey Portfolio I 20,039,350 2.5 1.74 59.0 Retail
332 South Michigan Avenue 18,689,849 2.3 1.27 76.9 Office
Abbey Portfolio II 17,464,000 2.1 1.82 59.0 Industrial/
Office/Retail
Alpine Commons Shopping Center 16,772,760 2.1 1.25 79.9 Anchored Retail
Pirate's Cove Apartments 15,789,005 1.9 1.22 77.7 Multifamily
- ---------------------------------- ----------------------- ------------------------- ----------- -------------- --------------------
Total / Weighted Average $233,833,825 28.7% 1.39x 67.9%
- ---------------------------------- ----------------------- ------------------------- ----------- -------------- --------------------
Deal Total / Weighted Average $814,388,116 100.0% 1.38x 68.3%
- ---------------------------------- ----------------------- ------------------------- ----------- -------------- --------------------
</TABLE>
Note: any credit ratings referenced for any tenant at a mortgaged property are
those reported by Moody's Investors Service, Inc. and, if two ratings are shown,
by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., in that order, as listed by Bloomberg L.P.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 13
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
711 THIRD AVENUE
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $49,225,000
Cut-off Date $49,225,000
Origination Date September 10, 1999
Interest Rate 8.1300%
Amortization Interest only first year, then 360
Hyperamortization After the Anticipated Repayment Date, all
excess cashflow is used to reduce the
outstanding principal
Anticipated Repayment Date October 1, 2005
Maturity Date October 1, 2030
Borrower/Sponsor SLG 711 Third LLC and SLG
711 Fee LLC, each a special purpose New York
limited liability company, controlled by
SL Green Realty Corporation, a REIT
Call Protection Prepayment locked out until on or after
April 1, 2005. U.S. Treasury defeasance
allowed, in whole or in part, on any payment
date on or after the second anniversary of
securitization
Removal of Property Manager The lender has the right to remove the property
manager if there is an event of a default, a
50% or more change in the ownership of the
manager, or the debt is not repaid on or before
the Anticipated Repayment Date. The lender must
approve any replacement and receive rating
agency confirmation
Collection Account Hard Lockbox. All rents payable by tenants are
deposited by the property manager directly into
a Cash Management Account, and on the first day
of each month, so long as no Event of Default
has occurred, all funds shall be disbursed upon
the discretion of the lender
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- -------------------------------- -----------------------------------------------
Single Asset/Portfolio Single Asset
Property Type Office - CBD
Location 711 Third Avenue
New York, New York
Years Built/Renovated 1955
The Collateral
Built in 1955, 711 Third Avenue is a 20-story Class A office building comprising
528,357 square feet. The building also includes a 165-space parking garaged that
is leased to a third party operator. The property is leased to 25 tenants
including Chicago Title (Baa1/BBB), Parade Publications, Crain's Communication
and street-level tenants include Eddie Bauer and The Avenue.
Property Management SL Green Realty Corporation
Occupancy as of 9/8/99 96.00%
Net Operating Income for $7,694,928
trailing 12 months ending
10/31/99
Underwritten Net Cash Flow $5,902,107
Appraised Value $85,500,000
Appraisal Date August 9, 1999
Cut-off Date
Loan per Square Foot $93.17
LTV 57.6%
UW DSCR 1.42x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 14
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
International Airport Center
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $27,750,000
Cut-off Date $27,512,617
Origination Date December 28, 1998
Interest Rate 7.3000%
Amortization 360
Hyperamortization NA
Anticipated Repayment Date NA
Maturity Date January 1, 2009
Borrower/Sponsor IAC Los Angeles LLC, a special purpose entity
Call Protection Prepayment locked out until on or after
October 1, 2008. U.S. Treasury defeasance
allowed, in whole but not in part, on any
payment date on or after the second anniversary
of securitization
Removal of Property Manager In the event of a material breach of any of the
terms of the management agreement, which is not
remedied within 60 days, bankruptcy by the
manager or fraud by the manager, the management
agreement is immediately terminable by the
Mortgagor. Borrower must obtain the lender's
consent for any manager changes.
Collection Account None
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Single asset
Property Type Multi-tenant Industrial/
Warehouse Distribution
Location 5353/5343 Imperial Highway
Los Angeles, CA
Years Built/Renovated 1997
The Collateral
This Class A property consists of 2 buildings constructed in 1997 totaling
317,184 square feet which is utilized as warehouse distribution space. The
subject property is located approximately 1000 feet east of the LAX Air Cargo
area in Los Angeles, California. In addition, IACLA provides 24 foot ceiling
clear heights, 180 foot turn around space and 153 dock doors/bays, all key
assets to the subject. Major tenants include BAX Global, Expeditors
International and Hankyu International (Baa1). IACLA is one of the newest
warehouse properties within the market.
Property Management International Airport Centers LLC
Occupancy as of 8/1/99 95.00%
Net Operating Income for $2,946,799
trailing 12 months ending
8/31/99
Underwritten Net Cash Flow $2,978,957
Appraised Value $38,600,000
Appraisal Date December 4, 1998
Cut-off Date
Loan per Square Foot $86.74
LTV 71.3%
UW DSCR 1.30x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 15
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Atlantic Development Portfolio
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $23,150,000
Cut-off Date $23,113,978
Origination Date September 15, 1999
Interest Rate 8.0500%
Amortization 360
Hyperamortization After the Anticipated Repayment Date, all
excess cashflow is used to reduce the
outstanding principal
Anticipated Repayment Date October 1, 2009
Maturity Date October 1, 2029
Borrower/Sponsor (1) MBCC 40, LLC, WCA 50, LLC
and WCA 100, LLC, each a special purpose New
Jersey limited liability company, owned by
Atlantic Development and Management Corp.
Call Protection Prepayment locked out until on or after
July 1, 2009. U.S. Treasury defeasance
allowed, in whole or in part, on any payment
date on or after the second anniversary of
securitization
Removal of Property Manager The lender has the right to remove the property
manager at any time for cause, upon event of
default under the loan, if the DSCR falls
below 1.20x during any 12 month period, if the
loan is not repaid in full at ARD or if the
manager becomes insolvent. The lender must
approve any replacement
Collection Account Hard Lockbox. All rents payable by tenants are
deposited directly into a Cash Management
Account, and on the first day of each month, so
long as no Event of Default has occurred, all
funds shall be disbursed upon the discretion
of the lender
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Portfolio
Property Type Industrial - Flex Space
Location Warren and Franklin
Township, New Jersey
Years Built/Renovated 1986-1989
The Collateral
Three industrial - flex space centers located in Warren and Franklin Township,
New Jersey. Square footage totals 334,832 square feet.
<TABLE>
<CAPTION>
Square
Footage Major Tenants
----------- ---------------------
<S> <C> <C>
40 Technology Drive 93,336 Cordis Corp.
Warren, New Jersey
100 Randolph Road 152,472 Fountain
Franklin Township, New Technologies, Union
Jersey Carbide Corp.
(Baa2/BBB), Silk
Blossom Corp.
50 Randolph Road 89,024 Fountain
Franklin Township, New Technologies
Jersey
</TABLE>
Property Management Atlantic Development and Management Company
Occupancy as of 8/1/99 (2) 100.00%
Net Operating Income for 6 $2,978,312
months annualized as of 6/30/99
Underwritten Net Cash Flow $2,610,321
Appraised Value $32,180,000
Appraisal Date June 8, 1999
Cut-off Date
Loan per Square Foot $69.03
LTV 71.83%
UW DSCR 1.27x
- -------------------------------- -----------------------------------------------
(1) This loan is secured by three-collateralized and cross-defaulted mortgages,
deeds of trust or deeds to secure debt encumbering the three industrial
centers
(2) Weighted average occupancy based on square footage
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 16
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Circle Park Apartments
- -------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $22,975,000
Cut-off Date $22,924,768
Origination Date August 30, 1999
Interest Rate 8.1300%
Amortization 360
Hyperamortization NA
Anticipated Repayment Date NA
Maturity Date September 1, 2009
Borrower/Sponsor Amalgamated Trust and
Savings Bank, as land trustee, and University
Center Associates, as beneficiary. The
principals of the beneficiary are Jeffrey
Zarem and HGK Management Co.
Call Protection Prepayment locked out until on or after
June 1, 2009. U.S. Treasury defeasance
allowed, in whole but not in part, on any
payment date on or after September 1, 2002
Removal of Property Manager Either party has the right to terminate the
management agreement at the end of any
calendar month, with or without cause, on 30
days written notice. In the event of a
default under the management agreement by
the Mortgagor, the management agreement is
terminable immediately by the lender. Any
property manager or management agreement must
be satisfactory to the lender.
Collection Account None
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Single asset
Property Type Multifamily
Location 1111 South Ashland Avenue
Chicago, Illinois
Years Built/Renovated 1983
The Collateral
Located approximately 2 miles from the Chicago Loop business district, in the
Illinois Medical District / UIC neighborhood, the property is improved by a
418-unit multifamily garden apartment community which includes townhouses,
midrise and age restricted apartments. The property was built in 1982 and has
an ongoing capital replacements program. Project amenities include a swimming
pool, tennis court, volleyball court, mature landscaped grounds and 24-hour
security. When the property was developed it included a portion of Section 8
housing. The original contract covering 239 units expires in January 2003. The
age restricted midrise building will remain subsidized (120 units representing
29% of the total units). Current plans are to discontinue the contract for the
other 119 subsidized units and convert these to market rate rentals. Note that
179 units have never been subject to subsidies and are currently rented at
market rates. Underwritten cash flow is based on the current level of
operations at the subject.
Property Management New Frontier Residential
Management
Occupancy as of 7/99 91.00%
Net Operating Income for $2,279,802
trailing 12 months ending
7/31/99
Underwritten Net Cash Flow $2,472,814
Appraised Value $32,600,000
Appraisal Date August 2, 1999
Cut-off Date
Loan per Unit $54,843.94
LTV 70.32%
UW DSCR 1.21x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 17
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Penn Mar Shopping Center
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $22,325,000
Cut-off Date $22,302,499
Origination Date October 13, 1999
Interest Rate 8.4000%
Amortization 360
Hyperamortization After the Anticipated Repayment Date, all
excess cashflow is used to reduce the
outstanding principal
Anticipated Repayment Date November 1, 2009
Maturity Date November 1, 2029
Borrower/Sponsor Penn Mar Associates, L.L.C., a Delaware
limited liability company, the principal of
which is Gary Rappaport
Call Protection Prepayment locked out until on or after
August 1, 2009. U.S. Treasury defeasance
allowed, in whole but not in part, on any
payment date on or after the second anniversary
of securitization
Removal of Property Manager The lender has the right to remove the
property manager at any time upon an event of
default under the loan. The lender must
approve any replacement
Collection Account All rents payable by tenants are deposited by
the property manager directly into a Cash
Management Account, and on the first day of
each month, so long as no Event of Default has
occurred, all funds shall be disbursed upon the
discretion of the lender
Mezzanine Loans/Preferred A mezzanine loan with a principal balance of
Equity $2,976,347 as of January 1, 2000, an original
principal balance of $3,000,000, a maturity
date of November 1, 2009 and an amortization
term of 120 months, was made by MGT to PM
Investors, LLC, secured by general
partnership interest in the Borrower
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Single asset
Property Type Retail - Anchored
Location 3000-4000 Donnell Drive
Forestville, Maryland
Years Built/Renovated 1958 / 1998
The Collateral
The center, originally built in 1958, was purchased by the Borrower in 1995
and has been continually renovated and expanded since that time. Penn Mar
Shopping Center encompasses 373,592 square feet, has 46 in-line tenants and
eight pad site tenants. The center is anchored by Superfresh (Ba1/BBB-),
Marshalls (A3/A-), CVS (A3/A) and Burlington Coat Factory.
Property Management Rappaport Management Company
Occupancy as of 7/20/99 97.00%
Net Operating Income for $2,608,264
trailing 12 months ending
8/31/99
Underwritten Net Cash Flow $2,819,296
Appraised Value $31,200,000
Appraisal Date September 1, 1999
Cut-off Date
Loan per Room $59.70
LTV 71.48%
UW DSCR 1.38x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 18
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Abbey Portfolio I
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $20,039,350
Cut-off Date $20,039,350
Origination Date August 31, 1999
Interest Rate 7.4700%
Amortization Interest only
Hyperamortization NA
Anticipated Repayment Date NA
Maturity Date September 1, 2009
Borrower/Sponsor (1) Six individual special
purpose borrowers, each a special purpose
limited liability company wholly owned by
Abbey Properties, LLC. Abbey Properties, LLC
is owned 25.7% by Donald G. Abbey and 71.4%
by a wholly owned subsidiary of Rodamco North
America NV.
Call Protection Prepayment locked out until on or after
June 1, 2009. U.S. Treasury defeasance
allowed, in whole but not in part, on any
payment date on or after the second
anniversary of securitization
Removal of Property Manager The lender has the right
to remove the property manager at any time
upon an event of default under the loan. The
lender must approve any replacement
Collection Account Springing Lockbox.
Triggered by an Event of Default
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Portfolio of six assets
Property Type Retail - Anchored and
Unanchored
Location Southern California
Years Built/Renovated 1980-1989 / 1992
The Collateral
Three anchored and three unanchored retail centers with a total of
374,027 square feet
<TABLE>
<CAPTION>
Square
Footage Major Tenants
----------- -----------------------
<S> <C> <C>
Colton Commerce Center 122,081 RiteAid (B1/BB),
Colton, California Beverly Fabrics,
Berean Christian
Stores
Palmdale Place 84,051 Thrifty Drug (B1/BB),
Commerce Center Molina Medical
Palmdale, California Center, Family
Christian Bookstore,
Inc.
Tenth Street Commerce 96,767 Lucky Stores, Inc.
Center (A2/A), Whole
Lancaster, California Wheatery, Edwards
Federal Credit Union
Fountain Plaza 33,022 Chief Auto Parts
(Palmdale II) (Baa3), Less than $1,
Palmdale, California H. Hawatmeh & N. Dugom
Diamond Bar Commerce 20,618 Sizzler Restaurant,
Center Kindercare Learning
Diamond Bar, California Center, Max
Throckmorton
Palm Plaza (Palmdale 17,488 Manoj Soktalardcheep,
III) $0.98 Store, Palm
Palmdale, California Plaza Pet Hospital
</TABLE>
Property Management The Abbey Company
Occupancy as of 9/1/99 (2) 82.66%
Net Operating Income for 6 $3,175,544
months annualized ending
6/30/99
Underwritten Net Cash Flow $2,634,865
Appraised Value $33,965,000
Appraisal Date June 24 - July 16, 1999
Cut-off Date
Loan per Square Foot $53.58
LTV 59.00%
UW DSCR 1.74x
- --------------------------------------------------------------------------------
(1) This loan is secured by six-collateralized and cross-defaulted mortgages,
deeds of trust or deeds to secure debt encumbering the six retail centers
(2) Weighted average occupancy based on square footage
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 19
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
332 South Michigan Avenue
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $18,750,000
Cut-off Date $18,689,849
Origination Date June 1, 1999
Interest Rate 7.9800%
Amortization 360
Hyperamortization After the Anticipated Repayment Date, all
excess cashflow is used to reduce the
outstanding principal
Anticipated Repayment Date July 1, 2009
Maturity Date July 1, 2029
Borrower/Sponsor 332 South Michigan Avenue
Office, LLC, a special purpose Illinois
limited liability corporation, the principal
of which is Louis D' Angelo
Call Protection Prepayment locked out until on or after
April 1, 2009. U.S. Treasury defeasance
allowed, in whole but not in part, on any
payment date on or after the second
anniversary of securitization
Removal of Property Manager The lender has the right to remove the
property manager at any time or upon an event
of default under the loan. The lender must
approve any replacement
Collection Account All rents payable by tenants are deposited
directly into aCash Management Account, and on
the first day of each month, so long as no
Event of Default has occurred, all funds shall
be disbursed upon the discretion of the
lender
Mezzanine Loans/Preferred NA
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Single asset
Property Type Office - CBD
Location 332 South Michigan Avenue
Chicago, Illinois
Years Built/Renovated 1912 / 1980-1985
The Collateral
This 20-story, 318,266 square foot building is located directly across the
street from Grant Park in the Chicago central business district. The lender's
collateral interest is contained within the first 14 stories of the building,
housing retail and office tenants. The remaining six stories are privately owned
residential condominiums. The building was constructed in 1912 and renovated
between 1980 and 1985.
Property Management Metropolitan Properties of
Chicago
Occupancy as of 11/30/99 94.95%
Net Operating Income for 9 $2,413,022
months annualized ending
9/30/99
Underwritten Net Cash Flow $2,100,691
Appraised Value $24,300,000
Appraisal Date March 26, 1999
Cut-off Date
Loan per Square Foot $58.72
LTV 76.91%
UW DSCR 1.27x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 20
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Abbey Portfolio II
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $17,464,000
Cut-off Date $17,464,000
Origination Date August 31, 1999
Interest Rate 7.4700%
Amortization Interest only
Hyperamortization NA
Anticipated Repayment Date NA
Maturity Date September 1, 2009
Borrower/Sponsor (1) Five individual special
purpose borrowers, each a special purpose
limited liability company wholly owned by
Abbey Properties, LLC. Abbey Properties, LLC
is owned 25.7% by Donald G. Abbey and 71.4%
by a wholly owned subsidiary of Rodamco North
America NV.
Call Protection Prepayment locked out until on or after
June 1, 2009. U.S. Treasury defeasance
allowed, in whole but not in part, on any
payment date on or after the second
anniversary of securitization
Removal of Property Manager The lender has the right
to remove the property manager at any time
upon an event of default under the loan. The
lender must approve any replacement
Collection Account Springing Lockbox.
Triggered by an Event of Default
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Portfolio of five assets
Property Type Industrial, Office and
Mixed Use
Location Southern California
Years Built/Renovated 1980-1986 / 1989-1997
The Collateral
Two industrial flex space, two suburban office and one office/
retail properties located in Southern California with a total of 411,534
square feet
<TABLE>
<CAPTION>
Square
Footage Major Tenants
----------- -----------------------
<S> <C> <C>
Cityview Plaza 135,920 Ask Southern
Garden Grove, California, Inc.,
California O.C. Access Program,
Concord Credit
Glendora Commerce 70,180 Mann Theaters, Lazer
Center Star, Tutortime
Glendora, California Corporation
Anaheim Stadium 89,480 Lunada Bay, Elliott
Industrial Park Auto Supply, Optical
Anaheim, California Science
Arlington Airpark Plaza 86,154 Greensteel, Inc.,
Riverside, California Netseller, Cole
Vocational Services
Edinger 29,800 County of Orange (A1)
Santa Ana, California
</TABLE>
Property Management The Abbey Company
Occupancy as of 9/1/99 (2) 95.9%
Net Operating Income for 6 $2,854,286
months annualized ending
6/30/99
Underwritten Net Cash Flow $2,409,781
Appraised Value $29,600,000
Appraisal Date June 21 - July 21, 1999
Cut-off Date
Loan per Square Foot $42.44
LTV 59.00%
UW DSCR 1.82x
- -------------------------------- -----------------------------------------------
(1) This loan is secured by five collateralized and cross-defaulted mortgages,
deeds of trust or deeds to secure debt encumbering the five retail centers
(2) Weighted average occupancy based on square footage
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 21
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Alpine Commons Shopping Center
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $16,800,000
Cut-off Date $16,772,760
Origination Date September 24, 1999
Interest Rate 7.9100%
Amortization 360
Hyperamortization After the Anticipated
Repayment Date, all excess
cashflow is used to reduce
the outstanding principal
Anticipated Repayment Date September 1, 2009
Maturity Date October 1, 2029
Borrower/Sponsor Alpine Improvements, LLC, a
Delaware limited liability
company, the principal of
which is Adam W. Ifshin
Call Protection Prepayment locked out until
on or after June 1, 2009.
U.S. Treasury defeasance
allowed, in whole or in
part, on any payment date
on or after the second
anniversary of
securitization
Removal of Property Manager The lender has the right to
remove the property manager
if there is an event of a
default, a 50% or more
change in the ownership of
the manager, or the debt is
not repaid on or before the
Anticipated Repayment Date.
The lender must approve any
replacement and receive
rating agency confirmation
Collection Account All rents payable by
tenants are deposited by
the property manager
directly into a Cash
Management Account, and on
the first day of each
month, so long as no Event
of Default has occurred,
all funds shall be
disbursed upon the
discretion of the lender
Mezzanine Loans/Preferred None
Equity
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Single asset
Property Type Retail - Anchored
Location 1357 Route 9
Wappingers Falls, New York
Years Built/Renovated 1994
The Collateral
Alpine Commons Shopping Center is a 209,950 square foot anchored shopping
center built in 1994. The shopping center's two major tenants are BJ's
Wholesale Club and Stop & Shop. BJ's Wholesale Club, Inc. is a leading
wholesale club chain operating 103 stores in the eastern United States. This
store's reported sales are $345 per square foot for 1998. Stop & Shop is owned
by the Dutch company Royal Ahold (A3/A), an international food retailer with
leading supermarket companies in the United States, Europe, Latin America and
Asia. This store's reported sales are $442 per square foot for 1998. Royal
Ahold operates over 3,600 stores worldwide and it is the leading supermarket
operator the East Coast operating more than 1000 stores under the names Stop &
Shop, Giant Food Stores, Tops Markets, and Bi-Lo.
Property Management DLC Management Corp.
Occupancy as of 6/1/99 93.00%
Net Operating Income for year $1,969,620
ending 12/31/98
Underwritten Net Cash Flow $1,839,378
Appraised Value $21,000,000
Appraisal Date July 8, 1999
Cut-off Date
Loan per Square Foot $79.89
LTV 79.87%
UW DSCR 1.25x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 22
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Pirate's Cove Apartments
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Principal Balance
Original $15,800,000
Cut-off Date $15,789,005
Origination Date October 29, 1999
Interest Rate 7.8200%
Amortization 360
Hyperamortization After the Anticipated
Repayment Date, all excess
cashflow is used to reduce
the outstanding principal
Anticipated Repayment Date December 1, 2006
Maturity Date December 1, 2029
Borrower/Sponsor L-F Pirate's Cove
Apartments, LLC, a Colorado
limited liability company,
principally owned by Steven
M. Leaffer
Call Protection Prepayment locked out until
on or after October 1,
2006. U.S. Treasury
defeasance allowed, in
whole but not in part, on
any payment date on or
after the second
anniversary of
securitization
Removal of Property Manager The lender has the right to
remove the property manager
at any time upon an event
of default under the loan,
upon the death or six month
or greater disability of
Steven Leaffer, or if the
property's vacancy rate
exceeds the market vacancy
by more than 10%. The
lender must approve any
replacement
Collection Account Springing Lockbox;
Triggered by failure to
repay the debt three months
prior to Anticipated
Repayment Date
Mezzanine Loans/Preferred A mezzanine loan with an
Equity original principal balance
of $3,000,000, a maturity
date of December 1, 2006
and an amortization term of
84 months, was made by Ohio
Savings Bank to the
Borrower, Steven M.
Leaffer, individually, and
Feiner Enterprises, Inc.,
secured by equity interests
in the Borrower.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio Single asset
Property Type Multifamily
Location 7200 Pirates Cove Road
Las Vegas, Nevada
Years Built/Renovated 1988
The Collateral
Located in northwest Las Vegas near the Summerlin Parkway, the property is
improved by a 428-unit multifamily garden apartment complex, with one, two and
three bedroom units. The property was developed over two phases in 1987 and
1988. Onsite amenities include four swimming pools and two spas, as well as
two lighted tennis courts. The clubhouse has a large recreation room, an
exercise room, as well as men and women's restrooms. An onsite playground also
exists.
Property Management Leaffer Management LLC
Occupancy as of 10/4/99 94.68%
Net Operating Income for 8 $1,878,438
months annualized ending
8/31/99
Underwritten Net Cash Flow $1,673,925
Appraised Value $20,320,000
Appraisal Date September 8, 1999
Cut-off Date
Loan per Unit $36,890.20
LTV 77.70%
UW DSCR 1.22x
- --------------------------------------------------------------------------------
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 23
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and ABN AMRO Incorporated do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the sellers of the mortgage loans. J.P. Morgan
and ABN AMRO Incorporated and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and ABN AMRO Incorporated are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or ABN AMRO
Incorporated entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
Collateral Performance of Previous JPMC Transactions
<TABLE>
<CAPTION>
30 to 90 Days Delinquent (1)
--------------------------
# of Loans at Securitized Loan Balance % of Total
Deal Pricing Date Issuance Balance ($000) ($000) Balance # of Loans Foreclosure Losses
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C1 Jul-95 36 $172,165 $12,797 (2) 7.43% 1 $0 $0
C2 Jan-96 91 304,650 7,537 (3) 2.47 1 0 0
C3 Jun-96 124 400,936 0 0.00 0 0 0
C4 Jan-97 127 406,985 1,538 0.38 1 0 0
C5 Sep-97 93 (4) 401,244 (4) 2,577 (5) 0.64 1 0 0
C6 Mar-98 91 796,414 0 0.00 0 0 0
MC2 (6) Jun-98 25 (4) 138,896 (4) 0 0.00 0 0 0
C7 Apr-99 145 801,352 0 0.00 0 0 0
C8 Aug-99 128 731,517 0 0.00 0 0 0
- --------------------------------------------------------------------------------------------------------------------------------
Total 860 $4,154,158 $24,449 0.59% 4 $0 $0
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) As of November 1999 remittances
(2) A retail outlet mall in Martinsburg, VA secures this delinquent loan.
Tenant occupancy has dropped due to competing outlet centers in nearby
Baltimore, MD and Washington, DC
(3) A medical office building in Salt Lake City, UT secures this delinquent
loan. The tenant, Bonneville Health Systems, Inc. ("BHS"), stopped paying
rent in August 1997 due to financial difficulties. Alpine Medical Group, a
medical consulting firm, is currently evaluating a potential acquisition of
BHS. Since November 1998, Alpine has been paying to the borrower monthly
rent of $75,000, an amount that covers the current debt service.
(4) Represents J.P. Morgan's contribution to the total pool
(5) One delinquent loan is secured by a corporate apartment building in
Atlanta, GA. The collateral property has suffered in the last year due to
the construction of two competing properties and the re-routing of the
access road to the subject property
(6) Mortgage Capital Funding, Inc., Multifamily/Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C9 Page 24
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. All information
contained herein, whether regarding the mortgage loans or otherwise,
supersedes any previous such information delivered to you and will be
superseded by any such information subsequently delivered and ultimately by
the final prospectus relating to the securities. These materials are not
intended as an offer or solicitation with respect to the purchase or sale of
any security, and have been provided to you for informational purposes only
and may not be relied upon by you in evaluating the merits of investing in the
securities. Any investment decision with respect to the securities should be
made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and/or its affiliates and employees may hold a position or act as market maker
in the financial instruments of any issuer discussed herein or act as
underwriter, placement agent, advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC. Copyright 1999 J.P. Morgan & Co.
Incorporated. Clients should contact analysts at and execute transactions
through a J.P. Morgan entity in their home jurisdiction unless governing law
permits otherwise.
