SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: September 25, 1996
(Date of earliest event reported)
Asset Securitization Corporation
(Exact name of registrant as specified in its charter)
Delaware 33-49370-01 13-3672337
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
Two World Financial Center, Building B, New York, New York 10281
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Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 667-9300
<PAGE>
Item 5. Other Events.
Attached as Exhibit 1 to this Current Report are certain
materials (the "Term Sheets") furnished to Asset Securitization Corporation
(the "Registrant") by Nomura Securi ties International, Inc. (the
"Underwriter"), the underwriter in respect of the Registrant's Commercial
Mortgage Pass-Through Certificates, Series 1996-D3 (the "Certificates").
The Certificates are being offered pursuant to a Prospectus
and related Prospectus Supplement (together, the "Prospectus"), which will be
filed with the Commission pursuant to Rule 424(b)(5) under the Securities Act
of 1933, as amended (the "Act"). The Certificates have been registered
pursuant to the Act under a Registration Statement on Form S-3 (No. 33-99502)
(the "Registration Statement"). The Registrant hereby incorporates the Term
Sheets by reference in the Registration Statement.
The Term Sheets were prepared solely by the Underwriter, and the
Registrant did not prepare or participate in the preparation of the Term
Sheets.
Any statement or information contained in the Term Sheets shall
be deemed to be modified or superseded for purposes of the Prospectus and the
Registration Statement by statements or information contained in the
Prospectus.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 1. Term Sheets.
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<PAGE>
Pursuant to the requirements of the Securitie Exchange Act of
1934, the Regis trant has duly caused this report to be signed on behalf of
the Registrant by the undersigned thereunto duly authorized.
ASSET SECURITIZATION CORPORATION
By: /s/Perry Gershon
--------------------------------
Perry Gershon
Vice President
Date: September 25, 1996
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<PAGE>
Exhibit Index
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Term Sheets
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<PAGE>
EXHIBIT 1
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"Public Securities:
At Issue:
Initial Sprd Approx.Avg. Mod. Principal
Class Ratings Principal Cpn Talk Price Life Dur. Window DSCR* LTV* Sub.
A-1A AAA $70mm 7.35% 101 3.42 2.87 6.25 2.06 47% 30%
A-1B AAA $160mm 7.63% 101 7.14 5.34 3.25 2.06 47% 30%
A-1C AAA $350mm 7.74% 101 10.18 6.83 3.8 2.06 47% 30%
A-2 AA $54mm 7.78% 101 14.29 8.36 1.58 1.87 52% 23%
A-3 A $32mm 7.92% 101 14.7 8.44 .25 1.73 56% 17%
A-4 BBB $37mm 8.12% 101 14.8 8.33 .08 1.66 58% 13%
Private Securities:
B-1 BB $62mm 0
B-2 B $25mm 0
B-3 UR $17mm 0 1.44 67%
A-CS1 AAA $3.7mm 1.80% 5.2 2.22 1.94 6.25
($70notional)
A-CS2 AAA $62.2mm 1.41% 9.4 5.5 4.3 14.8
($633notional)
UR=Unrated
*LTV's and DSCRs are weighted averages.
Issue:
Asset Securitization Corporation
Commercial Mortgage Pass-Through Certificates,
Series 1996-D3.
The Offering:
$807,000,000 fixed rate commercial mortgage-backed securities.
Lock Out:
99% of the cash flows are locked out through the term.
Original Loan Principal: $807,106,842
Loan Principal at Cut-off: $
Rating Agencies: TBD - 2 Major
Cut-Off Date: September ___, 1996
Closing Date: October ___, 1996
First Payment Date: November ___, 1996
Scheduled Final Distribution:
Servicer: Amresco
Trustee: LaSalle National Bank
Fiscal Agent: ABN AMRO Bank
Advancing: Yes-Through liquidation
Minimum Denomination: $100,000
Delivery: DTC,CEDEL,Euroclear
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Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
Fixed Interest Rates: 9.27% WA; 7.9%-10.8%
Effective Maturity: 144 WAM; 84-240 Mos.
Amortization: 311 WA; 240-360 Mos.
Collateral Breakdown:
Collateral:
145 properties located in 29 states with the largest
concentrations in California (27%), Texas
(16%), Nevada (9%) Arizona (7%) and Georgia (5%).
Cross-collateralized pools:
9 pools with a total balance of $158.7 mm
Range of principal balance: $2.5 mm - $68.5 mm
Range of assets per pool: 2 - 8
Property types include 3 retail, 2 multi, 2 hotel, 2 MHP
Single assets with a balance > $15 mm:
12 loans with a total balance of $330 mm.
The largest loan has a principal balance of $71 mm
The single assets include 2 retail properties, 2 multis, 4
office properties, 2 hotels, 1 industrial
property and 1 mixed hotel/retail.
Average property loan balance: $5,566,254
Range of property loan balances: $533,727-$71,000,000
LTV: 67% WA; 41%-79%
Based on appraisals completed within 12 months of issuance.
Balloon LTV: 55% WA; 18%-70%
# of
LTV Range Loans Amount # of Pool
41% - 50% 7 $19,188,000 2%
51% - 60% 17 $97,715,114 13%
61% - 70% 49 $402,725,362 50%
71% - 79% 42 $283,078,366 35%
Total 115 $807,106,842 100%
Debt Service Coverage Ratio: 1.44X WA; 1.26 X - 2.25X
Based on underwritten Net Cash Flow derived from borrower
provided financials.
DSCR Range #of Loans Amount % of Pool
1.26 - 1.30 16 $130,746,414 16%
1.31 - 1.35 19 $173,318,500 21%
1.36 - 1.40 20 $94,005,946 12%
1.41 - 1.45 18 $174,116,992 22%
1.46 - 1.50 8 $50,212,114 6%
1.51 - 1.55 10 $31,592,000 4%
1.56 - 1.65 8 $95,188,000 12%
1.66 - 1.74 5 $8,781,000 1%
1.75 - 2.00 8 $35,946,326 4%
2.01 - 2.25 3 $13,200,000 2%
Total 115 $807,106,842 100%
Property Occupancy:
Hotel: ___% WA; __%-___%
Non-Hotel: __% WA; __%*-____%
Reporting Requirements:
All borrowers are required to provide operating statements and
rent rolls on a quarterly and annual
basis.
Miscellaneous:
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Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
The paper version of this document sets forth a bar graph containing the
following information:
Original LTV ("OLTV") vs. Balloon LTV* ("BLTV"):
Multi
Hotel Family MHP Nursing Retail Office Indust. Mixed
OLTV/BLTV OLTV/BLTV OLTV/BLTV OLTV/BLTV OLTV/BLTV OLTV/BLTV OLTV/BLTV OLTV/BLTV
63%/52% 68%/49% 69%/50% 70%/53% 71%/58% 71%/58% 65%/54% 54%/42%
* Balloon LTV assumes scheduled amortization through the
Effective Maturity Date and constant
property value.
The paper version of this document sets forth a pie chart containing the
following information:
Property Type Diversification:
Hotel 27% Retail 19%
Mixed 1% Nursing 3%
Indust. 3% MHP 6%
Office 13% Multifamily 28%
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Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
Loan Analysis by Property Type*:
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Property Type Cut-off Loan Amount %ofPool %ofLoans %ofProps Avg.Loan Size Loan/units DSCR LTV AvgRt LOmos RemTerm AmorTerm
Multifamily 226,794,445 28.1% 22 30 $10.3mm 1.44 68% 8.6% 128 131 322
Hotel 219,210,432 27.2% 36 41 $6.1mm 1.54 63% 9.8% 173 175 282
Retail 153,546,965 19.0% 19 31 $8.1mm 1.35 71% 9.3% 131 134 331
Office 100,671,000 12.5% 7 7 $14.4mm 1.40 65% 9.3% 116 118 323
MHP 50,439,000 6.2% 23 27 $2.2mm 1.41 69% 9.2% 156 159 317
Industrial 27,348,000 3.4% 2 2 $13.7mm 1.34 65% 9.4% 119 120 300
Nursing 21,197,000 2.6% 4 4 $5.3mm 1.59 70% 10.4% 151 154 292
Mixed 7,900,000 1.0% 2 3 $3.95mm 1.38 52% 9.7% 137 140 300
Tl.Wtd.Avg.: 807,106,842 100% 115 145 $7.0mm 1.44 67% 9.27% 141 144 311
</TABLE>
The paper version of this document sets forth a map of the United States
containing the following information:
Geographic Distribution:
WA 1% MO 2% FL 4%
OR Less than 1% LA 1% NC 2%
NV 9% WI Less than 1% VA 1%
CA 27% IL Less than 1% PA 4%
UT Less than 1% MI 3% NY 3%
AZ 7% IN 1% MD 3%
CO 1% KY 1% NJ 2%
KS Less than 1% TN 2% CT 1%
OK 4% OH 1% RI Less than 1%
TX 16% GA 5%
Percentages based on principal balance.
145 Properties
29 States
Geographic Concentration by Property Type:
CA TX NV AZ
Multifamily 27.9% 18.7% 32.5% 1.5%
Hotel 11.6% 37% N/A 2.9%
MHP 3.4% N/A N/A 15.3%
Retail 50.2% 15.9% N/A 10.2%
Nursing 13.3% N/A N/A 74.7%
Industrial N/A N/A N/A N/A
Office 44.5% N/A N/A N/A
Mixed 91.6% 8.4% N/A N/A
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Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
The paper version of this document sets forth a bar graph containing the
following information:
Bond Class Paydown:
10/97 $8.82mm (A1 AAA)
10/14/98 $9.68mm (A1 AAA)
10/14/99 $10.62mm (A1 AAA)
10/14/00 $11.59mm (A1 AAA)
10/14/01 $12.78mm (A1 AAA)
10/14/02 $14.03mm (A1 AAA)
10/14/03 $3.19mm (A1 AAA); $122.39mm (A1B AAA)
10/14/04 $14.96mm (A1B AAA)
10/14/05 $16.49mm (A1B AAA)
10/14/06 $9.66mm (A1B AAA); $290.24mm (A1C AAA)
10/14/07 $12.37mm (A1C AAA)
10/14/08 $14.87mm (A1C AAA)
10/14/09 $37.98mm (A1C AAA)
10/14/10 $1.54mm (A2 AA); $14.05mm (A3 A)
10/14/11 $45.5mm (A2 AA); $38.28mm (A3 A); $42.53mm (A4 BBB);
$68.05mm (B1 BB); $11.75mm (B2 B)
10/14/12 $5.93mm (B2 B)
10/14/13 $12.09mm (B2 B); $8.53mm (B3A UR)
10/14/14 $2.32mm (B3A UR)
10/14/15 $2.54mm (B3A UR)
10/14/16 $6.65mm (B3A UR)
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
Property Name ............ Type Address City ST Loan Amount DSCR LTV
East Street Trading Center IND 801 East Street Fredrick MD 2,948,000 1.37 58%
Lee Park ................. IND 1100 East Hector Street Conshohocken PA 24,400,000 1.34 66%
Summit Creek ............. MF 7900 San Felipe Blvd Austin TX 3,600,000 1.86 56%
Westway Village .......... MF 2401 West Belt North Houston TX 4,950,000 1.86 56%
Coral Cove ............... MF 25 North Belcher Road Clearwater FL 4,050,000 1.86 56%
Tatum Gardens ............ MF 15425 North Tatum Blvd Phoenix AZ 3,500,000 1.86 56%
</TABLE>
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
Property Name ............... Type Address City ST Loan Amount DSCR LTV
Club Pacific at Lakes ....... MF 9325 West Desert Inn Road Las Vegas NV 7,145,423 1.45 66%
Club Pacific at Shores ...... MF 2200 Club Pacific Way Las Vegas NV 8,208,956 1.45 66%
Culb Paciifc at Flamingo .... MF 3145 East Flamingo Road Las Vegas NV 11,609,578 1.45 66%
Antigua Bay ................. MF 5225 East Charleston Las Vegas NV 12,192,271 1.45 66%
Martinique Bay .............. MF 3000 Highview Drive Henderson NV 12,013,495 1.45 66%
Montego Bay ................. MF 1050 Whitney Ranch Drive Henderson NV 17,330,277 1.45 66%
Stratford Arms Apartments ... MF 1900 South Charles Blvd. Greenville NC 1,871,000 1.28 58%
Cypress Grove Apartments .... MF 22A Cypress Grove Drive Wilmington NC 4,116,000 1.41 61%
Cardinal Village Apartments . MF 2301 Indian Drive Jacksonville FL 1,677,000 1.32 58%
Village Squire Apartments ... MF 5955 Edinburgh Canton MI 15,000,000 1.35 67%
Park Hallow Apartments ...... MF 4343 South Shaver Pasadena TX 1,875,000 1.51 75%
122-124 Duane Street ........ MF 122-124 Duane Street New York NY 3,070,000 1.81 58%
Monroe Gardens .............. MF 1504-58 Schley Street Hillside NJ 4,298,000 1.39 71%
Regency Towers .............. MF 1600 Lehigh Parkway East Allentown PA 5,600,000 1.30 72%
RCA-Addison ................. MF 4010 Brookhave Club Drive Addison TX 13,530,000 1.49 75%
Mariner's Village ........... MF 4600 Via Marina Marina del Rey CA 54,866,945 1.30 71%
Maple Park Terrace Apartments MF 5414 Maple Park Drive Flint MI 2,500,000 1.98 50%
Fox Glen Apartments ......... MF 6301 Fox Glen Drive Saginaw MI 3,800,000 2.25 76%
Pecan Crossing .............. MF 1225 E. Pleasant Run Desota TX 4,850,000 1.36 74%
Ridgewood Village Apartments MF 100 Ridgegate Lane St.Peters MO 7,113,000 1.30 74%
Red Carpet Apartments ....... MF 24440 Russell Road Kent WA 1,400,000 1.29 73%
Grandmont Gardens ........... MF 16151 Grandmont Court Roseville MI 1,619,000 1.47 72%
Georgian Heights Apartments . MF 1931 N. Bowman Ave. Danville IL 1,288,000 1.30 72%
Charleston Park ............. MF 4800 East Charleston Las Vegas NV 5,212,500 1.32 75%
Foothill Courtyard Apatments MF 1360 Foothill Drive Vista CA 2,633,000 1.38 79%
Gramercy Apts ............... MF 9072 Gramercy Apartments San Diego CA 5,875,000 1.32 68%
Ellenton Gardens ............ MHP 7310 Hwy 301 North Ellenton FL 1,100,000 1.34 64%
Hawaiian Gardens ............ MHP 104 63rd Avenue West Bradenton FL 3,900,000 1.34 64%
Millcreek RV Resorts ........ MHP 2775 Michigan Avenue Kissimmee FL 1,050,000 1.34 64%
Spanish Main RV & MHP ....... MHP 12101 Hwy 301 North Thonotosassa FL 1,825,000 1.34 64%
</TABLE>
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
Property Name Type Address City ST Loan Amount DSCR LTV
Plantation Oaks MHP 604 N. Kingsway Dr. Seffner FL 1,190,000 1.40 71%
Chateau Forrest MHP 700 N. Kingsway Dr. Seffner FL 1,310,000 1.40 71%
Locust Grove MHP MHP 778 Highway 36 Hazlet NJ 1,300,000 1.38 63%
Coachland MHP MHP 10500 Hwy. 89N Truckee CA 1,700,000 1.55 64%
Solana Y. Sombra MHP 4828 East Grant Road Tucson AZ 988,000 1.61 73%
Royal Palm MHP MHP 720 S. Federal Highway Hallandale FL 1,725,000 1.64 64%
Crystal Lake MHP MHP 1330 Hanover Road Delaware OH 1,927,000 1.50 72%
Galway Bay MHP 1361 Overseas Hwy. Marathon FL 1,550,000 2.00 45%
Brookwood MHP MHP 1908 East 19th Street Lawrence KS 2,755,000 1.26 75%
M&M Mobile Villa MHP 320 E. McKellips Road Mesa AZ 3,525,000 1.31 67%
Franklin Estates MHP 700 W. Meade Blvd Franklin TN 3,272,000 1.27 71%
Tara - MHP MHP 7735 Tara Blvd. Jonesboro GA 1,781,000 1.31 73%
Gwinnett Estates MHP 211 Howe Lane Loganville GA 2,029,000 1.29 72%
Mobile Gardens MHP MHP 1901 N. Glasscock Road Mission TX 1,050,000 1.54 70%
Ravines MHP MHP 2088 East Empire Avenue Benton Harbor MI 1,968,000 1.35 68%
Johanna Woods MHP 2909 Montpelier Street Broken Arrow OK 1,800,000 1.64 72%
Woodridge Estates MHP 2284 W. Gelena Ave. Freeport IL 2,700,000 1.36 77%
Marysville Estate MHP 506 N. Main St. Marysville OH 4,233,000 1.44 73%
Silver Sands RV Resort MHP 9252 East Broadway Mesa AZ 1,355,000 1.36 67%
Phoenix West Mobile Home Park MHP 3150 West Glendale Avenue Phoenix AZ 850,000 1.40 66%
Cactus Wren MHP MHP 235 North Ellsworth Road Mesa AZ 996,000 1.36 68%
Mobile Estates MHP 1717 & 1823 5th St. Greeley CO 860,000 1.73 64%
Ridgewood MHP MHP 6825 W. Mississippi Lakewood CO 1,700,000 1.40 72%
Leaden Hall II Med Centre Mixed 7271 Wurbach Road San Antonio TX 2,600,000 1.31 58%
Westwood Plaza Nursing 2228 Westwood Blvd Westwood CA 2,822,000 1.52 66%
Camelot Care Center Nursing 11301 & 11311 N.99th Ave Peoria AZ 12,000,000 1.65 69%
Santa Rita Care Center Nursing 150 N. La Canada Drive Green Valley AZ 3,825,000 1.34 75%
Medford Nursing Home Nursing 616 South Front Street Medford OK 2,550,000 1.79 75%
Nations Bank Building Office 2530 Riva Road Annapolis MD 1,915,000 1.41 52%
First Tennessee Bank Building Office 165 Madison Ave. Memphis TN 5,873,000 1.76 46%
9300 Wilshire Blvd. Office 9300 Wilshire Blvd. Beverly Hills CA 4,123,000 1.43 72%
Steinhardt Sacramento Office Office 501 J Street Sacramento CA 16,575,000 1.33 71%
Atlanta Decorative Art Center Office 351 Peachtree Hills Atlanta GA 23,100,000 1.37 56%
</TABLE>
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
Property Name Type Address City ST Loan Amount DSCR LTV
Crosspointe Office 1395-1525 N.W. 167th St. Miami FL 6,500,000 1.45 69%
OFFC Office NY 19,500,000 1.28 71%
OFFC Office CA 25,000,000 1.44 69%
Blockbuster/Staples Retail 8904 62nd Avenue College Park MD 2,850,000 1.46 71%
Hechinger's Plaza Retail 1535 University Blvd. Langley Park MD 2,910,000 1.46 71%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail TX 2.222.222 1.27 74%
RETL Retail TX 2,222,222 1.27 74%
RETL Retail CA 3,571,429 1.31 76%
RETL Retail CA 3,571,429 1.31 76%
RETL Retail CA 3,571,429 1.31 76%
RETL Retail CA 3,571,429 1.31 76%
RETL Retail CA 3,571,429 1.31 76%
Paradise Valley Retail 13637 North Tatum Blvd. Phoenix AZ 5,400,000 1.47 61%
Market at Uvalde Retail 13502-13560 I-10 Frontage Houston TX 2,750,000 1.34 76%
Simi Valley Plaza Retail 1317 E. Los Angeles Simi Valley CA 16,385,496 1.40 70%
Country Club Corners Retail 7120 South Polk Street Dallas TX 1,100,000 1.30 59%
I. Goldberg Shopping Center Retail Rte. 7 & Kings Highway Cherry Hill NJ 2,550,000 1.28 71%
Val Vista Crossing Retail 3655 E. Southern Mesa AZ 5,251,548 1.30 67%
Alderwood Village Retail 37th Ave W & 196 St.SW Lynwood WA 5,600,000 1.41 68%
Bolsa Marketplace Retail 9500-9600 Bolsa Avenue Westinster CA 4,875,000 1.36 75%
Crestview Plaza Retail 9282 Watson Rd. St.Louis MO 4,370,000 1.32 68%
Casas Adobes Retail 7000-7051 N.Oracle Rd Tuscon AZ 2,165,000 1.41 44%
Branch Avenue Plaza Retail 650 Branch Avenue Providence RI 2,075,000 1.26 72%
Lake Arrowhead Village Retail 28200 Highway 189 Lake Arrowhead CA 19,800,000 1.34 69%
Grogan's Mills Retail 303 Sawdust Rd. & The Woodlands TX 1,090,000 1.37 61%
Towne Pointe Retail 357 Route 9 South Manalapan NJ 6,550,000 1.30 73%
RETL Retail CA 3,940,000 1.29 73%
RETL Retail CA 28,250,000 1.31 77%
Comfort Inn - Southington Hotel 120 Laning Street Southington CT 2,356,610 1.46 52%
Holiday Inn - Cromwell Hotel 4 Sebethe Drive Cromwell CT 1,790,003 1.46 52%
Residence Inn - Norman Hotel 2681 Jefferson Street Norman OK 3,875,245 1.46 52%
Ramada Plaza - Fon du Lac Hotel One Main Street Fon du Lac WI 418,267 1.46 52%
Comfort Inn - Mystic Hotel 48 Whitehall Ave. Mystic CT 6,859,766 1.46 52%
Ramada Inn - Pensacola Hotel 6550 Pensacola Blvd. Pensacola FL 1,717,223 1.46 52%
</TABLE>
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
Property Name Type Address City ST Loan Amount DSCR LTV
Days Inn - Annapolis Hotel 2520 Riva Road Annapolis MD 3,385,000 1.41 52%
Holiday Inn - Salt Lake Hotel 2080 West North Temple Dr.Salt Lake City UT 2,300,000 1.45 70%
Farmville Super 8 Hotel Highway 15 South Farmville VA 553,326 1.89 65%
Havre de Grace Super 8 Hotel 929 Pulaski Highway Havre de Grace MD 699,992 1.41 62%
Comfort Inn - Salisbury Hotel 2701 N. Salisbury Blvd. Salisbury MD 3,150,000 1.47 71%
Days Inn - Owensboro Hotel 3720 New Hartford Road Owensboro KY 1,530,000 1.72 63%
Best Western - Lafayette Hotel 1801 West Pinhook Road Lafayette LA 5,000,000 2.01 42%
Best Western - Goodyear Hotel 1100 N. Litchfield Road Goodyear AZ 2,500,000 1.51 69%
Holiday Inn - Owensboro Hotel 3136 W. 2nd Street Owensboro KY 4,000,000 1.52 67%
Comfort Inn - North Carolina Hotel 1636 Carolina Avenue Washington NC 1,674,000 1.40 70%
Comfort Inn - Goodyear Hotel 1770 N. Dysart road Goodyear AZ 3,900,000 1.45 63%
Hampton Inn - Key West Hotel 2801 North Roosevelt Blvd.Key West FL 8,690,000 1.40 65%
Hampton Inn - Indianapolis Hotel 7220 Woodland Drive Indianapolis IN 3,750,000 1.92 51%
Barcelona Court Hotel 5215 South Loop 289 Lubbock TX 4,700,000 1.35 75%
Hampton Inn - Memphis Hotel 2979 Millbranch Road Memphis TN 3,800,000 1.40 54%
Holiday Inn - Monroe Hotel 2011 Louisville Avenue Monroe LA 3,725,000 1.42 51%
Hotel Grand Victorian Hotel 2325 West Highway 76 Branson MO 4,795,000 1.55 66%
Holiday Inn Exp./Douglasville Hotel 5479 Westmoreland Plaza Douglasville GA 2,080,000 1.42 69%
Best Western - Galveston Hotel 5914 Seawall Blvd. Galveston TX 4,062,000 1.45 62%
Holiday Inn -- Wilmington Hotel 4902 Market Street Wilmington NC 7,300,000 1.52 72%
Country Hearth Inn - Findlay Hotel 1020 Interstate Court Findlay OH 1,711,000 1.40 63%
Country Hearth Inn - Auburn Hotel 1115 West 7th Street Auburn IN 1,809,000 1.49 67%
Best Western (Morristown Inn) Hotel 270 South Street Morristown NJ 2,310,000 1.41 70%
Ramada Inn Williamsburg Hotel 351 York Street Williamsburg VA 3,635,000 1.33 52%
Quality Inn Roanoke Hotel 501 Orange Avenue Roanoke VA 1,500,000 1.56 65%
Best Western McMinnville Hotel 2035 S. Highway 99 West McMinnville OR 1,930,000 1.66 60%
Ramada Limited-Denver North Hotel 110 West 104th Street Northglen CO 2,100,000 1.52 50%
Holiday Inn-Denton Hotel 1500 Dallas Drive Denton TX 2,703,000 1.42 61%
Best Western-Monterey Hotel 420 North Atlantic Blvd. Monterey Park CA 1,819,000 1.70 63%
</TABLE>
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
Property Name .......... Type Address City ST Loan Amount DSCR LTV
Days Inn-San Jose ...... Hotel 2460 Fontaine Road San Jose CA 2,275,000 1.56 66%
Best Western-Dorsey .... Hotel 6755 Dorsey Road Dorsey MD 3,450,000 1.55 56%
Best Western - Sunrise . Hotel 400 N. Harbor Drive Redondo Beach CA 4,400,000 2.03 41%
Torrance Plaza Hotel ... Hotel 20801 S. Western Avenue Torrance CA 2,740,000 1.74 59%
Hyatt Regency/Riverwalk. Hotel 123 Lasoya St. San Antonio TX 71,000,000 1.58 65%
HOTL ................... Hotel GA 16,000,000 1.43 67%
HOTL ................... Hotel CA 14,700,000 1.29 61%
807,204,842 1.44 67%
</TABLE>
- ------------------------------------------
Prospective investors are advised to carefully read, and should rely solely on,
the final prospectus and prospectus supplement (the "Final Supplement") relating
to the securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant information
relating to the securities and collateral described herein, particularly with
respect to the risks and special considerations associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be more fully described in, and will be fully
superseded by, the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura Securities
International, Inc. ("Nomura") believes to be reliable, Nomura makes no
representation or warranty that such information is accurate or complete. Such
information whould not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristics of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura may act as
an underwriter of such securities, and Nomura and certain of its affiliates may
currently be providing investment banking and other services to the issuer of
such securities and the borrowers described herein and their affiliates. Prior
to making any investment decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER
TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
