<PAGE>
UNITED STATES
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 November 12, 1999
PNC MORTGAGE ACCEPTANCE CORP.
(Exact name of registrant as specified in its charter)
Missouri 333-60749 43-1681393
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification)
210 West 10th Street, 6th Floor, Kansas City, Missouri 64105
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: 816-435-5000
----------------
<PAGE>
Item 5. Other Events
Filing of Collateral Term Sheets
In connection with the proposed offering of the PNC Mortgage
Acceptance Corp. Commercial Mortgage Pass-Through Certificates, Series
1999-CM1, Donaldson, Lufkin & Jenrette Securities Corporation, PNC
Capital Markets, Inc. and Prudential Securities Incorporated, as
underwriters of the Certificates, have prepared certain materials (the
"Collateral Term Sheets") for distribution to their potential
investors. Although PNC Mortgage Acceptance Corp. (the "Company")
provided the underwriters with certain information regarding the
characteristics of the Mortgage Loans in the related portfolio, the
Company did not participate in the preparation of the Collateral Term
Sheets.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit 99.1 Collateral Term Sheets dated November 8, 1999.
Exhibit 99.2 Collateral Term Sheets dated November 10, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
PNC MORTGAGE ACCEPTANCE CORP.
By: /s/ Charles Sipple
---------------------------
Name: Charles Sipple
-------------------------
Title: Senior Vice President
------------------------
Date: November 12, 1999
<PAGE>
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates,
Series 1999-CM1
$703,161,000
(Approximate)
Offered Certificates
[LOGO] [LOGO] COLUMN
MIDLAND FINANCIAL
LOAN SERVICES, INC. A DONALDSON, LUFKIN & JENRETTE COMPANY
Donaldson, Lufkin & Jenrette
PNC Capital Markets Prudential Securities
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Transaction Offering:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Percentage
Initial of Initial Pass-
Aggregate Mortgage Initial Through Wtd.
Principal Pool Credit Pass-Through Rate Avg. Principal
Class Ratings(1) Balance Balance Support Rate Description Life(3) Maturity(3) Window(3)
- ----- ---------- ------- ------- ------- ---- ----------- ------- ----------- ---------
Publicly Offered Certificates:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S AAAr/AAA $787,856,278(2) N/A N/A -- -- 9.1 1/20 --
A-1A AAA/AAA 127,104,000 16.13% 26.75% -- -- 5.7 7/08 1/00-7/08
A-1B AAA/AAA 450,000,000 57.12% 26.75% -- -- 9.6 10/09 7/08-10/09
A-2 AA/AA 41,363,000 5.25% 21.50% -- -- 9.9 11/09 10/09-11/09
A-3 A/A 35,453,000 4.50% 17.00% -- -- 9.9 11/09 11/09-11/09
A-4 A-/A- 13,788,000 1.75% 15.25% -- -- 9.9 11/09 11/09-11/09
B-1 BBB/BBB 25,605,000 3.25% 12.00% -- -- 9.9 11/09 11/09-11/09
B-2 BBB-/BBB- 9,848,000 1.25% 10.75% -- -- 9.9 11/09 11/09-11/09
<CAPTION>
Privately Offered Certificates(5):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
B-3 -- -- -- -- -- -- -- -- --
B-4 -- -- -- -- -- -- -- -- --
B-5 -- -- -- -- -- -- -- -- --
B-6 -- -- -- -- -- -- -- -- --
B-7 -- -- -- -- -- -- -- -- --
B-8 -- -- -- -- -- -- -- -- --
C -- -- -- -- -- -- -- -- --
D -- -- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------
SMMEA/
Legal Status ERISA(4)
------------ --------
Publicly Offered Certificates:
<S> <C> <C>
S Public Yes/Yes
A-1A Public Yes/Yes
A-1B Public Yes/Yes
A-2 Public Yes/No
A-3 Public No/No
A-4 Public No/No
B-1 Public No/No
B-2 Public No/No
<CAPTION>
Privately Offered Certificates(5):
<S> <C> <C>
B-3 Private-144A --
B-4 Private-144A --
B-5 Private-144A --
B-6 Private-144A --
B-7 Private-144A --
B-8 Private-144A --
C Private-144A --
D Private-144A --
- ---------------------------------------
</TABLE>
(1) Standard & Poor's Ratings Services / Fitch IBCA, Inc.
(2) Notional amount. The Class S certificates will be interest only and will
not entitle their holders to distributions of principal.
(3) Assumes 0% CPR, no defaults, no extensions and each mortgage loan with an
anticipated repayment date pays in full on that date. Otherwise based on
"maturity assumptions" set forth under "Yield and Maturity Considerations"
in the Prospectus Supplement.
(4) Expected to be eligible for each of the underwriters' individual
prohibited transaction exemptions under ERISA.
(5) This term sheet was prepared solely in connection with a proposed offering
of the publicly offered certificates.
- --------------------------------------------------------------------------------
Originator Profile:
The mortgage loans were originated or acquired primarily by (i) Midland Loan
Services, Inc. ("Midland") and (ii) Column Financial, Inc. ("Column").
Approximately 55.0% of the mortgage loans by balance are being contributed by
Midland and 45.0% are being contributed by Column. All of the mortgage loans
were originated either in 1998 or 1999.
Midland, organized in 1992 and acquired by PNC Bank in 1998, has originated over
1,200 loans totaling $3.79 billion since its inception. Midland is a vertically
integrated real estate financial services firm specializing in the origination,
securitization and servicing of commercial real estate assets.
Column, an indirect wholly owned subsidiary of Donaldson, Lufkin & Jenrette,
Inc., was established in August 1993. Column has originated over 1,900
commercial mortgage loans totaling $8.0 billion since its inception. Column
sources, underwrites and closes various mortgage loan products through 17
production offices located throughout the country.
- --------------------------------------------------------------------------------
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 2
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Collateral Overview:
o Total Cut-off Date
Principal Balance: $787,856,278
o Avg. Cut-off Date
Principal Balance: $3,751,697
o Loans/Properties: 210 Loans / 216 Properties
o Property Type: Multifamily (37.9%), Retail (25.5%),
Office (17.1%), Other (19.5%)
o Geographic Distribution: 35 States. CA (14.5%), TX (11.5%), NY
(9.0%), Other (65.0%)
o Amortization Types: Balloon (90.0%), Hyper-Amortizing
(9.0%), Fully Amortizing (0.9%)
o Wtd. Avg. DSCR (1): 1.32x
o Wtd. Avg. Cut-off Date
LTV Ratio (1): 72.5%
o Appraisals: 100% of the appraisals state that they
follow the guidelines set forth in
Title XI of FIRREA.
o Largest Loan: 5.7%
o Five Largest Loans: 19.3%
o Ten Largest Loans: 27.1%
o Wtd. Avg. Remaining
Term to Maturity: 116 months
o Wtd. Avg. Seasoning: 5 months
o Gross WAC: 7.993%
o Call Protection: In general, the Mortgage Loans provide
for a prepayment lockout period
("Lockout"), a defeasance period
("Defeasance"), a yield maintenance
premium ("YMP") period, or a
combination thereof. The remaining
weighted average lockout and
defeasance period for all loans is 7.9
years.
o Defeasance: 75.5%
o Credit Tenant Lease: 0.3%
(1) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 3
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Collateral Overview (continued):
o Participation Loans: None
o Secured Subordinate Debt: 0.5%
o Leasehold: 1.2%
o Delinquency: No loan delinquent 30 days or more as
of the Cut-off Date.
Transaction Overview:
o Structure: Senior/subordinated, sequential pay
pass-through bonds.
o Lead Manager: Donaldson, Lufkin & Jenrette
Securities Corporation
o Co-Managers: PNC Capital Markets, Inc. and
Prudential Securities
o Mortgage Loan Sellers: Midland Loan Services, Inc. and Column
Financial, Inc.
o Rating Agencies: Standard & Poor's Ratings Services /
Fitch IBCA, Inc.
o Master Servicer: Midland Loan Services, Inc.
o Special Servicer: Midland Loan Services, Inc.
o Trustee: Norwest Bank Minnesota, National
Association
o Cut-off Date: December 1, 1999
o Settlement Date: December __, 1999
o Determination Date: The 4th calendar day of the month, but
if that day is not a business day,
then the 1st business day before that
day.
o Distribution Date: The 10th day of the month, or if such
day is not a business day, the
following business day, but no sooner
than the 4th business day after the
Determination Date
o Delivery: The Depository Trust Company ("DTC")
through Cede & Co. (in the United
States) or Cedel Bank, Societe Anonyme
("Cedel") or The Euroclear System
("Euroclear") (in Europe).
o ERISA: Classes A-1A, A-1B and S are expected
to be eligible for each of the
underwriters' individual prohibited
transaction exemptions with respect to
ERISA, subject to certain conditions
of eligibility.
o SMMEA: Classes A-1A, A-1B, A-2 and S are
expected to be SMMEA eligible.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 4
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Transaction Overview (continued):
o Tax Treatment: REMIC
o Optional Right to Terminate
Trust: 1%
o Analytics: Cashflows are expected to be available
through Bloomberg, the Trepp Group,
Intex Solutions and Charter Research.
o Extensions: The Special Servicer will be
responsible for performing certain
servicing functions with respect to
Mortgage Loans that, in general, are
in default or as to which default is
imminent, and for administering any
REO properties. The Pooling and
Servicing Agreement will generally
permit the Special Servicer to modify,
waive or amend any term of any
Mortgage Loan if it determines, in
accordance with the servicing
standard, that it is appropriate to do
so. The Special Servicer will not be
permitted to grant any extension of
the maturity of a Mortgage Loan beyond
60 months after its stated maturity
date.
o Controlling Class: The Controlling Class of
Certificateholders may appoint an
operating advisor that may advise or
replace the Special Servicer. In
general, the Controlling Class will be
the most subordinate Class of
Principal Balance Certificates (as
defined below) which has a current
aggregate certificate principal amount
no less than 25% of its original
aggregate certificate principal
balance.
o Advances: The Master Servicer will be obligated
to make advances of scheduled
principal and interest payments,
excluding balloon payments, subject to
recoverability determination and
appraisal reductions. If the Master
Servicer fails to make a required P&I
Advance and the Trustee is aware of
the failure, the Trustee will be
obligated to make that Advance.
o Appraisal Reductions: An appraisal reduction generally will
be created in the amount, if any, by
which the unpaid principal balance of
a Specially Serviced Mortgage Loan
(plus other amounts overdue in
connection with such loan) exceeds 90%
of the appraised value of the related
Mortgaged Property, plus reserves and
escrows other than for taxes and
insurance. The Appraisal Reduction
Amount will reduce proportionately the
interest portion (but not the
principal portion) of any amount of
P&I Advances for the loan, which
reduction will result, in general, in
a reduction of interest distributable
to the most subordinate Class of
Principal Balance Certificates
outstanding. An appraisal reduction
will be reduced to zero as of the date
the related Mortgage Loan has been
brought current for at least six
consecutive months, or has been paid
in full, liquidated, repurchased, or
otherwise disposed of. Appraisal
reductions will not effect class sizes
for the purposes of determining the
Controlling Class.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 5
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Structure Description:
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
Based on the "maturity assumptions" set forth under the "Yield and Maturity
Considerations" in the Prospectus Supplement and a 0% CPR (except each mortgage
loan with an anticipated repayment date is assumed to be paid in full on that
date).
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 6
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Interest Distributions:
The holders of each Class of Principal Balance Certificates will be entitled on
each distribution date to interest accrued at the Pass-Through Rate for that
Class on the aggregate principal balance of that Class outstanding immediately
prior to the related distribution date. The Class S Certificates will be
entitled on each distribution date to the aggregate interest accrued on the
aggregate principal balance of the Principal Balance Certificates at an annual
rate equal to the difference between a weighted average of certain net mortgage
interest rates on the mortgage loans and the weighted average coupon of the
Principal Balance Certificates. All Classes will pay interest on a 30/360 basis.
Principal Distributions:
Available principal will be paid on each distribution date to the outstanding
Classes of Principal Balance Certificates in the following sequential order:
Class A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, B-4, B-5, B-6, B-7, B-8, C and D
(the "Principal Balance Certificates"). However, if Classes A-2 through D have
been retired as a result of losses and additional trust fund expenses, Classes
A-1A and A-1B will receive principal on a pro-rata basis.
Realized Losses and Expenses:
Realized losses from any mortgage loan and additional trust fund expenses will
be allocated to the outstanding classes of Principal Balance Certificates in the
following sequential order: Class D, C, B-8, B-7, B-6, B-5, B-4, B-3, B-2, B-1,
A-4, A-3 and A-2. If Classes A-2 through D have been retired as a result of
losses and additional trust fund expenses, future losses and additional trust
fund expenses shall be applied to Classes A-1A and A-1B pro-rata.
Credit Enhancements:
Credit enhancement for each Class of publicly registered Certificates will be
provided by the Classes of Certificates which are subordinate in priority with
respect to payments of interest and principal.
Allocation of Yield Maintenance and Percentage Prepayment Premiums:
The certificate yield maintenance amount ("CYMA") and certificate percentage
prepayment premium amount ("CPPPA") for the Class A-1A, A-1B, A-2, A-3, A-4, B-1
and B-2 Certificates (collectively, the "Yield Maintenance Certificates") equals
the total yield maintenance premium or percentage prepayment premium collected,
multiplied by a fraction (not greater than one or less than zero) which is based
upon a formula involving the relationship between the Pass-Through Rate for each
Class currently receiving principal, the mortgage rate of the mortgage loan that
has prepaid, and current interest rates. In general, the CYMA and CPPPA for any
distribution date will be calculated in respect of and payable to the Class(es)
of Yield Maintenance Certificates entitled to receive payments of principal on
such distribution date.
- --------------------------------------------------------------------------------
CYMA & CPPPA = (Pass-Through Rate - Discount Rate)
Allocation -------------------------------------
to Yield Maintenance Certificates (Mortgage Rate - Discount Rate)
- --------------------------------------------------------------------------------
The portion of any yield maintenance or percentage prepayment premium payable to
the Class S (interest only) Certificates, will equal the total yield maintenance
or percentage prepayment premium, as the case may be, less the CYMA or CPPPA, as
applicable, for the Yield Maintenance Certificates as defined above.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 7
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Allocation of Yield Maintenance and Percentage Prepayment Premiums (continued):
Allocation of Yield Maintenance and Percentage Prepayment Premiums Example:
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
P & I Class Coupon = 6%
Discount Rate (Based on a Treasury Rate) = 5%
% of Principal Distributed to Class = 100%
P & I Class Allocation: Class S Allocation:
6% - 5% x 100% = 33 1/3% 100% - P & I Class(es) Allocation = 66 2/3%
- -------
8% - 5%
In general, this formula provides for an increase in the allocation of yield
maintenance and percentage prepayment premiums to the Yield Maintenance
Certificates as interest rates decrease and a decrease in the allocation to such
Classes as interest rates rise.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 8
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Stratification:
[MAP OMITTED]
Underlying Real Properties by State
<TABLE>
<CAPTION>
Weighted
Number of Percentage of Average Weighted
Underlying Cut-off Date Initial Mortgage Weighted Average
Real Principal Mortgage Pool Interest Average Cut-off Date
State Properties Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 31 $114,336,631 14.5% 8.080% 1.38x 67.5%
Texas 32 90,725,566 11.5% 7.831% 1.32 75.1%
New York 11 70,739,105 9.0% 8.468% 1.26 69.5%
Florida 17 60,363,296 7.7% 8.105% 1.31 76.1%
Michigan 4 48,873,899 6.2% 8.022% 1.26 74.5%
Oklahoma 8 47,841,758 6.1% 7.408% 1.38 76.1%
Massachusetts 7 41,219,405 5.2% 7.966% 1.34 72.6%
Pennsylvania 10 35,551,312 4.5% 7.375% 1.45 73.6%
Virginia 7 30,798,254 3.9% 8.034% 1.28 74.3%
Colorado 8 22,895,070 2.9% 8.267% 1.34 68.1%
Georgia 9 21,853,610 2.8% 8.036% 1.30 74.8%
Kansas 6 20,124,672 2.6% 8.172% 1.26 71.2%
New Jersey 5 16,752,405 2.1% 8.200% 1.26 71.6%
Arizona 7 14,696,058 1.9% 7.869% 1.29 74.9%
Tennessee 2 14,563,109 1.8% 8.512% 1.29 73.2%
Ohio 4 14,208,172 1.8% 7.885% 1.32 74.9%
Minnesota 3 12,864,772 1.6% 8.403% 1.38 67.3%
New Hampshire 4 12,651,727 1.6% 7.161% 1.27 76.4%
Maryland 3 11,836,875 1.5% 7.938% 1.30 74.7%
Connecticut 5 10,660,610 1.4% 8.341% 1.28 69.7%
Indiana 4 9,943,866 1.3% 8.049% 1.22 72.7%
Arkansas 5 8,870,042 1.1% 8.397% 1.28 71.4%
Wisconsin 2 8,813,834 1.1% 7.950% 1.39 70.7%
Louisiana 5 6,403,302 0.8% 7.597% 1.42 71.9%
Washington 2 5,930,387 0.8% 7.432% 1.34 76.1%
Kentucky 1 5,715,099 0.7% 8.170% 1.25 78.3%
Nebraska 1 5,596,509 0.7% 8.360% 1.21 80.0%
Oregon 3 4,590,953 0.6% 7.487% 1.34 60.6%
Utah 2 4,187,021 0.5% 8.183% 1.27 72.4%
Vermont 1 3,812,987 0.5% 7.260% 1.65 71.5%
Nevada 2 3,434,286 0.4% 8.085% 1.28 75.0%
Mississippi 1 2,160,270 0.3% 8.100% 1.25 78.7%
New Mexico 2 1,989,138 0.3% 8.280% 1.33 54.9%
Iowa 1 1,438,558 0.2% 8.030% 1.36 66.6%
Idaho 1 1,413,723 0.2% 6.950% 1.31 64.3%
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 216 $787,856,278 100.0% 7.993% 1.32x 72.5%
====================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 9
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
[The following table was depicted as a pie chart in the printed material.]
CTL 0.3%
Self Storage 1.4%
Manufactured Housing 2.3%
Mixed Use 3.2%
Hotel 4.1%
Industrial 8.2%
Office 17.1%
Retail 25.5%
Multifamily 37.9%
Underlying Real Properties by Property Type
<TABLE>
<CAPTION>
Weighted
Number of Percentage of Average Weighted
Underlying Cut-off Date Initial Mortgage Weighted Average
Real Principal Mortgage Pool Interest Average Cut-off Date
Property Type Properties Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Multifamily 85 $298,366,149 37.9% 7.730% 1.32x 75.5%
Retail 43 201,274,526 25.5% 8.140% 1.28 72.1%
Office 37 134,954,503 17.1% 8.178% 1.34 69.8%
Industrial 20 64,523,056 8.2% 8.176% 1.27 71.1%
Hotel 6 32,055,712 4.1% 8.426% 1.50 61.5%
Mixed Use 7 25,513,610 3.2% 8.350% 1.40 70.7%
Manufactured Housing 6 18,254,431 2.3% 7.076% 1.47 74.7%
Self Storage 11 10,821,648 1.4% 8.517% 1.36 67.8%
CTL 1 2,092,645 0.3% 8.140% N/A N/A
------------------------------------------------------------------------------------------------
Total/Weighted Average: 216 $787,856,278 100.0% 7.993% 1.32x 72.5%
================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 10
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Original Amortization Terms
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Original Amortization Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Terms (Months) Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
180 - 239 4 $ 5,081,460 0.6% 8.532% 1.36x 56.3%
240 - 299 8 11,844,518 1.5% 8.056% 1.27 67.3%
300 - 313 68 157,834,224 20.0% 8.073% 1.40 68.4%
314 - 360 130 613,096,076 77.8% 7.967% 1.30 73.7%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=========================================================================================
<CAPTION>
<S> <C>
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 180
Wtd. Avg. Original Amortization Term (Months): 345
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Original Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Original Terms Mortgage Principal Mortgage Pool Interest Average Cut-off Date
to Stated Maturity (Months) Loans Balance(2) Balance Rates DSCR(3) LTV Ratio(3)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
60 - 115 6 $ 21,767,262 2.8% 8.353% 1.30x 74.6%
116 - 120 192 740,382,470 94.0% 7.985% 1.32 72.5%
121 - 200 9 20,546,541 2.6% 7.950% 1.46 70.2%
201 - 243 3 5,160,005 0.7% 7.734% 1.18 72.5%
-------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
===========================================================================================
<CAPTION>
<S> <C>
Maximum Original Term to Stated Maturity (Months): 243
Minimum Original Term to Stated Maturity (Months): 60
Wtd. Avg. Original Term to Stated Maturity (Months): 121
</TABLE>
(1) In the case of hyper-amortization loans, the Anticipated Repayment Date is
assumed to be the maturity date for the purposes of the table.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 11
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Remaining Amortization Terms
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Remaining Amortization Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Terms (Months) Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
177 - 238 10 $ 14,171,340 1.8% 8.175% 1.31x 63.4%
239 - 298 57 129,308,270 16.4% 8.008% 1.39 69.4%
299 - 312 13 31,280,592 4.0% 8.363% 1.43 64.2%
313 - 359 130 613,096,076 77.8% 7.967% 1.30 73.7%
---------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=======================================================================================
<CAPTION>
<S> <C>
Maximum Remaining Amortization Term (Months): 359
Minimum Remaining Amortization Term (Months): 177
Wtd. Avg. Remaining Amortization Term (Months): 340
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Remaining Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Remaining Terms Mortgage Principal Mortgage Pool Interest Average Cut-off Date
to Stated Maturity (Months) Loans Balance(2) Balance Rates DSCR(3) LTV Ratio(3)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
38 - 114 53 $172,317,134 21.9% 7.360% 1.37x 74.6%
115 - 119 145 589,832,598 74.9% 8.182% 1.30 71.9%
120 - 199 9 20,546,541 2.6% 7.950% 1.46 70.2%
200 - 241 3 5,160,005 0.7% 7.734% 1.18 72.5%
----------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
========================================================================================
<CAPTION>
<S> <C>
Maximum Remaining Term to Stated Maturity (Months): 241
Minimum Remaining Term to Stated Maturity (Months): 38
Wtd. Avg. Remaining Term to Stated Maturity (Months): 116
</TABLE>
(1) In the case of hyper-amortization loans, the Anticipated Repayment Date is
assumed to be the maturity date for the purposes of the table.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 12
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Debt Service Coverage Ratios
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Mortgage Principal Mortgage Pool Interest Average Cut-off Date
DSCRs Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CTL 1 $ 2,092,645 0.3% 8.140% N/A N/A
1.06x - 1.19 1 1,653,637 0.2% 7.890% 1.06x 79.5%
1.20 - 1.21 11 65,096,378 8.3% 8.208% 1.21 72.6%
1.22 - 1.29 90 364,015,466 46.2% 8.025% 1.26 73.6%
1.30 - 1.34 47 151,640,250 19.2% 8.065% 1.31 73.8%
1.35 - 1.39 14 44,092,870 5.6% 8.095% 1.38 74.5%
1.40 - 1.88x 46 159,265,034 20.2% 7.734% 1.52 67.9%
--------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
============================================================================================
<CAPTION>
<S> <C>
Maximum DSCR (2): 1.88x
Minimum DSCR (2): 1.06x
Wtd. Avg. DSCR (2): 1.32x
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Cut-off Date Loan-to-Value Ratios
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Cut-off Date Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Loan-to-Value Ratios Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CTL 1 $ 2,092,645 0.3% 8.140% N/A N/A
40.50% - 55.00% 10 24,157,104 3.1% 8.514% 1.40x 51.5%
55.10% - 65.00% 25 64,056,845 8.1% 8.165% 1.43 61.0%
65.10% - 67.50% 14 49,678,464 6.3% 8.276% 1.30 66.4%
67.60% - 70.00% 21 106,333,468 13.5% 8.293% 1.31 69.1%
70.10% - 72.50% 30 80,981,811 10.3% 8.195% 1.35 71.5%
72.60% - 75.00% 40 161,297,711 20.5% 7.893% 1.32 73.8%
75.10% - 77.50% 18 85,088,725 10.8% 7.737% 1.31 76.7%
77.60% - 78.50% 20 84,738,068 10.8% 7.577% 1.31 78.0%
78.60% - 79.50% 13 45,350,492 5.8% 7.704% 1.27 79.0%
79.60% - 80.00% 16 77,184,985 9.8% 8.048% 1.27 79.8%
80.10% - 86.40% 2 6,895,962 0.9% 7.380% 1.30 84.6%
---------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=======================================================================================
<CAPTION>
<S> <C>
Maximum Cut-off Date LTV Ratio (2): 86.4%
Minimum Cut-off Date LTV Ratio (2): 40.5%
Wtd. Avg. Cut-off Date LTV Ratio (2): 72.5%
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 13
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Cut-off Date Principal Balances
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Cut-off Date Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Principal Balances Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 399,636 - 500,000 1 $ 399,636 0.1% 8.880% 1.42x 63.6%
500,001 - 750,000 13 8,602,367 1.1% 8.552% 1.27 69.2%
750,001 - 1,000,000 16 13,871,300 1.8% 8.174% 1.40 68.2%
1,000,001 - 1,250,000 18 20,080,689 2.5% 8.205% 1.35 69.9%
1,250,001 - 1,500,000 15 21,155,610 2.7% 8.129% 1.32 66.7%
1,500,001 - 1,750,000 18 29,069,384 3.7% 8.109% 1.31 72.5%
1,750,001 - 2,000,000 19 35,100,836 4.5% 7.863% 1.33 71.8%
2,000,001 - 3,000,000 35 85,708,266 10.9% 8.035% 1.35 71.6%
3,000,001 - 4,000,000 19 65,693,774 8.3% 7.938% 1.35 74.0%
4,000,001 - 5,000,000 14 62,376,529 7.9% 7.970% 1.37 72.3%
5,000,001 - 6,000,000 10 54,843,770 7.0% 7.964% 1.31 75.1%
6,000,001 - 7,000,000 8 52,671,714 6.7% 7.928% 1.27 73.2%
7,000,001 - 8,000,000 5 36,794,009 4.7% 7.892% 1.28 75.5%
8,000,001 - 9,000,000 3 25,113,312 3.2% 7.705% 1.28 77.3%
9,000,001 - 11,500,000 7 74,415,539 9.4% 7.674% 1.35 73.0%
11,500,001 - 15,500,000 4 49,915,131 6.3% 7.974% 1.34 74.8%
15,500,001 - 19,500,000 1 16,873,152 2.1% 8.510% 1.21 67.0%
19,500,001 - 34,500,000 2 53,763,882 6.8% 7.865% 1.37 70.5%
34,500,001 - $44,973,184 2 81,407,381 10.3% 8.320% 1.26 71.1%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=========================================================================================
<CAPTION>
<S> <C>
Maximum Cut-off Date Scheduled Principal Balance: $ 44,973,184
Minimum Cut-off Date Scheduled Principal Balance: $ 399,636
Average Cut-off Date Scheduled Principal Balance: $ 3,751,697
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Mortgage Loans by Amortization Type
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Loan Type Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon 195 $709,405,970 90.0% 7.984% 1.32x 72.6%
Hyper-Amortizing 10 71,047,595 9.0% 8.079% 1.31 71.6%
Fully Amortizing 5 7,402,714 0.9% 8.066% 1.30 63.3%
---------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=======================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 14
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Mortgage Interest Rates
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Mortgage Interest Rates Loans Balance(1) Balance Rates DSCR(2) LTV Ratio(2)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.320% - 7.000% 17 $ 66,682,681 8.5% 6.758% 1.42x 75.7%
7.001% - 7.250% 10 22,176,915 2.8% 7.137% 1.32 74.1%
7.251% - 7.500% 11 52,973,427 6.7% 7.408% 1.37 76.7%
7.501% - 7.750% 9 58,625,776 7.4% 7.695% 1.25 77.7%
7.751% - 8.000% 30 149,163,978 18.9% 7.918% 1.31 72.6%
8.001% - 8.250% 52 182,570,538 23.2% 8.136% 1.33 72.6%
8.251% - 8.500% 38 101,264,841 12.9% 8.346% 1.31 70.9%
8.501% - 8.750% 26 131,766,466 16.7% 8.583% 1.29 68.3%
8.751% - 9.000% 12 14,720,832 1.9% 8.829% 1.33 66.2%
9.001% - 9.280% 5 7,910,824 1.0% 9.149% 1.45 69.2%
-----------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
===============================================================================================
<CAPTION>
<S> <C>
Maximum Mortgage Interest Rate: 9.280%
Minimum Mortgage Interest Rate: 6.320%
Average Mortgage Interest Rate: 7.993%
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Occupancy Rates at Underwriting
<TABLE>
<CAPTION>
Weighted
Number of Percentage of Average Weighted
Underlying Cut-off Date Initial Mortgage Weighted Average
Range of Real Principal Mortgage Pool Interest Average Cut-off Date
Occupancy Rates at U/W Properties(1) Balance(2) Balance Rates DSCR(3) LTV Ratio(3)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
79.0% - 79.9% 2 $ 2,162,854 0.3% 8.184% 1.32x 66.9%
80.0% - 89.9% 17 47,098,113 6.0% 8.177% 1.29 71.5%
90.0% - 94.9% 32 149,348,629 19.0% 8.127% 1.30 73.5%
95.0% - 97.4% 31 167,766,778 21.3% 7.705% 1.32 75.3%
97.5% - 100.0% 128 389,424,192 49.4% 8.007% 1.32 71.9%
-------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $755,800,566 95.9% 7.975% 1.32x 72.9%
===========================================================================================
<CAPTION>
<S> <C>
Maximum Occupancy Rate at U/W: 100.0%
Minimum Occupancy Rate at U/W: 79.0%
Wtd. Avg. Occupancy Rate at U/W: 96.4%
</TABLE>
(1) Does not include any hotel properties.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 15
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Years Built/Years Renovated (1)
<TABLE>
<CAPTION>
Weighted
Number of Percentage of Average Weighted
Underlying Cut-off Date Initial Mortgage Weighted Average
Range of Years Real Principal Mortgage Pool Interest Average Cut-off Date
Built/Renovated Properties Balance(2) Balance Rates DSCR(3) LTV Ratio(3)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1963 - 1970 8 $ 19,170,424 2.4% 7.961% 1.36x 72.2%
1971 - 1980 22 57,728,291 7.3% 8.030% 1.32 74.6%
1981 - 1990 58 234,026,071 29.7% 7.727% 1.36 73.6%
1991 - 1999 128 476,931,493 60.5% 8.120% 1.30 71.6%
--------------------------------------------------------------------------------------------
Total/Weighted Average: 216 $787,856,278 100.0% 7.993% 1.32x 72.5%
============================================================================================
<CAPTION>
<S> <C>
Maximum Year Built/Renovated: 1999
Minimum Year Built/Renovated: 1963
Wtd. Avg. Year Built/Renovated: 1991
</TABLE>
(1) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
Mortgage Pool Prepayment Profile (1)
<TABLE>
<CAPTION>
Number of
Months Since Mortgage Outstanding % of Pool Yield Prepayment % of Pool
Date Cut-off Date(2) Loans Balance (mm) Lockout Maintenance Premium Open Total
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Dec-99 0 210 $787.9 99.43% 0.57% 0.00% 0.00% 100.0%
Dec-00 12 210 $781.0 98.70% 1.30% 0.00% 0.00% 100.0%
Dec-01 24 210 $773.4 96.92% 3.08% 0.00% 0.00% 100.0%
Dec-02 36 210 $765.2 89.68% 10.07% 0.00% 0.25% 100.0%
Dec-03 48 208 $753.4 81.43% 18.57% 0.00% 0.00% 100.0%
Dec-04 60 207 $741.4 77.37% 22.63% 0.00% 0.00% 100.0%
Dec-05 72 207 $731.0 77.44% 22.56% 0.00% 0.00% 100.0%
Dec-06 84 204 $704.5 76.17% 23.83% 0.00% 0.00% 100.0%
Dec-07 96 204 $692.5 76.24% 20.93% 0.00% 2.83% 100.0%
Dec-08 108 170 $586.6 87.46% 11.10% 0.64% 0.80% 100.0%
Dec-09 120 12 $ 19.3 36.38% 44.88% 0.00% 18.73% 100.0%
Dec-10 132 11 $ 14.8 43.40% 56.60% 0.00% 0.00% 100.0%
Dec-11 144 11 $ 13.9 41.71% 58.29% 0.00% 0.00% 100.0%
Dec-12 156 11 $ 12.9 39.58% 29.83% 0.00% 30.59% 100.0%
Dec-13 168 9 $ 6.9 62.98% 37.02% 0.00% 0.00% 100.0%
Dec-14 180 3 $ 2.5 80.11% 19.89% 0.00% 0.00% 100.0%
Dec-15 192 3 $ 2.1 81.78% 18.22% 0.00% 0.00% 100.0%
Dec-16 204 3 $ 1.8 84.25% 15.75% 0.00% 0.00% 100.0%
Dec-17 216 3 $ 1.4 88.32% 11.68% 0.00% 0.00% 100.0%
Dec-18 228 2 $ 0.9 100.00% 0.00% 0.00% 0.00% 100.0%
</TABLE>
(1) Calculated assuming that no Mortgage Loan prepays, defaults or is
repurchased prior to stated maturity, except that the ARD Loans are
assumed to pay in full on their respective Anticipated Repayment Dates.
Otherwise calculated based on Maturity Assumptions to be set forth in the
final prospectus supplement.
(2) Assumes a Cut-off Date of December 1, 1999.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 16
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Prepayment Provision as of Cut-off Date (1)
<TABLE>
<CAPTION>
Weighted Weighted Weighted
Average Average Average
Percentage of Remaining Remaining Remaining Weighted
Range of Number of Cut-off Date Initial Lockout Lockout Lockout Plus Average
Remaining Terms to Mortgage Principal Mortgage Pool Period Plus YM Period Premium Period Maturity
Stated Maturity (Years)(1) Loans Balance(1) Balance (Years) (Years) (Years) (Years)(2)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
3.0 - 3.9 2 $ 2,988,450 0.4% 0.9 3.0 3.0 3.4
4.0 - 4.9 1 2,692,755 0.3% 4.3 4.3 4.3 4.6
6.0 - 6.9 3 16,086,057 2.0% 6.3 6.3 6.3 6.8
8.0 - 8.9 34 109,146,056 13.9% 3.0 8.2 8.2 8.7
9.0 - 9.9 158 631,236,414 80.1% 8.8 9.3 9.3 9.8
10.0 - 10.9 1 4,514,716 0.6% 0.0 8.3 9.3 10.4
13.0 - 13.9 2 6,636,564 0.8% 6.1 12.7 12.7 13.2
14.0 - 14.9 6 9,395,262 1.2% 11.8 14.3 14.3 14.7
18.0 - 18.9 1 1,413,723 0.2% 8.8 18.6 18.6 18.9
19.0 - 19.9 1 1,653,637 0.2% 19.5 19.5 19.5 19.8
20.0 - 20.9 1 2,092,645 0.3% 19.6 19.6 19.6 20.1
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.9 9.2 9.2 9.7
===================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
indicated column.
Prepayment Option
<TABLE>
<CAPTION>
Weighted Weighted Weighted
Average Average Average
Percentage of Remaining Remaining Remaining Weighted
Number of Cut-off Date Initial Lockout Lockout Lockout Plus Average
Mortgage Principal Mortgage Pool Period Plus YM Period Premium Period Maturity
Prepayment Option Loans Balance(1) Balance (Years) (Years) (Years) (Years)(2)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout / Defeasance 155 $595,099,427 75.5% 9.4 9.4 9.4 9.8
Lockout / Yield Maintenance 53 185,549,381 23.6% 3.3 8.8 8.8 9.3
Yield Maintenance / Prepayment Premium 1 4,514,716 0.6% 0.0 8.3 9.3 10.4
Lockout 1 2,692,755 0.3% 4.3 4.3 4.3 4.6
---------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.9 9.2 9.2 9.7
=============================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
indicated column.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 17
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Significant Mortgage Loans
<TABLE>
<CAPTION>
Percentage of Mortgage
Property Units/ Cut-off Date Initial Mortgage Appraised Interest Cut-off Date
# Property Name Type Square Feet Principal Balance(1) Pool Balance Value Rate DSCR LTV
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 The Wilton Mall Retail 540,021 SF $ 44,973,184 5.7% $64,500,000 8.580% 1.26x 69.7%
- ------------------------------------------------------------------------------------------------------------------------------------
2 Frandor Mall Retail 457,978 SF 36,434,197 4.6% 50,000,000 8.000% 1.26 72.9%
- ------------------------------------------------------------------------------------------------------------------------------------
3 The Alliance Loan Multifamily 666 Units 32,777,802 4.2% 42,450,000 7.740% 1.24 77.2%
- ------------------------------------------------------------------------------------------------------------------------------------
4 Stanford Square Office 70,816 SF 20,986,080 2.7% 35,000,000 8.060% 1.57 60.0%
- ------------------------------------------------------------------------------------------------------------------------------------
5 The Ameriserve Loan Industrial 344,609 SF 16,873,152 2.1% 25,200,000 8.510% 1.21 67.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: $152,044,415 19.3% $217,150,000 8.180% 1.29x 70.4%
============ ==== ============ ===== ==== ====
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 18
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
The Wilton Mall
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $44,973,184
% of Initial Mortgage Pool Balance: 5.7%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.580%
Term to ARD: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 69.7%
Maturity/ARD LTV: 63.2%
DSCR: 1.26x
Cross Collateralization/ Default: No/No
Special Provisions: Hyper-Amortization Loan; Cash
Management
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Retail
Location: Saratoga Springs, New York
Years Built/Renovated: 1990/1991
Collateral: 540,021 square feet of a 655,682
square foot regional mall located in
Saratoga Springs
Property Manager: Genessee Management, Inc.
Underwritable Cash Flow: $5,286,893
Appraised Value: $64,500,000
Appraisal Date: September 1, 1999
Occupancy Rate at U/W: 91%
- --------------------------------------------------------------------------------
Additional Information:
Subject Property includes 540,021 square feet of a 655,682 square foot regional
mall located at 3065 Route 50 in Saratoga Springs, New York. The center was
constructed in 1990 and was subsequently expanded in 1991. The Property is a
one-level, enclosed regional shopping mall. Major tenants include Sears (S&P
rated A-) and Bon Ton; other tenants include J.C. Penney (S&P rated BBB+),
Dick's Sporting Goods and an eight screen Hoyt's movie theatre. The property
also contains a BJ's Wholesale Club as a freestanding outparcel (not included in
collateral). In addition to the existing three anchor tenants, a separate parcel
exists which potentially could serve as a fourth anchor tenant site (not to be
included within the collateral).
Sarwil Associates, L.P., a New York limited partnership, is the owner/developer
of Wilton Mall. The property is managed by Genessee Management, Inc. Both
companies are affiliates of Wilmorite, Inc. ("Wilmorite"), which is a leading
owner and operator of regional malls in the United States. Wilmorite manages 16
regional malls and 5 power centers comprising 17.1 million square feet.
Wilmorite has been in business since the late 1940's and since that time has
been a family owned and operated real estate development company. Wilmorite has
been involved in the development of many different property types including
retail, office, residential and hotel, but in the last 15 years, the company has
narrowed its focus on retail property development and in particular, on regional
shopping malls.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 19
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Frandor Mall
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $36,434,197
% of Initial Mortgage Pool Balance: 4.6%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.000%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 72.9%
Maturity/ARD LTV: 65.3%
DSCR: 1.26x
Cross Collateralization/ Default: No/No
Special Provisions: Cash Management
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Retail
Location: Lansing, Michigan
Years Built/Renovated: 1950/1999
Collateral: 457,978 square foot retail power
center located in Lansing
Property Management: The Frandorson Coporation
Underwritable Cash Flow: $4,051,315
Appraised Value: $50,000,000
Appraisal Date: August 13, 1999
Occupancy Rate at U/W: 95%
- --------------------------------------------------------------------------------
Additional Information:
Subject property is a 457,978 square foot retail power center anchored by Kroger
(S&P rated BBB-), Office Depot (S&P rated BBB) and CompUSA, located in Lansing,
Michigan.
Frandor Mall was originally constructed in phases beginning in 1950 by
Frandorson Properties. In March of 1998, Lomax Stern Development Company and
Frandorson Properties formed a Joint Venture in which Lomax acquired 50%
ownership of the property. The newly formed ownership commenced a $17.5 million
redevelopment program. The redevelopment program, which was completed during the
summer of 1999, included the razing of an existing enclosed mall area and
existing structures, plus construction of 150,000 square feet of additional
space. The property is currently 95% leased. Many of the existing leases are
long-term leases with terms exceeding the term of the loan.
The development partner, Lomax Stern Development Company, has extensive
experience in both construction and leasing. The principals, Chris Brochert and
David Stern, have been partners in over 30 retail centers ranging in size from
31,000 square feet to 550,000 square feet.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 20
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
The Alliance Loan
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $32,777,802
% of Initial Mortgage Pool Balance: 4.2%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 7.740%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 77.2%
Maturity LTV: 68.9%
DSCR: 1.24x
Cross Collateralization/ Default: Yes/Yes
Special Provisions: Release Provision available if (i)
DSCR not less than 1.20x and (ii) LTV
not greater than 80%; Cash Management.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Portfolio
Property Type: Multifamily
Location: Virginia, Georgia and Maryland
Years Built/Renovated: 1965 to 1994
Collateral: 3 Multifamily properties with 666
total units
Property Management: Alliance Residential Management,
L.L.C.
Underwritable Cash Flow: $3,491,254
Appraised Value: $42,450,000
Appraisal Date: June 13, 1999 to September 13, 1999
Wtd. Avg. Occupancy Rate at U/W: 96%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Built/ Underwritable
Property Name City State Units Occupancy Renovated Appraised Value Cash Flow
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Hampton Court Apartments Alexandria VA 307 98% 1965/1992 $ 19,800,000 $ 1,641,733
Lake of the Woods Apartments College Park GA 216 95% 1988/1989 12,850,000 1,029,641
Holly Tree Apartments Waldorf MD 143 95% 1974/1994 9,800,000 819,880
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
Subject properties include three multifamily housing complexes including Hampton
Court Apartments, Lake of the Woods Apartments and Holly Tree Apartments.
Hampton Court Apartments is a 307-unit multifamily complex contained in 7 brick,
three and four-story walk-up apartment buildings located in Alexandria, VA. Unit
mix at the subject is 83 1BR/1BA units, 72 2BR/1BA units, 96 2BR/1.5BA and 56
3BR/2BA units. Lake of The Woods Apartments is a 216-unit multifamily complex
contained in 14 walk-up, two and three-story garden-style apartment buildings,
located in College Park, GA. Unit mix at the subject is 72 1BR/1BA and 144
2BR/2BA units. Holly Tree Apartments is a 143-unit multifamily complex contained
in 6 walk-up, three-story apartment buildings located in Waldorf, MD. Unit mix
at the subject is 43 1BR/1BA units, 99 2BR/1.5BA and 1 2BR/2BA units.
The subject multifamily properties' amenities include swimming pools, fitness
centers, laundry facilities, tennis and volleyball courts, surface parking,
extensive landscaping and on-site management offices.
The three subject properties secure a single Mortgage Note. The borrower is a
single purpose entity. Principals of the borrower include Andrew Schor and
Steven Ivankovich. The borrower is affiliated with Alliance Holdings, Inc.
("Alliance"), a privately owned real estate investment, development and finance
firm concentrated in the multifamily housing business. Alliance and its
affiliates own interests in and manage more than 31,000 units throughout Texas,
in the Midwest and along the eastern seaboard from Virginia to Florida.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 21
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
Stanford Square
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $20,986,080
% of Initial Mortgage Pool Balance: 2.7%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.060%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date
Cut-off Date LTV: 60.0%
Maturity LTV: 53.7%
DSCR: 1.57x
Cross Collateralization/ Default: No/No
Special Provisions: Cash Management
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Office
Location: Palo Alto, California
Years Built/Renovated: 1983
Collateral: 70,816 square foot Class A,
multi-tenanted office building located
in California
Property Management: Stanford Square Management Co. and
Tarlton Properties, Inc.
Underwritable Cash Flow: $2,913,281
Appraised Value: $35,000,000
Appraisal Date: August 17, 1999
Occupancy Rate at U/W: 100%
- --------------------------------------------------------------------------------
Additional Information:
Subject property is a 70,816 square foot, Class A office building located in the
Central Business District of Palo Alto, California, constructed in 1983.
Improvements consist of one four-story structure, and two levels of underground
parking. Amenities include two elevators, a central atrium/courtyard, private
balconies and landscaping. Major tenants include PHB Hagler Bailey (18,331
square feet), an international management and economic consulting firm, and Bon
Appetit Management Company (17,825 square feet), a food service management
company that contracts its services to corporations, institutions and
universities.
The borrowing entity consists of two Tenants-In-Common SPE's including Stanford
Square, LLC ("SSLP") (94.87% ownership) and Sea Biscuit, LLC (5.13% ownership).
Joan Rounds, the Managing Member of SSLP, became involved in the partnership in
1986 through an entity she controls, JGR Ventures ("JGR"), which made the
investment in SSLP. Through JGR and its ownership of several entities and
affiliates, Joan Rounds manages commercial real estate in excess of $35 million.
The property is managed by Stanford Square Management Co. and Tarlton
Properties, Inc. ("Tarlton"), which manages several office and industrial
buildings within the subject area. Tarlton Managing Partner, Tig Tarlton, has
more than 30 years of real estate development, construction, and property
management experience. During that period, he has personally managed, developed
or remodeled over 2,500,000 square feet of commercial property.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 22
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 8, 1999
The Ameriserve Loan
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $16,873,152
% of Initial Mortgage Pool Balance: 2.1%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.510%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 67.0%
Maturity LTV: 60.7%
DSCR: 1.21x
Cross Collateralization/ Default: Yes/Yes
Special Provisions: Lockbox
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Portfolio
Property Type: Industrial
Location: Shawnee, Kansas and Manassas, Virginia
Years Built/Renovated: 1986 to 1999
Collateral: Two food distribution centers with
344,609 combined total square feet
located in Kansas and Virginia
Property Management: Owner Managed
Underwritable Cash Flow: $1,886,938
Appraised Value: $25,200,000
Appraisal Date: May 26, 1999 and November 1, 1999
Wtd. Avg. Occupancy Rate at U/W: 100%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Square Year Built/ Appraised Underwritable
Property Name City State Feet Renovated Value Cash Flow
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Ameriserve - Shawnee Shawnee KS 244,272 1990/1999 $14,600,000 $1,453,765
Ameriserve - Manassas Manassas VA 100,337 1986/1999 10,600,000 433,173
- ------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
Subject collateral includes two food distribution centers located in Shawnee,
Kansas and Manassas, Virginia with 344,609 combined total square feet. The
Shawnee property is a 244,272 square foot distribution facility, on a land area
of 22.1 acres. A one-story office area and mechanical area is attached to the
east side of the building, with a two-story operations (33.5-foot ceiling clear
height) area attached to the west-side. The building has been designed for
future expansion to both the north and south. As part of a warehousing
operation, the property contains extensive site improvements. The west side of
the building, adjacent to the truck loading doors, contains concrete paving for
truck staging.
The Manassas property currently consists of a 100,337 square foot distribution
facility located on a 20.88-acre site. Constructed in 1986 and extensively
renovated in 1996, the building is of both masonry and metal construction and
includes a 23.5-foot ceiling clear height, a two-story office section and a
mezzanine mechanical area. The property will be expanded to include an
additional 115,700 square feet. Upon completion estimated to occur in July 2000,
the property will encompass a total of 216,037 square feet.
AmeriServe (S&P rated B) is North America's largest systems food-service
distributor, specializing in food distribution to limited menu, concept chain
restaurants across the United States and Canada. AmeriServe began in 1986 with
the founding of Holberg Industries, Inc. ("Holberg"). Holberg is a privately
held diversified service company with subsidiaries operating within the
food-service distribution (AmeriServe) and parking service (APCOA/Standard
Parking) industries in North America.
The lease is a 20-year, bondable net lease covering two properties under one
lease. As additional collateral for the lease, the Borrower obtained a letter of
credit from Bank of America (S&P rated A+) for a total of $4,520,000. The lease
obligates the tenant to post this letter of credit until both the present
construction is completed and the tenant's credit rating is upgraded to BB, at
which point the letter of credit can be reduced by 33.3%. A credit upgrade to
BBB will completely release the letter of credit. However, should the tenant's
credit be downgraded below BBB, a letter of credit equal to 18 months of the
then current rent will be imposed. The tenant has the obligation to pay all
operating expenses, make all capital improvements and pay taxes and insurance.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 23
<PAGE>
INFORMATION CONTAINED ON THIS DISKETTE DATED, NOVEMBER 8, 1999, IS SUBJECT TO
COMPLETION OR AMENDMENT.
This diskette relates to the PNC Mortgage Acceptance Corp., Commercial Mortgage
Pass-Through Certificates, Series 1999-CM1, Class S, Class A-1A, Class A-1B,
Class A-2, Class A-3, Class A-4, Class B-1 and Class B-2 (the "Offered
Certificates"). The information contained on this diskette is provided to
facilitate your review of the collateral underlying the Offered Certificates.
The information on this diskette constitutes a collateral term sheet prepared
solely for informational purposes. No offer to sell or solicitation of any offer
to purchase securities is being made hereby. While the information contained
hereon is from sources believed to be reliable, it has not been independently
verified by Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital
Markets Inc., Prudential Securities Incorporated or any of their respective
affiliates. Therefore, none of Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets Inc., Prudential Securities Incorporated nor
any of their respective affiliates makes any representations or warranties with
respect to the information contained hereon or as to the appropriateness,
usefulness or completeness of these materials. The information on this diskette
is subject to errors, omissions and changes and is subject to modification or
withdrawal at any time with or without notice. The information on this diskette
supersedes any and all information contained in any previously furnished
collateral term sheets and shall be superseded by any subsequently furnished
similar materials. The information on this diskette shall be superseded by a
final prospectus and prospectus supplement with respect to the Offered
Certificates. No purchase of any securities may be made unless and until a final
prospectus and prospectus supplement with respect to the Offered Certificates
has been received by a potential investor and such investor has complied with
all additional related offering requirements. The contents of this diskette are
not to be reproduced without the express written consent of Donaldson, Lufkin &
Jenrette Securities Corporation, PNC Capital Markets Inc. and Prudential
Securities Incorporated. Each of Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets Inc. and Prudential Securities Incorporated
expressly reserves the right, at its sole discretion, to reject any or all
proposals or expressions of interest in the subject proposed offering and to
terminate discussions with any party at any time with or without notice.
Prospective investors are advised to read carefully, and should rely solely on,
the final prospectus and prospectus supplement relating to the Offered
Certificates in making their investment decisions.
<PAGE>
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates,
Series 1999-CM1
$703,161,000
(Approximate)
Offered Certificates
[LOGO] [LOGO] COLUMN
MIDLAND FINANCIAL
LOAN SERVICES, INC. A DONALDSON, LUFKIN & JENRETTE COMPANY
Donaldson, Lufkin & Jenrette
PNC Capital Markets
Prudential Securities
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Transaction Offering:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Percentage
Initial of Initial Pass-
Aggregate Mortgage Initial Through Wtd.
Principal Pool Credit Pass-Through Rate Avg. Principal
Class Ratings(1) Balance Balance Support Rate Description Life(3) Maturity(3) Window(3)
- ----- ---------- ------- ------- ------- ---- ----------- ------- ----------- ---------
Publicly Offered Certificates:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S AAAr/AAA $787,856,278(2) N/A N/A -- -- 9.1 1/20 --
A-1A AAA/AAA 127,104,000 16.13% 26.75% -- -- 5.7 7/08 1/00-7/08
A-1B AAA/AAA 450,000,000 57.12% 26.75% -- -- 9.6 10/09 7/08-10/09
A-2 AA/AA 41,363,000 5.25% 21.50% -- -- 9.9 11/09 10/09-11/09
A-3 A/A 35,453,000 4.50% 17.00% -- -- 9.9 11/09 11/09-11/09
A-4 A-/A- 13,788,000 1.75% 15.25% -- -- 9.9 11/09 11/09-11/09
B-1 BBB/BBB 25,605,000 3.25% 12.00% -- -- 9.9 11/09 11/09-11/09
B-2 BBB-/BBB- 9,848,000 1.25% 10.75% -- -- 9.9 11/09 11/09-11/09
<CAPTION>
Privately Offered Certificates(5):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
B-3 -- -- -- -- -- -- -- -- --
B-4 -- -- -- -- -- -- -- -- --
B-5 -- -- -- -- -- -- -- -- --
B-6 -- -- -- -- -- -- -- -- --
B-7 -- -- -- -- -- -- -- -- --
B-8 -- -- -- -- -- -- -- -- --
C -- -- -- -- -- -- -- -- --
D -- -- -- -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------
SMMEA/
Legal Status ERISA(4)
------------ --------
Publicly Offered Certificates:
<S> <C> <C>
S Public Yes/Yes
A-1A Public Yes/Yes
A-1B Public Yes/Yes
A-2 Public Yes/No
A-3 Public No/No
A-4 Public No/No
B-1 Public No/No
B-2 Public No/No
<CAPTION>
Privately Offered Certificates(5):
<S> <C> <C>
B-3 Private-144A --
B-4 Private-144A --
B-5 Private-144A --
B-6 Private-144A --
B-7 Private-144A --
B-8 Private-144A --
C Private-144A --
D Private-144A --
- ---------------------------------------
</TABLE>
(1) Standard & Poor's Ratings Services / Fitch IBCA, Inc.
(2) Notional amount. The Class S certificates will be interest only and will
not entitle their holders to distributions of principal.
(3) Assumes 0% CPR, no defaults, no extensions and each mortgage loan with an
anticipated repayment date pays in full on that date. Otherwise based on
"maturity assumptions" set forth under "Yield and Maturity Considerations"
in the Prospectus Supplement.
(4) Expected to be eligible for each of the underwriters' individual
prohibited transaction exemptions under ERISA.
(5) This term sheet was prepared solely in connection with a proposed offering
of the publicly offered certificates.
- --------------------------------------------------------------------------------
Originator Profile:
The mortgage loans were originated or acquired primarily by (i) Midland Loan
Services, Inc. ("Midland") and (ii) Column Financial, Inc. ("Column").
Approximately 55.0% of the mortgage loans by balance are being contributed by
Midland and 45.0% are being contributed by Column. All of the mortgage loans
were originated either in 1998 or 1999.
Midland, organized in 1992 and acquired by PNC Bank in 1998, has originated over
1,200 loans totaling $3.79 billion since its inception. Midland is a vertically
integrated real estate financial services firm specializing in the origination,
securitization and servicing of commercial real estate assets.
Column, an indirect wholly owned subsidiary of Donaldson, Lufkin & Jenrette,
Inc., was established in August 1993. Column has originated over 1,900
commercial mortgage loans totaling $8.0 billion since its inception. Column
sources, underwrites and closes various mortgage loan products through 17
production offices located throughout the country.
- --------------------------------------------------------------------------------
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 2
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Collateral Overview:
o Total Cut-off Date
Principal Balance: $787,856,278
o Avg. Cut-off Date
Principal Balance: $3,751,697
o Loans/Properties: 210 Loans / 216 Properties
o Property Type: Multifamily (37.9%), Retail (25.5%),
Office (17.1%), Other (19.5%)
o Geographic Distribution: 35 States. CA (14.5%), TX (11.5%), NY
(9.0%), Other (65.0%)
o Amortization Types: Balloon (90.0%), Hyper-Amortizing
(9.0%), Fully Amortizing (0.9%)
o Wtd. Avg. DSCR (1): 1.32x
o Wtd. Avg. Cut-off Date
LTV Ratio (1): 72.5%
o Appraisals: 100% of the appraisals state that they
follow the guidelines set forth in
Title XI of FIRREA.
o Largest Loan: 5.7%
o Five Largest Loans: 19.3%
o Ten Largest Loans: 27.1%
o Wtd. Avg. Remaining
Term to Maturity: 116 months
o Wtd. Avg. Seasoning: 5 months
o Gross WAC: 7.993%
o Call Protection: In general, the Mortgage Loans provide
for a prepayment lockout period
("Lockout"), a defeasance period
("Defeasance"), a yield maintenance
premium ("YMP") period, or a
combination thereof. The remaining
weighted average lockout and
defeasance period for all loans is 7.9
years.
o Defeasance: 75.5%
o Credit Tenant Lease: 0.3%
(1) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 3
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Collateral Overview (continued):
o Participation Loans: None
o Secured Subordinate Debt: 0.5%
o Leasehold: 1.2%
o Delinquency: No loan delinquent 30 days or more as
of the Cut-off Date.
Transaction Overview:
o Structure: Senior/subordinated, sequential pay
pass-through bonds.
o Lead Manager: Donaldson, Lufkin & Jenrette
Securities Corporation
o Co-Managers: PNC Capital Markets, Inc. and
Prudential Securities
o Mortgage Loan Sellers: Midland Loan Services, Inc. and Column
Financial, Inc.
o Rating Agencies: Standard & Poor's Ratings Services /
Fitch IBCA, Inc.
o Master Servicer: Midland Loan Services, Inc.
o Special Servicer: Midland Loan Services, Inc.
o Trustee: Norwest Bank Minnesota, National
Association
o Cut-off Date: December 1, 1999
o Settlement Date: December 7, 1999
o Determination Date: The 4th calendar day of the month, but
if that day is not a business day,
then the 1st business day before that
day.
o Distribution Date: The 10th day of the month, or if such
day is not a business day, the
following business day, but no sooner
than the 4th business day after the
Determination Date
o Delivery: The Depository Trust Company ("DTC")
through Cede & Co. (in the United
States) or Cedel Bank, Societe Anonyme
("Cedel") or The Euroclear System
("Euroclear") (in Europe).
o ERISA: Classes A-1A, A-1B and S are expected
to be eligible for each of the
underwriters' individual prohibited
transaction exemptions with respect to
ERISA, subject to certain conditions
of eligibility.
o SMMEA: Classes A-1A, A-1B, A-2 and S are
expected to be SMMEA eligible.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 4
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Transaction Overview (continued):
o Tax Treatment: REMIC
o Optional Right to Terminate
Trust: 1%
o Analytics: Cashflows are expected to be available
through Bloomberg, the Trepp Group,
Intex Solutions and Charter Research.
o Extensions: The Special Servicer will be
responsible for performing certain
servicing functions with respect to
Mortgage Loans that, in general, are
in default or as to which default is
imminent, and for administering any
REO properties. The Pooling and
Servicing Agreement will generally
permit the Special Servicer to modify,
waive or amend any term of any
Mortgage Loan if it determines, in
accordance with the servicing
standard, that it is appropriate to do
so. The Special Servicer will not be
permitted to grant any extension of
the maturity of a Mortgage Loan beyond
60 months after its stated maturity
date.
o Controlling Class: The Controlling Class of
Certificateholders may appoint an
operating advisor that may advise or
replace the Special Servicer. In
general, the Controlling Class will be
the most subordinate Class of
Principal Balance Certificates (as
defined below) which has a current
aggregate certificate principal amount
no less than 25% of its original
aggregate certificate principal
balance.
o Advances: The Master Servicer will be obligated
to make advances of scheduled
principal and interest payments,
excluding balloon payments, subject to
recoverability determination and
appraisal reductions. If the Master
Servicer fails to make a required P&I
Advance and the Trustee is aware of
the failure, the Trustee will be
obligated to make that Advance.
o Appraisal Reductions: An appraisal reduction generally will
be created in the amount, if any, by
which the unpaid principal balance of
a Specially Serviced Mortgage Loan
(plus other amounts overdue in
connection with such loan) exceeds 90%
of the appraised value of the related
Mortgaged Property, plus reserves and
escrows other than for taxes and
insurance. The Appraisal Reduction
Amount will reduce proportionately the
interest portion (but not the
principal portion) of any amount of
P&I Advances for the loan, which
reduction will result, in general, in
a reduction of interest distributable
to the most subordinate Class of
Principal Balance Certificates
outstanding. An appraisal reduction
will be reduced to zero as of the date
the related Mortgage Loan has been
brought current for at least six
consecutive months, or has been paid
in full, liquidated, repurchased, or
otherwise disposed of. Appraisal
reductions will not effect class sizes
for the purposes of determining the
Controlling Class.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 5
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Structure Description:
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
Based on the "maturity assumptions" set forth under the "Yield and Maturity
Considerations" in the Prospectus Supplement and a 0% CPR (except each mortgage
loan with an anticipated repayment date is assumed to be paid in full on that
date).
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 6
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Interest Distributions:
The holders of each Class of Principal Balance Certificates will be entitled on
each distribution date to interest accrued at the Pass-Through Rate for that
Class on the aggregate principal balance of that Class outstanding immediately
prior to the related distribution date. The Class S Certificates will be
entitled on each distribution date to the aggregate interest accrued on the
aggregate principal balance of the Principal Balance Certificates at an annual
rate equal to the difference between a weighted average of certain net mortgage
interest rates on the mortgage loans and the weighted average coupon of the
Principal Balance Certificates. All Classes will pay interest on a 30/360 basis.
Principal Distributions:
Available principal will be paid on each distribution date to the outstanding
Classes of Principal Balance Certificates in the following sequential order:
Class A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, B-4, B-5, B-6, B-7, B-8, C and D
(the "Principal Balance Certificates"). However, if Classes A-2 through D have
been retired as a result of losses and additional trust fund expenses, Classes
A-1A and A-1B will receive principal on a pro-rata basis.
Realized Losses and Expenses:
Realized losses from any mortgage loan and additional trust fund expenses will
be allocated to the outstanding classes of Principal Balance Certificates in the
following sequential order: Class D, C, B-8, B-7, B-6, B-5, B-4, B-3, B-2, B-1,
A-4, A-3 and A-2. If Classes A-2 through D have been retired as a result of
losses and additional trust fund expenses, future losses and additional trust
fund expenses shall be applied to Classes A-1A and A-1B pro-rata.
Credit Enhancements:
Credit enhancement for each Class of publicly registered Certificates will be
provided by the Classes of Certificates which are subordinate in priority with
respect to payments of interest and principal.
Allocation of Yield Maintenance and Percentage Prepayment Premiums:
The certificate yield maintenance amount ("CYMA") and certificate percentage
prepayment premium amount ("CPPPA") for the Class A-1A, A-1B, A-2, A-3, A-4, B-1
and B-2 Certificates (collectively, the "Yield Maintenance Certificates") equals
the total yield maintenance premium or percentage prepayment premium collected,
multiplied by a fraction (not greater than one or less than zero) which is based
upon a formula involving the relationship between the Pass-Through Rate for each
Class currently receiving principal, the mortgage rate of the mortgage loan that
has prepaid, and current interest rates. In general, the CYMA and CPPPA for any
distribution date will be calculated in respect of and payable to the Class(es)
of Yield Maintenance Certificates entitled to receive payments of principal on
such distribution date.
- --------------------------------------------------------------------------------
CYMA & CPPPA = (Pass-Through Rate - Discount Rate)
Allocation -------------------------------------
to Yield Maintenance Certificates (Mortgage Rate - Discount Rate)
- --------------------------------------------------------------------------------
The portion of any yield maintenance or percentage prepayment premium payable to
the Class S (interest only) Certificates, will equal the total yield maintenance
or percentage prepayment premium, as the case may be, less the CYMA or CPPPA, as
applicable, for the Yield Maintenance Certificates as defined above.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 7
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Allocation of Yield Maintenance and Percentage Prepayment Premiums (continued):
Allocation of Yield Maintenance and Percentage Prepayment Premiums Example:
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
P & I Class Coupon = 6%
Discount Rate (Based on a Treasury Rate) = 5%
% of Principal Distributed to Class = 100%
P & I Class Allocation: Class S Allocation:
6% - 5% x 100% = 33 1/3% 100% - P & I Class(es) Allocation = 66 2/3%
- -------
8% - 5%
In general, this formula provides for an increase in the allocation of yield
maintenance and percentage prepayment premiums to the Yield Maintenance
Certificates as interest rates decrease and a decrease in the allocation to such
Classes as interest rates rise.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 8
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Stratification:
[MAP OMITTED]
Mortgaged Properties by State
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Mortgaged Principal Mortgage Pool Interest Average Cut-off Date
State Properties Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 31 $114,336,631 14.5% 8.080% 1.38x 67.5%
Texas 32 90,725,566 11.5% 7.831% 1.32 75.1%
New York 11 70,739,105 9.0% 8.468% 1.26 69.5%
Florida 17 60,363,296 7.7% 8.105% 1.31 76.1%
Michigan 4 48,873,899 6.2% 8.022% 1.26 74.5%
Oklahoma 8 47,841,758 6.1% 7.408% 1.38 76.1%
Massachusetts 7 41,219,405 5.2% 7.966% 1.34 72.6%
Pennsylvania 10 35,551,312 4.5% 7.375% 1.45 73.6%
Virginia 7 30,798,254 3.9% 8.034% 1.28 74.3%
Colorado 8 22,895,070 2.9% 8.267% 1.34 68.1%
Georgia 9 21,853,610 2.8% 8.036% 1.30 74.8%
Kansas 6 20,124,672 2.6% 8.172% 1.26 71.2%
New Jersey 5 16,752,405 2.1% 8.200% 1.26 71.6%
Arizona 7 14,696,058 1.9% 7.869% 1.29 74.9%
Tennessee 2 14,563,109 1.8% 8.512% 1.29 73.2%
Ohio 4 14,208,172 1.8% 7.885% 1.32 74.9%
Minnesota 3 12,864,772 1.6% 8.403% 1.38 67.3%
New Hampshire 4 12,651,727 1.6% 7.161% 1.27 76.4%
Maryland 3 11,836,875 1.5% 7.938% 1.30 74.7%
Connecticut 5 10,660,610 1.4% 8.341% 1.28 69.7%
Indiana 4 9,943,866 1.3% 8.049% 1.22 72.7%
Arkansas 5 8,870,042 1.1% 8.397% 1.28 71.4%
Wisconsin 2 8,813,834 1.1% 7.950% 1.39 70.7%
Louisiana 5 6,403,302 0.8% 7.597% 1.42 71.9%
Washington 2 5,930,387 0.8% 7.432% 1.34 76.1%
Kentucky 1 5,715,099 0.7% 8.170% 1.25 78.3%
Nebraska 1 5,596,509 0.7% 8.360% 1.21 80.0%
Oregon 3 4,590,953 0.6% 7.487% 1.34 60.6%
Utah 2 4,187,021 0.5% 8.183% 1.27 72.4%
Vermont 1 3,812,987 0.5% 7.260% 1.65 71.5%
Nevada 2 3,434,286 0.4% 8.085% 1.28 75.0%
Mississippi 1 2,160,270 0.3% 8.100% 1.25 78.7%
New Mexico 2 1,989,138 0.3% 8.280% 1.33 54.9%
Iowa 1 1,438,558 0.2% 8.030% 1.36 66.6%
Idaho 1 1,413,723 0.2% 6.950% 1.31 64.3%
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 216 $787,856,278 100.0% 7.993% 1.32x 72.5%
====================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 9
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
[The following table was depicted as a pie chart in the printed material.]
CTL 0.3%
Self Storage 1.4%
Manufactured Housing 2.3%
Mixed Use 3.2%
Hotel 4.1%
Industrial 8.2%
Office 17.1%
Retail 25.5%
Multifamily 37.9%
Mortgaged Properties by Property Type
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Mortgaged Principal Mortgage Pool Interest Average Cut-off Date
Property Type Properties Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Multifamily 85 $298,366,149 37.9% 7.730% 1.32x 75.5%
Retail 43 201,274,526 25.5% 8.140% 1.28 72.1%
Office 37 134,954,503 17.1% 8.178% 1.34 69.8%
Industrial 20 64,523,056 8.2% 8.176% 1.27 71.1%
Hotel 6 32,055,712 4.1% 8.426% 1.50 61.5%
Mixed Use 7 25,513,610 3.2% 8.350% 1.40 70.7%
Manufactured Housing 6 18,254,431 2.3% 7.076% 1.47 74.7%
Self Storage 11 10,821,648 1.4% 8.517% 1.36 67.8%
CTL 1 2,092,645 0.3% 8.140% N/A N/A
------------------------------------------------------------------------------------------------
Total/Weighted Average: 216 $787,856,278 100.0% 7.993% 1.32x 72.5%
================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 10
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Original Amortization Terms
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Original Amortization Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Terms (Months) Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
180 - 239 4 $ 5,081,460 0.6% 8.532% 1.36x 56.3%
240 - 299 8 11,844,518 1.5% 8.056% 1.27 67.3%
300 - 313 68 157,834,224 20.0% 8.073% 1.40 68.4%
314 - 360 130 613,096,076 77.8% 7.967% 1.30 73.7%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=========================================================================================
<CAPTION>
<S> <C>
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 180
Wtd. Avg. Original Amortization Term (Months): 345
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Original Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Original Terms Mortgage Principal Mortgage Pool Interest Average Cut-off Date
to Stated Maturity (Months) Loans Balance(2) Balance Rates U/W DSCR(3) LTV Ratio(3)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
60 - 115 6 $ 21,767,262 2.8% 8.353% 1.30x 74.6%
116 - 120 192 740,382,470 94.0% 7.985% 1.32 72.5%
121 - 200 9 20,546,541 2.6% 7.950% 1.46 70.2%
201 - 243 3 5,160,005 0.7% 7.734% 1.18 72.5%
-------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
===========================================================================================
<CAPTION>
<S> <C>
Maximum Original Term to Stated Maturity (Months): 243
Minimum Original Term to Stated Maturity (Months): 60
Wtd. Avg. Original Term to Stated Maturity (Months): 121
</TABLE>
(1) In the case of hyper-amortization loans, the Anticipated Repayment Date is
assumed to be the maturity date for the purposes of the table.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 11
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Remaining Amortization Terms
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Remaining Amortization Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Terms (Months) Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
177 - 238 10 $ 14,171,340 1.8% 8.175% 1.31x 63.4%
239 - 298 57 129,308,270 16.4% 8.008% 1.39 69.4%
299 - 312 13 31,280,592 4.0% 8.363% 1.43 64.2%
313 - 359 130 613,096,076 77.8% 7.967% 1.30 73.7%
---------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=======================================================================================
<CAPTION>
<S> <C>
Maximum Remaining Amortization Term (Months): 359
Minimum Remaining Amortization Term (Months): 177
Wtd. Avg. Remaining Amortization Term (Months): 340
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Remaining Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Range of Number of Cut-off Date Initial Mortgage Weighted Average
Remaining Terms Mortgage Principal Mortgage Pool Interest Average Cut-off Date
to Stated Maturity (Months) Loans Balance(2) Balance Rates U/W DSCR(3) LTV Ratio(3)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
38 - 114 53 $172,317,134 21.9% 7.360% 1.37x 74.6%
115 - 119 145 589,832,598 74.9% 8.182% 1.30 71.9%
120 - 199 9 20,546,541 2.6% 7.950% 1.46 70.2%
200 - 241 3 5,160,005 0.7% 7.734% 1.18 72.5%
----------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
========================================================================================
<CAPTION>
<S> <C>
Maximum Remaining Term to Stated Maturity (Months): 241
Minimum Remaining Term to Stated Maturity (Months): 38
Wtd. Avg. Remaining Term to Stated Maturity (Months): 116
</TABLE>
(1) In the case of hyper-amortization loans, the Anticipated Repayment Date is
assumed to be the maturity date for the purposes of the table.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 12
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
U/W Debt Service Coverage Ratios
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Mortgage Principal Mortgage Pool Interest Average Cut-off Date
U/W DSCRs Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CTL 1 $ 2,092,645 0.3% 8.140% N/A N/A
1.06x - 1.19 1 1,653,637 0.2% 7.890% 1.06x 79.5%
1.20 - 1.21 11 65,096,378 8.3% 8.208% 1.21 72.6%
1.22 - 1.29 90 364,015,466 46.2% 8.025% 1.26 73.6%
1.30 - 1.34 47 151,640,250 19.2% 8.065% 1.31 73.8%
1.35 - 1.39 14 44,092,870 5.6% 8.095% 1.38 74.5%
1.40 - 1.88x 46 159,265,034 20.2% 7.734% 1.52 67.9%
--------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
============================================================================================
<CAPTION>
<S> <C>
Maximum DSCR (2): 1.88x
Minimum DSCR (2): 1.06x
Wtd. Avg. DSCR (2): 1.32x
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Cut-off Date Loan-to-Value Ratios
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Cut-off Date Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Loan-to-Value Ratios Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CTL 1 $ 2,092,645 0.3% 8.140% N/A N/A
40.50% - 55.00% 10 24,157,104 3.1% 8.514% 1.40x 51.5%
55.10% - 65.00% 25 64,056,845 8.1% 8.165% 1.43 61.0%
65.10% - 67.50% 14 49,678,464 6.3% 8.276% 1.30 66.4%
67.60% - 70.00% 21 106,333,468 13.5% 8.293% 1.31 69.1%
70.10% - 72.50% 30 80,981,811 10.3% 8.195% 1.35 71.5%
72.60% - 75.00% 40 161,297,711 20.5% 7.893% 1.32 73.8%
75.10% - 77.50% 18 85,088,725 10.8% 7.737% 1.31 76.7%
77.60% - 78.50% 20 84,738,068 10.8% 7.577% 1.31 78.0%
78.60% - 79.50% 13 45,350,492 5.8% 7.704% 1.27 79.0%
79.60% - 80.00% 16 77,184,985 9.8% 8.048% 1.27 79.8%
80.10% - 86.40% 2 6,895,962 0.9% 7.380% 1.30 84.6%
---------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=======================================================================================
<CAPTION>
<S> <C>
Maximum Cut-off Date LTV Ratio (2): 86.4%
Minimum Cut-off Date LTV Ratio (2): 40.5%
Wtd. Avg. Cut-off Date LTV Ratio (2): 72.5%
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 13
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Cut-off Date Principal Balances
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Cut-off Date Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Principal Balances Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 399,636 - 500,000 1 $ 399,636 0.1% 8.880% 1.42x 63.6%
500,001 - 750,000 13 8,602,367 1.1% 8.552% 1.27 69.2%
750,001 - 1,000,000 16 13,871,300 1.8% 8.174% 1.40 68.2%
1,000,001 - 1,250,000 18 20,080,689 2.5% 8.205% 1.35 69.9%
1,250,001 - 1,500,000 15 21,155,610 2.7% 8.129% 1.32 66.7%
1,500,001 - 1,750,000 18 29,069,384 3.7% 8.109% 1.31 72.5%
1,750,001 - 2,000,000 19 35,100,836 4.5% 7.863% 1.33 71.8%
2,000,001 - 3,000,000 35 85,708,266 10.9% 8.035% 1.35 71.6%
3,000,001 - 4,000,000 19 65,693,774 8.3% 7.938% 1.35 74.0%
4,000,001 - 5,000,000 14 62,376,529 7.9% 7.970% 1.37 72.3%
5,000,001 - 6,000,000 10 54,843,770 7.0% 7.964% 1.31 75.1%
6,000,001 - 7,000,000 8 52,671,714 6.7% 7.928% 1.27 73.2%
7,000,001 - 8,000,000 5 36,794,009 4.7% 7.892% 1.28 75.5%
8,000,001 - 9,000,000 3 25,113,312 3.2% 7.705% 1.28 77.3%
9,000,001 - 11,500,000 7 74,415,539 9.4% 7.674% 1.35 73.0%
11,500,001 - 15,500,000 4 49,915,131 6.3% 7.974% 1.34 74.8%
15,500,001 - 19,500,000 1 16,873,152 2.1% 8.510% 1.21 67.0%
19,500,001 - 34,500,000 2 53,763,882 6.8% 7.865% 1.37 70.5%
34,500,001 - $44,973,184 2 81,407,381 10.3% 8.320% 1.26 71.1%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=========================================================================================
<CAPTION>
<S> <C>
Maximum Cut-off Date Scheduled Principal Balance: $ 44,973,184
Minimum Cut-off Date Scheduled Principal Balance: $ 399,636
Average Cut-off Date Scheduled Principal Balance: $ 3,751,697
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Mortgage Loans by Amortization Type
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Loan Type Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon 195 $709,405,970 90.0% 7.984% 1.32x 72.6%
Hyper-Amortizing 10 71,047,595 9.0% 8.079% 1.31 71.6%
Fully Amortizing 5 7,402,714 0.9% 8.066% 1.30 63.3%
---------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
=======================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 14
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Mortgage Interest Rates
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Mortgage Principal Mortgage Pool Interest Average Cut-off Date
Mortgage Interest Rates Loans Balance(1) Balance Rates U/W DSCR(2) LTV Ratio(2)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.320% - 7.000% 17 $ 66,682,681 8.5% 6.758% 1.42x 75.7%
7.001% - 7.250% 10 22,176,915 2.8% 7.137% 1.32 74.1%
7.251% - 7.500% 11 52,973,427 6.7% 7.408% 1.37 76.7%
7.501% - 7.750% 9 58,625,776 7.4% 7.695% 1.25 77.7%
7.751% - 8.000% 30 149,163,978 18.9% 7.918% 1.31 72.6%
8.001% - 8.250% 52 182,570,538 23.2% 8.136% 1.33 72.6%
8.251% - 8.500% 38 101,264,841 12.9% 8.346% 1.31 70.9%
8.501% - 8.750% 26 131,766,466 16.7% 8.583% 1.29 68.3%
8.751% - 9.000% 12 14,720,832 1.9% 8.829% 1.33 66.2%
9.001% - 9.280% 5 7,910,824 1.0% 9.149% 1.45 69.2%
-----------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.993% 1.32x 72.5%
===============================================================================================
<CAPTION>
<S> <C>
Maximum Mortgage Interest Rate: 9.280%
Minimum Mortgage Interest Rate: 6.320%
Average Mortgage Interest Rate: 7.993%
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) Excluding the CTL Loan.
Occupancy Rates at Underwriting
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Mortgaged Principal Mortgage Pool Interest Average Cut-off Date
Occupancy Rates at U/W Properties(1) Balance(2) Balance Rates U/W DSCR(3) LTV Ratio(3)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
79.0% - 79.9% 2 $ 2,162,854 0.3% 8.184% 1.32x 66.9%
80.0% - 89.9% 17 47,098,113 6.0% 8.177% 1.29 71.5%
90.0% - 94.9% 32 149,348,629 19.0% 8.127% 1.30 73.5%
95.0% - 97.4% 31 167,766,778 21.3% 7.705% 1.32 75.3%
97.5% - 100.0% 128 389,424,192 49.4% 8.007% 1.32 71.9%
-------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $755,800,566 95.9% 7.975% 1.32x 72.9%
===========================================================================================
<CAPTION>
<S> <C>
Maximum Occupancy Rate at U/W: 100.0%
Minimum Occupancy Rate at U/W: 79.0%
Wtd. Avg. Occupancy Rate at U/W: 96.4%
</TABLE>
(1) Does not include any hotel properties.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 15
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Years Built/Years Renovated (1)
<TABLE>
<CAPTION>
Weighted
Percentage of Average Weighted
Number of Cut-off Date Initial Mortgage Weighted Average
Range of Years Mortgaged Principal Mortgage Pool Interest Average Cut-off Date
Built/Renovated Properties Balance(2) Balance Rates U/W DSCR(3) LTV Ratio(3)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1963 - 1970 8 $ 19,170,424 2.4% 7.961% 1.36x 72.2%
1971 - 1980 22 57,728,291 7.3% 8.030% 1.32 74.6%
1981 - 1990 58 234,026,071 29.7% 7.727% 1.36 73.6%
1991 - 1999 128 476,931,493 60.5% 8.120% 1.30 71.6%
--------------------------------------------------------------------------------------------
Total/Weighted Average: 216 $787,856,278 100.0% 7.993% 1.32x 72.5%
============================================================================================
<CAPTION>
<S> <C>
Maximum Year Built/Renovated: 1999
Minimum Year Built/Renovated: 1963
Wtd. Avg. Year Built/Renovated: 1991
</TABLE>
(1) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
(2) Assumes a Cut-off Date of December 1, 1999.
(3) Excluding the CTL Loan.
Mortgage Pool Prepayment Profile (1)
<TABLE>
<CAPTION>
Number of
Months Since Mortgage Outstanding % of Pool Yield Prepayment % of Pool
Date Cut-off Date(2) Loans Balance (mm) Lockout Maintenance Premium Open Total
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Dec-99 0 210 $787.9 99.43% 0.57% 0.00% 0.00% 100.0%
Dec-00 12 210 $781.0 98.70% 1.30% 0.00% 0.00% 100.0%
Dec-01 24 210 $773.4 96.92% 3.08% 0.00% 0.00% 100.0%
Dec-02 36 210 $765.2 89.68% 10.07% 0.00% 0.25% 100.0%
Dec-03 48 208 $753.4 81.43% 18.57% 0.00% 0.00% 100.0%
Dec-04 60 207 $741.4 77.37% 22.63% 0.00% 0.00% 100.0%
Dec-05 72 207 $731.0 77.44% 22.56% 0.00% 0.00% 100.0%
Dec-06 84 204 $704.5 76.17% 23.83% 0.00% 0.00% 100.0%
Dec-07 96 204 $692.5 76.24% 20.93% 0.00% 2.83% 100.0%
Dec-08 108 170 $586.6 87.46% 11.10% 0.64% 0.80% 100.0%
Dec-09 120 12 $ 19.3 36.38% 44.88% 0.00% 18.73% 100.0%
Dec-10 132 11 $ 14.8 43.40% 56.60% 0.00% 0.00% 100.0%
Dec-11 144 11 $ 13.9 41.71% 58.29% 0.00% 0.00% 100.0%
Dec-12 156 11 $ 12.9 39.58% 29.83% 0.00% 30.59% 100.0%
Dec-13 168 9 $ 6.9 62.98% 37.02% 0.00% 0.00% 100.0%
Dec-14 180 3 $ 2.5 80.11% 19.89% 0.00% 0.00% 100.0%
Dec-15 192 3 $ 2.1 81.78% 18.22% 0.00% 0.00% 100.0%
Dec-16 204 3 $ 1.8 84.25% 15.75% 0.00% 0.00% 100.0%
Dec-17 216 3 $ 1.4 88.32% 11.68% 0.00% 0.00% 100.0%
Dec-18 228 2 $ 0.9 100.00% 0.00% 0.00% 0.00% 100.0%
</TABLE>
(1) Calculated assuming that no Mortgage Loan prepays, defaults or is
repurchased prior to stated maturity, except that the ARD Loans are
assumed to pay in full on their respective Anticipated Repayment Dates.
Otherwise calculated based on Maturity Assumptions to be set forth in the
final prospectus supplement.
(2) Assumes a Cut-off Date of December 1, 1999.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 16
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Prepayment Provision as of Cut-off Date (1)
<TABLE>
<CAPTION>
Weighted Weighted Weighted
Average Average Average
Percentage of Remaining Remaining Remaining Weighted
Range of Number of Cut-off Date Initial Lockout Lockout Lockout Plus Average
Remaining Terms to Mortgage Principal Mortgage Pool Period Plus YM Period Premium Period Maturity
Stated Maturity (Years)(1) Loans Balance(1) Balance (Years) (Years) (Years) (Years)(2)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
3.0 - 3.9 2 $ 2,988,450 0.4% 0.9 3.0 3.0 3.4
4.0 - 4.9 1 2,692,755 0.3% 4.3 4.3 4.3 4.6
6.0 - 6.9 3 16,086,057 2.0% 6.3 6.3 6.3 6.8
8.0 - 8.9 34 109,146,056 13.9% 3.0 8.2 8.2 8.7
9.0 - 9.9 158 631,236,414 80.1% 8.8 9.3 9.3 9.8
10.0 - 10.9 1 4,514,716 0.6% 0.0 8.3 9.3 10.4
13.0 - 13.9 2 6,636,564 0.8% 6.1 12.7 12.7 13.2
14.0 - 14.9 6 9,395,262 1.2% 11.8 14.3 14.3 14.7
18.0 - 18.9 1 1,413,723 0.2% 8.8 18.6 18.6 18.9
19.0 - 19.9 1 1,653,637 0.2% 19.5 19.5 19.5 19.8
20.0 - 20.9 1 2,092,645 0.3% 19.6 19.6 19.6 20.1
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.9 9.2 9.2 9.7
===================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
indicated column.
Prepayment Option
<TABLE>
<CAPTION>
Weighted Weighted Weighted
Average Average Average
Percentage of Remaining Remaining Remaining Weighted
Number of Cut-off Date Initial Lockout Lockout Lockout Plus Average
Mortgage Principal Mortgage Pool Period Plus YM Period Premium Period Maturity
Prepayment Option Loans Balance(1) Balance (Years) (Years) (Years) (Years)(2)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout / Defeasance 155 $595,099,427 75.5% 9.4 9.4 9.4 9.8
Lockout / Yield Maintenance 53 185,549,381 23.6% 3.3 8.8 8.8 9.3
Yield Maintenance / Prepayment Premium 1 4,514,716 0.6% 0.0 8.3 9.3 10.4
Lockout 1 2,692,755 0.3% 4.3 4.3 4.3 4.6
---------------------------------------------------------------------------------------------
Total/Weighted Average: 210 $787,856,278 100.0% 7.9 9.2 9.2 9.7
=============================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999.
(2) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
indicated column.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 17
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Significant Mortgage Loans
<TABLE>
<CAPTION>
Percentage of Mortgage
Property Units/ Cut-off Date Initial Mortgage Appraised Interest Cut-off Date
# Property Name Type Square Feet Principal Balance(1) Pool Balance Value Rate U/W DSCR LTV
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 The Wilton Mall Retail 540,021 SF $ 44,973,184 5.7% $64,500,000 8.580% 1.26x 69.7%
- ------------------------------------------------------------------------------------------------------------------------------------
2 Frandor Mall Retail 457,978 SF 36,434,197 4.6% 50,000,000 8.000% 1.26 72.9%
- ------------------------------------------------------------------------------------------------------------------------------------
3 The Alliance Loan Multifamily 666 Units 32,777,802 4.2% 42,450,000 7.740% 1.24 77.2%
- ------------------------------------------------------------------------------------------------------------------------------------
4 Stanford Square Office 70,816 SF 20,986,080 2.7% 35,000,000 8.060% 1.57 60.0%
- ------------------------------------------------------------------------------------------------------------------------------------
5 The Ameriserve Loan Industrial 344,609 SF 16,873,152 2.1% 25,200,000 8.510% 1.21 67.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: $152,044,415 19.3% $217,150,000 8.180% 1.29x 70.4%
============ ==== ============ ===== ==== ====
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1999
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 18
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
The Wilton Mall
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $44,973,184
% of Initial Mortgage Pool Balance: 5.7%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.580%
Term to ARD: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 69.7%
Maturity/ARD LTV: 63.2%
DSCR: 1.26x
Cross Collateralization/ Default: No/No
Special Provisions: Hyper-Amortization Loan; Cash
Management
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Retail
Location: Saratoga Springs, New York
Years Built/Renovated: 1990/1991
Collateral: 540,021 square feet of a 655,682
square foot regional mall located in
Saratoga Springs
Property Manager: Genessee Management, Inc.
Underwritable Cash Flow: $5,286,893
Appraised Value: $64,500,000
Appraisal Date: September 1, 1999
Occupancy Rate at U/W: 91%
- --------------------------------------------------------------------------------
Additional Information:
Subject Property includes 540,021 square feet of a 655,682 square foot regional
mall located at 3065 Route 50 in Saratoga Springs, New York. The center was
constructed in 1990 and was subsequently expanded in 1991. The Property is a
one-level, enclosed regional shopping mall. Major tenants include Sears (S&P
rated A-) and Bon Ton; other tenants include J.C. Penney (S&P rated BBB+),
Dick's Sporting Goods and an eight screen Hoyt's movie theatre. The property
also contains a BJ's Wholesale Club as a freestanding outparcel (not included in
collateral). In addition to the existing three anchor tenants, a separate parcel
exists which potentially could serve as a fourth anchor tenant site (not to be
included within the collateral).
Sarwil Associates, L.P., a New York limited partnership, is the owner/developer
of Wilton Mall. The property is managed by Genessee Management, Inc. Both
companies are affiliates of Wilmorite, Inc. ("Wilmorite"), which is a leading
owner and operator of regional malls in the United States. Wilmorite manages 16
regional malls and 5 power centers comprising 17.1 million square feet.
Wilmorite has been in business since the late 1940's and since that time has
been a family owned and operated real estate development company. Wilmorite has
been involved in the development of many different property types including
retail, office, residential and hotel, but in the last 15 years, the company has
narrowed its focus on retail property development and in particular, on regional
shopping malls.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 19
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Frandor Mall
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $36,434,197
% of Initial Mortgage Pool Balance: 4.6%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.000%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 72.9%
Maturity/ARD LTV: 65.3%
DSCR: 1.26x
Cross Collateralization/ Default: No/No
Special Provisions: Cash Management
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Retail
Location: Lansing, Michigan
Years Built/Renovated: 1950/1999
Collateral: 457,978 square foot retail power
center located in Lansing
Property Management: The Frandorson Coporation
Underwritable Cash Flow: $4,051,315
Appraised Value: $50,000,000
Appraisal Date: August 13, 1999
Occupancy Rate at U/W: 95%
- --------------------------------------------------------------------------------
Additional Information:
Subject property is a 457,978 square foot retail power center anchored by Kroger
(S&P rated BBB-), Office Depot (S&P rated BBB) and CompUSA, located in Lansing,
Michigan.
Frandor Mall was originally constructed in phases beginning in 1950 by
Frandorson Properties. In March of 1998, Lomax Stern Development Company and
Frandorson Properties formed a Joint Venture in which Lomax acquired 50%
ownership of the property. The newly formed ownership commenced a $17.5 million
redevelopment program. The redevelopment program, which was completed during the
summer of 1999, included the razing of an existing enclosed mall area and
existing structures, plus construction of 150,000 square feet of additional
space. The property is currently 95% leased. Many of the existing leases are
long-term leases with terms exceeding the term of the loan.
The development partner, Lomax Stern Development Company, has extensive
experience in both construction and leasing. The principals, Chris Brochert and
David Stern, have been partners in over 30 retail centers ranging in size from
31,000 square feet to 550,000 square feet.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 20
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
The Alliance Loan
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $32,777,802
% of Initial Mortgage Pool Balance: 4.2%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 7.740%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 77.2%
Maturity LTV: 68.9%
DSCR: 1.24x
Cross Collateralization/ Default: Yes/Yes
Special Provisions: Release Provision available if (i)
DSCR not less than 1.20x and (ii) LTV
not greater than 80%; Cash Management.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Portfolio
Property Type: Multifamily
Location: Virginia, Georgia and Maryland
Years Built/Renovated: 1965 to 1994
Collateral: 3 Multifamily properties with 666
total units
Property Management: Alliance Residential Management,
L.L.C.
Underwritable Cash Flow: $3,491,254
Appraised Value: $42,450,000
Appraisal Date: June 13, 1999 to September 13, 1999
Wtd. Avg. Occupancy Rate at U/W: 96%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Built/ Underwritable
Property Name City State Units Occupancy Renovated Appraised Value Cash Flow
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Hampton Court Apartments Alexandria VA 307 98% 1965/1992 $ 19,800,000 $ 1,641,733
Lake of the Woods Apartments College Park GA 216 95% 1988/1989 12,850,000 1,029,641
Holly Tree Apartments Waldorf MD 143 95% 1974/1994 9,800,000 819,880
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
Subject properties include three multifamily housing complexes including Hampton
Court Apartments, Lake of the Woods Apartments and Holly Tree Apartments.
Hampton Court Apartments is a 307-unit multifamily complex contained in 7 brick,
three and four-story walk-up apartment buildings located in Alexandria, VA. Unit
mix at the subject is 83 1BR/1BA units, 72 2BR/1BA units, 96 2BR/1.5BA and 56
3BR/2BA units. Lake of The Woods Apartments is a 216-unit multifamily complex
contained in 14 walk-up, two and three-story garden-style apartment buildings,
located in College Park, GA. Unit mix at the subject is 72 1BR/1BA and 144
2BR/2BA units. Holly Tree Apartments is a 143-unit multifamily complex contained
in 6 walk-up, three-story apartment buildings located in Waldorf, MD. Unit mix
at the subject is 43 1BR/1BA units, 99 2BR/1.5BA and 1 2BR/2BA units.
The subject multifamily properties' amenities include swimming pools, fitness
centers, laundry facilities, tennis and volleyball courts, surface parking,
extensive landscaping and on-site management offices.
The three subject properties secure a single Mortgage Note. The borrower is a
single purpose entity. Principals of the borrower include Andrew Schor and
Steven Ivankovich. The borrower is affiliated with Alliance Holdings, Inc.
("Alliance"), a privately owned real estate investment, development and finance
firm concentrated in the multifamily housing business. Alliance and its
affiliates own interests in and manage more than 31,000 units throughout Texas,
in the Midwest and along the eastern seaboard from Virginia to Florida.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 21
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
Stanford Square
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $20,986,080
% of Initial Mortgage Pool Balance: 2.7%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.060%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date
Cut-off Date LTV: 60.0%
Maturity LTV: 53.7%
DSCR: 1.57x
Cross Collateralization/ Default: No/No
Special Provisions: Cash Management
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Office
Location: Palo Alto, California
Years Built/Renovated: 1983
Collateral: 70,816 square foot Class A,
multi-tenanted office building located
in California
Property Management: Stanford Square Management Co. and
Tarlton Properties, Inc.
Underwritable Cash Flow: $2,913,281
Appraised Value: $35,000,000
Appraisal Date: August 17, 1999
Occupancy Rate at U/W: 100%
- --------------------------------------------------------------------------------
Additional Information:
Subject property is a 70,816 square foot, Class A office building located in the
Central Business District of Palo Alto, California, constructed in 1983.
Improvements consist of one four-story structure, and two levels of underground
parking. Amenities include two elevators, a central atrium/courtyard, private
balconies and landscaping. Major tenants include PHB Hagler Bailey (18,331
square feet), an international management and economic consulting firm, and Bon
Appetit Management Company (17,825 square feet), a food service management
company that contracts its services to corporations, institutions and
universities.
The borrowing entity consists of two Tenants-In-Common SPE's including Stanford
Square, LLC ("SSLP") (94.87% ownership) and Sea Biscuit, LLC (5.13% ownership).
Joan Rounds, the Managing Member of SSLP, became involved in the partnership in
1986 through an entity she controls, JGR Ventures ("JGR"), which made the
investment in SSLP. Through JGR and its ownership of several entities and
affiliates, Joan Rounds manages commercial real estate in excess of $35 million.
The property is managed by Stanford Square Management Co. and Tarlton
Properties, Inc. ("Tarlton"), which manages several office and industrial
buildings within the subject area. Tarlton Managing Partner, Tig Tarlton, has
more than 30 years of real estate development, construction, and property
management experience. During that period, he has personally managed, developed
or remodeled over 2,500,000 square feet of commercial property.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 22
<PAGE>
PNCMAC Series 1999-CM1 Collateral and Structural Term Sheet November 10, 1999
The Ameriserve Loan
LOAN INFORMATION
- --------------------------------------------------------------------------------
Cut-off Date Principal Balance: $16,873,152
% of Initial Mortgage Pool Balance: 2.1%
Mortgage Loan Seller: Column Financial, Inc.
Mortgage Interest Rate: 8.510%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment Lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-off Date LTV: 67.0%
Maturity LTV: 60.7%
DSCR: 1.21x
Cross Collateralization/ Default: Yes/Yes
Special Provisions: Lockbox
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Portfolio
Property Type: Industrial
Location: Shawnee, Kansas and Manassas, Virginia
Years Built/Renovated: 1986 to 1999
Collateral: Two food distribution centers with
344,609 combined total square feet
located in Kansas and Virginia
Property Management: Owner Managed
Underwritable Cash Flow: $1,886,938
Appraised Value: $25,200,000
Appraisal Date: May 26, 1999 and November 1, 1999
Wtd. Avg. Occupancy Rate at U/W: 100%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Square Year Built/ Appraised Underwritable
Property Name City State Feet Renovated Value Cash Flow
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Ameriserve - Shawnee Shawnee KS 244,272 1990/1999 $14,600,000 $1,453,765
Ameriserve - Manassas Manassas VA 100,337 1986/1999 10,600,000 433,173
- ------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
Subject collateral includes two food distribution centers located in Shawnee,
Kansas and Manassas, Virginia with 344,609 combined total square feet. The
Shawnee property is a 244,272 square foot distribution facility, on a land area
of 22.1 acres. A one-story office area and mechanical area is attached to the
east side of the building, with a two-story operations (33.5-foot ceiling clear
height) area attached to the west-side. The building has been designed for
future expansion to both the north and south. As part of a warehousing
operation, the property contains extensive site improvements. The west side of
the building, adjacent to the truck loading doors, contains concrete paving for
truck staging.
The Manassas property currently consists of a 100,337 square foot distribution
facility located on a 20.88-acre site. Constructed in 1986 and extensively
renovated in 1996, the building is of both masonry and metal construction and
includes a 23.5-foot ceiling clear height, a two-story office section and a
mezzanine mechanical area. The property will be expanded to include an
additional 115,700 square feet. Upon completion estimated to occur in July 2000,
the property will encompass a total of 216,037 square feet.
AmeriServe (S&P rated B) is North America's largest systems food-service
distributor, specializing in food distribution to limited menu, concept chain
restaurants across the United States and Canada. AmeriServe began in 1986 with
the founding of Holberg Industries, Inc. ("Holberg"). Holberg is a privately
held diversified service company with subsidiaries operating within the
food-service distribution (AmeriServe) and parking service (APCOA/Standard
Parking) industries in North America.
The lease is a 20-year, bondable net lease covering two properties under one
lease. As additional collateral for the lease, the Borrower obtained a letter of
credit from Bank of America (S&P rated A+) for a total of $4,520,000. The lease
obligates the tenant to post this letter of credit until both the present
construction is completed and the tenant's credit rating is upgraded to BB, at
which point the letter of credit can be reduced by 33.3%. A credit upgrade to
BBB will completely release the letter of credit. However, should the tenant's
credit be downgraded below BBB, a letter of credit equal to 18 months of the
then current rent will be imposed. The tenant has the obligation to pay all
operating expenses, make all capital improvements and pay taxes and insurance.
This investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc. and Prudential Securities Incorporated
personnel to assist them in determining whether potential investors wish to
proceed with an in-depth investigation of the proposed offering. While the
information contained herein is from sources believed to be reliable, it has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets, Inc., Prudential Securities Incorporated, or
any of their respective affiliates, and such entities make no representations or
warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in information and is
subject to modification or withdrawal at any time with or without notice. The
contents hereof are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated. The information contained herein
supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus
and prospectus supplement has been received by a potential investor and such
investor has complied with all additional related offering requirements. Each of
Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital Markets, Inc.
and Prudential Securities Incorporated expressly reserves the right, at its sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Page 23
<PAGE>
INFORMATION CONTAINED ON THIS DISKETTE DATED, NOVEMBER 10, 1999, IS SUBJECT TO
COMPLETION OR AMENDMENT.
This diskette relates to the PNC Mortgage Acceptance Corp., Commercial Mortgage
Pass-Through Certificates, Series 1999-CM1, Class S, Class A-1A, Class A-1B,
Class A-2, Class A-3, Class A-4, Class B-1 and Class B-2 (the "Offered
Certificates"). The information contained on this diskette is provided to
facilitate your review of the collateral underlying the Offered Certificates.
The information on this diskette constitutes a collateral term sheet prepared
solely for informational purposes. No offer to sell or solicitation of any offer
to purchase securities is being made hereby. While the information contained
hereon is from sources believed to be reliable, it has not been independently
verified by Donaldson, Lufkin & Jenrette Securities Corporation, PNC Capital
Markets Inc., Prudential Securities Incorporated or any of their respective
affiliates. Therefore, none of Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets Inc., Prudential Securities Incorporated nor
any of their respective affiliates makes any representations or warranties with
respect to the information contained hereon or as to the appropriateness,
usefulness or completeness of these materials. The information on this diskette
is subject to errors, omissions and changes and is subject to modification or
withdrawal at any time with or without notice. The information on this diskette
supersedes any and all information contained in any previously furnished
collateral term sheets and shall be superseded by any subsequently furnished
similar materials. The information on this diskette shall be superseded by a
final prospectus and prospectus supplement with respect to the Offered
Certificates. No purchase of any securities may be made unless and until a final
prospectus and prospectus supplement with respect to the Offered Certificates
has been received by a potential investor and such investor has complied with
all additional related offering requirements. The contents of this diskette are
not to be reproduced without the express written consent of Donaldson, Lufkin &
Jenrette Securities Corporation, PNC Capital Markets Inc. and Prudential
Securities Incorporated. Each of Donaldson, Lufkin & Jenrette Securities
Corporation, PNC Capital Markets Inc. and Prudential Securities Incorporated
expressly reserves the right, at its sole discretion, to reject any or all
proposals or expressions of interest in the subject proposed offering and to
terminate discussions with any party at any time with or without notice.
Prospective investors are advised to read carefully, and should rely solely on,
the final prospectus and prospectus supplement relating to the Offered
Certificates in making their investment decisions.
