$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
--------------------------------------------------------------------------------
Morgan Stanley Dean Witter May 26, 2000
Securitized Products Group Morgan Stanley Dean Witter
--------------------------------------------------------------------------------
CMBS New Issue
PNC Mortgage Acceptance Corp.
Series 2000-C1
Preliminary Term Sheet
-----------------------------
Expected Pricing Date: June [ ], 2000
-----------------------------
$718,281,000
(Approximate)
Midland Loan Services, Inc.
CIBC Inc.
Residential Funding Corporation
as Sellers
Midland Loan Services, Inc., as Master Servicer
GMAC Commercial Mortgage Corporation, as Special Servicer
Commercial Mortgage Pass-Through Certificates
-----------------------------
MORGAN STANLEY DEAN WITTER PNC CAPITAL MARKETS
CIBC WORLD MARKETS CORP.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, Goldman,
Sachs & Co. and Norwest Investment Services, Inc. (collectively the
"Underwriters") disclaim any and all liability relating to this information,
including without limitation any express or implied representations and
warranties for, statements contained in, and omissions from, this information.
Additional information is available upon request. The Underwriters and others
associated with them may have positions in, and may effect transaction in,
securities and instruments of issuers mentioned herein and may also perform or
seek to perform investment banking services for the issuers of such securities
and instruments. Past performance is not necessarily indicative of future
results. Price and availability are subject to change without notice. This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement. To Morgan
Stanley's readers worldwide: In addition, please note that this publication has
been issued by Morgan Stanley & Co. Incorporated, approved by Morgan Stanley
International Limited, a member of The Securities and Futures Authority, any by
Morgan Stanley Japan Ltd. Morgan Stanley recommends that such readers obtain the
advice of their Morgan Stanley & Co. Incorporated, Morgan Stanley International
or Morgan Stanley Japan Ltd. representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Transaction Highlights
----------------------
> Contributors:
--------------------------------------------------------------
No. of
Sellers Loans Cut-Off Date Balance % of Pool
--------------------------------------------------------------
Midland 107 $418,607,493 52.2%
CIBC 58 229,963,790 28.7
RFC 60 153,977,687 19.2
--------------------------------------------------------------
Total: 225 $802,548,970 100.0%
--------------------------------------------------------------
> Loan Pool:
o Average Loan Balance: $3.6 million o Five Largest Loans/Loan Groups:
(0.4% of Pool) 13.4% of Pool
o Largest Loan Balance: $27.2 million o Ten Largest Loans/Loan Groups:
3.4% of Pool 22.8% of Pool
> Credit Statistics:
o Weighted average debt service o Weighted average cut-off date
coverage ratio of 1.35x loan-to-value ratio of 70.6%
> Property Types:
o Retail, office, industrial & multifamily properties comprise 90.7% of the
Pool
Retail 29.6%
Multi-Family 28.5%
Mixed Use 1.3%
Other 0.1%
Self Storage 1.3%
Hospitality 6.7%
Industrial 16.6%
Office 16.1%
> Call Protection:
o Lockout period followed by defeasance: 69.8% of Pool
o Lockout period followed by yield maintenance or the greater of yield main-
tenance and 1% or 5% of the principal amount prepaid: 30.1% of Pool
o Lockout period followed by declining penalty: 0.1% of Pool
> Collateral Terms: The Pool has a WAC of 8.104 and a WAM of 114 months
> Collateral Information: Updated loan information will be part of the monthly
remittance report available from the Trustee in addition to detailed payment
and delinquency information. Updated property operating and occupancy
information, to the extent delivered by borrowers, will be available to
Certificateholders from the Master Servicer
> Bond Information: Cash flows are expected to be modeled by TREPP, CONQUEST and
INTEX and are expected to be available on BLOOMBERG
> It is expected that this transaction will be included as a part of the Lehman
Aggregate Bond Index
T-1
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Offered Certificates
--------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
Rating Average Scheduled Initial
Subordination (Fitch/ Life Principal Final Pass-Through
Class Amount(1) Levels Moody's) (years) Window(3) Distribution Rate(4)
(2) Date (5)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $150,859,000 23.50% AAA/Aaa 5.70 1-96 6/15/2008 [ ]
-------------------------------------------------------------------------------------------
A-2 $463,090,000 23.50% AAA/Aaa 9.07 96-117 2/15/2010 [ ]
-------------------------------------------------------------------------------------------
B $34,109,000 19.25% AA/Aa2 9.67 117-118 3/15/2010 [ ]
-------------------------------------------------------------------------------------------
C 15.00% A/A2 9.74 118- 118 3/15/2010 [ ]
$34,108,000
-------------------------------------------------------------------------------------------
D 13.75% A-/A3 9.74 118-118 3/15/2010 [ ]
$10,032,000
-------------------------------------------------------------------------------------------
E 10.50% BBB/Baa2 9.75 118-119 4/15/2010 [ ]
$26,083,000
-------------------------------------------------------------------------------------------
Private Certificates (6)
------------------------
-------------------------------------------------------------------------------------------
Scheduled
Rating Final Initial
Subordination (Fitch/ Average Principal Distribution Pass-Through
Class Amount(1) Levels Moody's) Life(2) Window(3) Date Rate(4)(5)(7)
-------------------------------------------------------------------------------------------
X -- -- -- -- -- -- [ ]
F-O $84,267,969 -- -- -- -- -- [ ]
-------------------------------------------------------------------------------------------
Notes:
(1) In the case of each such Class, subject to a permitted variance of
plus or minus 5%. The Class X Notional Amount is equal to the sum of
all Certificate Balances outstanding from time to time.
(2) Based on Maturity Assumptions and a 0% CPR as described in the
Prospectus Supplement.
(3) Principal Window is the period (expressed in terms of months and
commencing with the month of the first Distribution Date) during
which distributions of principal are expected to be made to the
holders of each designated Class in accordance with the Maturity
Assumptions and a 0% CPR as described in the Prospectus Supplement.
(4) Other than the Class B, Class C, Class D and Class E of the offered
certificates and Class X and Class F of the private certificates,
each Class of Certificates will accrue interest generally at a fixed
rate of interest subject to a WAC cap.
(5) The Pass-Through Rates on each of the Classes will be determined at
pricing.
(6) Certificates to be offered privately pursuant to Rule 144A.
(7) The Pass-Through Rate on the Class X Certificates on each
Distribution Date will equal, in general, the NWAC Rate minus the
weighted average of the Pass-Through Rates of the classes of
certificates that are entitled to distributions of principal.
</TABLE>
T-2
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
I. Issue Characteristics
---------------------
Issue Type: Public: Class A-1, A-2, B, C, D and E (the "Offered
Certificates")
Private (Rule 144A): Class X, F, G, H, J, K, L, M, N
and O
Securities Offered: Six monthly pay, multi-class sequential pay commer-
cial mortgage REMIC Pass-Through Certificates, in-
cluding 2 fixed-rate principal and interest
classes (A-1 and A-2) and 4 weighted average coupon
based principal and interest classes (B, C, D and E)
Collateral: The collateral consists of a $802,548,970 pool of
fixed-rate commercial and multifamily Mortgage Loans
Sellers: Midland Loan Services, Inc., CIBC Inc. and Residen-
tial Funding Corporation
Book-Running Manager: Morgan Stanley & Co. Incorporated
Co-Lead Managers: Morgan Stanley & Co. Incorporated and PNC Capital
Markets Inc.
Co-Manager: CIBC World Markets Corp.
Master Servicer: Midland Loan Services, Inc.
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee/Fiscal Agent: LaSalle Bank National Association
Pricing Date: On or about June [ ], 2000
Closing Date: On or about June [ ], 2000
Distribution Dates: The 15th of each month, or if the 15th is not a bus-
iness day, the next business day beginning in July,
2000
Cut-Off Date: June 1, 2000
Minimum Denominations: $25,000 for Class A Certificates; $50,000 for Class
B, C, D and E Certificates
Settlement Terms: DTC, Euroclear and Clearstream, same day funds, with
accrued interest
Legal/Regulatory Class A-1 and A-2 Certificates are expected to be
Status: eligible for exemptive relief under ERISA. No Class
of Certificates is SMMEA eligible
Risk Factors: THE CERTIFICATES INVOLVE A DEGREE OF RISK AND MAY
NOT BE SUITABLE FOR ALL INVESTORS. SEE THE "RISK
FACTORS" SECTION OF THE PROSPECTUS SUPPLEMENT AND
THE PROSPECTUS
T-3
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
II. Structure Characteristics
-------------------------
Class A-1 and A-2 certificates are fixed-rate, monthly pay, multi-class,
sequential pay REMIC Pass-Through Certificates. The Class B, C, D and E
Certificates are weighted average coupon REMIC Pass-Through Certificates. The
Class X Certificates are variable rate interest only REMIC Pass-Through
Certificates. All Classes of Certificates derive their cash flows from the
entire pool of Mortgage Loans.
Class X (1)(2)
--------------------- --------------
Offered Class A-1 Aaa / AAA $150.9MM
Certificates --------------------- --------------
--------------------- --------------
Class A-2 Aaa / AAA $463.1MM
--------------------- --------------
-------------------------------------
Class B Aa2 / AA $34.1MM
-------------------------------------
-------------------------------------
Class C A2 / A $34.1MM
-------------------------------------
-------------------------------------
Class D A3 / A- $10.0MM
-------------------------------------
-------------------------------------
Class E Baa2 / BBB $26.1MM
-------------------------------------
-------------------------------------
Privately Class F (2) - $12.0MM
Offered -------------------------------------
Certificates
---------- -------------------------
Classes G-O
(2) - $72.2MM
---------- -------------------------
Note: (1) Class X is entitled to interest (on a notional amount equal to
the aggregate pool balance) at an annual rate generally equal to
the difference between the weighted average of the net mortgage
rates over the weighted average of the pass-through rates for the
classes of Principal Balance Certificates.
(2) To be offered privately pursuant to Rule 144A
T-4
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Interest Each Class of Certificates (other than the Class V
Distributions: and Class R Certificates) will be entitled on each
Distribution Date to interest accrued at its
Pass-Through Rate on the outstanding Certificate
Balance or Notional Amount of such Class, as
applicable.
Pass-Through Rates: Class A-1: [ ]
Class A-2: [ ]
Class B: [ ]
Class C: [ ]
Class D: [ ]
Class E: [ ]
Classes F-O: --
Class X: See Note on page T-2
The Pass-Through Rate for each class of Principal
Balance Certificates for any Distribution Date
will not exceed the Weighted Average Net Mortgage
Rate ("NWAC") for such Distribution Date.
Principal Principal will be distributed on each Distribu-
Distributions: tion Date to the most senior Class (i.e., the
Class with the earliest alphabetical/numerical
Class designation) of the Principal Balance
Certificates outstanding, until its Certificate
Balance is reduced to zero (sequential order).
If, due to losses, the Certificate Balances of
the Class B through Class O Certificates are re-
duced to zero, payments of principal to the Class
A-1 and A-2 Certificates will be made on a pro
rata basis.
T-5
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Prepayment Premium Any Prepayment Premium collected with respect to a
Allocation: Mortgage Loan during any particular Collection
Period will be distributed to the holders of each
Class of Principal Certificates (other than an
excluded class as defined below) then entitled to
distributions of principal on such distribution
date. Such class will be entitled to an aggregate
amount (allocable on a pro rata basis based on
principal payments if there is more than one Class
of Principal Balance Certificates entitled to a
distribution of principal) equal to the lesser of
(a) such Prepayment Premium Payment and (b) such
Prepayment Premium Payment multiplied by a
fraction, the numerator of which is equal to the
excess, if any, of the Pass-Through Rate
applicable to the most senior of such Classes of
Principal Balance Certificates then outstanding
(or, in the case of two Classes of Class A
Certificates, the one with the earlier payment
priority), over the relevant Discount Rate (as
defined in the Prospectus Supplement), and the
denominator of which is equal to the excess, if
any, of the Mortgage Rate of the Mortgage Loan
that prepaid, over the relevant Discount Rate.
The portion, if any, of the Prepayment Premium
remaining after such payments to the holders of
the Principal Balance Certificates will be
distributed to the holders of the Class X
Certificates. For the purposes of the foregoing,
the classes G, H, J, K, L, M, N and O are the
excluded classes.
The following is an example of the Prepayment
Premium Allocation under (b) above based on the
information contained herein and the following
assumptions:
o Two Classes of Certificates: Class A-1 and X
o The characteristics of the Mortgage Loan being
prepaid are as follows
- Loan Balance: $10,000,000
- Mortgage Rate: 8.00%
- Maturity Date: 10 years (May 1, 2010)
o The Discount Rate is equal to 5.75%
o The Class A-1 Pass Through Rate is equal to
7.00%
<TABLE>
<CAPTION>
Class A-1 Class X
Method Certificates Certificates
-------------------------------------------- --------------- ------------------
<S> <C> <C>
(Class A-1 Pass Through Rate - Discount Rate) (7,00% - 5.75%) (100.00% - 55.56%)
--------------------------------------------- ---------------
(Mortgage Rate - Discount Rate) (8.00% - 5.75%)
-------------- -----------------
Prepayment Premium Allocation 55.56% 44.44%
</TABLE>
T-6
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Credit Enhancement: Each Class of Certificates (other than Classes A-1, A-2 and
X) will be subordinate to all other Classes with an earlier
alphabetical Class designation.
Advancing: The Master Servicer, the Trustee and the Fiscal Agent (in
that order) will each be obligated to make P&I Advances and
Servicing Advances, including delinquent property taxes and
insurance (and the Special Servicer will be obligated to
make emergency Servicing Advances), but only to the extent
that such Advances are deemed recoverable.
Realized Losses Realized Losses and Expense Losses, if any, will be
and Expense Losses: allocated to the Class O, Class N, Class M, Class L, Class
K, Class J, Class H, Class G, Class F, Class E, Class D,
Class C and Class B Certificates, in that order, and then to
Classes A-1 and A-2, pro rata, in each case reducing amounts
payable thereto. Any interest shortfall of any Class of
Certificates will result in unpaid interest for such Class
which will be payable, without interest, in subsequent
periods, subject to available funds.
Prepayment/Balloon For any Distribution Date, any Net Aggregate Prepayment
Interest Interest Shortfall not offset by the Servicing Fee
Shortfalls: (but not to exceed 0.02% per annum per loan), will
generally be allocated pro rata to each Class of
Certificates in proportion to its entitlement to interest.
Appraisal An appraisal reduction generally will be created in the
Reductions: amount, if any, by which the 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 for
escrows (other than taxes and insurance) that are pledged as
collateral for the loan. The Appraisal Reduction Amount will
reduce proportionately the amount of delinquent interest
advanced for such loan, which reduction will result, in
general, in a reduction of interest distributable to the
most subordinate Class of Principal Balance Certificate
outstanding.
An Appraisal Reduction will be reduced to zero as of the
date the related Mortgage Loan has become a corrected
mortgage loan, as defined in the Prospectus Supplement.
T-7
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Operating Adviser: The Operating Adviser, which may be appointed by the
Controlling Class, will have the right to advise the Special
Servicer with respect to certain actions regarding Specially
Serviced Mortgage Loans. Examples include the right to make
certain modifications, foreclose, sell, bring an REO
Property into environmental compliance or accept substitute
or additional collateral. In addition, subject to the
satisfaction of certain conditions, the Operating Adviser
will have the right to direct the Trustee to remove the
Special Servicer and appoint a Successor Special Servicer
that must be acceptable to each Rating Agency.
Controlling Class: The Controlling Class will generally be the most subordinate
Class of Certificates outstanding at any time or, if the
Certificate Balance of such Class is less than 25% of the
initial Certificate Balance of such Class, the most
subordinate Class of Principal Balance Certificates still
outstanding will be the controlling class.
Special Servicer: In general, the Special Servicer has the right to modify the
terms of a Specially Serviced Mortgage Loan if it determines
that the related borrower is in default or default is
reasonably foreseeable and such modification would increase
the net present value of the proceeds to the Trust, provided
that the Special Servicer generally may not extend the
maturity date of a Mortgage Loan beyond two years prior to
the Rated Final Distribution Date.
Optional The majority holders of the Controlling Class, then the
Termination: Master Servicer, then the Special Servicer and then the
holder of a majority of the R-I Certificates will have the
option to purchase, in whole but not in part, the remaining
assets of the Trust on or after the Distribution Date on
which the current aggregate stated principal balance of the
Mortgage Loans is less than or equal to 1% of the initial
aggregate stated principal balance of the Mortgage Loans.
Such purchase price will generally be at a price equal to
the unpaid aggregate Scheduled Principal Balance of the
Mortgage Loans, plus accrued and unpaid interest and
unreimbursed Advances.
Reports to The Trustee will prepare and deliver monthly
Certificateholders: Certificateholder Reports. The Special Servicer will prepare
and deliver to the Trustee a monthly Special Servicer Report
summarizing the status of each Specially Serviced Mortgage
Loan. The Master Servicer and the Special Servicer will
prepare and deliver to the Trustee an annual report setting
forth, among other things, the debt service coverage ratios
for each Mortgage Loan, as available. Each of the reports
will be available to the Certificateholders. A report
containing information regarding the Mortgage Loans will be
available electronically at www.lnbabs.com
--------------
T-8
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
III. Sellers Midland Loan Services, Inc.
------- ---------------------------
The Mortgage Pool includes 107 Mortgage Loans, representing
approximately 52.2% of the Initial Pool Balance, which were
originated by or on behalf of Midland Loan Services, Inc.
("MLS").
MLS is a wholly owned subsidiary of PNC Bank, National
Association. MLS which originates and acquires mortgage
loans secured by mortgages on commercial and multifamily
real estate. PNC Capital Markets is an affiliate of MLS.
CIBC Inc.
---------
The Mortgage Pool includes 58 Mortgage Loans, representing
approximately 28.7% of the Initial Pool Balance, which were
either acquired or originated by or on behalf of CIBC Inc.
CIBC Inc. is a majority owned subsidiary of Canadian
Imperial Holdings Inc. and is incorporated under the laws of
Delaware. Canadian Imperial Holdings Inc. is a wholly owned
subsidiary of CIBC Delaware Holdings Inc., also a Delaware
corporation, which is a subsidiary of Canadian Imperial Bank
of Commerce, a bank chartered under the Bank Act of Canada.
CIBC Inc. is a commercial finance company that originates
commercial and multi-family real estate loans, purchases
participations in loans from third-party lenders and
otherwise extends credit to Fortune 1000 companies. CIBC
Inc. is an affiliate of CIBC World Markets Corp., formerly
known as CIBC Oppenheimer Corp.
Residential Funding Corporation
-------------------------------
The Mortgage Pool includes 60 Mortgage Loans, representing
approximately 19.2% of the Initial Pool Balance, which were
either acquired or originated by or on behalf of Residential
Funding Corporation ("RFC").
RFC is a direct wholly owned subsidiary of GMAC Mortgage
Group, Inc. RFC Commercial is a division of RFC which
originates and acquires mortgage loans secured by mortgages
on commercial and multifamily real estate.
T-9
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
IV. Collateral Description
-----------------------
Summary: The Mortgage Pool consists of an $802,548,970 pool of 225
fixed-rate, first lien mortgage loans secured by first liens
on commercial and multifamily properties located throughout
36 jurisdictions. As of the Cut-Off Date, the Mortgage Loans
have a weighted average mortgage rate of 8.104% and a
weighted average remaining term to maturity of 114 months.
See the Appendices to the Prospectus Supplement for more
detailed collateral information.
Seismic For loans originated by Midland, RFC or CIBC, all loan
Review requests secured by properties in California are subject to
Process: a third party seismic report.
Generally, any proposed loan originated by Midland, RFC or
CIBC as to which the property was estimated to have a PML in
excess of 20% of the estimated replacement cost would either
be subject to a lower loan-to-value limit at origination, be
conditioned on seismic upgrading, be conditioned on
satisfactory earthquake insurance or be declined.
T-10
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
<TABLE>
<CAPTION>
Top Ten Mortgage Loans
----------------------
Current
Percent Units/ Loan Balloon
Property Current of Square to Loan to
Property Name City State Type Balance Balance Feet DSCR Value Value
---------------------------- ------------ ----- ----------- ----------- ------- ------- ---- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Campus Apartments Philadelphia PA Multifamily $27,208,269 3.39% 384 1.35 66.0% 54.5%
----------------------------
17 John Street New York NY Multifamily $23,370,205 2.91% 111 1.25 68.7% 62.0%
----------------------------
San Croix Apartments Las Vegas NV Multifamily $19,578,662 2.44% 352 1.33 75.0% 66.7%
----------------------------
4343 Commerce Court (A) (I) Lisle IL Office $12,854,405 1.60% 167,756 1.55 66.6% 59.0%
----------------------------
1051 North Kirk Road (A)
(I) Batavia IL Industrial $ 3,347,051 0.42% 120,004 1.55 66.6% 59.0%
----------------------------
Narco River Business
Center (A) Calumet City IL Office $ 2,785,970 0.35% 65,394 1.55 66.6% 59.0%
----------------------------
Ryder Integrated Logistics Auburn Hills MI Industrial $18,163,497 2.26% 455,000 1.25 76.0% 69.0%
----------------------------
Holiday Inn Rochester Henrietta NY Hospitality $17,664,749 2.20% 250 1.50 70.1% 60.2%
----------------------------
Nevada Street Apartments Newark NJ Multifamily $15,383,326 1.92% 306 1.30 78.1% 70.2%
----------------------------
Camelot Apartments Yuma AZ Multifamily $14,856,703 1.85% 456 1.20 78.6% 71.2%
----------------------------
Neurocrine Biosciences San Diego CA Industrial $14,520,520 1.81% 93,000 1.76 60.0% 53.0%
----------------------------
CSC Office Building Southfield MI Office $13,062,719 1.63% 137,954 1.25 70.3% 63.9%
----------------------------
</TABLE>
Notes: (1) The 4343 Commerce Court, 1051 North Kirk Road and Narco River
Business Center loans are cross-collateralized and cross-defaulted
with each other.
T-11
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
GEOGRAPHIC DISTRIBUTION
[Map Showing Geographical Distribution
of the Mortgage Pool]
T-12
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
Sellers
----------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
----------------------------------------------
CIBC 58 229,963,790 28.65
MID 107 418,607,493 52.16
RFC 60 153,977,687 19.19
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Current Balances
----------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
----------------------------------------------
1 - 1,000,000 40 26,699,503 3.33
1,000,001 - 65 96,526,620 12.03
2,000,000
2,000,001 - 42 103,877,859 12.94
3,000,000
3,000,001 - 19 64,005,323 7.98
4,000,000
4,000,001 - 9 40,149,133 5.00
5,000,000
5,000,001 - 16 88,200,554 10.99
6,000,000
6,000,001 - 9 57,725,427 7.19
7,000,000
7,000,001 - 3 23,405,997 2.92
8,000,000
9,000,001 - 4 38,215,216 4.76
10,000,000
10,000,001 - 12 142,374,631 17.74
15,000,000
15,000,001 - 4 70,790,234 8.82
20,000,000
20,000,001 - 1 23,370,205 2.91
25,000,000
25,000,001 >= 1 27,208,269 3.39
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Min: 281,659 Max: 27,208,269 Average: 3,566,884
----------------------------------------------
States
----------------------------------------------
No. Cut-Off Date %
of Principal of
Loans Balance Pool
----------------------------------------------
California 25 108,931,238 13.57
New York 25 108,002,779 13.46
Pennsylvania 20 67,099,666 8.36
Michigan 10 62,900,591 7.84
Texas 29 61,573,243 7.67
New Jersey 12 60,664,376 7.56
Other 104 333,377,077 41.54
----------------------------------------------
Total: 242 802,548,970 100.00
----------------------------------------------
Property Type
----------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
----------------------------------------------
Retail 75 237,427,065 29.58
Multifamily 62 228,700,679 28.50
Industrial 33 132,886,278 16.56
Office 35 128,823,931 16.05
Hospitality 8 53,832,049 6.71
Self Storage 7 10,289,986 1.28
Mixed Use 4 10,094,459 1.26
Other 1 494,522 0.06
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Mortgage Rates (%)
----------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
----------------------------------------------
6.001 - 6.500 2 5,021,761 0.63
6.501 - 7.000 32 158,625,131 19.77
7.001 - 7.500 17 55,430,166 6.91
7.501 - 8.000 10 41,486,098 5.17
8.001 - 8.500 75 283,826,656 35.37
8.501 - 9.000 61 167,730,227 20.90
9.001 - 9.500 24 83,120,786 10.36
9.501 - 10.000 4 7,308,145 0.91
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Min: 6.450 Max: 9.990 WAC: 8.104
----------------------------------------------
Original Terms to Stated Maturity (mos.)
----------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
----------------------------------------------
61 - 120 200 739,564,411 92.15
121 - 180 12 40,514,719 5.05
181 - 240 13 22,469,840 2.80
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Min: 78 Max: 240 Wtd. Avg.: 124
----------------------------------------------
Remaining Terms to Stated Maturity (mos.)
----------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
----------------------------------------------
61 - 120 202 755,531,152 94.14
121 - 180 10 24,547,979 3.06
181 - 240 13 22,469,840 2.80
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Min: 73 Max: 237 Wtd. Avg.: 114
----------------------------------------------
Balloon Loans
----------------------------------------------
No. Cut-Off Date %
of Principal of
Loans Balance Pool
----------------------------------------------
Yes 210 775,686,063 96.65
No 15 26,862,907 3.35
----------------------------------------------
Total: 225 802,548,970 100.00
----------------------------------------------
Debt Service Coverage Ratios (x)
------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
------------------------------------------
1.01 - 1.15 2 3,434,550 0.43
1.16 - 1.25 33 132,796,085 16.55
1.26 - 1.35 102 397,101,665 49.48
1.36 - 1.50 51 141,572,532 17.64
1.51 - 1.75 25 95,787,140 11.94
1.76 - 2.00 7 25,772,460 3.21
2.01>= 5 6,084,538 0.76
------------------------------------------
Total: 225 802,548,970 100.00
------------------------------------------
Min: 1.05 Max: 2.35 Wtd. Avg.: 1.35
------------------------------------------
Current Loan-to-Value Ratios (%)
------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
------------------------------------------
30.1 - 40.0 3 2,783,996 0.35
40.1 - 50.0 2 7,033,009 0.88
50.1 - 60.0 17 41,395,088 5.16
60.1 - 70.0 83 266,757,449 33.24
70.1 - 80.0 120 484,579,427 60.38
------------------------------------------
Total: 225 802,548,970 100.00
------------------------------------------
Min: 30.4 Max: 79.8 Wtd. Avg.: 70.6
------------------------------------------
Balloon Loan-to-Value Ratios (%)
------------------------------------------
No. Aggregate %
of Current of
Loans Balance Pool
------------------------------------------
0.1 - 10.0 15 26,862,907 3.35
20.1 - 30.0 5 11,144,994 1.39
30.1 - 40.0 3 14,271,726 1.78
40.1 - 50.0 12 27,513,775 3.43
50.1 - 60.0 73 215,639,831 26.87
60.1 - 70.0 96 400,643,936 49.92
70.1 - 80.0 21 106,471,801 13.27
------------------------------------------
Total: 225 802,548,970 100.00
------------------------------------------
Min: 1.5 Max: 72.4 Wtd. Avg.: 59.9
------------------------------------------
T-13
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
<PAGE>
$718,281,000 (Approximate)
PNC Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 2000-C1
<TABLE>
<CAPTION>
Prepayment Protection Analysis
Percentage of Collateral by Prepayment Restriction
----------------------------------------------------------------------------------------------------------------
Prepayment Restrictions June 2000 June 2001 June 2002 June 2003 June 2004 June 2005
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Locked Out 99.26% 96.24% 92.39% 82.20% 73.92% 71.50%
Yield Maintenance Total 0.74% 3.76% 7.61% 17.80% 25.97% 28.39%
Penalty Points :
5.00% and greater 0.00% 0.00% 0.00% 0.00% 0.11% 0.00%
4.00% to 4.99% 0.00 0.00 0.00 0.00 0.00 0.11
3.00% to 3.99% 0.00 0.00 0.00 0.00 0.00 0.00
2.00% to 2.99% 0.00 0.00 0.00 0.00 0.00 0.00
1.00% to 1.99% 0.00 0.00 0.00 0.00 0.00 0.00
Open 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
----------------------------------------------------------------------------------------------------------------
Pool Balance
Outstanding 802,548,970 794,133,478 785,012,585 775,126,355 764,584,580 752,981,909
% Initial Pool Balance 100.00% 98.95% 97.81% 96.58% 95.27% 93.82%
----------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Prepayment Restrictions June 2006 June 2007 June 2008 June 2009 June 2010
--------------------------------------------------------------------------------------------------
Locked Out 70.51% 70.70% 72.70% 60.81% 69.50%
Yield Maintenance Total 28.79% 29.18% 11.54% 4.86% 30.50%
Penalty Points :
5.00% and greater 0.00% 0.00% 0.00% 0.00% 0.00%
4.00% to 4.99% 0.00 0.00 0.00 0.00 0.00
3.00% to 3.99% 0.11 0.00 0.00 0.00 0.00
2.00% to 2.99% 0.00 0.11 0.00 0.00 0.00
1.00% to 1.99% 0.00 0.00 0.12 0.15 0.00
Open 0.60 0.00 15.65 34.17 0.00
--------------------------------------------------------------------------------------------------
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00%
--------------------------------------------------------------------------------------------------
Pool Balance Outstanding 740,402,625 713,858,180 651,509,838 504,156,521 32,367,599
% Initial Pool Balance 92.26% 88.95% 81.18% 62.82% 4.03%
--------------------------------------------------------------------------------------------------
</TABLE>
Notes: (1) The above analysis is based on Maturity Assumptions and a
0% CPR as discussed in the Prospectus Supplement.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for informational purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated, PNC Capital
Markets and CIBC World Markets Corp. (collectively the "Underwriters") disclaim
any and all liability relating to this information, including without limitation
any express or implied representations and warranties for, statements contained
in, and omissions from, this information. Additional information is available
upon request. The Underwriters and others associated with them may have
positions in, and may effect transactions in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including in cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. To Morgan Stanley's readers worldwide:
In addition, please note that this publication has been issued by Morgan Stanley
& Co. Incorporated, approved by Morgan Stanley International Limited, a member
of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. Morgan
Stanley recommends that such readers obtain the advice of their Morgan Stanley &
Co. Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
--------------------------------------------------------------------------------
