<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: March 6, 1997
- ---------------------------------
(Date of earliest event reported)
Asset Securitization Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-49370- 13-3672337
- -------------------------------------------------------------------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
Two World Financial Center, Building B, New York, New York 10281
- -------------------------------------------------------------------------------
Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 667-9300
THIS DOCUMENT CONTAINS
EXACTLY 13 PAGES
<PAGE>
ITEM 5. OTHER EVENTS.
Attached as Exhibit 1 to this Current Report are certain
structural and collateral term sheets (the "Term Sheets") furnished to Asset
Securitization Corporation (the "Registrant") by Nomura Securities
International, Inc. (the "Underwriter"), the underwriter in respect of the
Registrant's Commercial Mortgage Pass-Through Certificates, Series 1997-D4
(the "Certificates"). The Certificates are being offered pursuant to a
Prospectus and related Prospectus Supplement (together, the "Prospectus"),
which will be filed with the Commission pursuant to Rule 424(b)(5) under the
Securities Act of 1933, as amended (the "Act"). The Class A-1A Certificates,
Class A-1B Certificates, Class A-1C Certificates, Class A-1D Certificates,
Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates,
Class A-5 Certificates, Class A-6 Certificates, Class A-CS1 Certificates and
Class A-CS2 Certificates have been registered pursuant to the Act under a
Registration Statement on Form S-3 (No. 33-99502) (the "Registration
Statement"). The Registrant hereby incorporates the Term Sheets by reference
in the Registration Statement.
The Term Sheets were prepared solely by the Underwriter, and
the Registrant did not prepare or participate in the preparation of the Term
Sheets.
Any statement or information contained in the Term Sheets
shall be deemed to be modified or superseded for purposes of the Prospectus
and the Registration Statement by statements or information contained in the
Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit 1. Term Sheets.
-2-
<PAGE>
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on behalf of
the Registrant by the undersigned thereunto duly authorized.
ASSET SECURITIZATION CORPORATION
By: /s/Perry Gershon
-----------------------------
Perry Gershon
Vice President
Date: March 6, 1997
-3-
<PAGE>
Exhibit Index
-------------
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
- ---------- ---------- -----------
1 99 Term Sheets
-4-
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NOMURA SECURITIES INTERNATIONAL, INC. (212) 667-1545
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- --------------------------------------------------------------------------
ASC 1997-D4 - $1,600,000,000
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STRUCTURAL & COLLATERAL TERM SHEET AS OF 3/5/97 2:44 PM
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- --------------------------------------------------------------------------
<TABLE>
PUBLIC SECURITIES:
At Issue:
PRINCIPAL AMOUNT INITIAL APPROX. AVG. LIFE MOD.
CLASS RATINGS CPN SPREAD PRICE DUR.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1A AAA $160,000,000 7.15% 3.6 3.0
S&P, FITCH, FIXED
MOODY'S,D&P
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
A-1B AAA $95,000,000 7.24% 6.8 5.3
S&P, FITCH, FIXED
MOODY'S,D&P
- ------------------------------------------------------------------------------------------------------------------------
A-1C AAA $90,000,000 7.28% 8.3 6.1
S&P, FITCH, FIXED
MOODY'S,D&P
- ------------------------------------------------------------------------------------------------------------------------
A-1D AAA $715,000,000 7.34% 9.8 6.9
S&P, FITCH, FIXED
MOODY'S,D&P
- ------------------------------------------------------------------------------------------------------------------------
A-2 AAA/Aaa $105,000,000 7.39% 11.4 7.6
S&P,MOODY'S WAC
- ------------------------------------------------------------------------------------------------------------------------
A-3 AA/AA/Aa2 $80,000,000 7.39% 11.9 7.8
FITCH,D&P,MOODY'S WAC
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
A-4 A/A2 $80,000,000 7.48% 13.5 8.3
FITCH,D&P,MOODY'S WAC
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
A-5 BBB/Baa2 $80,000,000 7.62% 14.7 8.6
FITCH,D&P,MOODY'S WAC
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
A-6 BBB-/Baa3 $35,000,000 8.02% 14.8 8.6
FITCH,D&P,MOODY'S WAC
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
A-CS1 AAA/Aaa/AAA $8 MM 1.51% 2.3C 2.1
FITCH,MOODY'S,DUFF ($160 NOTIONAL) WAC
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
A-CS2 AAA/Aaa/AAA $130 MM 1.26% 5.3C 4.4
FITCH,D&P,MOODY'S ($1,265 NOTIONAL) WAC
- ------------------------------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
PRINCIPAL WINDOW PRIN. WIN. GRAPH** IMPLIED IMPLIED
CLASS DSCR* LTV* SUB.
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1A 4/1997- [GRAPHIC OMITTED] 2.20 45% 34%
11/2003
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
A-1B 11/2003- [GRAPHIC OMITTED] 2.20 45% 34%
-4/2004
- -----------------------------------------------------------------------------------------------------
A-1C 4/2004- [GRAPHIC OMITTED] 2.20 45% 34%
9/2006
- -----------------------------------------------------------------------------------------------------
A-1D 9/2006- [GRAPHIC OMITTED] 2.20 45% 34%
3/2007
- -----------------------------------------------------------------------------------------------------
A-2 3/2007- [GRAPHIC OMITTED] 2.01 49% 28%
1/2009
- -----------------------------------------------------------------------------------------------------
A-3 1/2009- [GRAPHIC OMITTED] 1.88 53% 23%
7/2009
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
A-4 7/2009- [GRAPHIC OMITTED] 1.78 56% 18.5%
12/2011
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
A-5 12/2011- [GRAPHIC OMITTED] 1.68 60% 13.5%
2/2012
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
A-6 3/2012- [GRAPHIC OMITTED] 1.63 61% 11%
3/2012
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
A-CS1 4/1997- [GRAPHIC OMITTED] N/A N/A N/A
11/2003
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
A-CS2 4/1997- [GRAPHIC OMITTED] N/A N/A N/A
3/2012
- ----------------------------------------------------------------------------------------------------
</TABLE>
* LTV's and DSCRs are weighted averages.
** See data provided with respect to the Bond Class Paydown, herein enclosed.
<PAGE>
- -------------------------------------------------------------------------
Issue:
- -------------------------------------------------------------------------
ASSET SECURITIZATION CORPORATION
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1997-D4.
The Offering:
$1,600,000,000 FIXED RATE COMMERCIAL MORTGAGE-BACKED SECURITIES.
Prepayment Lock Out:
98% OF LOAN CASH FLOWS ARE LOCKED OUT.
Original Loan Principal: $
Loan Principal at Cut-off: $
Rating Agencies: STANDARD & POOR'S,
MOODY'S INVESTOR SERVICE
FITCH INVESTOR SERVICES
DUFF & PHELPS
Cut-Off Date: MARCH ___, 1997
Closing Date: MARCH ___, 1997
First Payment Date: APRIL ___, 1997
Scheduled Final Distribution:
Servicer: AMRESCO MGT, INC
Trustee: LASALLE NATIONAL BANK
Fiscal Agent: ABN AMRO BANK N.V.
Advancing: YES-THROUGH LIQUIDATION
Minimum Denomination: $100,000
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NOMURA
[GRAPHIC OMITTED]
3/5/97
DIRECT3.DOC
______S-24
______S-8
Prospective investors are advised to carefully read, and should rely
solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") relating to the securities referred to herein in making their
investment decision. This Structural and Collateral Term Sheet does not
include all relevant information relating to the securities and
collateral described herein, particularly with respect to the risks and special
considerations associated with an investment in such securities. All structure
and collateral information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
supersedes any prior Collateral and Term Sheet but will be more fully described
in, and will be fully superseded by, the description of the collateral and
structure in the prospectus supplement and Final Prospectus. Although the
information contained in this Structural and Collateral Term Sheet is based on
sources which Nomura Securities International, Inc. ("Nomura") believes to be
reliable, Nomura makes no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predications or opinions with respect to value, the actual rate or
timing of principal payments or prepayments on the underlying assets or the
performance characteristics of the securities. Nomura and its affiliates may in
the future have a position in the securities discussed herein and may purchase
or sell the same on a principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such securities, and Nomura and
certain of its affiliates may currently be providing investment banking and
other services to the issuer of such securities and the borrowers described
herein and their affiliates. Prior to making any investment decision, a
prospective investor shall receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
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<PAGE>
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NOMURA SECURITIES INTERNATIONAL, INC. (212) 667-1545
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
ASC 1997-D4 - $1,600,000,000
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STRUCTURAL & COLLATERAL TERM SHEET AS OF 3/5/97 12:44 PM
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
Delivery: DTC,CEDEL,EUROCLEAR
Fixed Interest Rates: 8.63%WA; 7.58%-10.1%
Effective Maturity: 143WAM; 84-240 MOS.
Amortization: 308WA; 180-360 MOS.
AMORTIZATION CHARACTERISTICS:
Effective Balloon Loans: 90% OF POOL
Balloon Loans: 4% OF POOL
Fully Amortizing Loans: 6% OF POOL
COLLATERAL BREAKDOWN:
Collateral:
140 FIXED RATE MORTGAGE LOANS SECURED BY 271 PROPERTIES LOCATED IN 34 STATES
WITH THE LARGEST CONCENTRATIONS IN CALIFORNIA (19%), MASSACHUSETTS (11%) AND
NEW YORK (7%).
Cross-collateralized pools:
o 37% OF THE POOL IS CONTAINED IN CROSS COLLATERALIZED POOLS.
o 19 LOANS RANGING IN SIZE FROM $5.6 MM TO $69.7 MM.
Single assets with a balance > $25 mm:
o 9 LOANS TOTALING 383,000,000
o 24% OF THE POOL
o PROPERTIES INCLUDE TWO MULTIFAMILY PROPERTIES ($76 MM),
TWO RETAIL PROPERTIES ($51 MM), TWO HOTELS ($113 MM) AND
THREE OFFICE BUILDINGS ($133 MM).
Average property loan balance: $
Range of property loan balances: $825,000 - $70,000,000
LTV: 65% WA; 36%-79%
Based on appraisals completed within 12 months of issuance.
- ---------------------------------------------------
LTV RANGE % OF POOL
- ----------------------------------------------------
< 49.9% 3.9%
- ----------------------------------------------------
50%-54.9% 8.5%
- ----------------------------------------------------
55%-59.9% 10.1%
- ----------------------------------------------------
60%-64.9% 24.6%
- ----------------------------------------------------
65%-69.9% 18.4%
- ----------------------------------------------------
70%-74.9% 29.6%
- ----------------------------------------------------
75%-79.9% 4.7%
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TOTAL
- ----------------------------------------------------
<PAGE>
Debt Service Coverage Ratio: 1.48X WA; 1.23 X - 2.05X
Based on underwritten Net Cash Flow derived from borrower provided financials.
- ----------------------------------------------------
DSCR RANGE % OF POOL
- ----------------------------------------------------
1.2-1.299 6.1%
- ----------------------------------------------------
1.3-1.399 28.8%
- ----------------------------------------------------
1.4-1.499 29.0%
- ----------------------------------------------------
1.5-1.599 15.6%
- ----------------------------------------------------
1.6-1.699 5.3%
- ----------------------------------------------------
1.7-1.799 4.7%
- ----------------------------------------------------
1.8-1.899 6.0%
- ----------------------------------------------------
1.9-1.999 3.5%
- ----------------------------------------------------
2.0-2.099 1.0%
- ----------------------------------------------------
TOTAL 100.00%
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NOMURA
[GRAPHIC OMITTED]
3/5/97
DIRECT3.DOC
______S-24
______S-8
Prospective investors are advised to carefully read, and should rely
solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") relating to the securities referred to herein in making their
investment decision. This Structural and Collateral Term Sheet does
not include all relevant information relating to the securities and
collateral described herein, particularly with respect to the risks and special
considerations associated with an investment in such securities. All structure
and collateral information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
supersedes any prior Collateral and Term Sheet but will be more fully described
in, and will be fully superseded by, the description of the collateral and
structure in the prospectus supplement and Final Prospectus. Although the
information contained in this Structural and Collateral Term Sheet is based on
sources which Nomura Securities International, Inc. ("Nomura") believes to be
reliable, Nomura makes no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predications or opinions with respect to value, the actual rate or
timing of principal payments or prepayments on the underlying assets or the
performance characteristics of the securities. Nomura and its affiliates may in
the future have a position in the securities discussed herein and may purchase
or sell the same on a principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such securities, and Nomura and
certain of its affiliates may currently be providing investment banking and
other services to the issuer of such securities and the borrowers described
herein and their affiliates. Prior to making any investment decision, a
prospective investor shall receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
- -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------
NOMURA SECURITIES INTERNATIONAL, INC. (212) 667-1545
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
ASC 1997-D4 - $1,600,000,000
- --------------------------------------------------------------------------
STRUCTURAL & COLLATERAL TERM SHEET AS OF 3/5/97 12:44 PM
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
PROPERTY TYPE DIVERSIFICATION:
[GRAPHIC OMITTED]
Hotel 18%
Multifamily 15%
Other 5%
Retail 29%
Office 24%
MHP 4%
Industrial 5%
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NOMURA
[GRAPHIC OMITTED]
3/5/97
DIRECT3.DOC
______S-24
______S-8
Prospective investors are advised to carefully read, and should rely
solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") relating to the securities referred to herein in making their
investment decision. This Structural and Collateral Term Sheet does
not include all relevant information relating to the securities and
collateral described herein, particularly with respect to the risks and special
considerations associated with an investment in such securities. All structure
and collateral information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
supersedes any prior Collateral and Term Sheet but will be more fully described
in, and will be fully superseded by, the description of the collateral and
structure in the prospectus supplement and Final Prospectus. Although the
information contained in this Structural and Collateral Term Sheet is based on
sources which Nomura Securities International, Inc. ("Nomura") believes to be
reliable, Nomura makes no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predications or opinions with respect to value, the actual rate or
timing of principal payments or prepayments on the underlying assets or the
performance characteristics of the securities. Nomura and its affiliates may in
the future have a position in the securities discussed herein and may purchase
or sell the same on a principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such securities, and Nomura and
certain of its affiliates may currently be providing investment banking and
other services to the issuer of such securities and the borrowers described
herein and their affiliates. Prior to making any investment decision, a
prospective investor shall receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
- -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------
NOMURA SECURITIES INTERNATIONAL, INC. (212) 667-1545
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
ASC 1997-D4 - $1,600,000,000
- --------------------------------------------------------------------------
STRUCTURAL & COLLATERAL TERM SHEET AS OF 3/5/97 12:44 PM
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION:
[GRAPHIC OMITTED]
AL < 1%
AZ 2%
CA 19%
CT 2%
CO 4%
FL 4%
GA 2%
IA < 1%
ID < 1%
IL 1%
IN 5%
KY < 1%
LA < 1%
MA 11%
MD 5%
ME < 1%
MI 3%
MN < 1%
MO < 1%
MS < 1%
NC 4%
NE 1%
NH < 1%
NJ 5%
NV < 1%
NY 7%
OH 1%
OK < 1%
OR < 1%
PA 1%
RI < 1%
SC < 1%
TN < 1%
TX 2%
UT < 1%
VA 3%
WA < 1%
WI < 1%
WV 1%
271 PROPERTIES
34 STATES
1 CAYMAN ISLAND PROPERTY
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NOMURA
[GRAPHIC OMITTED]
3/5/97
DIRECT3.DOC
______S-24
______S-8
Prospective investors are advised to carefully read, and should rely
solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") relating to the securities referred to herein in making their
investment decision. This Structural and Collateral Term Sheet does
not include all relevant information relating to the securities and
collateral described herein, particularly with respect to the risks and special
considerations associated with an investment in such securities. All structure
and collateral information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
supersedes any prior Collateral and Term Sheet but will be more fully described
in, and will be fully superseded by, the description of the collateral and
structure in the prospectus supplement and Final Prospectus. Although the
information contained in this Structural and Collateral Term Sheet is based on
sources which Nomura Securities International, Inc. ("Nomura") believes to be
reliable, Nomura makes no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predications or opinions with respect to value, the actual rate or
timing of principal payments or prepayments on the underlying assets or the
performance characteristics of the securities. Nomura and its affiliates may in
the future have a position in the securities discussed herein and may purchase
or sell the same on a principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such securities, and Nomura and
certain of its affiliates may currently be providing investment banking and
other services to the issuer of such securities and the borrowers described
herein and their affiliates. Prior to making any investment decision, a
prospective investor shall receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
- -----------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------
NOMURA SECURITIES INTERNATIONAL, INC. (212) 667-1545
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
ASC 1997-D4 - $1,600,000,000
- --------------------------------------------------------------------------
STRUCTURAL & COLLATERAL TERM SHEET AS OF 3/5/97 12:44 PM
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
BOND CLASS PAYDOWN:
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Date A1-A A1-B A1-C A1-D A-2 A-3 A-4 A-5 A-6
1997 $ $ $ $ $ $ $ $ $
1998 $18.81 $ $ $ $ $ $ $ $
1999 $20.50 $ $ $ $ $ $ $ $
2000 $22.17 $ $ $ $ $ $ $ $
2001 $24.36 $ $ $ $ $ $ $ $
2002 $26.56 $ $ $ $ $ $ $ $
2003 $28.96 $ $ $ $ $ $ $ $
2004 $20.35 $94.51 $ 0.33 $ $ $ $ $ $
2005 $ $ $32.61 $ $ $ $ $ $
2006 $ $ $35.56 $ $ $ $ $ $
2007 $ $ $21.53 $710.43 $ 0.00 $ $ $ $
2008 $ $ $ $ $25.11 $ $ $ $
2009 $ $ $ $ $84.20 $73.08 $ $ $
2010 $ $ $ $ $ $ 8.46 $22.32 $ $
2011 $ $ $ $ $ $ $26.23 $ $
2012 $ $ $ $ $ $ $24.83 $81.54 $32.61
2013 $ $ $ $ $ $ $ $ $
2014 $ $ $ $ $ $ $ $ $
2015 $ $ $ $ $ $ $ $ $
2016 $ $ $ $ $ $ $ $ $
2017 $ $ $ $ $ $ $ $ $
2018 $ $ $ $ $ $ $ $ $
2019 $ $ $ $ $ $ $ $ $
2020 $ $ $ $ $ $ $ $ $
2021 $ $ $ $ $ $ $ $ $
2022 $ $ $ $ $ $ $ $ $
2023 $ $ $ $ $ $ $ $ $
2024 $ $ $ $ $ $ $ $ $
2025 $ $ $ $ $ $ $ $ $
2026 $ $ $ $ $ $ $ $ $
2027 $ $ $ $ $ $ $ $ $
2028 $ $ $ $ $ $ $ $ $
</TABLE>
- -----------------------------------------------------------------------------
NOMURA
[GRAPHIC OMITTED]
3/5/97
DIRECT3.DOC
______S-24
______S-8
Prospective investors are advised to carefully read, and should rely
solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") relating to the securities referred to herein in making their
investment decision. This Structural and Collateral Term Sheet does
not include all relevant information relating to the securities and
collateral described herein, particularly with respect to the risks and special
considerations associated with an investment in such securities. All structure
and collateral information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
supersedes any prior Collateral and Term Sheet but will be more fully described
in, and will be fully superseded by, the description of the collateral and
structure in the prospectus supplement and Final Prospectus. Although the
information contained in this Structural and Collateral Term Sheet is based on
sources which Nomura Securities International, Inc. ("Nomura") believes to be
reliable, Nomura makes no representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predications or opinions with respect to value, the actual rate or
timing of principal payments or prepayments on the underlying assets or the
performance characteristics of the securities. Nomura and its affiliates may in
the future have a position in the securities discussed herein and may purchase
or sell the same on a principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such securities, and Nomura and
certain of its affiliates may currently be providing investment banking and
other services to the issuer of such securities and the borrowers described
herein and their affiliates. Prior to making any investment decision, a
prospective investor shall receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
- -----------------------------------------------------------------------------
<PAGE>
ANNEX A
LOAN CHARACTERISTICS
<TABLE>
<CAPTION>
Loan Name Property Name Property Type
<S> <C> <C>
Woodland Park Investments Co. Woodland Park Retirement ASLV
Prime Retail II Oak Creek Factory Outlets FACT
Prime Retail II Bed Factory Outlets FACT
Prime Retail II Coeur D'Alene Factory Outlets FACT
Best Western-Jacksonville Best Western - Jacksonville HOTL
Comfort Inn - Castaic Comfort Inn - Castaic HOTL
Country Hearth Inn - Orlando Country Hearth Inn - Orlando HOTL
Diamond Inn Diamond Inn HOTL
Econolodge Arizona Econolodge Arizona HOTL
Holiday Inn - Alexandria Holiday Inn - Alexandria HOTL
Holiday Inn Express Hotel - East Haven Holiday Inn Express Hotel - East Haven HOTL
Holiday Inn New Orleans Holiday Inn New Orleans HOTL
Hudson Hotels Fairfield Inn - Albany HOTL
Hudson Hotels EconoLodge - Canandaigua HOTL
Hudson Hotels Fairfield Inn - Cary HOTL
Hudson Hotels Fairfield Inn - Charleston HOTL
Hudson Hotels Cricket Inn - Charlotte HOTL
Hudson Hotels Fairfield Inn - Columbia HOTL
Hudson Hotels Seagate Hotel HOTL
Hudson Hotels Cricket Inn - Durham-Duke HOTL
Hudson Hotels Fairfield Inn - Durham RTP HOTL
Hudson Hotels Comfort Inn - Jamestown HOTL
Hudson Hotels Brookwood Inn - Pittsford HOTL
Hudson Hotels Cricket Inn - Raleigh HOTL
Hudson Hotels Fairfield Inn - Richmond HOTL
Hudson Hotels Comfort Inn - Rochester HOTL
Hudson Hotels Fairfield Inn - Wilmington HOTL
Hudson Hotels Fairfield Inn - Statesville HOTL
Inn at Manchester Clarion Suites Inn HOTL
Knights Inn-Maumee Knights Inn-Maumee HOTL
Ramada Inn - Nashville Ramada Inn - Nashville HOTL
Ramada Inn Bossier Ramada Inn Bossier HOTL
Residence Inn-Gainesville Residence Inn - Gainsville HOTL
Residence Inn-Herndon Residence Inn - Herndon HOTL
Tramz Holiday Inn - Carrier Circle HOTL
Tramz Holiday Inn - Airport HOTL
Cleveland Industrial Portfolio Berea Road IND
Cleveland Industrial Portfolio 6200 Harvard IND
Cleveland Industrial Portfolio Babbitt Road IND
Cleveland Industrial Portfolio Stones Levee IND
Cleveland Industrial Portfolio Eddy Road IND
Cleveland Industrial Portfolio East 34th Street IND
Cleveland Industrial Portfolio Grant IND
Cleveland Industrial Portfolio Industrial Parkway WARE
2 St. Marks/Greystone Greystone MF
2 St. Marks/Greystone St. Marks MF
Candlelite Apartments Candlelite Apartments MF
Decker Building Decker Building MF
El Camino Apts. El Camino Real Apartments MF
Emory Arms Apartments Emory Arms Apartments MF
Fairdale Apartments Fairdale Apartments MF
</TABLE>
<TABLE>
<CAPTION> No. of
Loan Name Address City State Zip of Units
<S> <C> <C> <C> <C> <C>
Woodland Park Investments Co. 21200 Ventura Blvd. Woodland Hills CA 91634 250
Prime Retail II 6601-6657 Hwy. 179 Sedona AZ 86351 82,062
Prime Retail II 61330 Highway 97 Bend OR 97702 96,895
Prime Retail II 3900 Riverbend Ave Post Falls ID 83854 179,125
Best Western-Jacksonville 300 N. Park Avenue Orange Park FL 32073 201
Comfort Inn - Castaic 31558 Castaic Rd Castaic CA 91384 120
Country Hearth Inn - Orlando 9861 International Drive Orlando FL 32819 150
Diamond Inn 1009 South Main Street Salt Lake City UT 84111 62
Econolodge Arizona 121 S. Lake Powell Blvd. Page AZ 86040 63
Holiday Inn - Alexandria 480 King Street Alexandria VA 22314 227
Holiday Inn Express Hotel - East Haven 30 Frontage Road East Haven CT 06511
Holiday Inn New Orleans 100 West Bank Expressway Gretna LA 70053 308
Hudson Hotels 2586 N. Slappey Blvd. Albany GA 31701 122
Hudson Hotels 170 Eastern Blvd Canandaigua NY 14424 65
Hudson Hotels 1716 Walnut St. Cary NC 27511 125
Hudson Hotels 7415 Northside Dr Charleston NC 29420 119
Hudson Hotels 1200 W Sugar Creek Rd. Charlotte NC 28213 132
Hudson Hotels 8104 Two Notch Rd. Columbia SC 29223 129
Hudson Hotels 400 So. Ocean Blvd Delray Beach FL 33483 70
Hudson Hotels 2306 Elba St. Durham NC 27705 150
Hudson Hotels 4507 NC Highway 55 Durham NC 27713 96
Hudson Hotels 2800 N. Main St. Ext Jamestown NY 14701 101
Hudson Hotels 800 Pittsford-Victor Rd Pittsford NY 14534 108
Hudson Hotels 3201 Wake Forest Rd Raleigh NC 27609 149
Hudson Hotels 7300 W Broad St Richmond VA 23294 124
Hudson Hotels 1501 Ridge Rd West Rochester NY 14615 83
Hudson Hotels 4926 Market St. Wilmington NC 28403 120
Hudson Hotels 1503 E. Broad St Statesville NC 28677 118
Inn at Manchester 191 Spencer Street Manchester CT 06040 104
Knights Inn-Maumee 1520 South Hollan/Sylvania Road Maumee OH 43537 161
Ramada Inn - Nashville 837 Briley Parkway Nashville TN 37217 144
Ramada Inn Bossier 750 Isle of Capri Blvd. Bossier LA 71111 244
Residence Inn-Gainesville 4001 SW 13th St Gainesville FL 32608 80
Residence Inn-Herndon 315 Elden Street Herndon VA 22070 168
Tramz 6501 College Drive East Syracuse NY 13057 203
Tramz 6701 Buckley Road North Syracuse NY 13212 187
Cleveland Industrial Portfolio 10408-10750 Berea Road Lakewood OH 44102 236,066
Cleveland Industrial Portfolio 6200 Harvard Avenue Cleveland OH 44105 123,095
Cleveland Industrial Portfolio 1261-1267 Babbitt Road Euclid OH 44132 103,412
Cleveland Industrial Portfolio 401-607 Stones Levee Cleveland OH 44113 81,790
Cleveland Industrial Portfolio 341-353 Eddy Road Cleveland OH 142,026
Cleveland Industrial Portfolio 2912-2972 East 34th Street Cleveland OH 44115 141,287
Cleveland Industrial Portfolio 5207-5215 Grant Avenue Cleveland OH 44125 76,000
Cleveland Industrial Portfolio 1261 Industrial Parkway Brunswick OH 44212 84,636
2 St. Marks/Greystone 7585 Ingram Road San Antonio TX 78232 572
2 St. Marks/Greystone 37 St. Marks Place New York NY 10003 19,243
Candlelite Apartments 700 Candelite Ct. Fort Wayne IN 46807 130
Decker Building 33 Union Square West New York NY 10003 18
El Camino Apts. 1600 Tamarack McAllen TX 78501 135
Emory Arms Apartments 1295 E. Rock Spr. Rd. Atlanta GA 30306 60
Fairdale Apartments 6600 Fairdale San Antonio TX 78218 220
</TABLE>
<TABLE>
<CAPTION>
Loan Name Unit Type DSCR Loan Amount Appr Value Year Built
<S> <C> <C> <C> <C> <C>
Woodland Park Investments Co. beds 1.69 $2,712,000.00 7,500,000.00 1974
Prime Retail II sf 1.40 $7,100,000.00 12,300,000.00
Prime Retail II sf 1.40 $8,000,000.00 13,000,000.00
Prime Retail II sf 1.40 $11,900,000.00 18,700,000.00 1991
Best Western-Jacksonville rooms 1.41 $4,100,000.00 6,500,000.00 1974
Comfort Inn - Castaic rooms 1.45 $3,000,000.00 4,725,000.00 1988
Country Hearth Inn - Orlando rooms 1.50 $4,600,000.00 7,700,000.00 1985
Diamond Inn rooms 1.62 $2,100,000.00 3,600,000.00 1995
Econolodge Arizona rooms $1,200,000.00 2,000,000.00
Holiday Inn - Alexandria rooms 1.80 $15,000,000.00 30,000,000.00 1974
Holiday Inn Express Hotel - East Haven 1.67 $1,500,000.00 3,300,000.00 1963
Holiday Inn New Orleans rooms 1.45 $11,990,000.00 16,300,000.00 1972
Hudson Hotels rooms 1.50 $2,215,000.00 4,100,000.00 1982
Hudson Hotels rooms 1.50 $1,350,000.00 2,200,000.00 1984
Hudson Hotels rooms 1.50 $3,935,000.00 6,200,000.00 1986
Hudson Hotels rooms 1.50 $3,185,000.00 5,500,000.00 1985
Hudson Hotels rooms 1.50 $2,340,000.00 4,700,000.00 1989
Hudson Hotels rooms 1.50 $3,365,000.00 5,100,000.00 1988
Hudson Hotels rooms 1.50 $7,395,000.00 10,700,000.00 1948
Hudson Hotels rooms 1.50 $6,090,000.00 8,700,000.00 1985
Hudson Hotels rooms 1.50 $3,130,000.00 5,100,000.00 1986
Hudson Hotels rooms 1.50 $3,000,000.00 5,000,000.00 1985
Hudson Hotels rooms 1.50 $4,510,000.00 7,900,000.00 1987
Hudson Hotels rooms 1.50 $2,775,000.00 4,700,000.00 1984
Hudson Hotels rooms 1.50 $4,375,000.00 6,400,000.00 1987
Hudson Hotels rooms 1.50 $2,275,000.00 3,800,000.00 1987
Hudson Hotels rooms 1.50 $3,545,000.00 6,100,000.00 1985
Hudson Hotels rooms 1.50 $2,515,000.00 4,500,000.00 1985
Inn at Manchester rooms 1.47 $5,100,000.00 7,500,000.00 1991
Knights Inn-Maumee rooms 1.82 $1,925,000.00 3,100,000.00 1986
Ramada Inn - Nashville rooms 1.54 $2,300,000.00 4,300,000.00 1978
Ramada Inn Bossier rooms 2.05 $3,800,000.00 6,810,000.00 1968
Residence Inn-Gainesville rooms 1.46 $3,925,000.00 5,500,000.00 1986
Residence Inn-Herndon rooms 1.46 $13,500,000.00 20,000,000.00 1988
Tramz rooms 1.48 $6,640,500.00 12,000,000.00 1967
Tramz rooms 1.48 $5,009,500.00 9,300,000.00 1967
Cleveland Industrial Portfolio sf 1.49 $1,681,513.44 2,335,000.00 1905
Cleveland Industrial Portfolio sf 1.49 $1,753,525.38 2,080,000.00 1925
Cleveland Industrial Portfolio sf 1.49 $482,825.61 825,000.00 1917
Cleveland Industrial Portfolio sf 1.49 $604,236.24 1,055,000.00 1905
Cleveland Industrial Portfolio sf 1.49 $1,106,787.27 1,595,000.00 1918
Cleveland Industrial Portfolio sf 1.49 $1,599,085.34 2,380,000.00 1939
Cleveland Industrial Portfolio sf 1.49 $953,631.50 1,035,000.00 1930
Cleveland Industrial Portfolio sf 1.49 $518,395.22 1,640,000.00 1976
2 St. Marks/Greystone 1.33 $11,967,093.20 16,000,000.00 1984
2 St. Marks/Greystone sf 1.33 $3,420,815.43 5,350,000.00 1912
Candlelite Apartments units 1.46 $2,800,000.00 3,750,000.00 1972
Decker Building units 1.49 $6,500,000.00 10,000,000.00 1893
El Camino Apts. units 1.60 $1,775,000.00 2,800,000.00 1972
Emory Arms Apartments units 1.49 $1,500,000.00 2,300,000.00 1968
Fairdale Apartments units 1.82 $1,500,000.00 3,000,000.00 1968
</TABLE>
Prospective Investors are advised to carefully read, and should rely solely on,
the final prospectus supplement (the "Final Prospectus") relating to the
securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant Information
relating to the securities and collateral described herein, particularly with
respect to the risks and special consideration associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be fully described in, and will be fully
superseded by the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura
Securities International Inc. ("Nomura") believes to be reliable, Nomura makes
no representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristic of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as an agent for another person. In addition, Nomura may act
as an underwriter of such securities, and Nomura and certain of its affiliates
may currently be providing investment banking and other services to the Issuer
of such securities and the borrowers described herein and their affiliates.
Prior to making any investment decision, a prospective investor shall receive
and fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN
OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<CAPTION>
Loan Name Property Name Property Type
<S> <C> <C>
Hidden Meadow Hidden Meadows Apartments MF
Kessler Garden Apartments Kessler Garden Apartments MF
Knollwood Village Apartments Knollwood Village Apartments MF
Lakeside Village Lakeside Village MF
Marina Marina Harbor Apts and Anchorage MF
Park Isle Club Apartments Park Isle Club Apartments MF
Senate/Virginian Apartments Senate House and Virginian MF
Slauson Apts. Slauson Apartments MF
Tiffany Bay Apartments Tiffany Bay Clear Lake MF
Bakerview MHP Bakerview MHP MHP
Key RV Park Key RV Park MHP
Lincoln MHP Lincoln MHP MHP
Michigan Trailer Park Michigan Trailer Park MHP
North Acres Mobile Home Park North Acres Mobile Home Park MHP
Trainer Hill MHP Trainer Hill MHP MHP
Village Park MHP Village Park MHP MHP
Western Palms Western Palms MHP
Alden Terrace Investments LP Alden Terrace NURS
Aspen Care Center Aspen Care Center NURS
Buena/Leisure Nursing Buena Ventura Care Center NURS
Buena/Leisure Nursing Leisure Glen NURS
Hamilton Park Health Care Center Hamilton Park Health Care Center NURS
Longwood Manor Investments LP Longwood Manor NURS
Madison House Madison House NURS
Magnolia-Western Investments, LP Magnolia Gardens NURS
Magnolia-Western Investments, LP Western Convalescent NURS
View Park View Park NURS
14 Walkup Drive 14 Walkup Drive OFFC
140 Allen 140 Allen OFFC
5 & 7 East 17th Street 5 & 7 East 17th Street OFFC
6000 Metro Drive 6000 Metro Drive OFFC
Airport Commerce Center Airport Commerce Center OFFC
Alzina Office Complex Alzina Office Complex OFFC
Anza Corporate Center Anza Corporate Center OFFC
Creekside Business Mall Office Bldg Creekside Business Mall Office Bldg OFFC
Durham-One Ethel Rd Durham Center Condominium III (aka One Ethel Road) OFFC
Equitable of Iowa Building Equitable of Iowa Building OFFC
First National Bank Building First National Bank Building OFFC
Heritage Bank Blding Heritage Bank Blding OFFC
Kendall Square Athenaeum House OFFC
Kendall Square Phase I OFFC
Kendall Square Phase II OFFC
Montague Park Tech Center Montague Park Tech Center (Bullock) OFFC
National Bank of California National Bank of California OFFC
Planet Pacific Building Planet Pacific Building OFFC
Saracen Norfolk OFFC
Saracen Dedham Place OFFC
Saracen 128 Technology Center OFFC
Saracen 201 University OFFC
Saracen 7-57 Wells Avenue OFFC
Saracen Wells Research OFFC
</TABLE>
<TABLE>
<CAPTION> No. of
Loan Name Address City State Zip of Units
<S> <C> <C> <C> <C> <C>
Hidden Meadow 5959 Wurzbach San Antonio TX 78238 159
Kessler Garden Apartments 5480 N. Michigan Rd. Indianapolis IN 46228
Knollwood Village Apartments 2130 E. Hill Grand Blanc MI 48439 648
Lakeside Village 4170 Spring Lake Drive San Leandro CA 94578 608
Marina 4500 Via Marina Marina del Rey CA 90292 846
Park Isle Club Apartments 790 73rd Street Miami Beach FL 33141 100
Senate/Virginian Apartments 935 & 965 Cottage Grove Las Vegas NV 89119 130
Slauson Apts. 4707-41 Slauson Ave Los Angeles CA 90001 72
Tiffany Bay Apartments 1605 Tiffany Court Houston TX 77058 46
Bakerview MHP 505 West Bakerview Bellingham WA 98226 125
Key RV Park 6099 Overseas Highway Marathon FL 33050 217
Lincoln MHP 10301 And 10315 W. Greenfield West Allis WI 53214 200
Michigan Trailer Park 3140 W. Osborne Phoenix AZ 85017 151
North Acres Mobile Home Park 302 E. "N" Street Yakima WA 98901 114
Trainer Hill MHP 4300 West Ninth Street Trainer PA 19013 102
Village Park MHP 724 Creek Ridge Road Greensboro NC 27406 241
Western Palms 500 North 67th Ave. Phoenix AZ 85043 305
Alden Terrace Investments LP 1240 Hoover Street Los Angeles CA 90006 210
Aspen Care Center 2325 Madison Avenue Ogden UT 84401 72
Buena/Leisure Nursing 1016 S. Record Ave Los Angeles CA 90023
Buena/Leisure Nursing 1505 Colby Drive Glendale CA
Hamilton Park Health Care Center 525 Monmouth Street Jersey City NJ 07302 250
Longwood Manor Investments LP 4853 W. Washington Blvd. Los Angeles CA 90016 198
Madison House 34 Wildwood Avenue Madison CT 06443 90
Magnolia-Western Investments, LP 17922 San Fernando Mission Granada Hills CA 91604 99
Magnolia-Western Investments, LP 2190 W. Adams Blvd. Los Angeles CA 90018 129
View Park 3737 Don Felipe Drive Los Angeles CA 90008 99
14 Walkup Drive 14 Walkup Drive Westborough MA
140 Allen 140 Allen Road Bernards Township NJ 07936 62,250
5 & 7 East 17th Street 5-7 East 17th Street New York NY 10017
6000 Metro Drive 6000 Metro Drive Baltimore MD 21215 78,971
Airport Commerce Center 16126 Sherman Way Van Nuys CA 91406 41,330
Alzina Office Complex 100 North First St. Springfield IL 62705 256,513
Anza Corporate Center 433 Airport Blvd. Burlingame CA 94010 65,553
Creekside Business Mall Office Bldg 1475 Bascom Avenue Campbell CA 95008 49,965
Durham-One Ethel Rd One Ethel Road Edison NJ 08817
Equitable of Iowa Building 604 Locust Street Des Moines IA 50309 217,638
First National Bank Building 107 St. Francis Street Mobile AL
Heritage Bank Blding 1313 Dolley Madison McLean VA 22101 52,992
Kendall Square 215 1st Street Cambridge MA 02142 310,887
Kendall Square One Kendall Square Cambridge MA 21412 221,360
Kendall Square 1 Kendall Sq. Phase 2 Cambridge MA 21412 238,648
Montague Park Tech Center Junction Avenue San Jose CA 95134 417,532
National Bank of California 145 S. Fairfax Ave. Los Angeles CA 90036 54,669
Planet Pacific Building 27405 Puerta Real Mission Viejo CA 92691
Saracen 333 Elm Street Dedham MA 02026 48,068
Saracen East St & Allied Dr Dedham MA 02026 162,300
Saracen 125 Roberts Road Waltham MA 02154 217,500
Saracen 201 University Ave. Westwood MA 02090 82,000
Saracen 7-57 Wells Avenue Newton MA 02159 88,400
Saracen 75-85-95 Wells Ave. Newton MA 02159 238,911
</TABLE>
<TABLE>
<CAPTION>
Loan Name Unit Type DSCR Loan Amount Appr Value Year Built
<S> <C> <C> <C> <C> <C>
Hidden Meadow units 1.71 $1,350,000.00 2,600,000.00 1975
Kessler Garden Apartments 1.27 $1,950,000.00 2,700,000.00 1966
Knollwood Village Apartments units 1.39 $20,000,000.00 25,250,000.00 1970
Lakeside Village units 1.39 $25,000,000.00 33,690,000.00 1972
Marina units 1.34 $51,000,000.00 70,000,000.00 1962
Park Isle Club Apartments units 1.29 $1,700,000.00 2,250,000.00 1958
Senate/Virginian Apartments units 1.45 $2,200,000.00 3,390,000.00 1972
Slauson Apts. units 1.35 $1,777,000.00 2,250,000.00 1964
Tiffany Bay Apartments units 1.28 $1,900,000.00 2,400,000.00 1981
Bakerview MHP pads $1,800,000.00 2,800,000.00 1975
Key RV Park pads 1.56 $2,500,000.00 3,670,000.00 1976
Lincoln MHP pads $4,150,000.00 5,300,000.00 1952
Michigan Trailer Park pads 1.29 $1,385,000.00 1,860,000.00 1950
North Acres Mobile Home Park pads 1.54 $1,012,000.00 1,750,000.00 1961
Trainer Hill MHP pads $1,000,000.00 1,700,000.00 1951
Village Park MHP pads $2,800,000.00 4,400,000.00 1972
Western Palms pads $4,820,000.00 6,500,000.00 1973
Alden Terrace Investments LP beds 2.05 $4,747,000.00 8,000,000.00 1961
Aspen Care Center beds 1.53 $2,200,000.00 3,500,000.00 1963
Buena/Leisure Nursing 1.66 $2,886,252.70 4,300,000.00 1967
Buena/Leisure Nursing 1.66 $2,733,747.30 4,100,000.00
Hamilton Park Health Care Center beds 1.50 $14,700,000.00 21,000,000.00 1989
Longwood Manor Investments LP beds 1.71 $4,578,000.00 6,500,000.00 1965
Madison House beds 1.63 $6,750,000.00 11,000,000.00 1994
Magnolia-Western Investments, LP beds 1.82 $3,300,000.00 4,800,000.00 1963
Magnolia-Western Investments, LP beds 1.82 $2,500,000.00 5,000,000.00 1969
View Park beds 1.71 $2,675,000.00 4,800,000.00 1964
14 Walkup Drive $3,480,000.00 5,300,000.00
140 Allen sf 1.37 $6,000,000.00 11,250,000.00 1983
5 & 7 East 17th Street 1.51 $4,725,000.00 7,400,000.00 1920
6000 Metro Drive sf 1.43 $4,717,500.00 7,500,000.00 1987
Airport Commerce Center 1.24 $1,870,000.00 2,800,000.00 1990
Alzina Office Complex 1.35 $14,066,000.00 20,700,000.00 1974
Anza Corporate Center sf 1.25 $3,500,000.00 6,500,000.00 1972
Creekside Business Mall Office Bldg sf 1.36 $3,100,000.00 4,445,000.00 1979
Durham-One Ethel Rd 1.70 $2,175,000.00 4,100,000.00 1975
Equitable of Iowa Building sf 1.49 $5,200,000.00 7,300,000.00 1924
First National Bank Building 1.51 $8,407,000.00 12,557,000.00 1966
Heritage Bank Blding sf 1.34 $2,922,000.00 4,700,000.00 1976
Kendall Square sf 1.40 $69,700,000.00 29,000,000.00 1895
Kendall Square sf 1.40 27,700,000.00 1900
Kendall Square sf 1.40 41,800,000.00 1930
Montague Park Tech Center sf 1.27 $33,000,000.00 54,000,000.00 1985
National Bank of California 1.27 $4,125,000.00 5,500,000.00 1984
Planet Pacific Building 1.70 $1,700,000.00 3,050,000.00 1983
Saracen sf 1.42 $3,093,152.00 5,100,000.00 1984
Saracen sf 1.42 $14,148,837.00 25,400,000.00 1987
Saracen sf 1.42 $17,666,917.00 32,800,000.00 1986
Saracen sf 1.42 $7,656,783.00 12,200,000.00 1970
Saracen sf 1.42 $6,937,010.00 11,300,000.00 1982
Saracen sf 1.42 $19,497,301.00 35,600,000.00 1970
</TABLE>
Prospective Investors are advised to carefully read, and should rely solely on,
the final prospectus supplement (the "Final Prospectus") relating to the
securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant Information
relating to the securities and collateral described herein, particularly with
respect to the risks and special consideration associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be fully described in, and will be fully
superseded by the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura
Securities International Inc. ("Nomura") believes to be reliable, Nomura makes
no representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristic of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as an agent for another person. In addition, Nomura may act
as an underwriter of such securities, and Nomura and certain of its affiliates
may currently be providing investment banking and other services to the Issuer
of such securities and the borrowers described herein and their affiliates.
Prior to making any investment decision, a prospective investor shall receive
and fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN
OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<CAPTION>
Loan Name Property Name Property Type
<S> <C> <C>
Tech Center 29 Tech Center 29 OFFC
The Diamondhead Building The Diamondhead Building OFFC
Two Gateway Center Two Gateway Center OFFC
American Plaza Shopping Center American Plaza Shopping Center RETL
Arvada Plaza Arvada Plaza RETL
Asian Gardens Asian Gardens RETL
Barstow Plaza Barstow Plaza RETL
Burlington Square Burlington Square RETL
Burnham Pacific Valley Central RETL
Burnham Pacific1 Puente Hills RETL
Clematis Corridor Portfolio Clematis Corridor Portfolio RETL
Danvers Crossing Shopping Center Danvers Crossing Shopping Center RETL
Davol Square Jewelry Mart Davol Square Jewelry Mart RETL
Del Mar Delmar Retail Center RETL
Englar Shopping Center Englar Shopping Center RETL
Hocking Mall Shopping Center Hocking Mall Shopping Center RETL
Lincoln Park Center Barstow RETL
M & H How 'Bout Arden RETL
M & H Bethard Square RETL
M & H LaHabra Marketplace RETL
Old Town Square Old Town Square RETL
Outlets Limited Mall The Lab RETL
Plaza Reyes Adobe Retail Center Plaza Reyes Adobe Retail Center RETL
Plymouth Mall Plymouth Mall RETL
Pocono Green Shopping Center Pocono Green Shopping Center RETL
Saunders Plaza Saunders Plaza RETL
South Dekalb Mall South Dekalb Mall RETL
Sunwest Sunwest 1-80 RETL
Tampa Plaza Shopping Plaza Tampa Plaza Shopping Plaza RETL
The Lab The Lab RETL
The Plaza Burr Corners I & II Plaza at Burr Corners I&II RETL
Washington Square Shopping Center Washington Square Shopping Center RETL
Winston Village Winston Village RETL
CC
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
HOTL
IND
IND
</TABLE>
<TABLE>
<CAPTION> No. of
Loan Name Address City State Zip of Units
<S> <C> <C> <C> <C> <C>
Tech Center 29 12200 Tech Road Silver Spring MD 20904 55,797
The Diamondhead Building 200 Sheffield Street Mountainside NJ 07092 100,750
Two Gateway Center 283-299 Market St. Newark NJ 07102 738,201
American Plaza Shopping Center 701 Galvin Road Bellevue NE 68005 45,265
Arvada Plaza 9212-9588 West 58th Ave. Arvada CO 85704 152,621
Asian Gardens 9200 Bolsa Av Westminster CA 92683 111,824
Barstow Plaza 901 Armory Road Barstow CA 92311 39,412
Burlington Square Middlesex Turnpike Burlington MA 01803 86,290
Burnham Pacific 44655 Vly Cntral Wy Lancaster CA 93536 480,092
Burnham Pacific1 17525-18271 Gale City of Industry CA 91748 516,538
Clematis Corridor Portfolio 218-230 & 330 Clematis Rd. Palm Beach FL 33401 64,662
Danvers Crossing Shopping Center 8-10 Newbury St Danvers MA 01923 175,733
Davol Square Jewelry Mart 3 Davol Square Providence RI 81,284
Del Mar 7154 Beracasa Way Boca Raton FL 153,525
Englar Shopping Center MD Rte 140/Englar Road Westminster MD 21157 123,909
Hocking Mall Shopping Center County Road 33A & S.R. 664 Logan OH 43138
Lincoln Park Center 3600 Fort Street Lincoln Park MI 48146 175,679
M & H 2100 Arden Way Sacramento CA 95825 164,909
M & H 301-342 West Olive Avenue Madera CA 93638 92,988
M & H 1500-1900 Imperial Hwy La Habra CA 90631 392,443
Old Town Square Mountain & College Fort Collins CO 80524 106,665
Outlets Limited Mall 3750 Venture Drive Duluth GA 30136 170,886
Plaza Reyes Adobe Retail Center 30313 Canwood St Agoura Hills CA 91301
Plymouth Mall 2700 Plymouth Rd. Ann Arbor MI 48104 86,038
Pocono Green Shopping Center Midlothian Turnpike Richmond VA 23235 44,005
Saunders Plaza 4533 MacArthur Blvd Newport Beach CA 92660 34,122
South Dekalb Mall 2801 Candler Road Decatur GA 30034 328,078
Sunwest Various
Tampa Plaza Shopping Plaza 8951 Tampa Avenue Los Angeles CA 91311
The Lab 2930 Bristol Street Costa Mesa CA 92626 31,165
The Plaza Burr Corners I & II 1129 Tolland Tpk. Manchester CT 06040 271,134
Washington Square Shopping Center 1111 E. Washington Ave. Escondido CA 92025 56,845
Winston Village 2055 N. Perris Blvd. Perris CA 92571
Riverview MI
Needles CA
Providence RI
Bluefield WV
Woodbridge VA
Chesapeake VA
Richmond VA
Wytheville VA
Fredericksburg VA
South Kingstown RI
Bennetsville SC
Columbus OH
Livermore CA
Grand Cayman Island
Indianapolis IN
Mishawaka IN
South Bend IN
</TABLE>
<TABLE>
<CAPTION>
Loan Name Unit Type DSCR Loan Amount Appr Value Year Built
<S> <C> <C> <C> <C> <C>
Tech Center 29 sf 1.43 $4,550,000.00 6,900,000.00 1988
The Diamondhead Building sf 1.37 $3,500,000.00 6,600,000.00 1971
Two Gateway Center sf 1.84 $34,500,000.00 53,650,000.00 1972
American Plaza Shopping Center sf 1.27 $2,150,000.00 3,400,000.00 1986
Arvada Plaza sf 1.38 $2,900,000.00 5,500,000.00 1964
Asian Gardens sf 1.31 $24,375,000.00 36,900,000.00 1987
Barstow Plaza sf 1.52 $2,223,000.00 3,600,000.00 1982
Burlington Square sf 1.32 $14,664,000.00 21,300,000.00 1992
Burnham Pacific sf 1.65 $25,400,000.00 42,200,000.00 1988
Burnham Pacific1 sf 1.72 $33,100,000.00 61,000,000.00 1986
Clematis Corridor Portfolio sf 1.32 $3,510,000.00 5,800,000.00 1920
Danvers Crossing Shopping Center sf 1.40 $13,670,000.00 19,300,000.00 1989
Davol Square Jewelry Mart sf 1.60 $4,500,000.00 6,800,000.00 1875
Del Mar sf 1.33 $12,500,000.00 16,400,000.00 1982
Englar Shopping Center sf 1.39 $5,535,000.00 7,700,000.00 1987
Hocking Mall Shopping Center 1.27 $1,963,000.00 3,400,000.00 1978
Lincoln Park Center sf 1.30 $5,900,000.00 8,200,000.00 1955
M & H sf 1.91 $11,465,239.00 21,000,000.00 1988
M & H sf 1.91 $1,400,585.00 4,500,000.00 1968
M & H sf 1.91 $15,884,176.00 33,900,000.00 1960
Old Town Square 1.37 $3,750,000.00 6,100,000.00 1984
Outlets Limited Mall sf 1.97 $5,000,000.00 11,000,000.00 1986
Plaza Reyes Adobe Retail Center 1.35 $3,350,000.00 4,550,000.00 1987
Plymouth Mall sf 1.37 $3,950,000.00 6,000,000.00 1966
Pocono Green Shopping Center sf 1.32 $3,000,000.00 4,100,000.00 1986
Saunders Plaza sf 1.34 $2,980,000.00 4,250,000.00 1966
South Dekalb Mall sf 1.41 $21,845,301.00 30,000,000.00 1970
Sunwest $49,500,000.00
Tampa Plaza Shopping Plaza 1.41 $12,000,000.00 19,000,000.00 1975
The Lab sf 1.37 $4,075,000.00 5,750,000.00 1955
The Plaza Burr Corners I & II sf 1.32 $12,305,000.00 17,000,000.00 1966
Washington Square Shopping Center sf 1.23 $3,476,000.00 5,000,000.00 1978
Winston Village 1.34 $3,375,000.00 4,700,000.00 1990
beds $3,500,000.00
rooms $1,800,000.00
$3,955,000.00
rooms $586,388.00
rooms $2,116,322.00
rooms $636,597.00
rooms $274,536.00
rooms $1,207,509.00
rooms $1,518,792.00
$1,200,000.00
rooms $1,430,000.00
rooms $9,600,000.00
$6,060,000.00
rooms $70,000,000.00
rooms $43,700,000.00
sf $3,083,251.62
sf $2,290,794.76
</TABLE>
Prospective Investors are advised to carefully read, and should rely solely on,
the final prospectus supplement (the "Final Prospectus") relating to the
securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant Information
relating to the securities and collateral described herein, particularly with
respect to the risks and special consideration associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be fully described in, and will be fully
superseded by the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura
Securities International Inc. ("Nomura") believes to be reliable, Nomura makes
no representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristic of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as an agent for another person. In addition, Nomura may act
as an underwriter of such securities, and Nomura and certain of its affiliates
may currently be providing investment banking and other services to the Issuer
of such securities and the borrowers described herein and their affiliates.
Prior to making any investment decision, a prospective investor shall receive
and fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN
OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
<TABLE>
<CAPTION>
Loan Name Property Name Property Type
<S> <C> <C>
IND
IND
MF
MF
MF
MF
MF
MF
MF
MF
MF
MF
MHP
MHP
MHP
MHP
MHP
MHP
OFFC
OFFC
OFFC
OFFC
OFFC
OFFC
OFFC
OFFC
OFFC
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
RETL
WARE
WARE
</TABLE>
<TABLE>
<CAPTION> No. of
Loan Name Address City State Zip of Units
<S> <C> <C> <C> <C> <C>
South Bend IN
Nashville TN
Greeley CO
Fort Collins CO
East Hartford CT
Brooklyn NY
Nashville TN
Rolling Meadows IL
Mishawaka IN
Columbus OH
Bellingham WA
Suitland MD
Cedar Springs MI
Winter Haven FL
Margate FL
Ft. Lauderdale FL
Blaine MN
Novia MI
New York NY
West Mifflin PA
South Bend IN
South Bend IN
South Bend IN
South Bend IN
South Bend IN
South Bend IN
New York NY
Bel Air MD
Moreno Valley CA
Santa Rosa CA
Derry NH
Asheboro NC
Grand Island NE
Houston TX
Houston TX
Milford MA
Princeton NJ
Arvada CO
Tallahasse FL
Baltimore MD
Livingston NJ
Detroit MI
Kirkland WA
Tucson AZ
Warwick RI
Greensboro NC
Brighton CO
</TABLE>
<TABLE>
<CAPTION>
Loan Name Unit Type DSCR Loan Amount Appr Value Year Built
<S> <C> <C> <C> <C> <C>
sf $2,250,174.20
sf $1,742,468.02
units $11,500,000.00
units $10,000,000.00
units $5,900,000.00
$1,650,000.00
units $1,939,000.00
$8,300,000.00
units $1,496,421.46
$4,000,000.00
$8,600,000.00
units $10,500,000.00
pads $1,400,000.00
$2,550,000.00
pads $12,000,000.00
pads $5,850,000.00
pads $10,650,000.00
pads $6,500,000.00
$9,000,000.00
sf $21,500,000.00
sf $386,798.80
sf $1,456,184.18
sf $2,669,732.27
sf $1,652,544.28
sf $1,245,384.35
sf $1,735,200.00
sf $70,000,000.00
$9,850,000.00
$8,065,000.00
$2,850,000.00
sf $9,025,000.00
sf $11,340,023.67
sf $18,659,976.33
sf $3,150,000.00
sf $6,000,000.00
sf $2,800,000.00
sf $25,000,000.00
$1,663,000.00
sf $23,000,000.00
sf $36,000,000.00
$3,116,000.00
sf $2,800,000.00
$5,425,000.00
sf $17,325,000.00
sf $5,000,000.00
sf $31,125,000.00
sf $31,125,000.00
</TABLE>
Prospective Investors are advised to carefully read, and should rely solely on,
the final prospectus supplement (the "Final Prospectus") relating to the
securities referred to herein in making their investment decision. This
Structural and Collateral Term Sheet does not include all relevant Information
relating to the securities and collateral described herein, particularly with
respect to the risks and special consideration associated with an investment in
such securities. All structure and collateral information contained herein is
preliminary and it is anticipated that such information will change. Any
information contained herein will be fully described in, and will be fully
superseded by the description of the collateral and structure in the prospectus
supplement and Final Prospectus. Although the information contained in this
Structural and Collateral Term Sheet is based on sources which Nomura
Securities International Inc. ("Nomura") believes to be reliable, Nomura makes
no representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions or
opinions with respect to value, the actual rate or timing of principal payments
or prepayments on the underlying assets or the performance characteristic of
the securities. Nomura and its affiliates may in the future have a position in
the securities discussed herein and may purchase or sell the same on a
principal basis or as an agent for another person. In addition, Nomura may act
as an underwriter of such securities, and Nomura and certain of its affiliates
may currently be providing investment banking and other services to the Issuer
of such securities and the borrowers described herein and their affiliates.
Prior to making any investment decision, a prospective investor shall receive
and fully review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN
OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
