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: February 25, 199
(Date of earliest event reported)
Asset Securitization Corporation,
Commercial Mortgage Pass-Through Certificates, Series 1997-MDVII
(Exact name of registrant as specified in its charter)
Delaware 33-49370-03 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
<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-MDVII
(the "Certificates"). The Certificates are being offered pursuant to a
Prospectus and related Prospectus Supplement (together, the "Prospectus"),
which will be filed with the Commission pursuant to Rule 424(b)(5) under the
Securities Act of 1933, as amended (the "Act"). The Certificates have been
registered pursuant to the Act under a Registration Statement on Form S-3
(No. 33-99502) (the "Registration Statement"). The Registrant hereby
incorporates the Term Sheets by reference in the Registration Statement.
The Term Sheets were prepared solely by the Underwriter, and the
Registrant did not prepare or participate in the preparation of the Term Sheets.
Any statement or information contained in the Term Sheets shall be
deemed to be modified or superseded for purposes of the Prospectus and the
Registration Statement by statements or information contained in the Prospectus.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 1. Term Sheets.
<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
Director
Date: February 25, 1997
<PAGE>
Exhibit Index
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
- ----------- ----------- -----------
1 99 Term Sheets
<PAGE>
EXHIBIT 1
<PAGE>
Asset Securitization Corporation
Series 1997-MDVII
$500,300,000
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
The Offering
$ 500,300,000 - AAA to BBB bonds
Loans: 7 - 100% Locked Out
Servicer: AMRESCO
Properties: 72
Geographic Div.: 19 states (28% NJ, 28% CA, 12% FL)
Property Types: 4 (Retail, Hotel, Office,Credit Lease)
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
The Loans
<TABLE>
<CAPTION>
Cutoff
Loan Balloon Lockout Eff.
Property Amount Type Props NCF Rate Amort DSCR LTV LTV Term Term
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
G & L Pool 35,000,000 Medical 4 5,056,283 8.49% 300 1.50 68% 120 120
Office
- ------------------------------------------------------------------------------------------------------------------------------
Design Center 40,000,000 Retail 1 7,941,617 7.47% 300 2.22 41% 120 120
of the Americas
- ------------------------------------------------------------------------------------------------------------------------------
Ins. Co of the 25,277,000 Office/Net 1 2,466,551 8.00% 240 N/A N/A 120 120
West Office Ctr. Lease
- ------------------------------------------------------------------------------------------------------------------------------
M & H Pool 58,400,000 Retail 6 9,001,617 7.50% 360 1.84 49% 120 120
- ------------------------------------------------------------------------------------------------------------------------------
Innkeepers Pool 42,000,000 Ltd/Ext 9 9,320,904 8.15% 240 2.19 47% 120 120
Stay
Hotels
- ------------------------------------------------------------------------------------------------------------------------------
101 Hudson 135,000,000 Office 1 20,495,199 7.92% 300 1.65 57% 120 120
- ------------------------------------------------------------------------------------------------------------------------------
Fairfield Inns 165,400,000 Ltd 50 27,624,104 8.40% 240 1.62 61% 120 120
Service
Hotels
- ------------------------------------------------------------------------------------------------------------------------------
Total: 500,300,000 72 81,806,275 8.06% 279 1.74 58% 120 120
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Borrower Diversification
Preliminary-Subject to Change
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL]
Fairfield Inns 33%
101 Hudson 27%
M&H 11.7%
Innkeepers 8.4%
Design Center 8%
G&L 7%
Insurance Co. of the West 4.9%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Property Type Diversification
Preliminary-Subject to Change
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL]
Hotel 41%
Office 27%
Retail 20%
Medical Office 7%
Credit Lease 5%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Geographic Diversification
Preliminary-Subject to Change
[THE FOLLOWING TABLE WAS REPRESENTED BY A MAP IN THE PRINTED MATERIAL]
State Percent
- ----- -------
AL 2%
CA 28%
CO 1%
FL 12%
GA 5%
IA 1%
IL 3%
IN 2%
KS 2%
MI 3%
MO 1%
NC 5%
NJ 28%
NY 1%
OH 3%
SC 2%
TN 1%
VA 1%
WI 1%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
The Securities
Public Securities:
<TABLE>
<CAPTION>
Ratings Initial Initial Price/ Avg. Mod. Principal DSCR LTV
Class S&P/ Moody's/Fitch/Duff Balance Coupon* Spread Life Dur. Window Implied Implied Sub.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1A AAA $119,615,861 6.94% 5.35 4.19 4/1997 - 2.52 40% 31%
fixed 9/2006
- ------------------------------------------------------------------------------------------------------------------------------------
A-1B AAA $35,092,135 7.07% 9.48 6.73 9/2006 2.52 40% 31%
fixed 1/2007
- ------------------------------------------------------------------------------------------------------------------------------------
A-1C AAA $190,023,772 7.13% 9.78 6.76 Bullet 2.52 40% 31%
fixed 1/2007
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 AA $29,976,675 7.14% 9.78 6.81 Bullet 2.32 44% 25%
wac 1/2007
- ------------------------------------------------------------------------------------------------------------------------------------
A-3 A $44,965,013 7.24% 9.78 6.78 Bullet 2.07 49% 16%
wac 1/2007
- ------------------------------------------------------------------------------------------------------------------------------------
A-4 BBB $39,968,900 7.41% 9.81 6.74 1/2007 1.89 53% 8%
wac 3/2007
- ------------------------------------------------------------------------------------------------------------------------------------
A-5 BBB- $24,980,562 7.71% 9.95 6.71 Bullet 1.79 56% 3%
wac 3/2007
- ------------------------------------------------------------------------------------------------------------------------------------
CS-1 AAA/AAAr $119,615,861 1.04% 3.39c 2.92 4/1997 -
Moody's, S&P $6 mm Proceeds wac 9/2006
- ------------------------------------------------------------------------------------------------------------------------------------
CS-2 AAA/AAAr $365,007,057 0.77% 4.91c 4.14 4/1997 -
Moody's, S&P $21 mm Proceeds wac 3/2007
- ------------------------------------------------------------------------------------------------------------------------------------
Private Securities:
B-1 BB $14,987,341 7.99% 9.95 6.36 Bullet 1.74 58%
Fitch wac 3/2007
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Coupon will be adjusted monthly for actual day count.
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
MDVII - Bond Cash Flows
[THE FOLLOWING TABLE WAS REPRESENTED BY BAR CHART IN THE PRINTED MATERIAL]
<TABLE>
<CAPTION>
Date AAA1 AAA2 AAA3 AA A BBB1 BBB2 BB
- ---- ---- ---- ---- -- - ---- ---- --
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4/2/97 -- -- -- -- -- -- -- --
3/13/98 8.72 -- -- -- -- -- -- --
3/13/99 9.46 -- -- -- -- -- -- --
3/13/00 10.16 -- -- -- -- -- -- --
3/13/01 11.13 -- -- -- -- -- -- --
3/13/02 12.07 -- -- -- -- -- -- --
3/13/03 13.1 -- -- -- -- -- -- --
3/13/04 14.12 -- -- -- -- -- -- --
3/13/05 15.41 -- -- -- -- -- -- --
3/13/06 16.72 -- -- -- -- -- -- --
3/13/07 8.71 35.09 190.02 29.98 44.97 39.97 24.98 14.99
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
MDVII - Collateral Cash Flows
[THE FOLLOWING TABLE WAS REPRESENTED BY BAR CHART IN THE PRINTED MATERIAL]
<TABLE>
<CAPTION>
Date Fairfield Hudson M&H Realty Design Center G&L II Innkeepers Insurance Co
<S> <C> <C> <C> <C> <C> <C> <C>
3/11/97 3.18 2.77 0.48 0.53 0.4 0.82 0.54
3/11/99 3.46 3 0.52 0.58 0.43 0.89 0.58
3/11/00 3.73 3.22 0.55 0.61 0.46 0.96 0.62
3/11/01 4.1 3.52 0.6 0.67 0.51 1.05 0.68
3/11/02 4.46 3.81 0.65 0.72 0.56 1.14 0.73
3/11/03 4.86 4.13 0.7 0.78 0.61 1.24 0.79
3/11/04 5.25 4.45 0.75 0.83 0.66 1.34 0.85
3/11/05 5.75 4.84 0.82 0.9 0.72 1.46 0.92
3/11/06 6.26 5.24 0.88 0.97 0.79 1.59 0.99
3/11/07 123.77 99.54 52.34 33.3 29.65 31.51 18.59
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
G&L Pool
Collateral: 4 Medical Office Properties
Balance: $35,000,000
DSCR: 1.50X
LTV: 68%
Interest Rate: 8.49%
Eff. Term/Amortization: 120/300
Prepayment: 100% Locked Out for Eff. Term
Wtd. Avg. Occupancy: 96%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
Design Center of the Americas
Collateral: Specialty Retail
Balance: $40,000,000
DSCR: 2.22X
LTV: 41%
Interest Rate: 7.47%
Eff. Term/Amortization: 120 / 300
Prepayment: 100% Locked Out for Eff Term
Occupancy: 98%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
Insurance Company of the West
Collateral: Credit Tenant Net Lease
Balance: $25,277,000
DSCR: N/A
LTV: N/A
Interest Rate: 8.00%
Eff. Term/Amortization: 120 / 240
Prepayment: 100% Locked Out for Eff Term
Occupancy: 100%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
M&H Pool
Collateral: 6 Crossed Anchored Retail Centers
Balance: $58,400,000
LTV: 49%
DSCR: 1.84X
Interest Rate: 7.50%
Eff. Term/Amortization: 120 / 360
Prepayment: 100 % Locked Out for Eff. Term
Wtd Avg Occ: 79%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
101 Hudson
Collateral: Class A Office Buliding
Balance: $135,000,000
DSCR: 1.65X
LTV: 57%
Interest Rate: 7.92%
Eff. Term/Amortization: 120 / 300
Prepayment: 100% Locked Out for Eff. Term
Wtd. Avg. Occ/ADR: 100%
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
Innkeepers
Collateral: 9 Crossed Hotels
Balance: $42,000,000
DSCR: 2.19X
LTV: 47%
Interest Rate: 8.15%
Eff. Term/Amortization: 120 / 240
Prepayment: 100% Locked Out for Eff. Term
Wtd. Avg. Occ/ADR: 80% / $75.57
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
Preliminary-Subject to Change
Fairfield Inns
Collateral: 50 Crossed Ltd Service Hotels
Balance: $165,400,000
DSCR: 1.62X
LTV: 61%
Interest Rate: 8.40%
Eff. Term/Amortization: 120 / 240
Prepayment: 100% Locked Out for Eff. Term
Wtd. Avg. Occ/ADR: 78% / $48.77
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
MD VII Properties
<TABLE>
<CAPTION>
Loan Name Property Type Secondary Type Allocated Loan Amt
- --------- ------------- -------------- ------------------
<S> <C> <C> <C>
G&L Office Medical Office 6,800,000
G&L Office Medical Office 6,200,000
G&L Office Medical Office 6,800,000
G&L Office Medical Office 15,200,000
Design Center of the Americas Retail NA 40,000,000
Insurance Company of the West Office NA 24,500,000
101 Hudson Office NA 135,000,000
M & H II Retail Anchored 34,014,273
M & H II Retail Anchored 6,173,456
M & H II Retail Anchored 5,624,184
M & H II Retail Anchored 4,969,988
M & H II Retail Anchored 4,337,580
M & H II Retail Unanchored 3,280,519
Fairfield Inns HOTEL Ltd Service 3,789,792
Fairfield Inns HOTEL Ltd Service 3,981,107
Fairfield Inns HOTEL Ltd Service 1,835,760
Fairfield Inns HOTEL Ltd Service 2,540,877
Fairfield Inns HOTEL Ltd Service 5,049,158
Fairfield Inns HOTEL Ltd Service 4,019,213
Fairfield Inns HOTEL Ltd Service 2,511,769
Fairfield Inns HOTEL Ltd Service 2,073,689
Fairfield Inns HOTEL Ltd Service 1,658,037
Fairfield Inns HOTEL Ltd Service 4,306,741
Fairfield Inns HOTEL Ltd Service 3,408,842
Fairfield Inns HOTEL Ltd Service 3,677,723
Fairfield Inns HOTEL Ltd Service 3,934,191
Fairfield Inns HOTEL Ltd Service 3,828,511
Fairfield Inns HOTEL Ltd Service 2,469,719
Fairfield Inns HOTEL Ltd Service 3,678,576
Fairfield Inns HOTEL Ltd Service 3,098,537
Fairfield Inns HOTEL Ltd Service 3,698,611
Fairfield Inns HOTEL Ltd Service 3,477,773
Fairfield Inns HOTEL Ltd Service 3,463,432
Fairfield Inns HOTEL Ltd Service 4,367,954
Fairfield Inns HOTEL Ltd Service 3,676,510
Fairfield Inns HOTEL Ltd Service 4,007,888
<CAPTION>
Loan Name Property Name Address City State Zip # of Units
- --------- ------------- ------- ---- ----- ---- ----------
<S> <C> <C> <C> <C> <C> <C>
G&L Friendly Hills Healthcare Building 12701 Schabarum Avenue Irwindale CA 91706 47,604
G&L Sherman Oaks Medical Plaza 4955 Van Nuys Blvd. Sherman Oaks CA 91403 69,326
G&L Regents Medical Center 4150 Regents Row Park La Jolla CA 92037 65,906
G&L North Bedford 436 North Bedford Drive Beverly Hills CA 90210 78,944
Design Center of the Americas Design Center of the Americas 1855 Griffin Road Dania FL 33004 554,273
Insurance Company of the West Insurance Compnay of the West 11455 El Camino Real San Diego CA 192,090
101 Hudson 101 Hudson 101 Hudson Jersey City NJ 1,214,870
M & H II Westgate Mall 1600 Saratoga Avenue San Jose CA 665,461
M & H II The Promenade 3501 McHenry Avenue Modesto CA 119,175
M & H II County Hills Town Center 2700-2800 Diamond Bar Blvd. Diamond CA 164,338
M & H II Lincoln Park Center 8888 Knott Avenue Buena Park CA 144,076
M & H II Mission Square 1018-1068 Mission Avenue Oceanside CA 191,673
M & H II Plaza La Quinta 78267 Highway 111 La Quinta CA 114,483
Fairfield Inns Fairfield - Birmingham 155 Vulcan Rd. Homewood AL 35209 132
Fairfield Inns Fairfield - Montgomery 5601 Carmichael Rd. Montgomery AL 36117 133
Fairfield Inns Fairfield - Buena Park 7032 Orangethorpe Ave. Buena Park CA 90621 135
Fairfield Inns Fairfield - Placentia 710 W. Kimberly Ave. Placentia CA 92670 135
Fairfield Inns Fairfield - Miami-West 3959 NW 79th Ave. Miami FL 33166 135
Fairfield Inns Fairfield - Gainesville 6901 NW 4th Blvd. Gainesville FL 32607 135
Fairfield Inns Fairfield - Orlando-Int'l 8342 Jamaican Ct. Orlando FL 32819 135
Fairfield Inns Fairfield - Orlando-South 1850 Landstreet Rd. Orlando FL 32809 132
Fairfield Inns Fairfield - Atlanta-Airport 2451 Old National Pkwy. College Park GA 30349 132
Fairfield Inns Fairfield - Atlanta-Gwinnett 3500 Ventrue Pkwy. Duluth GA 30136 135
Fairfield Inns Fairfield - Atlanta-Northlake 2155 Ranchwood Dr. Atlanta GA 30345 133
Fairfield Inns Fairfield - Atlanta-Northwest 2191 NW Pkwy. Marietta GA 30067 130
Fairfield Inns Fairfield - Atlanta-Peachtree 6650 Bay Circle Dr. Norcross GA 30071 135
Fairfield Inns Fairfield - Atlanta-Southlake 1599 Adamson Pkwy. Morrow GA 30260 134
Fairfield Inns Fairfield - Savannah 2 Lee Blvd. Savannah GA 31405 135
Fairfield Inns Fairfield - Bloomington 202 Landmark Dr. Normal IL 61761 128
Fairfield Inns Fairfield - Chicago 17301 Oak Ave. Lansing IL 60438 135
Fairfield Inns Fairfield - Peoria 4203 N. War Memorial Dr. Peoria IL 61614 135
Fairfield Inns Fairfield - Rockford 7712 Potawatomi Trail Rockford IL 61107 135
Fairfield Inns Fairfield - Indianapolis-Castle 8325 Bash Rd. Indianapolis IN 46250 131
Fairfield Inns Fairfield - Indianapolis-Coll. 9251 Wesleyan Rd. Indianapolis IN 46250 131
Fairfield Inns Fairfield - Des Moines 1600114th St. Clive IA 50322 135
Fairfield Inns Fairfield - KC-Overland Pk 4401 W. 107th St. Overland Park KS 66207 134
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
<PAGE>
MD VII Properties
<TABLE>
<CAPTION>
Loan Name Property Type Secondary Type Allocated Loan Amt
- --------- ------------- -------------- ------------------
<S> <C> <C> <C>
Fairfield Inns HOTEL Ltd Service 4,690,748
Fairfield Inns HOTEL Ltd Service 3,119,399
Fairfield Inns HOTEL Ltd Service 2,564,831
Fairfield Inns HOTEL Ltd Service 2,842,791
Fairfield Inns HOTEL Ltd Service 2,062,208
Fairfield Inns HOTEL Ltd Service 2,601,152
Fairfield Inns HOTEL Ltd Service 2,799,518
Fairfield Inns HOTEL Ltd Service 2,768,513
Fairfield Inns HOTEL Ltd Service 2,697,226
Fairfield Inns HOTEL Ltd Service 2,652,309
Fairfield Inns HOTEL Ltd Service 4,039,931
Fairfield Inns HOTEL Ltd Service 4,232,161
Fairfield Inns HOTEL Ltd Service 2,700,000
Fairfield Inns HOTEL Ltd Service 4,017,519
Fairfield Inns HOTEL Ltd Service 5,230,344
Fairfield Inns HOTEL Ltd Service 3,726,869
Fairfield Inns HOTEL Ltd Service 2,357,095
Fairfield Inns HOTEL Ltd Service 2,547,887
Fairfield Inns HOTEL Ltd Service 4,504,169
Fairfield Inns HOTEL Ltd Service 3,725,005
Fairfield Inns HOTEL Ltd Service 3,708,840
Fairfield Inns HOTEL Ltd Service 2,713,975
Fairfield Inns HOTEL Ltd Service 3,121,297
Fairfield Inns HOTEL Ltd Service 2,763,671
Fairfield Inns HOTEL Ltd Service 2,166,621
Fairfield Inns HOTEL Ltd Service 2,825,957
Fairfield Inns HOTEL Ltd Service 3,665,554
Innkeepers HOTEL Ltd Service 2,959,795
Innkeepers HOTEL Ext Stay 17,804,517
Innkeepers HOTEL Ext Stay 2,461,412
Innkeepers HOTEL Ltd Service 4,380,524
Innkeepers HOTEL Ext Stay 4,095,738
Innkeepers HOTEL Ext Stay 5,583,879
Innkeepers HOTEL Ext Stay 1,980,032
Innkeepers HOTEL Ltd Service 2,734,103
Total: 500,300,000
<CAPTION>
Loan Name Property Name Address City State Zip # of Units
- --------- ------------- ------- ---- ----- ---- ----------
<S> <C> <C> <C> <C> <C> <C>
Fairfield Inns Fairfield - KC-West 6601 Frpmtage Rd. Merriam KS 66202 135
Fairfield Inns Fairfield - Auburn Hills 1294 Opdyke Rd. Auburn Hills MI 48326 134
Fairfield Inns Fairfield - Detroit-Airport 31119 Flynn Dr. Romulus MI 48174 132
Fairfield Inns Fairfield - Detroit-Madison 32800 Stephenson Hwy. Madison HeightsMI 48071 134
Fairfield Inns Fairfield - Detroit-Warren 7454 Convention Blvd. Warren MI 48093 132
Fairfield Inns Fairfield - Detroit-West 5700 Haggerty Rd. Canton MI 48187 133
Fairfield Inns Fairfield - Kalamazoo 3800 E. Cork St. Kalamazoo MI 49001 133
Fairfield Inns Fairfield - St. Louis 9079 Dunn Rd. Hazelwood MO 63042 135
Fairfield Inns Fairfield - Charlotte-Airport 3400 South I-85 Service Rd. Charlotte NC 28208 135
Fairfield Inns Fairfield - Charlotte-North 5415 N. I-85 Service Rd. Charlotte NC 28213 133
Fairfield Inns Fairfield - Durham 3710 Hillsborough Rd. Durham NC 27705 135
Fairfield Inns Fairfield - Fayetteville 562 Cross Creek Mall Fayetteville NC 28303 135
Fairfield Inns Fairfield - Raleigh 2641 Appliance Ct. Raleigh NC 27604 132
Fairfield Inns Fairfield - Greensboro 2003 Athena Ct. Greensboro NC 27407 135
Fairfield Inns Fairfield - Wilmington 306 S. College Rd. Wilmington NC 28403 134
Fairfield Inns Fairfield - Cleveland 16644 Snow Rd. Brook Park OH 44142 135
Fairfield Inns Fairfield - Columbus 887 Morse Rd. Columbus OH 43229 135
Fairfield Inns Fairfield - Dayton 6960 Miller Ln. Dayton OH 45414 135
Fairfield Inns Fairfield - Toledo-Airport 1401 E. Mall Dr. Holland OH 43528 135
Fairfield Inns Fairfield - Florence 140 Dunbarton Dr. Florence SC 29501 134
Fairfield Inns Fairfield - Greenville 60 Roper Mountain Rd. Greenville SC 29607 132
Fairfield Inns Fairfield - Hilton Head 9 Marina Side Dr. Hilton Head SC 29928 120
Fairfield Inns Fairfield - Johnson City 207 E. Mountcastle Dr. Johnson City TN 37601 132
Fairfield Inns Fairfield - Hampton 1905 Coliseum Dr. Hampton VA 23666 134
Fairfield Inns Fairfield - Virginia Beach 4760 Euclid Rd. Virginia Beach VA 23462 134
Fairfield Inns Fairfield - Madison 4765 Hayes Rd. Madison WI 53704 134
Fairfield Inns Fairfield - Milwaukee 20150 W. Blue Mound Rd. Waukesha WI 53186 135
Innkeepers Hampton Inn - Naples 3210 Tamiami Trail North Naples FL 34103 107
Innkeepers Residence Inn - Sunnyvale 750 Lake Way Street Sunnyvale CA 231
Innkeepers Residence Inn - Binghampton 4610 Vestal Parkway Binghampton NY 13850 72
Innkeepers Hampton Inn - Islandia 1600 Vetrans Memorial Hwy. Islandia NY 11722 121
Innkeepers Residence Inn - Cherry Hill 1821 Old Cuthbert Road Cherry Hill NJ 96
Innkeepers Residence Inn - Denver 2777 Zuni Street Denver CO 80211 156
Innkeepers Residence Inn - Wichita 411 South Webb Road Wichita KS 67213 64
Innkeepers Hamton Inn - Tallahassee 3210 North Monroe Street Tallahassee FL 32303 93
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] NOMURA Prospective investors are advised to carefully
2/21/97 DIRECT.DOC read, and should rely solely on, the final
_______S-24 prospectus and prospectus supplement (the "Final
_______S-8 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 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, predictions or opinions with respect to
value, the actual rate or timing of principal
payments or prepayments on the underlying assets
or the performance characteristics of the
securities. Nomura and its affiliates may in the
future have a position in the securities discussed
herein and may purchase or sell the same on a
principal basis or as agent for another person. In
addition, Nomura may act as an underwriter of such
securities, and Nomura and certain of its
affiliates may currently be providing investment
banking and other services to the issuer of such
securities and the borrowers described herein and
their affiliates. Prior to making any investment
decision, a prospective investor shall receive and
fully review the Final Prospectus. NOTHING HEREIN
SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
- --------------------------------------------------------------------------------
