<PAGE>
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) September 17, 1999
DLJ Commercial Mortgage Corp.
- - -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-82275 13-3956945
- - -------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
277 Park Avenue, New York, New York 10172
- - -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
--------------
- - -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
===============================================================================
<PAGE>
Item 5. Other Events.
- - ------ ------------
It is expected that during October 1999, a single series of
certificates, entitled DLJ Commercial Mortgage Corp., Commercial Mortgage
Pass-Through Certificates, Series 1999-CG3 (the "Certificates"), will be issued
pursuant to a pooling and servicing agreement (the "Pooling and Servicing
Agreement"), to be entered into by and among DLJ Commercial Mortgage Corp. (the
"Registrant"), a master servicer, a special servicer and a trustee. The offering
and sale of certain classes of the Certificates (the "Underwritten
Certificates") will be registered under the Registrant's registration statement
on Form S-3 (no. 333-82275) and sold to Donaldson, Lufkin & Jenrette Securities
Corporation (the "Underwriter") pursuant to an underwriting agreement (the
"Underwriting Agreement") to be entered into by and between the Registrant and
the Underwriter.
In connection with the expected sale of the Underwritten Certificates,
DLJ has advised the Registrant that it has furnished to prospective investors
certain information attached hereto as Exhibit 99.1 that may be considered
"Computational Materials" (as defined in the no-action letter dated May 20,
1994 issued by the Division of Corporation Finance of the Securities and
Exchange Commission (the "Commission") to Kidder, Peabody Acceptance Corporation
I, Kidder, Peabody & Co. Incorporated, and Kidder Structured Asset Corporation
and the no-action letter dated May 27, 1994 issued by the Division of
Corporation Finance of the Commission to the Public Securities Association) and
"ABS Term Sheets" (as defined in the no-action letter dated February 17, 1995
issued by the Division of Corporation Finance of the Commission to the Public
Securities Association).
The Computational Materials and ABS Term Sheets attached hereto have
been prepared and provided to the Registrant by the Underwriter. The information
in such Computational Materials and ABS Term Sheets is preliminary and will be
superseded by the final Prospectus Supplement relating to the Underwritten
Certificates and by any other information subsequently filed with the
Commission. To the extent any Computational Materials and ABS Term Sheets
previously filed by the Registrant with respect to the Underwritten Certificates
are inconsistent with the Computational Materials and ABS Term Sheets attached
hereto, such previously filed Computational Materials and ABS Term Sheets are
superseded by the Computational Materials and ABS Term Sheets attached hereto.
Item 7. Financial Statements and Exhibits.
- - ------- ----------------------------------
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
-2-
<PAGE>
(c) Exhibits:
Exhibit No. Description
99.1 Computational Materials and ABS Term Sheets dated September 17,
1999.
-3-
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: September 17, 1999
DLJ COMMERCIAL MORTGAGE CORP.
By: /s/ N. Dante LaRocca
-------------------------------------
Name: N. Dante LaRocca
Title: Senior Vice President
-4-
<PAGE>
EXHIBIT INDEX
-------------
The following exhibits are filed herewith:
Exhibit No. Page No.
- - ----------- --------
99.1 Computational Materials and ABS Term Sheets, dated
September 17, 1999.
-5-
<PAGE>
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates,
Series 1999-CG3
$875,000,000
(Approximate)
Offered Certificates
COLUMN
FINANCIAL GE Capital Access, Inc.
Donaldson, Lufkin & Jenrette
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Transaction Offering:
- - ---------------------
<TABLE>
<CAPTION>
(%) of Initial
Initial Initial Pass- Wtd.
Certificate Pool Credit Through Avg. Principal
Class Ratings(1) Balance Balance Support Rate Description Life(3) Maturity(3) Window(3) Legal Status ERISA(4)
- - ----- ---------- ------- ------- ------- ---- ----------- ------- ----------- --------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Publicly Offered Certificates:
S -- --(2) -- -- -- -- -- -- -- Public --
A-1A -- -- -- -- -- -- -- -- -- Public --
A-1B -- -- -- -- -- -- -- -- -- Public --
A-2 -- -- -- -- -- -- -- -- -- Public --
A-3 -- -- -- -- -- -- -- -- -- Public --
A-4 -- -- -- -- -- -- -- -- -- Public --
B-1 -- -- -- -- -- -- -- -- -- Public --
B-2 -- -- -- -- -- -- -- -- -- Public --
Privately Offered Certificates(5):
B-3 -- -- -- -- -- -- -- -- -- Private-144A --
B-4 -- -- -- -- -- -- -- -- -- Private-144A --
B-5 -- -- -- -- -- -- -- -- -- Private-144A --
B-6 -- -- -- -- -- -- -- -- -- Private-144A --
B-7 -- -- -- -- -- -- -- -- -- Private-144A --
B-8 -- -- -- -- -- -- -- -- -- Private-144A --
C -- -- -- -- -- -- -- -- -- Private-144A --
D -- -- -- -- -- -- -- -- -- Private-144A --
</TABLE>
(1) Moody's Investors Service, Inc. / Fitch IBCA, Inc.
(2) Notional amount. The Class S certificates will be interest only and not be
entitled to distributions of principal.
(3) Assumes 0% CPR, no defaults, no extensions and ARD Loans pay in full on
their Anticipated Repayment Dates. Otherwise based on
"Maturity Assumptions" set forth in the Prospectus Supplement.
(4) Expected to be eligible for the underwriter's individual prohibited
transaction exemption under ERISA.
(5) Not offered herein.
Originator Profile:
- - -------------------
The mortgage loans were originated or acquired primarily by (i) Column
Financial, Inc. (Column) and (ii) an affiliate of GE Capital Access, Inc.
(GECA). Approximately 52.2% of the mortgage loans are being contributed by
Column and 47.8% are being contributed by GECA. All of the mortgage loans were
originated between 1998 and 1999.
Column, an indirect wholly owned subsidiary of Donaldson, Lufkin & Jenrette,
Inc., was established in August 1993. Column has originated over 1,800
commercial mortgage loans totaling $7.5 billion since its inception. Column
sources, underwrites and closes various mortgage loan products through 17
production offices located throughout the country.
GECA is a wholly owned subsidiary of General Electric Capital Corporation
(GECC). Since 1996, GECA and its affiliates have originated or acquired
approximately $5.8 billion of commercial mortgage loans in connection with its
capital markets programs. Through its GE Capital Real Estate division, GECC has
been lending and investing in the commercial real estate industry for over 25
years and has a portfolio of approximately $15 billion of assets. GE Capital
Real Estate originates and acquires commercial mortgage loans through
approximately 20 offices located throughout North America.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 2
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
<TABLE>
<CAPTION>
Collateral Overview:
- - --------------------
<S> <C>
o Total Collateral Balance: $ 980,453,293 (Approximate)
o Avg. Cut-off Date Balance: $ 5,602,590
o Loans/Properties: 175 loans / 186 properties
o Property Type: Multifamily (32.5%), Retail (22.6%), Office (19.4%), Other (25.5%)
o Geographic Distribution: 38 States and DC. CA (19.2%), TX (14.7%), NY (9.9%), Other (56.2%)
o Amortization Types: Balloon (79.2%), ARD (18.2%), Fully Amortizing (2.6%)
o Wtd. Avg. U/W DSCR(1): 1.36x
o Wtd. Avg. Cut-off Date
LTV(1): 70.5%
o Appraisals: 100% of the appraisals state that they follow the guidelines set forth in Title XI of
FIRREA.
o Largest Loan: 5.0%
o Five Largest Loans: 20.8%
o Ten Largest Loans: 33.3%
o Wtd. Avg. Remaining
Term to Maturity: 121 months
o Wtd. Avg. Seasoning: 3 months
o Gross WAC: 8.056%
o Call Protection: All of the Mortgage Loans provide for either a prepayment lockout period
("Lockout") and a defeasance period ("Defeasance") or a yield maintenance
premium ("YMP") period. All of the Mortgage Loans provide for initial lockout
periods. The remaining weighted average lockout and defeasance period for all
loans is 9.7 years. All yield maintenance charges are calculated at flat-to-
treasuries.
o Defeasance: 99.8%
o Credit Tenant Lease: 1.3%
</TABLE>
(1) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 3
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
<TABLE>
<CAPTION>
Collateral Overview (continued):
- - --------------------------------
<S> <C>
o Participation Loans: None
o Secured Subordinate Debt: 1.3%
o Leasehold: 0.7%
o Delinquency: No loan delinquent 30 days or more as of the Cut-off Date.
<CAPTION>
Transaction Overview:
- - ---------------------
<S> <C>
o Structure: Senior/subordinated, sequential pay pass-through bonds.
o Lead Manager: Donaldson, Lufkin & Jenrette, Sole
o Mortgage Loan Sellers: Column Financial, Inc. and GE Capital Access, Inc.
o Rating Agencies: Moody's Investors Service, Inc. / Fitch IBCA, Inc.
o Master Servicer: GE Capital Loan Services, Inc.
o Special Servicer: GMAC Commercial Mortgage Corporation
o Trustee: Norwest Bank Minnesota, National Association
o Cut-off Date: October 1, 1999
o Settlement Date: October __, 1999
o Distribution: The X day of the month, or if such day is not a business day, the
following business day, but no sooner than the X business day after the X day
of the month.
o Delivery: The Depository Trust Company ("DTC") through Cede & Co. (in the United
States) or Cedel Bank, Societe Anonyme ("Cedel") or The Euroclear System
("Euroclear") (in Europe).
o ERISA: Classes A-1A, A-1B and S are expected to be eligible for the
underwriter's individual prohibited transaction exemption with respect to
ERISA, subject to certain conditions of eligibility.
o SMMEA: None of the Offered Securities are SMMEA eligible.
o Tax Treatment: REMIC
</TABLE>
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 4
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
<TABLE>
<CAPTION>
Transaction Overview (continued):
- - ---------------------------------
<S> <C>
o Servicer Option to Terminate
Trust: 1%
o Analytics: Cashflows are expected to be available through Bloomberg, the Trepp Group,
Intex Solutions and Charter Research.
o Extensions: The Special Servicer will be responsible for performing certain servicing functions
with respect to Mortgage Loans that, in general, are in default or as to which
default is imminent, and for administering any REO properties. The Pooling and
Servicing Agreement will generally permit the Special Servicer to modify, waive
or amend any term of any Mortgage Loan if it determines, in accordance with the
servicing standard, that it is appropriate to do so. The Special Servicer will not be
permitted to grant any extension of the maturity of a Mortgage Loan beyond 60
months after its stated maturity date.
o Controlling Class: The Controlling Class of Certificateholders may advise and appoint a Special
Servicer and replace the existing Special Servicer. The Controlling Class will be
the most subordinate Class of Certificates which has a current aggregate certificate
principal amount no less than 25% of its original aggregate certificate principal
balance.
o Advances: The Master Servicer will be obligated to make advances of scheduled principal
and interest payments, excluding balloon payments, subject to recoverability
determination and appraisal reductions. If the Master Servicer fails to make a
required P & I Advance and the Trustee is aware of such failure, the Trustee will
be obligated to make such Advance.
o Appraisal Reductions: An appraisal reduction generally will be created in the amount, if any, by which
the Stated Principal Balance of a Specially Serviced Mortgage Loan (plus other
amounts overdue in connection with such loan) exceeds 90% of the appraised
value of the related Mortgaged Property. The Appraisal Reduction Amount will
reduce proportionately the interest portion (but not the principal portion) of any
amount of P&I Advances for such loan, which reduction will result, in general, in
a reduction of interest distributable to the most subordinate Class of Principal
Balance Certificates outstanding. An appraisal reduction will be reduced to zero as
of the date the related Mortgage Loan has been brought current for at least twelve
consecutive months, paid in full, liquidated, repurchased, or otherwise disposed of.
Appraisal reductions will not effect class sizes for the purposes of determining the
Controlling Class.
</TABLE>
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 5
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Structure Description:
- - ----------------------
Administrative Fee
<TABLE>
<CAPTION>
<S> <C>
------ ------
Public Public Class S - - Public
------
------ Public
Public
------
------ Public
Public
------
Public
------- ------- ------- ------- ------- ------- ------- -------
Private Private Private Private Private Private Private Private
Class Class Class Class Class Class Class Class Class Class Class Class Class Class Class
A-1A A-1B A-2 A-3 A-4 B-1 B-2 B-3 B-4 B-5 B-6 B-7 B-8 C D
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
</TABLE>
Class
S
A-1A
A-1B
[PLOT POINTS TO COME]
A-2
A-3
A-4
B-1
B-2
Priority of Cashflows
B-3
Principal
B-4
Interest
B-5
B-6
B-7
B-8
C
D
Oct-99 Oct-09 Oct-19 Oct-29
Based on the "Maturity Assumptions" set forth in the Prospectus Supplement and a
0% CPR (except ARD Loans paid in full on the ARD).
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 6
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Interest Distributions:
- - -----------------------
Each Class of Certificates will be entitled on each Distribution Date to
interest accrued at its Pass-Through Rate on the Certificate Balance of such
Class outstanding immediately prior to the related distribution date. The Class
S Certificates will be entitled on each Distribution Date to the aggregate
interest accrued at the related Class S Strip Rate on each of its notional
components. All Classes will pay interest on a 30/360 basis.
Principal Distributions:
- - ------------------------
Available principal will be distributed on each Distribution Date to the
outstanding Classes of Principal Balance Certificates in the following
sequential order: Class A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, B-4, B-5, B-6,
B-7, B-8, C and D. However, if Classes A-2 through D have been retired as a
result of losses and additional trust fund expenses, Classes A-1A and A-1B will
receive principal on a pro-rata basis.
Realized Losses and Expense(s):
- - -------------------------------
Realized losses from any Mortgage Loan and additional trust fund expenses will
be allocated to the outstanding classes of Principal Balance Certificates in the
following sequential order: Class D, C, B-8, B-7, B-6, B-5, B-4, B-3, B-2, B-1,
A-4, A-3 and A-2. If Classes A-2 through D have been reduced to $0 by losses and
additional trust fund expenses, future losses and additional trust fund expenses
shall be applied to Classes A-1A and A-1B pro-rata.
Credit Enhancements:
- - --------------------
Credit enhancement for each Class of publicly registered Certificates will be
provided by the Classes of Certificates which are subordinate in priority with
respect to payments of interest and principal.
Allocation of Yield Maintenance and Prepayment Premiums:
- - --------------------------------------------------------
The certificate yield maintenance amount ("CYMA") for the Class A-1A, A-1B, A-2,
A-3, A-4, B-1 and B-2 Certificates (collectively, the "Yield Maintenance
Certificates") equals the total yield maintenance premium collected, multiplied
by a fraction (not greater than one or less than zero) which is based upon a
formula involving the relationship between the Pass-Through Rate for the Classes
currently receiving principal, the mortgage rate of the Mortgage Loan that has
prepaid, and current interest rates. In general, the CYMA for any Distribution
Date will be calculated in respect of and payable to the Class(es) of Principal
Balance Certificates entitled to receive distributions of principal on such
Distribution Date.
CYM = ( Pass-Through Rate - Discount Rate )
-------------------------------------
Allocation ( Mortgage Rate - Discount Rate )
to Yield Maintenance Certificates
The yield maintenance amount payable to the Class S (interest only)
Certificates, will equal the total yield maintenance premium less the CYMA for
the Yield Maintenance Certificates as defined above.
All prepayment premiums collected on the Mortgage Loans and calculated as a
percentage of the amount prepaid, will be distributed to the Class S (interest
only) Certificates.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 7
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Allocation of Yield Maintenance and Prepayment Premiums (continued):
- - --------------------------------------------------------------------
In general, this formula provides for an increase in the allocation of yield
maintenance premiums to the Yield Maintenance Certificates as interest rates
decrease and a decrease in the allocation to such Classes as interest rates
rise.
Allocation of Yield Maintenance Premiums Example:
- - -------------------------------------------------
Discount Rate Fraction Methodology:
- - -----------------------------------
Mortgage Rate = 8%
P & I Class Coupon = 6%
Discount Rate (Based on a Treasury Rate) = 5%
% of Principal Distributed to Class = 100%
P & I Class Allocation:
- - ------------------------
6% - 5% x 100% = 33 1/3%
- - -------
8% - 5%
Class S Allocation:
- - -------------------
100% - P & I Class (es) Allocation = 66 2/3%
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 8
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Stratification:
- - ---------------
[GRAPHIC APPEARS HERE]
AL 0.2%
AZ 3.0%
CA 19.2%
CO 1.2%
CT 1.2%
DC 2.2%
FL 4.3%
IA 0.6%
IL 4.3%
IN 0.4%
KS 0.5%
KY 0.8%
LA 1.4%
MA 1.3%
MD 3.4%
ME 0.2%
MI 4.6%
MN 3.5%
MT 0.4%
NC 2.8%
ND 0.2%
NH 0.3%
NJ 3.0%
NM 0.9%
NY 9.9%
NV 0.1%
OH 3.0%
OK 0.9%
OR 0.2%
PA 4.2%
RI 0.1%
SC 3.6%
TN 1.5%
TX 14.7%
UT 0.3%
VA 1.3%
WA 0.3%
WI 0.1%
Mortgaged Properties by State
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgaged Cut-off Date Initial Pool Mortgage Average Cut-off Date
State Properties Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 23 $187,966,443 19.2% 7.930% 1.29x 71.9%
Texas 36 144,311,561 14.7% 8.046% 1.34 72.6%
New York 6 96,756,666 9.9% 7.878% 1.34 68.6%
Michigan 7 45,560,071 4.6% 8.364% 1.25 75.7%
Illinois 6 41,807,221 4.3% 8.139% 1.24 72.3%
Florida 11 41,703,633 4.3% 7.969% 1.25 75.9%
Pennsylvania 3 41,013,214 4.2% 8.346% 1.22 68.7%
South Carolina 1 34,953,502 3.6% 8.170% 2.39 42.8%
Minnesota 4 34,204,110 3.5% 8.144% 1.78 54.9%
Maryland 6 32,868,169 3.4% 8.261% 1.25 77.1%
New Jersey 8 29,633,749 3.0% 8.486% 1.36 67.3%
Arizona 7 29,221,897 3.0% 7.897% 1.25 78.0%
Ohio 5 29,167,661 3.0% 7.962% 1.28 74.5%
North Carolina 5 27,225,547 2.8% 7.657% 1.31 75.0%
District of Columbia 4 21,404,131 2.2% 7.763% 1.32 75.9%
Tennessee 3 14,219,318 1.5% 7.582% 1.28 76.1%
Louisiana 6 13,486,147 1.4% 8.510% 1.46 62.2%
Virginia 4 12,550,856 1.3% 8.120% 1.27 73.1%
Massachusetts 2 12,537,236 1.3% 7.665% 1.24 78.9%
Connecticut 8 11,959,040 1.2% 8.559% 1.33 70.9%
Colorado 3 11,902,001 1.2% 7.790% 1.38 71.9%
Oklahoma 1 8,691,817 0.9% 8.680% 1.45 62.1%
New Mexico 2 8,542,278 0.9% 8.212% 1.28 77.7%
Kentucky 1 7,991,375 0.8% 8.150% 1.26 67.7%
Iowa 4 5,883,501 0.6% 8.439% 1.28 74.3%
Kansas 2 4,473,408 0.5% 8.570% 1.33 55.8%
Indiana 2 4,296,499 0.4% 8.702% 1.30 65.7%
Montana 1 3,956,496 0.4% 8.290% 1.23 79.1%
Utah 1 3,288,373 0.3% 8.070% 1.20 72.9%
Washington 3 3,057,725 0.3% 8.468% 1.26 51.5%
New Hampshire 3 3,014,366 0.3% 8.686% 1.27 60.0%
Oregon 1 2,248,487 0.2% 7.990% 1.20 68.1%
Alabama 1 2,020,069 0.2% 7.720% 1.50 76.2%
Maine 1 1,998,361 0.2% 7.000% 1.33 74.0%
Mississippi 1 1,896,804 0.2% 7.780% 1.43 74.4%
North Dakota 1 1,496,145 0.2% 8.280% 1.26 44.8%
Rhode Island 1 1,347,747 0.1% 8.610% 1.29 72.5%
Nevada 1 998,838 0.1% 7.870% 1.61 58.1%
Wisconsin 1 798,832 0.1% 8.220% 1.43 69.5%
------------------------------------------------------------------------------------------------------
Total/Weighted Average: 186 $980,453,293 100.0% 8.056% 1.36x 70.5%
======================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 9
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
[BAR CHART APPEARS HERE]
Self Storage 0.7%
Independent/Assisted Living 0.4%
Multifamily 32.5%
Retail 22.6%
Office 19.4%
Hotel 11.5%
Manufactured Housing 5.0%
Mixed Use 3.4%
Industrial 3.3%
CTL 1.3%
Mortgaged Properties by Property Type
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgaged Cut-off Date Initial Pool Mortgage Average Cut-off Date
Property Type Properties Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Multifamily 79 $ 318,195,569 32.5% 7.880% 1.28x 74.0%
Retail 40 221,658,077 22.6% 7.914% 1.32 73.9%
Office 20 189,849,943 19.4% 8.237% 1.24 70.3%
Hotel 8 112,581,692 11.5% 8.300% 1.90 52.8%
Manufactured Housing 10 48,664,543 5.0% 8.002% 1.23 75.8%
Mixed Use 9 33,429,972 3.4% 8.402% 1.29 71.3%
Industrial 10 32,711,374 3.3% 8.434% 1.36 69.1%
CTL 5 12,715,287 1.3% 8.123% N/A N/A
Self Storage 4 6,819,157 0.7% 8.319% 1.43 65.1%
Independent/Assisted Living 1 3,827,680 0.4% 8.500% 1.26 67.2%
--------------------------------------------------------------------------------------------------
Total/Weighted Average: 186 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
==================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 10
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Original Amortization Terms
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Original Amortization Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Terms (Months) Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
177 - 239 6 $ 17,578,958 1.8% 8.284% 1.55x 52.1%
240 - 299 8 9,809,264 1.0% 8.363% 1.36 64.6%
300 - 313 35 150,538,178 15.4% 8.030% 1.57 60.7%
314 - 360 126 802,526,893 81.9% 8.052% 1.31 72.6%
--------------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
========================================================================================================
</TABLE>
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 177
Wtd. Avg. Original Amortization Term (Months): 346
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
Original Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Original Terms Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
to Maturity (Months) Loans Balance (2) Balance Rate U/W DSCR (3) LTV Ratio (3)
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
60 - 115 7 $ 35,861,917 3.7% 8.214% 1.28x 71.2%
116 - 120 154 901,775,502 92.0% 8.075% 1.36 70.6%
121 - 200 4 13,032,747 1.3% 7.311% 1.51 74.2%
201 - 300 10 29,783,127 3.0% 7.617% 1.45 66.8%
-------------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
=======================================================================================================
</TABLE>
Maximum Original Term to Maturity (Months): 300
Minimum Original Term to Maturity (Months): 60
Wtd. Avg. Original Term to Maturity (Months): 123
(1) In the case of Anticipated Repayment Date loans, the Anticipated Repayment
Date is assumed to be the maturity date for the purposes of the table.
(2) Assumes a Cut-off Date of October 1, 1999.
(3) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 11
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Remaining Amortization Terms
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Remaining Amortization Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Terms (Months) Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
176 - 238 9 $ 21,083,672 2.2% 8.339% 1.44x 58.1%
239 - 298 26 113,137,486 11.5% 7.766% 1.65 59.3%
299 - 312 14 43,705,242 4.5% 8.741% 1.37 64.0%
313 - 359 126 802,526,893 81.9% 8.052% 1.31 72.6%
------------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
======================================================================================================
</TABLE>
Maximum Remaining Amortization Term (Months): 359
Minimum Remaining Amortization Term (Months): 176
Wtd. Avg. Remaining Amortization Term (Months): 343
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
Remaining Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Remaining Terms Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
to Maturity (Months) Loans Balance (2) Balance Rate U/W DSCR (3) LTV Ratio (3)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
59 - 114 10 $ 69,738,424 7.1% 7.618% 1.43x 67.9%
115 - 119 151 867,898,995 88.5% 8.117% 1.35 70.8%
120 - 199 4 13,032,747 1.3% 7.311% 1.51 74.2%
200 - 299 10 29,783,127 3.0% 7.617% 1.45 66.8%
-------------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
=======================================================================================================
</TABLE>
Maximum Remaining Term to Maturity (Months): 299
Minimum Remaining Term to Maturity (Months): 59
Wtd. Avg. Remaining Term to Maturity (Months): 121
(1) In the case of Anticipated Repayment Date loans, the Anticipated Repayment
Date is assumed to be the maturity date for the purposes of the table.
(2) Assumes a Cut-off Date of October 1, 1999.
(3) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 12
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Underwritten Debt Service Coverage Ratios
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
U/W DSCRs Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CTL 5 $ 12,715,287 1.3% 8.123% N/A N/A
1.20x - 1.21 21 180,063,758 18.4% 8.209% 1.21x 72.5%
1.22 - 1.24 40 229,205,096 23.4% 7.969% 1.23 76.5%
1.25 - 1.29 50 215,036,518 21.9% 8.115% 1.27 74.1%
1.30 - 1.34 21 103,103,292 10.5% 8.035% 1.32 70.0%
1.35 - 1.39 13 33,108,248 3.4% 8.278% 1.36 69.1%
1.40 - 2.39x 25 207,221,094 21.1% 7.929% 1.73 58.9%
----------------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
==========================================================================================================
</TABLE>
Maximum Underwriting DSCR (2): 2.39x
Minimum Underwriting DSCR (2): 1.20x
Wtd. Avg. Underwriting DSCR (2): 1.36x
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
Cut-off Date Loan-to-Value Ratios
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Cut-off Date Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Loan-to-Value Ratios Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CTL 5 $ 12,715,287 1.3% 8.123% N/A N/A
37.10% - 55.00% 12 101,446,840 10.3% 8.118% 1.97x 49.4%
55.10% - 65.00% 25 130,868,336 13.3% 8.033% 1.42 62.8%
65.10% - 67.50% 7 73,015,929 7.4% 8.185% 1.22 66.8%
67.60% - 70.00% 14 37,639,726 3.8% 8.200% 1.31 68.6%
70.10% - 72.50% 15 88,494,370 9.0% 8.074% 1.31 71.9%
72.60% - 75.00% 34 135,176,063 13.8% 8.258% 1.26 73.6%
75.10% - 77.50% 24 145,090,742 14.8% 8.032% 1.25 76.3%
77.60% - 78.50% 9 110,248,921 11.2% 7.867% 1.24 78.2%
78.60% - 79.50% 17 77,882,546 7.9% 7.738% 1.29 79.1%
79.60% - 80.00% 13 67,874,534 6.9% 8.071% 1.24 79.8%
-------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
=================================================================================================
</TABLE>
Maximum Cut-off Date LTV Ratio (2): 80.0%
Minimum Cut-off Date LTV Ratio (2): 37.1%
Wtd. Avg. Cut-off Date LTV Ratio (2): 70.5%
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 13
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Cut-off Date Balances
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Cut-off Date Balances Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 401,415 - 500,000 6 $ 2,711,826 0.3% 8.996% 1.26x 63.6%
500,001 - 750,000 6 3,520,729 0.4% 8.555% 1.31 57.6%
750,001 - 1,000,000 12 10,531,893 1.1% 8.542% 1.29 68.6%
1,000,001 - 1,250,000 7 7,575,572 0.8% 8.409% 1.34 64.6%
1,250,001 - 1,500,000 16 22,345,747 2.3% 8.442% 1.27 72.1%
1,500,001 - 1,750,000 9 14,995,477 1.5% 8.194% 1.27 75.0%
1,750,001 - 2,000,000 14 26,264,449 2.7% 7.965% 1.32 71.6%
2,000,001 - 3,000,000 17 41,929,533 4.3% 8.178% 1.33 70.4%
3,000,001 - 4,000,000 21 74,893,271 7.6% 8.316% 1.30 72.4%
4,000,001 - 5,000,000 13 58,884,120 6.0% 7.942% 1.31 74.4%
5,000,001 - 6,000,000 9 49,533,870 5.1% 8.232% 1.31 70.8%
6,000,001 - 7,000,000 7 45,971,315 4.7% 7.920% 1.31 72.2%
7,000,001 - 8,000,000 8 59,646,308 6.1% 7.864% 1.25 75.7%
8,000,001 - 9,000,000 7 58,981,979 6.0% 7.944% 1.32 75.3%
9,000,001 - 11,500,000 4 40,604,982 4.1% 8.217% 1.28 69.4%
11,500,001 - 15,500,000 7 100,025,244 10.2% 8.030% 1.26 73.2%
15,500,001 - 19,500,000 3 52,126,403 5.3% 8.099% 1.41 71.2%
19,500,001 - 34,500,000 5 152,709,847 15.6% 7.847% 1.44 65.5%
34,500,001 - $ 48,969,762 4 157,200,732 16.0% 8.075% 1.51 67.2%
---------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
=============================================================================================
</TABLE>
Maximum Cut-off Date Balance: $ 48,969,762
Minimum Cut-off Date Balance: $ 401,415
Average Cut-off Date Balance: $ 5,602,590
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
Mortgage Loans by Amortization Type
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Loan Type Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon 156 $ 776,686,201 79.2% 8.097% 1.28x 73.0%
ARD 9 178,334,855 18.2% 7.914% 1.70 61.0%
Fully Amortizing 10 25,432,238 2.6% 7.799% 1.47 57.9%
------------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
======================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 14
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Mortgage Rates
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Mortgage Rates Loans Balance (1) Balance Rate U/W DSCR (2) LTV Ratio (2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.830% - 7.000% 5 $ 51,530,881 5.3% 6.884% 1.58x 66.7%
7.001% - 7.250% 4 15,334,720 1.6% 7.212% 1.26 78.5%
7.251% - 7.500% 1 8,243,791 0.8% 7.430% 1.25 78.5%
7.501% - 7.750% 12 54,951,031 5.6% 7.635% 1.31 75.7%
7.751% - 8.000% 29 300,585,639 30.7% 7.888% 1.26 73.9%
8.001% - 8.250% 44 245,440,707 25.0% 8.151% 1.53 66.1%
8.251% - 8.500% 37 192,392,563 19.6% 8.357% 1.25 72.2%
8.501% - 8.750% 23 79,608,746 8.1% 8.597% 1.36 68.5%
8.751% - 9.000% 13 24,624,098 2.5% 8.847% 1.35 58.8%
9.001% - 9.220% 7 7,741,117 0.8% 9.108% 1.27 66.5%
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
====================================================================================================
</TABLE>
Maximum Mortgage Rate: 9.220%
Minimum Mortgage Rate: 6.830%
Average Mortgage Rate: 8.056%
(1) Assumes a Cut-off Date of October 1, 1999.
(2) Excluding CTL Loans.
Occupancy Rates at Underwriting
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Occupancy Rates at U/W Properties (1) Balance (2) Balance Rate U/W DSCR (3) LTV Ratio (3)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
58.0% - 79.9% 1 $ 768,933 0.1% 8.420% 1.41x 60.1%
80.0% - 89.9% 10 100,803,190 10.3% 8.138% 1.26 69.2%
90.0% - 94.9% 36 166,081,905 16.9% 8.068% 1.27 73.3%
95.0% - 97.5% 42 184,545,684 18.8% 7.977% 1.29 74.5%
97.5% - 100.0% 89 415,671,889 42.4% 7.999% 1.30 72.9%
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 178 $ 867,871,601 88.5% 8.024% 1.28x 72.9%
====================================================================================================
Maximum Occupancy Rate at U/W: 100.0%
Minimum Occupancy Rate at U/W: 58.0%
Wtd. Avg. Occupancy Rate at U/W: 96.0%
(1) Does not include any hotel properties.
(2) Assumes a Cut-off Date of October 1, 1999.
(3) Excluding CTL Loans.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 15
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
</TABLE>
<TABLE>
<CAPTION>
Years Built/Years Renovated (1)
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Years Mortgaged Cut-off Date Initial Pool Mortgage Average Cut-off Date
Built/Renovated Properties Balance (2) Balance Rate U/W DSCR (3) LTV Ratio (3)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1960 - 1970 4 $ 9,138,005 0.9% 8.231% 1.30x 71.0%
1971 - 1980 21 115,422,005 11.8% 7.964% 1.28 73.3%
1981 - 1990 61 414,860,194 42.3% 7.968% 1.29 72.5%
1991 - 1999 100 441,033,089 45.0% 8.159% 1.44 67.9%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 186 $ 980,453,293 100.0% 8.056% 1.36x 70.5%
=====================================================================================================
</TABLE>
Maximum Year Built/Renovated: 1999
Minimum Year Built/Renovated: 1960
Wtd. Avg. Year Built/Renovated: 1989
(1) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
(2) Assumes a Cut-off Date of October 1, 1999.
(3) Excluding CTL Loans.
Mortgage Pool Prepayment Profile
<TABLE>
<CAPTION>
% of Pool
Months Since Number of Outstanding % of Pool Yield % of Pool
Date Cut-off Date Loans Balance (mm) Lockout Maintenance Open Total
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Oct-99 0 175 $ 980.5 100.00% 0.0% 0.00% 100.0%
Oct-00 12 175 $ 972.2 100.00% 0.0% 0.00% 100.0%
Oct-01 24 175 $ 963.1 100.00% 0.0% 0.00% 100.0%
Oct-02 36 175 $ 953.1 100.00% 0.0% 0.00% 100.0%
Oct-03 48 175 $ 942.3 100.00% 0.0% 0.00% 100.0%
Oct-04 60 174 $ 924.1 99.47% 0.0% 0.53% 100.0%
Oct-05 72 174 $ 911.4 99.46% 0.0% 0.54% 100.0%
Oct-06 84 169 $ 872.6 100.00% 0.0% 0.00% 100.0%
Oct-07 96 169 $ 858.0 100.00% 0.0% 0.00% 100.0%
Oct-08 108 166 $ 814.2 100.00% 0.0% 0.00% 100.0%
Oct-09 120 14 $ 32.2 100.00% 0.0% 0.00% 100.0%
Oct-10 132 13 $ 26.5 100.00% 0.0% 0.00% 100.0%
Oct-11 144 13 $ 24.8 100.00% 0.0% 0.00% 100.0%
Oct-12 156 13 $ 22.9 100.00% 0.0% 0.00% 100.0%
Oct-13 168 12 $ 19.7 94.21% 5.79% 0.00% 100.0%
Oct-14 180 10 $ 17.8 94.00% 6.00% 0.00% 100.0%
Oct-15 192 10 $ 16.3 93.96% 6.04% 0.00% 100.0%
Oct-16 204 10 $ 14.8 93.92% 6.08% 0.00% 100.0%
Oct-17 216 10 $ 13.1 93.85% 6.15% 0.00% 100.0%
Oct-18 228 9 $ 6.0 87.86% 11.75% 0.39% 100.0%
</TABLE>
(1) Calculated assuming that no Mortgage Loan prepays, defaults or is
repurchased prior to stated maturity, except that the ARD Loans are
assumed to pay in full on their respective Anticipated Repayment Dates.
Otherwise calculated based on Maturity Assumptions to be set forth in the
final prospectus supplement.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 16
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Prepayment Provision as of the Cut-off Date
<TABLE>
<CAPTION>
Weighted Weighted
Average Average
Percentage of Remaining Remaining Weighted
Range of Number of Initial Lockout Lockout Average
Remaining Terms to Mortgage Cut-off Date Pool Period Plus YM Period Maturity
Stated Maturity (Years) (1) Loans Balance (2) Balance (Years) (Years) (Years) (1)
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4.0 - 4.9 1 $ 6,995,463 0.7% 4.7 4.7 4.9
6.0 - 6.9 5 26,868,093 2.7% 6.2 6.2 6.9
8.0 - 8.9 1 2,868,396 0.3% 8.2 8.2 8.7
9.0 - 9.9 154 900,905,466 91.9% 9.4 9.4 9.8
10.0 - 10.9 1 4,826,748 0.5% 10.6 10.6 10.8
13.0 - 13.9 1 1,772,211 0.2% 13.7 13.7 13.9
14.0 - 14.9 2 6,433,789 0.7% 14.2 14.2 14.7
18.0 - 18.9 1 8,650,061 0.9% 18.7 18.7 18.9
19.0 - 19.9 6 9,841,012 1.0% 19.1 19.1 19.5
23.0 - 23.9 2 8,264,858 0.8% 21.6 23.6 23.9
24.0 - 24.9 1 3,027,197 0.3% 24.4 24.4 24.9
Total/Weighted Average: 175 $ 980,453,293 100.0% 9.7 9.7 10.1
</TABLE>
(1) In the case of the ARD Loans, the Anticipated Repayment Date is assumed to
be the maturity date for the purposes of the table.
(2) Cut-off balance as of October 1, 1999.
Prepayment Option
<TABLE>
<CAPTION>
Weighted Weighted
Average Average
Remaining Remaining Weighted
Number of Percentage of Lockout Lockout Average
Mortgage Cut-off Date Initial Period Plus YM Period Maturity
Prepayment Option Loans Balance (1) Pool Balance (Years) (Years) (Years) (2)
- - ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lockout / Defeasance 174 $ 978,682,247 99.8% 9.6 9.6 10.0
Lockout / Yield Maintenance 1 1,771,046 0.2% 13.8 23.6 23.8
--------------------------------------------------------------------------------------------------
Total/Weighted Average: 175 $ 980,453,293 100.0% 9.7 9.7 10.1
==================================================================================================
</TABLE>
(1) Cut-off balance as of October 1, 1999.
(2) In the case of the ARD Loans, the Anticipated Repayment Date is assumed to
be the maturity date for the purposes of the table.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 17
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Significant Mortgage Loans
<TABLE>
<CAPTION>
Percentage of
Property Units/Rooms/ Cut-off Date Initial Pool Appraised
# Property Name Type Square Feet Balance (1) Balance Value
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 45 Broadway Office 368,471 $ 48,969,762 5.0% $ 67,400,000
2 The LaSalle Hotel Property Loans(2) Hotel 972 46,403,465 4.7% 86,200,000
3 The Alliance Portfolio Multifamily 1,118 38,336,336 3.9% 49,050,000
4 Westin Resort Hilton Head Hotel 412 34,953,502 3.6% 81,700,000
5 Southshore Beach & Tennis Club Multifamily 450 34,941,132 3.6% 48,500,000
Total/Weighted Average: $ 203,604,197 20.8% $ 332,850,000
============= ==== ==============
Cut-off Date
# Property Name Mortgage Rate U/W DSCR LTV Ratio
- - -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 45 Broadway 8.410% 1.21x 72.7%
2 The LaSalle Hotel Property Loans(2) 8.100% 1.85 53.8%
3 The Alliance Portfolio 7.830% 1.24 78.2%
4 Westin Resort Hilton Head 8.170% 2.39 42.8%
5 Southshore Beach & Tennis Club 7.780% 1.33 72.0%
Total/Weighted Average: 8.081% 1.58x 64.2%
===== ==== ====
</TABLE>
(1) Assumes a Cut-off Date of October 1, 1999.
(2) The LaSalle Hotel Property Loans consists of two Mortgage Loans, the
Radisson South - Bloomington and Le Meridien - Dallas, respectively, that
are cross-collateralized and cross-defaulted.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 18
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
45 Broadway
LOAN INFORMATION
Cut-off Date Balance: $48,969,762
% of Initial Pool: 5.0%
Mortgage Loan Seller: GE Capital Access, Inc.
Interest Rate: 8.410%
Term to ARD: 10 years
Amortization Term: 30 years
Call Protection: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-Off Date LTV: 72.7%
Maturity/ARD LTV: 65.7%
U/W DSCR: 1.21x
Cross Collateralization/ Default: No/No
Special Provisions: ARD Loan, Hard Lockbox
PROPERTY INFORMATION
Single Asset/Portfolio: Single Asset
Property Type: Office
Location: New York, New York
Years Built/Renovated: 1983
Collateral: 368,471 square foot Class A, multi-tenanted
office building located in New York City
Property Manager: 45 Broadway Management Company LLC
U/W Net Cash Flow: $5,425,246
Appraised Value: $67,400,000
Appraisal Date: June 3, 1999
Occupancy Rate at U/W: 99%
Additional Information:
The subject property is a 32-story, 368,471 SF Class A multi-tenanted (with a
diversified tenant mix) office building located in the Downtown Financial
District of Manhattan. The subject property, built in 1983, features a six-story
atrium with an 80-foot waterfall, and a saw-tooth floor-plate design that allows
for up to 9 corner offices on the upper floors. The property is located 2 blocks
from the NYSE, 1 block from AMEX, and within 5 blocks of the major subway lines
serving Downtown Manhattan.
The borrower is required to provide the lender with a $2MM Letter of Credit,
which is to remain outstanding until the loan has a 1.35x DSCR (and the ratio if
the property's net cash flow to the original principal balance of $49,000,000
equals 13.5%) and may be reduced to $1MM when the loan achieves a 1.30x DSCR
(and the ratio of the property's net cash flow to the original principal balance
of $49,000,000 equals 2.5%). After 5 years, the holder of the note may draw down
any outstanding L.O.C. to reduce the loan balance (without prepayment penalty).
The Borrower deposited $1,356,000 at closing into a rollover reserve for tenant
improvements and leasing commissions. In addition, Borrower is obligated to
deposit $65,000 into the TI/LC reserve monthly until the balance, excluding the
initial deposit, exceeds $1,250,000. In addition, the loan features both tax and
insurance escrows.
The borrower is a special purpose entity. Principals of the borrower, 45
Broadway, LLC, (which include Rubin Schron, Abraham Fruchthandler, Ulo Barad and
Sam Domb) have significant experience in this market.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 19
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
The LaSalle Hotel Property Loans
Radisson South - Bloomington
LOAN INFORMATION
Cut-off Date Balance: $46,403,465
% of Initial Pool: 4.7%
Mortgage Loan Seller: GE Capital Access, Inc.
Interest Rate: 8.100%
Term to ARD: 10 years
Amortization Term: 25 years
Call Protection: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-Off Date LTV: 53.8%
Maturity/ARD LTV: 43.7%
U/W DSCR: 1.85
Cross Collateralization/ Default: Yes/Yes
Special Provisions: ARD Loan; Springing Lock Box
(1.40x DSCR)
Le Meridien Hotel
PROPERTY INFORMATION
Single Asset/Portfolio: Two Single Assets
Property Type: Hotel
Location: Minnesota and Texas
Years Built/Renovated: 1970/1998 and 1978/1995
Collateral: Full Service Hotel with 565 rooms and
Full Service Hotel with 407 rooms
Property Operators: Radisson Bloomington Corp. and MHI
Leasco Dallas, Inc.
U/W Net Cash Flow: $8,045,219
Appraised Value: $86,200,000
Appraisal Date: March 2, 1999 and March 3, 1999
Occupancy Rate at U/W: 68% and 65%
<TABLE>
<CAPTION>
Number Year Built/ Cut-Off Date
Property Name City State of Rooms Renovated Balance Appraised Value U/W NCF
<S> <C> <C> <C> <C> <C> <C> <C>
Radisson South - Bloomington Bloomington MN 565 1970/1998 $ 30,237,096 $ 53,200,000 $ 5,087,759
Le Meridien Hotel Dallas TX 407 1978/1995 $ 16,166,368 $ 33,000,000 $ 2,957,460
</TABLE>
Additional Information:
The Radisson South property is a 565-room full-service hotel consisting of 2
towers and is located in Bloomington, MN. The South tower is 21 stories and was
constructed in 1970 and the 7 story Plaza Tower was added in 1980 adjacent to
the South Tower. Additional property facilities include 65,600 SF of meeting
space and two restaurants totaling 274 seats. Since its acquisition in December
1995, the property underwent over $9 MM of capital improvements. The property is
operated by Radisson Bloomington Corporation, a subsidiary of Radisson, pursuant
to a lease which expires 4/30/2009.
The Le Meridien property is a 407-room full-service hotel located in downtown
Dallas. The 4-star design includes 15 stories with 23,214 SF of meeting space
and a 110-seat restaurant. Le Meridien received a 3 Diamond Award from AAA.
Since 1995, over $6 million has been invested in capital improvements. The
property is operated by MHI Leasco Dallas, Inc., a subsidiary of Le Meridien,
pursuant to a lease which expires 4/30/2008.
The Borrower is a special purpose entity. Principals of the borrower include La
Salle Hotel Properties ("LHO"), a public REIT traded on NYSE. LHO owns 12
upscale and luxury full-service hotels, totaling 4,110 guestrooms in 9 states.
In lieu of making monthly deposits into Tax and Insurance Escrows, the Borrower
is permitted to post cash totaling six months Tax and Insurance billings.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 20
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
The Alliance Portfolio
LOAN INFORMATION
Cut-off Date Balance: $38,336,336
% of Initial Pool: 3.9%
Mortgage Loan Seller: Column Financial, Inc.
Interest Rate: 7.830%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date
Cut-Off Date LTV: 78.2%
Maturity LTV: 69.8%
U/W DSCR: 1.24x
Cross Collateralization/ Default: Yes/Yes
PROPERTY INFORMATION
Single Asset/Portfolio: Portfolio
Property Type: Multifamily
Location: Texas
Years Built/Renovated: 1984 to 1998
Collateral: 5 Multifamily properties with 1,118 total
units
Property Management: Alliance Residential Management, LLC
U/W Net Cash Flow: $4,128,050
Appraised Value: $49,050,000
Appraisal Date: June 7, 1999 to July 1, 1999
Wtd. Avg. Occupancy Rate at U/W: 94%
<TABLE>
<CAPTION>
Number Year Built/
Property Name City State of Units Occupancy Renovated Appraised Value U/W NCF
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shadow Creek Apartments North Richland Hills TX 240 91% 1986/1996 $ 11,300,000 $ 932,085
Copper Cove Apartments Houston TX 270 96% 1984 $ 10,500,000 $ 949,103
Hilltop Apartments North Richland Hills TX 238 91% 1985/1996 $ 10,450,000 $ 852,494
Foxboro Apartments Houston TX 220 97% 1984 $ 9,100,000 $ 749,236
The Pinnacle Apartments Lewisville TX 150 95% 1986/1998 $ 7,700,000 $ 645,132
</TABLE>
Additional Information:
The subject multifamily properties' amenities include swimming pools, jacuzzis,
fitness centers, business centers, laundry facilities, surface and covered
parking and extensive landscaping. In general, the properties are 94% occupied.
The subject multifamily properties secure a single Mortgage Note. The borrower
is a special purpose entity. Principals of the borrower, Alliance PK Portfolio,
L.L.C., include Andrew Schor and Steven Ivankovich. The borrower is affiliated
with Alliance Holdings, Inc. ("Alliance"), a privately owned real estate
investment, development, and finance firm concentrated in the multifamily
housing business. Alliance and its affiliates own interests in and manage more
than 30,000 units throughout Texas, in the Midwest and along the eastern
seaboard from Virginia to Florida.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 21
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Westin Resort Hilton Head
LOAN INFORMATION
Cut-off Date Balance: $34,953,502
% of Initial Pool: 3.6%
Mortgage Loan Seller: GE Capital Access, Inc.
Interest Rate: 8.170%
Term to ARD: 10 years
Amortization Term: 28 years
Call Protection: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-Off Date LTV: 42.8%
Maturity/ARD LTV: 37.5%
U/W DSCR: 2.39x
Cross Collateralization/ Default: No/No
Special Provisions: ARD Loan; Springing Lockbox
(1.40x DSCR)
PROPERTY INFORMATION
Single Asset/Portfolio: Single Asset
Property Type: Hotel
Location: Hilton Head, South Carolina
Years Built/Renovated: 1984/1997
Collateral: Full Service Hotel with 412 rooms
located in South Carolina
Property Management: Westin Hotel Company
U/W Net Cash Flow: $7,626,447
Appraised Value: $81,700,000
Appraisal Date: January 1, 1999
Occupancy Rate at U/W: 64%
Additional Information:
The subject property is a five story full service hotel containing 412 rooms and
25,000 SF of meeting space that is part of a 24-acre beachfront site overlooking
the Atlantic Ocean in Hilton Head, South Carolina. Additional property
facilities include three restaurants, two outdoor pools, one indoor pool and a
fitness center. Adjacent to the property is Port Royal Golf and Racquet
featuring 54 holes of PGA championship golf and 16 tennis courts. Room mix at
the subject includes 154 double/double, 229 king and 29 suites. The Westin
Resort Hilton Head has received a 4 Diamond award from AAA.
The borrower is a single purpose entity controlled by Caesar Park Hotels &
Resorts Inc. ("Caesar"). Caesar owned Westin Hotel Co, from 1987-1995 and
currently owns nine Westin-flagged hotels in North America.
The subject property is managed by Westin Hotel Co., which was founded in 1930
and is a subsidiary of Starwood Hotels & Resorts, Inc., a major hotel operator.
The subject management agreement runs through 12/31/2019 and is subordinate to
the mortgage loan. Borrower maintains a 4% FF&E Reserve and a Tax and Insurance
Escrow.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 22
<PAGE>
DLJCMC Series 1999-CG3 Collateral and Structural Term Sheet September 17, 1999
Southshore Beach & Tennis Club
LOAN INFORMATION
Cut-off Date Balance: $34,941,132
% of Initial Pool: 3.6%
Mortgage Loan Seller: GE Capital Access, Inc.
Interest Rate: 7.780%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of the Closing Date.
Cut-Off Date LTV: 72.0%
Maturity LTV: 64.2%
U/W DSCR: 1.33x
Cross Collateralization/ Default: No/No
PROPERTY INFORMATION
Single Asset/Portfolio: Single Asset
Property Type: Multifamily
Location: Alameda, California
Years Built/Renovated: 1974
Collateral: Multifamily property with 450 units
located in California
Property Management: Maxim Property Management
U/W Net Cash Flow: $4,000,095
Appraised Value: $48,500,000
Appraisal Date: May 6, 1999
Occupancy Rate at U/W: 95%
Additional Information:
The subject property is a 450 unit multifamily complex located on the San
Francisco Bay. Amenities include four swimming pools with heated spas, five
tennis courts, a basketball court, an exercise/fitness room, laundry facilities
and a combination leasing/management office. The fifteen-acre site is enhanced
by fountains, waterscapes and extensive landscaping.
The borrower is a single-purpose entity, which is controlled by Mr. Sanford N.
Diller. Mr. Diller is the founder of Maxim Property Management. Since inception,
Maxim Property Management has been responsible for the design and development of
over 8,000 class A apartment units and close to 2.7 million square feet of
office and retail space in five western states. Mr. Diller developed the subject
in 1974 and has owned and operated the property since that time.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed offering. While
the information contained herein is from sources believed to be reliable, it has
not been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any of its affiliates, and such entities make no representations
or warranties with respect to the information contained herein or as to the
appropriateness, usefulness or completeness of these materials. Any
computational information set forth herein (including without limitation any
computations of yields and weighted average life) is hypothetical and based on
certain assumptions (including without limitation assumptions regarding the
absence of voluntary and involuntary prepayments, or the timing of such
occurrences). The actual characteristics and performance of the mortgage loans
will differ from such assumptions and such differences may be material. This
document is subject to errors, omissions and changes in the information and is
subject to modification or withdrawal at any time with or without notice. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation. The information contained
herein supersedes any and all information contained in any previously furnished
summaries or terms sheets and shall be superseded by any subsequently furnished
similar materials. The information contained herein shall be superseded by a
final prospectus and prospectus supplement and by subsequent summary memoranda.
No purchase of any securities may be made unless and until a final prospectus or
private placement memorandum has been received by a potential investor and such
investor has complied with all additional related offering requirements.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 23
