<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) June 1, 1999
DLJ Commercial Mortgage Corp.
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-59167 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 June 1999, a single series of certificates,
entitled DLJ Commercial Mortgage Corp., Commercial Mortgage Pass-Through
Certificates, Series 1999-CG2 (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, a trustee and a REMIC administrator. 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. 333-59167) and sold to Donaldson, Lufkin & Jenrette Securities
Corporation ("DLJ") and Goldman Sachs & Co. (together with DLJ, the
"Underwriters") pursuant to an underwriting agreement (the "Underwriting
Agreement") to be entered into by and between the Registrant and each of the
Underwriters.
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 DLJ. 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 June 2, 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: June 2, 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
June 2, 1999.
-5-
<PAGE>
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates,
Series 1999-CG2
$1,400,000,000
(Approximate)
Offered Certificates
GE Capital Access, Inc.
Column Financial, Inc.
Archon Financial, L.P.
Donaldson, Lufkin & Jenrette Goldman, Sachs & Co.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Transaction Offering:
- ---------------------
<TABLE>
<CAPTION>
Initial (%) of Initial Wtd.
Certificate Initial Pool Credit Pass-Through Avg. Principal
Class Ratings(1) Balance Balance Support Rate Description Life(3) Maturity(3) Window(3) Legal Status ERISA(4)
- ---------------- ------- ------- ------- ---- ----------- ------- ----------- --------- ------------ --------
Publicly Offered Certificates:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S Aaa/AAA $-- (2) -- -- -- -- -- -- -- Public Yes
A-1A Aaa/AAA -- -- -- -- -- -- -- -- Public Yes
A-1B Aaa/AAA -- -- -- -- -- -- -- -- Public Yes
A-2 Aa2/AA -- -- -- -- -- -- -- -- Public No
A-3 A2/A -- -- -- -- -- -- -- -- Public No
A-4 A3/A- -- -- -- -- -- -- -- -- Public No
B-1 Baa2/BB -- -- -- -- -- -- -- -- Public No
B-2 Baa3/BB -- -- -- -- -- -- -- -- Public No
Privately Offered Certificates(5):
B-3 -- -- -- -- -- -- -- -- -- Private-144A No
B-4 -- -- -- -- -- -- -- -- -- Private-144A No
B-5 -- -- -- -- -- -- -- -- -- Private-144A No
B-6 -- -- -- -- -- -- -- -- -- Private-144A No
B-7 -- -- -- -- -- -- -- -- -- Private-144A No
B-8 -- -- -- -- -- -- -- -- -- Private-144A No
C -- -- -- -- -- -- -- -- -- Private-144A No
- ---------------- ------- ------- ------- ---- ----------- ------- ----------- --------- ------------ --------
</TABLE>
(1) Subject to Final Ratings.
(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 each of the underwriters' individual prohibited
transaction exemptions under ERISA.
(5) Not offered herein.
Originator Profile:
- -------------------
The mortgage loans were originated or acquired primarily by (i) an affiliate of
GE Capital Access, Inc. (GECA), (ii) Column Financial, Inc. (Column) and (iii)
Archon Financial, L.P. (Archon). Approximately 45.5% of the mortgage loans are
being contributed by GECA, 37.2% are being contributed by Column, and 17.2% are
being contributed by Goldman Sachs Mortgage Company (GSMC) an affiliate of
Archon, to the securitization transaction. All of the mortgage loans were
originated between 1998 and 1999.
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.
Column, a wholly owned subsidiary of Donaldson, Lufkin & Jenrette, Inc., was
created in August 1993. Column has originated over 1,800 commercial 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.
Archon is owned primarily by entities that are affiliated with Goldman, Sachs &
Co. Archon is headquartered in Dallas with four other regional production
offices. Since its inception in late 1997, Archon has originated approximately
$2.8 billion of commercial mortgage 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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Collateral Overview:
- --------------------
o Total Collateral Balance: $ 1,550,432,654 (Approximate)
o Avg. Cut-off Date Balance
per Property: $ 4,520,212
o Loans: 292 loans / 343 properties
o Property Type: Retail (35.6%), Multifamily (34.3%),
Office (11.7%), Other (18.6%)
o Geographic Distribution: 39 States and DC. CA (18.3%), TX
(16.8%), FL (13.0%), Other (51.9%)
o Amortization Types: Balloon (81.8%), ARD (15.1%), Fully
Amortizing (3.0%)
o Wtd. Avg. U/W DSCR: 1.34x
o Wtd. Avg. Cut-off Date
LTV: 73.2%
o Appraisals: 100% of the appraisals state that they
follow the guidelines set forth in
Title XI of FIRREA.
o Largest Loan: 4.4%
o Five Largest Loans: 16.6%
o Ten Largest Loans: 25.0%
o Wtd. Avg. Remaining
Term to Maturity: 124 months
o Wtd. Avg. Seasoning: 3 months
o Gross WAC: 7.661%
o Call Protection: All of the Mortgage Loans provide for
either a prepayment lockout period
("Lockout"), a defeasance period
("Defeasance") and/or a yield
maintenance premium ("YMP") period,
or a combination thereof. As of the
Cut-off Date, 100% of the Mortgage
Loans provide for initial lockout
periods. The remaining weighted average
lockout and defeasance period for all
loans is 9.5 years. All yield
maintenance charges are calculated at
flat-to-treasuries.
o Defeasance: 93.5%
o Credit Tenant Lease: None
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Collateral Overview (continued):
- --------------------------------
o Participation Loans: None
o Secured Subordinate Debt: 2.2%
o Leasehold: 0.6%
o Delinquency: No loan delinquent 30 days or more as
of the Cut-off Date.
Transaction Overview:
- ---------------------
o Structure: Senior/subordinated, sequential pay
pass-through bonds.
o Co-Lead Managers: Donaldson, Lufkin & Jenrette and
Goldman, Sachs & Co.
o Mortgage Loan Sellers: GE Capital Access, Inc. / Column
Financial, Inc./ Goldman Sachs
Mortgage Company (Archon)
o Rating Agencies: Moody's Investors Service / Fitch IBCA
o Master Servicer: GE Capital Loan Services, Inc.
o Special Servicer: Banc One Mortgage Capital Markets
L.L.C.
o Trustee: Norwest Bank Minnesota, National
Association
o Cut-off Date: June 1, 1999
o Settlement Date: June 29, 1999
o Distribution: The tenth day of the month, or if such
day is not a business day, the
following business day, but no sooner
than the fourth business day after the
fourth day of the month.
o Delivery: The Depository Trust Company ("DTC")
through Cede & Co.
o ERISA: Classes A-1A, A-1B and S are expected
to be eligible for each 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
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Transaction Overview (continued):
- ---------------------------------
o Optional Termination: 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
and 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.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Structure Description:
- ----------------------
[BAR CHART APPEARS HERE]
Administrative Fee
------------------
<TABLE>
<CAPTION>
Public Public
Public Public Public Class S -- Public
Public
Public Private Private Private
Private Private Private Private
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
-- -- -- -- -- -- -- -- -- -- -- -- -- --
</TABLE>
[BAR CHART APPEARS HERE]
S
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
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Interest Distributions:
- -----------------------
Each Class of Certificates will be entitled on each Distribution Date to
interest accrued at its Pass-Through Rate on the outstanding Certificate
Balance of such Class. 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 and C. However, if Classes A-2 through C 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 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 C 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, B-2, B-3, B-4, B-5, B-6, B-7, B-8 and C Certificates
(collectively, the "Principal Balance 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 Principal Balance 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 Principal Balance 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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 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 Principal Balance 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%
<TABLE>
<CAPTION>
P & I Class Allocation: Class S Allocation:
----------------------- -------------------
<S> <C>
6% - 5% x 100% = 33 1/3% 100% - P & I Class(es) Allocation = 66 2/3%
-------
8% - 5%
</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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Stratification:
- ---------------
[MAP]
<TABLE>
<CAPTION>
AL AK AZ CA CO CT DE DC FL GA IL IN IA KS LA ME MD MI MO MT
- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.9% 0.4% 2.6% 18.3% 4.2% 1.2% 2.2% 0.2% 13.0% 3.4% 0.2% 0.2% 0.1% 0.1% 0.7% 1.0% 2.8% 2.4% 0.1% 0.1%
</TABLE>
<TABLE>
<CAPTION>
NE NV NH NJ NM NY NC OH OK PA RI SC TN TX VA WA WV MN WY MA
- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.6% 3.4% 0.2% 3.2% 0.5% 3.8% 1.2% 2.3% 0.2% 3.1% 0.3% 0.8% 3.1% 16.8% 1.4% 1.0% 0.3% 0.2% 0.1% 2.6%
</TABLE>
Mortgage Loans by State
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off-Date
State Loans Balance (1) Balance Rate U/W DSCR LTV Ratio
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 46 $283,469,521 18.3% 7.729% 1.35x 71.1%
Texas 83 260,363,210 16.8% 7.521% 1.35 72.5%
Florida 27 201,145,736 13.0% 7.822% 1.28 77.5%
Colorado 18 65,155,027 4.2% 7.786% 1.36 70.3%
New York 8 58,408,212 3.8% 7.820% 1.35 66.6%
Georgia 9 53,173,244 3.4% 7.615% 1.26 76.3%
Nevada 7 53,032,131 3.4% 7.170% 1.40 77.6%
New Jersey 10 49,919,397 3.2% 7.933% 1.25 72.6%
Pennsylvania 7 48,741,127 3.1% 7.678% 1.34 77.1%
Tennessee 8 48,125,654 3.1% 7.487% 1.29 72.8%
Maryland 8 43,330,619 2.8% 7.444% 1.40 72.0%
Massachusetts 5 40,154,102 2.6% 7.800% 1.27 78.9%
Arizona 13 39,993,358 2.6% 7.454% 1.43 72.1%
Michigan 13 37,074,226 2.4% 7.298% 1.28 76.2%
Ohio 15 36,404,479 2.3% 7.568% 1.40 74.5%
Delaware 3 34,670,928 2.2% 7.590% 1.40 78.4%
Nebraska 3 25,420,139 1.6% 7.615% 1.32 75.8%
Virginia 6 21,030,412 1.4% 7.875% 1.30 75.6%
Connecticut 4 18,355,066 1.2% 7.744% 1.27 77.5%
North Carolina 4 18,281,966 1.2% 7.263% 1.48 74.4%
Maine 6 15,466,050 1.0% 8.149% 1.37 65.1%
Washington 3 14,833,861 1.0% 8.062% 1.63 50.3%
Alabama 2 13,633,608 0.9% 7.811% 1.35 68.9%
South Carolina 4 11,972,933 0.8% 7.517% 1.52 71.0%
Louisiana 4 11,099,190 0.7% 7.729% 1.50 68.8%
New Mexico 4 7,848,098 0.5% 8.201% 1.45 68.4%
Alaska 1 6,478,558 0.4% 7.750% 1.73 64.8%
Rhode Island 1 4,148,631 0.3% 6.970% 1.30 78.9%
West Virginia 2 4,049,500 0.3% 8.160% 1.93 67.8%
Illinois 3 3,672,099 0.2% 7.789% 1.30 72.6%
New Hampshire 4 3,399,418 0.2% 7.958% 1.37 64.0%
District of Columbia 1 3,094,676 0.2% 7.710% 1.39 66.4%
Oklahoma 2 3,074,129 0.2% 7.940% 1.47 68.0%
Minnesota 1 2,546,642 0.2% 7.390% 1.41 75.1%
Indiana 2 2,483,349 0.2% 8.113% 1.45 72.6%
Iowa 1 1,797,547 0.1% 7.940% 1.55 79.2%
Kansas 1 1,427,185 0.1% 7.000% 1.38 73.6%
Missouri 2 1,213,746 0.1% 8.448% 1.29 51.7%
Wyoming 1 974,276 0.1% 8.450% 1.24 74.9%
Montana 1 970,603 0.1% 8.250% 1.36 47.3%
--------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
============================================================================================
</TABLE>
(1) Assumes a Cut-off Date of 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
[PIE CHART]
<TABLE>
<CAPTION>
Self Manufactured
Other Retail Mixed Use Industrial Office Hotel Storage Housing Multifamily
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.8 % 35.6% 3.4% 2.2% 11.7% 4.2% 3.1% 3.9% 34.3%
</TABLE>
Mortgage Loans by Property Type
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off-Date Initial Pool Mortgage Average Cut-off- Date
Property Type Loans Balance (1) Balance Rate U/W DSCR LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 78 $551,427,063 35.6% 7.752% 1.32x 74.6%
Multifamily 140 531,843,073 34.3% 7.423% 1.33 75.4%
Office 42 180,949,415 11.7% 7.828% 1.33 69.1%
Hotel 15 65,334,059 4.2% 8.143% 1.64 60.1%
Manufactured Housing 16 59,820,561 3.9% 7.473% 1.38 73.7%
Mixed Use 13 52,174,935 3.4% 7.736% 1.28 72.4%
Self Storage 23 47,718,331 3.1% 7.953% 1.46 69.2%
Industrial 13 34,303,216 2.2% 7.793% 1.36 69.7%
Independent/Assisted Living 2 24,220,875 1.6% 7.750% 1.29 72.3%
Healthcare 1 2,641,125 0.2% 8.230% 2.25 66.0%
--------------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
==================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of 6/1/99.
<TABLE>
<CAPTION>
Mortgage Loans by Property Sub-Type
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off-Date Initial Pool Mortgage Average Cut-off- Date
Property Type Property Sub-Type Loans Balance (1) Balance Rate U/W DSCR LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Anchored 47 $476,866,072 30.8% 7.751% 1.30x 75.7%
Unanchored 31 74,560,991 4.8% 7.756% 1.40 67.7%
--------------------------------------------------------------------------------------------------
Total/Weighted Average: 78 $551,427,063 35.6% 7.752% 1.32x 74.6%
==================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 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 LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
156 - 239 2 $4,870,309 0.3% 7.582% 1.32x 61.4%
240 - 299 27 54,770,726 3.5% 7.550% 1.59 59.7%
300 - 313 134 233,748,741 15.1% 7.919% 1.44 67.5%
314 - 360 180 1,257,042,879 81.1% 7.618% 1.32 74.8%
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================================
</TABLE>
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 156
Wtd. Avg. Original Amortization Term (Months): 346
(1) Assumes a Cut-off Date of 6/1/99.
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 LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
60 - 108 6 $34,362,517 2.2% 7.542% 1.40x 73.3%
109 - 120 301 1,378,527,200 88.9% 7.714% 1.34 73.3%
121 - 204 18 75,002,524 4.8% 7.126% 1.39 74.7%
205 - 300 18 62,540,414 4.0% 7.206% 1.47 67.3%
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================================
</TABLE>
Maximum Original Term to Maturity (Months): 300
Minimum Original Term to Maturity (Months): 60
Wtd. Avg. Original Term to Maturity (Months): 127
(1) In the case of ARD 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 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 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 LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
145 - 239 25 $49,423,927 3.2% 7.480% 1.58x 58.3%
240 - 299 88 165,456,848 10.7% 7.857% 1.46 67.1%
300 - 313 50 78,509,000 5.1% 8.048% 1.42 68.3%
314 - 360 180 1,257,042,879 81.1% 7.618% 1.32 74.8%
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================================
</TABLE>
Maximum Remaining Amortization Term (Months): 360
Minimum Remaining Amortization Term (Months): 145
Wtd. Avg. Remaining Amortization Term (Months): 344
(1) Assumes a Cut-off Date of 6/1/99.
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 (1) Balance Rate U/W DSCR LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
52 - 108 8 $53,853,288 3.5% 7.324% 1.43x 72.6%
109 - 120 299 1,359,036,428 87.7% 7.725% 1.33 73.4%
121 - 204 18 75,002,524 4.8% 7.126% 1.39 74.7%
205 - 300 18 62,540,414 4.0% 7.206% 1.47 67.3%
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================================
</TABLE>
Maximum Remaining Term to Maturity (Months): 300
Minimum Remaining Term to Maturity (Months): 52
Wtd. Avg. Remaining Term to Maturity (Months): 124
(1) In the case of ARD 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 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Mortgage Loan Seller
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Mortgage Loan Seller Loans Balance (1) Balance Rate U/W DSCR LTV Ratio
============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
GECA 121 $705,832,233 45.5% 7.583% 1.34x 74.0%
Column 176 577,442,259 37.2% 7.750% 1.33 71.5%
GSMC (Archon) 46 267,158,163 17.2% 7.676% 1.39 74.5%
-----------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================
</TABLE>
(1)Assumes a Cut-off Date of 6/1/99.
Mortgage Loans by Amortization Type
<TABLE>
<CAPTION>
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 LTV Ratio
======================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Balloon 305 $1,268,826,436 81.8% 7.704% 1.34x 73.3%
ARD 22 234,644,968 15.1% 7.490% 1.33 74.3%
Fully Amortizing 16 46,961,250 3.0% 7.356% 1.51 64.0%
-----------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
=============================================================================
</TABLE>
(1) Assumes a Cut-off Date of 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 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 LTV Ratio
================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
1.20x - 1.29 142 $730,826,332 47.1% 7.742% 1.25x 75.5%
1.30 - 1.39 100 485,895,551 31.3% 7.598% 1.34 73.5%
1.40 - 1.49 53 165,811,612 10.7% 7.513% 1.44 70.3%
1.50 - 1.59 25 83,206,265 5.4% 7.679% 1.54 71.1%
1.60 - 2.25x 23 84,692,893 5.5% 7.596% 1.80 58.4%
-----------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================
</TABLE>
Maximum Underwritten DSCR: 2.25x
Minimum Underwritten DSCR: 1.20x
Wtd. Avg. Underwritten DSCR: 1.34x
(1) Assumes a Cut-off Date of 6/1/99.
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 LTV Ratio
=========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
30.60% - 50.00% 10 $29,244,310 1.9% 7.855% 1.85x 39.9%
50.01% - 60.00% 20 42,947,640 2.8% 7.910% 1.51 55.8%
60.01% - 70.00% 95 335,451,712 21.6% 7.757% 1.39 66.7%
70.01% - 75.00% 92 382,106,956 24.6% 7.617% 1.33 73.0%
75.01% - 80.00% 122 729,713,594 47.1% 7.627% 1.30 78.2%
80.01% - 82.70% 4 30,968,442 2.0% 7.436% 1.31 81.3%
--------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
======================================================================================
</TABLE>
Maximum Cut-off Date LTV Ratio: 82.7%
Minimum Cut-off Date LTV Ratio: 30.6%
Wtd. Avg. Cut-off Date LTV Ratio: 73.2%
(1) Assumes a Cut-off Date of 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 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 LTV Ratio
==========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
$106,854 - 749,999 55 $24,201,455 1.6% 8.097% 1.32x 67.8%
750,000 - 1,249,999 37 36,607,882 2.4% 8.057% 1.32 70.9%
1,250,000 - 1,999,999 56 91,379,913 5.9% 7.822% 1.38 70.0%
2,000,000 - 2,999,999 48 120,056,076 7.7% 7.839% 1.40 70.9%
3,000,000 - 3,999,999 39 133,833,441 8.6% 7.751% 1.42 70.0%
4,000,000 - 4,999,999 17 77,083,906 5.0% 7.561% 1.34 73.5%
5,000,000 - 5,999,999 14 75,591,151 4.9% 7.526% 1.45 70.1%
6,000,000 - 9,999,999 41 329,689,133 21.3% 7.634% 1.35 73.4%
10,000,000 - 14,999,999 20 245,252,622 15.8% 7.402% 1.34 75.1%
15,000,000 - 19,999,999 5 78,039,057 5.0% 7.519% 1.30 76.3%
20,000,000 - 24,999,999 7 158,716,390 10.2% 7.526% 1.28 75.4%
25,000,000 - $67,944,452 4 179,981,629 11.6% 7.937% 1.28 74.5%
-----------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
===================================================================================
</TABLE>
Maximum Cut-off Date Balance: $67,944,452
Minimum Cut-off Date Balance: $106,854
Average Cut-off Date Balance: $4,520,212
(1) Assumes a Cut-off Date of 6/1/99.
Loan Group Cut-off Date Balances (1)
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Loan Group Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Cut-off Date Balances (1) Loans Balance (2) Balance Rate U/W DSCR LTV Ratio
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
$248,667 - 749,999 29 $15,307,572 1.0% 8.212% 1.34x 65.5%
750,000 - 1,249,999 35 34,136,643 2.2% 8.076% 1.32 70.2%
1,250,000 - 1,999,999 47 76,236,217 4.9% 7.834% 1.37 69.8%
2,000,000 - 2,999,999 44 109,387,092 7.1% 7.858% 1.40 70.7%
3,000,000 - 3,999,999 35 120,172,615 7.8% 7.753% 1.42 70.0%
4,000,000 - 4,999,999 13 59,331,668 3.8% 7.543% 1.35 73.1%
5,000,000 - 5,999,999 15 80,891,151 5.2% 7.550% 1.43 70.6%
6,000,000 - 9,999,999 38 300,440,693 19.4% 7.624% 1.37 72.9%
10,000,000 - 14,999,999 19 232,753,200 15.0% 7.397% 1.34 75.9%
15,000,000 - 19,999,999 3 46,209,281 3.0% 7.533% 1.30 79.2%
20,000,000 - 24,999,999 8 185,585,535 12.0% 7.647% 1.27 74.5%
25,000,000 - $67,944,452 6 289,980,989 18.7% 7.760% 1.29 74.0%
- ----- ----------------------------------------------------------------------------------
Total/Weighted Average: 292 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
==================================================================================
</TABLE>
Maximum Loan Group Cut-off Date Balance: $67,944,452
Minimum Loan Group Cut-off Date Balance: $248,667
Average Loan Group Cut-off Date Balance: $5,309,701
(1) Presents each group of cross-collateralized Mortgage Loans as a single
Mortgage Loan.
(2) Assumes a Cut-off Date of 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 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 LTV Ratio
-------------- ----- ----------- ------- ---- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
6.600% - 6.749% 2 $9,445,629 0.6% 6.604% 1.70x 52.3%
6.750% - 6.999% 15 115,406,178 7.4% 6.902% 1.43 75.8%
7.000% - 7.249% 19 124,415,992 8.0% 7.144% 1.39 72.6%
7.250% - 7.499% 40 241,266,877 15.6% 7.387% 1.31 75.6%
7.500% - 7.999% 168 806,493,355 52.0% 7.774% 1.32 73.3%
8.000% - 9.310% 99 253,404,623 16.3% 8.200% 1.37 70.2%
------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
====================================================================================
Maximum Mortgage Rate: 9.310%
Minimum Mortgage Rate: 6.600%
Wtd. Avg. Mortgage Rate: 7.661%
</TABLE>
(1) Assumes a Cut-off Date of 6/1/99.
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 Loans(1) Balance (2) Balance Rate U/W DSCR LTV Ratio
- ---------------------- -------- ----------- ------- ---- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
73.0% - 79.9% 8 $19,108,178 1.2% 7.867% 1.40x 69.2%
80.0% - 89.9% 29 113,200,936 7.3% 7.545% 1.37 69.4%
90.0% - 94.9% 50 271,888,350 17.5% 7.585% 1.34 75.1%
95.0% - 100.0% 241 1,080,901,130 69.7% 7.659% 1.32 73.9%
--------------------------------------------------------------------------------------
Total/Weighted Average: 328 $1,485,098,595 95.8% 7.640% 1.33x 73.7%
======================================================================================
Maximum Occupancy Rate
at U/W: 100.0%
Minimum Occupancy Rate
at U/W: 73.0%
Wtd. Avg. Occupancy Rate
at U/W: 96.0%
</TABLE>
(1) Does not include any Mortgage Loans secured by hotel properties.
(2) Assumes a Cut-off Date of 6/1/99.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Years Built/Years Renovated(1)
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Years Built/ Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Renovated Loans Balance (2) Balance Rate U/W DSCR LTV Ratio
--------- ----- ----------- ------- ---- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
1911 - 1960 6 $6,004,749 0.4% 8.050% 1.43x 64.6%
1961 - 1970 23 33,431,073 2.2% 7.806% 1.47 67.4%
1971 - 1980 30 106,096,850 6.8% 7.491% 1.38 73.6%
1981 - 1990 98 452,386,326 29.2% 7.690% 1.34 72.3%
1991 - 1999 186 952,513,656 61.4% 7.659% 1.34 73.8%
------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 7.661% 1.34x 73.2%
====================================================================================
Most Recent Year Built/Renovated: 1999
Oldest Year Built/Renovated: 1911
Wtd. Avg. Year Built/Renovated: 1991
</TABLE>
(1) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
(2) Assumes a Cut-off Date of 6/1/99.
Mortgage Pool Prepayment Profile(1)
<TABLE>
<CAPTION>
% of Pool
Months Since Number of Outstanding % of Pool Yield % of Pool
Date Cut-off Date Mortgage Loans Balance (mm) Lockout Maintenance Open Total
---- ------------ -------------- ------------ ------- ----------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Jun-99 0 343 $1,550.4 100.0% 0.0% 0.0% 100.0%
Jun-00 12 343 $1,536.3 100.0% 0.0% 0.0% 100.0%
Jun-01 24 343 $1,520.7 100.0% 0.0% 0.0% 100.0%
Jun-02 36 343 $1,503.8 99.3% 0.7% 0.0% 100.0%
Jun-03 48 343 $1,485.6 96.7% 3.3% 0.0% 100.0%
Jun-04 60 342 $1,462.9 95.2% 4.8% 0.0% 100.0%
Jun-05 72 342 $1,441.7 95.3% 4.7% 0.0% 100.0%
Jun-06 84 337 $1,390.3 93.8% 6.2% 0.0% 100.0%
Jun-07 96 337 $1,366.1 93.8% 6.2% 0.0% 100.0%
Jun-08 108 335 $1,323.2 92.8% 3.6% 3.6% 100.0%
Jun-09 120 36 $107.8 56.8% 42.8% 0.3% 100.0%
Jun-10 132 34 $92.3 62.9% 36.7% 0.4% 100.0%
Jun-11 144 34 $88.3 58.0% 36.8% 5.2% 100.0%
Jun-12 156 33 $80.0 60.8% 38.8% 0.3% 100.0%
Jun-13 168 30 $61.0 52.2% 23.9% 23.9% 100.0%
Jun-14 180 18 $34.9 69.9% 29.5% 0.6% 100.0%
Jun-15 192 18 $31.7 70.4% 29.1% 0.5% 100.0%
Jun-16 204 18 $28.3 70.9% 28.6% 0.5% 100.0%
Jun-17 216 18 $24.7 71.6% 28.0% 0.3% 100.0%
Jun-18 228 17 $18.8 67.6% 30.0% 2.4% 100.0%
</TABLE>
(1) Asumes 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.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Prepayment Provision as of the Cut-Off Date
<TABLE>
<CAPTION>
Weighted Weighted
Average Average
Remaining Remaining Weighted
Range of Number of Percentage of Lockout Lockout Average
Remaining Terms to Mortgage Cut-off Date Initial 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 $3,556,849 0.2% 4.1 4.1 4.3
6.0 - 6.9 5 30,805,668 2.0% 6.1 6.4 6.9
8.0 - 8.9 2 19,490,771 1.3% 7.4 8.5 8.8
9.0 - 9.9 207 922,152,428 59.5% 9.2 9.4 9.8
10.0 - 10.9 94 453,286,909 29.2% 9.5 9.7 10.0
12.0 - 12.9 1 5,930,478 0.4% 11.9 11.9 12.2
13.0 - 13.9 2 18,038,467 1.2% 7.5 13.6 13.9
14.0 - 14.9 13 34,630,670 2.2% 10.0 14.0 14.3
18.0 - 18.9 1 3,168,561 0.2% 18.7 18.7 18.9
19.0 - 19.9 12 39,247,128 2.5% 16.3 18.9 19.4
24.0 - 24.9 4 19,064,725 1.2% 11.7 23.9 24.2
25.0 - 25.9 1 1,060,000 0.1% 24.5 24.5 25.0
----------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 9.5 10.0 10.4
========================================================================================
</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) Assumes a Cut-off Date of 6/1/99.
Prepayment Option
<TABLE>
<CAPTION>
Weighted Weighted
Average Average
Remaining Remaining Weighted
Percentage of Lockout Lockout Average
Number of Cut-off Date Initial Pool Period Plus YM Period Maturity
Prepayment Option Loans Balance (1) Balance (Years) (Years) (Years)(2)
----------------- ----- ----------- ------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
Lockout / Defeasance 328 $1,449,620,687 93.5% 9.8 9.8 10.2
Lockout / Yield Maintenance 12 75,685,525 4.9% 4.9 14.1 14.4
Lockout / Defeasance /
Yield Maintenance 3 25,126,442 1.6% 3.1 8.4 9.2
------------------------------------------------------------------------------------------
Total/Weighted Average: 343 $1,550,432,654 100.0% 9.5 10.0 10.4
==========================================================================================
</TABLE>
(1) Assumes a Cut-off Date of 6/1/99.
(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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
Overview
<TABLE>
<CAPTION>
Percentage of
Property Units/Rooms/ Cut-off Date Initial Pool Appraised Mortgage U/W
# Property Name Type Square Feet Balance(1) Balance Value Rate DSCR
- --------------- ---- ----------- ---------- ------- ----- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
1 The Oakwood Plaza Loan Retail 885,713 $67,944,452 4.4% $85,600,000 8.180% 1.23x
2 The Fifteen Southeast Realty
Loans(2) Multifamily 1,520 58,000,000 3.7% 75,300,000 7.880% 1.24
3 The Herald Center Loan Retail 249,504 49,975,508 3.2% 75,000,000 7.754% 1.35
4 The Alliance Loans(3) Multifamily 1,970 45,964,360 3.0% 63,850,000 7.220% 1.33
5 The Stone Fort Loans(4) Office/Mixed Use/
Industrial 619,784 36,135,000 2.3% 50,285,000 7.470% 1.31
------------------------------------------------------------
Total/Weighted Average: $258,019,321 16.6% $350,035,000 7.760% 1.28x
============ ===== ============ ====== =====
</TABLE>
(1) Assumes a Cut-off Date of June 1, 1999.
(2) A Single Mortgage Note secured by Arbor Lake Club Apartments, The
Parkview Apartments - FL, Heron's Cove Apartments and Horizons North
Apartments, respectively.
(3) A Single Mortgage Note secured by Sterling Point Apartments, Sandridge
Apartments, and Woodscape Apartments, respectively.
(4) The Mortgage Loans secured by Stone Fort Land - The Tallan Office Building
& The Tallan Parking Garage, Stone Fort Land - The Krystal Office Building,
Stone Fort Land - Riverside Center, Stone Fort Harrison Direct Warehouse,
and Stone Fort Land - Tennessee American Water Company Office Building,
respectively, 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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information set
forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary and
involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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. The
contents herein are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
The Oakwood Plaza Loan
<TABLE>
<CAPTION>
LOAN INFORMATION PROPERTY INFORMATION
- ------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $67,944,452 Single Asset/Portfolio: Single Asset
% of Initial Pool: 4.4% Property Type: Retail
Mortgage Loan Seller: GE Capital Access, Location: Hollywood, Florida
Inc.
Interest Rate: 8.180%
Term to ARD: 10 years Years Built/Renovated: 1994/1997
Amortization Term: 30 years Collateral: 885,713 square foot power center
located in Florida
Call Protection: Prepayment lockout;
U.S. Treasury Property Operator: SREG Operating Limited Partnership
defeasance permitted
as of the 2 year U/W Net Cash Flow: $7,507,540
anniversary of the
Closing Date.
Cut-Off Date LTV: 79.4% Appraised Value: $85,600,000
Maturity/ARD LTV: 71.5% Appraisal Date: October 12, 1998
U/W DSCR: 1.23x Occupancy Rate at U/W: 96%
Cross Collateralization/
Default: No/No
Special Provisions: ARD loan, Hard lockbox
</TABLE>
Additional Information:
Oakwood Plaza is a large power center with anchor tenants including Home Depot
USA, Inc. (S&P AA-) (157,077 sf, exp. 2019), Kmart (S&P BB+) (114,764 sf, exp.
2019) and BJ's Wholesale Club (NYSE: BJ) (107,653 sf, exp. 2019). Rent under
the BJ's Wholesale Club lease is partially guaranteed by Kmart. The subject
property is 96.0% leased. Primary access to the property is provided by
Interstate 95 on which there is almost one mile of frontage.
The borrower is a single-purpose entity (whose GP has an independent director)
affiliated with Swerdlow Real Estate Group, Inc., a recently formed private
REIT specializing in development, leasing and management of commercial
properties in South Florida. The REIT was capitalized simultaneously with the
closing of the loan with a $173m equity offering with major institutional
investors including affiliates of Michael Swerdlow, Fidelity Management Trust
Company, Fidelity Management and Research Company, Colony Capital, Inc.,
Landmark Partners, Inc., The Board of Trustees of Leland Stanford Jr.
University and Institutional Property Consultants, Inc.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
The Fifteen Southeast Realty Loans
<TABLE>
<CAPTION>
LOAN INFORMATION PROPERTY INFORMATION
- -------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $58,000,000 Single Asset/Portfolio: Portfolio of 4 assets
% of Initial Pool: 3.7% Property Type: Multifamily
Mortgage Loan Seller: Column Financial, Inc. Location: Florida
Interest Rate: 7.880% Years Built/Renovated: 1973/1997
Balloon Term: 10 years Collateral: 4 Multifamily properties with 1,520
total units
Amortization Term: 30 years
Call Protection: Prepayment lockout; U.S. Property Management: Westdale Asset Management Ltd.
Treasury defeasance
permitted as of the 2 year
anniversary of the Closing
Date.
U/W Net Cash Flow: $6,247,290
Cut-Off Date LTV: 77.0%
Appraised Value: $75,300,000
Maturity/ARD LTV: 68.7%
Appraisal Date: April 8, 1999 to April 9, 1999
U/W DSCR: 1.24x
Wtd. Avg. Occupancy Rate at 95%
U/W:
Cross Collateralization/ Yes/Yes
Default:
Special Provisions: Cash Management
<CAPTION>
Allocated
Loan Amount
Property Name City State Units Year Built/Renovated at Cut-off Date
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Arbor Lake Club Apartments Miami FL 712 1978/1990 $30,100,000
The Parkview Apartments - FL Pembroke Pines FL 208 1987 $9,550,000
Heron's Cove Apartments Orlando FL 324 1973/1997 $9,500,000
Horizons North Apartments North Miami FL 276 1982 $8,850,000
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
The subject multifamily properties' amenities include tennis courts, pools,
parking, laundry facilities, on-site management office and fitness centers. In
general, the properties are 95% occupied.
The borrower is a single-purpose entity affiliated with Fifteen Southeast
Realty, Inc. which currently owns 16,000 multifamily units. The properties will
be managed by an affiliate of the borrower, Westdale Asset Management Ltd.,
which currently manages over 30,000 units.
The reserves include a $2.35 million upgrade and improvement escrow reserve
that is in the excess of the contractual recurring reserve of $250/unit that
may be applied to the properties.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
The Herald Center Loan
<TABLE>
<CAPTION>
LOAN INFORMATION PROPERTY INFORMATION
- --------------------------------------------------------- ---------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $49,975,508 Single Asset/Portfolio: Single Asset
% of Initial Pool: 3.2% Property Type: Retail
Mortgage Loan Seller: Column Financial, Inc. Location: New York, New York
Interest Rate: 7.754% Years Built/Renovated: 1910/1985
Term to ARD: 10 years Collateral: 249,504 square foot vertical mall
located in New York City
Amortization Term: 30 years
Property Management: J.E.M.B. Realty Corp.
Call Protection: Prepayment lockout; U.S.
Treasury defeasance U/W Net Cash Flow: $5,825,420
permitted as of the 2 year
anniversary of the Closing Appraised Value: $75,000,000
Date
Appraisal Date: January 1, 1999
Cut-Off Date LTV: 66.6%
Occupancy Rate at U/W: 100%
Maturity/ARD LTV: 59.3%
U/W DSCR: 1.35x
Cross Collateralization/
Default: No/No
Special Provisions: ARD Loan, Hard lockbox
</TABLE>
Additional Information:
Herald Center is a nine-story vertical mall located on the northwest corner of
Sixth Avenue and 33rd Street. The subject currently has 9 tenants, with Toy's
"R" Us (S&P A-), Kid's "R" Us and Daffy's, Inc. occupying approximately 87%.
Kiosks and smaller ground floor retail spaces occupy 3%, and the remaining 12%
is occupied by the NYS DMV.
The borrower is a single-purpose entity controlled by JEMB Realty Corporation.
The principal Joseph Jerome, has been involved in the management and leasing of
commercial office buildings, industrial parks, commercial condominiums and
retail property for over 13 years.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. 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-CG2 Collateral and Structural Term Sheet June 2, 1999
The Alliance Loans
<TABLE>
<CAPTION>
LOAN INFORMATION PROPERTY INFORMATION
- --------------------------------------------------------- ------------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $45,964,360 Single Asset/Portfolio: Portfolio of 3 assets
% of Initial Pool: 3.0% Property Type: Multifamily
Mortgage Loan Seller: Column Financial, Inc. Location: Texas
Interest Rate: 7.220% Built/Renovated: 1978/1997
Balloon Term: 10 years Collateral: 3 Multifamily properties with 1,970
total units
Amortization Term: 30 years
Property Management: Alliance Residential Management, LLC
Call Protection: Prepayment lockout; U.S.
Treasury defeasance U/W Net Cash Flow: $5,002,185
permitted as of the 2 year
anniversary of the Closing Appraised Value: $63,850,000
Date
Appraisal Date: January 15, 1999 to January 20, 1999
Cut-Off Date LTV: 72.0%
Wtd. Avg. Occupancy Rate at
Maturity/ARD LTV: 63.3% U/W: 96%
U/W DSCR: 1.33x
Cross Collateralization/
Default: Yes/Yes
Special Provisions: Cash Management
<CAPTION>
Allocated
Loan Amount
Property Name City State Units Year Built/Renovated at Cut-off Date
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sterling Point Apartments Houston TX 922 1978/1997 $20,751,731
Sandridge Apartments Pasadena TX 504 1978/1994 $15,099,893
Woodscape Apartments Houston TX 544 1979/1997 $10,112,736
- -------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
The subject multifamily properties' amenities include tennis courts, pools,
parking, laundry facilities, on-site management office and fitness centers. In
general, the properties are 96% occupied.
Principals of the borrower, Alliance JT Portfolio Limited Partnership, 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 24,000 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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written
consent of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman,
Sachs & Co. Each of Donaldson, Lufkin & Jenrette Securities Corporation and
Goldman, Sachs & Co. expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 23
<PAGE>
DLJCMC Series 1999-CG2 Collateral and Structural Term Sheet June 2, 1999
The Stone Fort Loans
<TABLE>
<CAPTION>
LOAN INFORMATION PROPERTY INFORMATION
- --------------------------------------------------------- -----------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $36,135,000 Single Asset/Portfolio: Portfolio of 5 assets
% of Initial Pool: 2.3% Property Type: 3 Office, 1 Mixed Use, 1 Industrial
Mortgage Loan Seller: GE Capital Access, Inc. Location: Chattanooga, Tennessee
Interest Rate: 7.470% Years Built/Renovated: 1946/1997
Balloon Term: 10 years Collateral: 3 Office, 1 Mixed Use, 1 Industrial
Amortization Term: 30 years Property Management: Stone Fort Land Co.
Call Protection: Prepayment lockout; U.S. U/W Net Cash Flow: $3,945,786
Treasury defeasance
permitted as of the 2 year Appraised Value: $50,285,000
anniversary of the Closing
Date Appraisal Date: April 2, 1999
Cut-Off Date LTV: 71.9% Wtd. Avg. Occupancy Rate at
U/W: 92%
Maturity/ARD LTV: 63.5%
U/W DSCR: 1.31x
Cross Collateralization/
Default: Yes/Yes
<CAPTION>
Allocated
Property Square Year Built/ Loan Amount
Property Name Type Feet Renovated at Cut-off Date
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Stone Fort Land - The Tallan Office Building & The Tallan Parking Garage Mixed Use 148,971 1982 $13,356,952
Stone Fort Land - The Krystal Office Building Office 135,625 1979 $ 9,258,048
Stone Fort Land - Riverside Center Office 135,000 1946/1997 $ 8,514,000
Stone Fort Land - Harrison Direct Warehouse Industrial 184,700 1986 $ 3,680,000
Stone Fort Land - Tennessee American Water Company Office Building Office 15,488 1978 $ 1,326,000
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
The Office Properties are all located in the Chattanooga, Tennessee. These
assets contain 286,113 sf and are all considered Class A properties. Major
tenants include The Krystal Company, a fast food franchisor (35,739 sf, exp.
2009) and Erlanger Health System, the largest health-care provider in Hamilton
County (82,592 sf, exp. 2006).
The Mixed Use Property is an office building with an attached parking garage
located in the Chattanooga Central Business District. The garage services the
subject building as well as the Krystal Office building (part of the subject
loans). The parking garage houses two seven-story elevators.
The Industrial Property is presently occupied by three tenants. The major
tenant, Harrison Direct, Inc. (HDI) (177,500 sf, exp. 2004), has been a tenant
at the building since 1988. HDI is a "fulfillment" company that operates a mail
order and distribution business, delivering marketing promotional merchandise
for Coca-Cola and other large consumer-oriented merchandise companies. HDI is
33% owned by Coca-Cola.
The borrower is a single-purpose entity with an independent director controlled
by Stone Fort Properties. The properties are managed by Stone Fort Land Co.
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 and Goldman, Sachs & Co. personnel to assist them in determining
when 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, Goldman, Sachs & Co. or any of their
respective affiliates. And such entities make no representations or warranties
with respect to the information contained herein or as to the appropriateness,
usefulness or completeness of these materials. Any computational information
set forth herein (including without limitation any computations of yields and
weighted average life) is hypothetical and based on certain assumptions
(including without limitation assumptions regarding the absence of voluntary
and involuntary prepayments, or the timing of such occurrences). The actual
characteristics and performance of the mortgage loans will differ from such
assumptions and such differences may be material. This document is subject to
errors, omissions and changes in the information and is subject to modification
or withdrawal at any time with or without notice. 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.
The contents herein are not to be reproduced without the express written consent
of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co.
Each of Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs &
Co. 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 24
