<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: October 8, 1998
- -------------------------------
(Date of earliest event reported)
GS Mortgage Securities Corporation II
-----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-40939 22-3442024
- -------------------------------------------------------------------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
85 Broad Street, New York, N.Y. 10004
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 902-1000
<PAGE>
ITEM 5. OTHER EVENTS.
Attached as an exhibit are Structural Term Sheets and Collateral Term
Sheets (each as defined in the no-action letter dated May 20, 1994 issued by
the Securities and Exchange Commission to Kidder, Peabody Acceptance
Corporation-I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset
Corporation (the "Kidder Letter") as modified by a no-action letter (the "First
PSA No-Action Letter") issued by the staff of the Commission on May 27, 1994 to
the Public Securities Association (the "PSA") and as further modified by a
no-action letter (the "Second PSA No-Action Letter") issued by the staff of the
Commission on March 9, 1995 to the PSA) furnished to the Registrant by Goldman,
Sachs & Co. (the "Underwriter") in respect of the Registrant's proposed
offering of Commercial Mortgage Pass-Through Certificates, Series 1998-C1 (the
"Certificates").
The Certificates will be offered pursuant to a Prospectus and related
Prospectus Supplement (together, the "Prospectus"), which will be filed with
the Commission pursuant to Rule 424 under the Securities Act of 1933, as
amended (the "Act"). The Certificates will be registered pursuant to the Act
under the Registrant's Registration Statement on Form S-3 (No. 333-40939) (the
"Registration Statement"). The Registrant hereby incorporates the Structural
Term Sheets and Collateral Term Sheets by reference in the Registration
Statement.
The Structural Term Sheets and Collateral Term Sheets were prepared
solely by the Underwriter, and the Registrant did not prepare or participate in
the preparation of the Structural Term Sheets or the Collateral Term Sheets.
Any statement or information contained in the Structural Terms Sheets
or Collateral Term Sheets shall be deemed to be modified or superseded for
purposes of the Prospectus and the Registration Statement by statements or
information contained in the Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit 99.1 Structural and Collateral Term Sheet
Exhibit 99.2 Collateral Term Sheet
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
GS MORTGAGE SECURITIES CORPORATION II
By: /s/ Jay Strauss
--------------------------------
Name: Jay Strauss
---------------------------
Title: Secretary
--------------------------
Date: October 9, 1998
<PAGE>
Exhibit Index
-------------
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
99.1 Structural and Collateral Term Sheet E
99.2 Collateral Term Sheet E
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$1,610,777,600 (APPROXIMATE) OCTOBER 8, 1998
GS MORTGAGE SECURITIES CORPORATION II
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C1
APPROXIMATE SECURITIES STRUCTURE:
- ---------------------------------
<TABLE>
<CAPTION>
EXPECTED EXPECTED
APPROXIMATE CREDIT EXPECTED PRINCIPAL
FACE/NOTIONAL SUPPORT WEIGHTED PAYMENT
CLASS EXPECTED RATING AMOUNT (MM) (% OF UPB) AVERAGE LIFE(a) WINDOW(a)
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES
X AAA $1,858.1(b) 9.05 11/98-08/19
A1 AAA [208.1](c) 31.0% 5.03 11/98-08/07
A1F AAA (FLT) [TOTAL](c) 31.0 5.03 11/98-08/07
A2 AAA 423.8 31.0 9.49 08/07-06/08
A3 AAA 650.2 31.0 8.94 11/98-08/08
B AA 111.5 25.0 9.80 08/08-08/08
C A (d) 102.2 19.5 9.84 08/08-09/08
D BBB (d) 83.6 15.0 9.89 09/08-09/08
E BBB- (d) 37.2 13.0 9.89 09/08-09/08
PRIVATELY PLACED CLASSES (e)
- -------------------------------------------------------------------------------------
F BB 102.2 7.5 9.95 09/08-10/08
G B 65.0 4.0 12.82 10/08-05/13
H B- 18.6 3.0 14.83 05/13-11/13
J UR 55.7 - 17.66 11/13-09/19
----
TOTAL SECURITIES: $1,858.1
- -------------------------------------------------------------------------------------
</TABLE>
(a) Calculated at 0% CPR, no balloon extension and Hyper-Amortization Loans pay
in full on Anticipated Repayment Dates.
(b) Notional amount on interest only class.
(c) The aggregate Notional Amount of Classes A1 and A1F equals approximately
$208.1MM.
(d) Subject to a cap equal to the weighted average Net Mortgage rate,
determined without regard to any modification of the mortgage loans, in
effect from time to time on the mortgage loans
(e) Not offered hereby.
KEY FEATURES:
- -------------
Lead Manager: Goldman, Sachs & Co.
Mortgage Loan Sellers: Goldman Sachs Mortgage Company:
GSMC Large Loans ($390MM)
Archon ($588MM)
CPC ($300MM)
Amresco Capital, L.P. ($590MM)
Master Servicer: TBD
Special Servicer: TBD
Trustee: TBD
Fiscal Agent: TBD
Bond Type: Floater - A1F; Fixed - all others
Launch: On or about October 21, 1998
Pricing: On or about October 23, 1998
Closing: On or about October 29, 1998
Cut-Off Date: Generally October 1, 1998
Distribution Date: 18 of each month, or following business day
(commencing November 1998)
ERISA Eligible: Classes A1, A2, A3 and X are expected to be
ERISA eligible subject to certain conditions
for eligibility
Representations & Warranties: Provided by applicable Mortgage Loan Sellers
Structure: Sequential pay
Day Count: 30/360, Actual/360 for Class A1F
Tax Treatment: REMIC/Grantor Trust
Rated Final Distribution Date: TBD
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes except Class X:
$10,000 & $1
Class X: $1,000,000 Notional Amount & $1
Delivery: DTC for publicly traded certificates
SWAP for class A1F: Through appropriate rated counterparty
- -------------------------------------------------------------------------------
COLLATERAL FACTS:
- -----------------
INITIAL POOL BALANCE: $1,858,089,282
NUMBER OF MORTGAGE LOANS: 322
AVERAGE CUT-OFF DATE BALANCE: $5,770,464
WEIGHTED AVERAGE CURRENT MORTGAGE RATE (a): 7.372%
WEIGHTED AVERAGE U/W DSCR (b): 1.53x
WEIGHTED AVERAGE CUT-OFF DATE LTV RATIO: 68.3%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (c): 126 months
WEIGHTED AVERAGE REMAINING AMORTIZATION TERM: 310 months
WEIGHTED AVERAGE SEASONING: 4 months
BALLOON LOANS AS % OF TOTAL: 64.3%
TEN LARGEST LOANS AS % OF TOTAL: 35.3%
- -------------------------------------------------------------------------------
(a) Gross Coupon.
(b) U/W DSCR is the ratio of Underwritten NCF over the annualized debt service
payments.
(c) Anticipated Repayment Date for loans with Hyper-Amortization. All
information presented herein with respect to Hyper-Amortization Loans
assumes that they mature on their respective Anticipated Repayment Dates.
<TABLE>
<CAPTION>
TEN LARGEST LOANS
LOAN BALANCE ($MM) % BY UPB WTD. AVG. DSCR PROP. TYPE
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AMERICOLD POOL 147.6 7.9% 1.94x Industrial
AIMCO MULTIFAMILY POOL 109.1 5.9 1.39 Multifamily
EPT POOL 104.7 5.6 2.06 Movie Theater
SKYLINE CITY POOL 87.4 4.7 1.36 Office
WASHINGTON MONARCH HOTEL 47.0 2.5 1.70 Lodging
HOLIDAY INN POOL 44.0 2.4 1.26 Lodging
FIRST PLACE TOWER 32.9 1.8 1.40 Office
FOUR WINDS 31.4 1.7 2.66 Healthcare
FACTORY STORES AT
HERSHEY 25.6 1.4 1.32 Retail
TLS POOL A (a) 25.4 1.4 1.30 Retail/Multifamily
---- --- ----
TOTAL/WEIGHTED
AVERAGE 655.2 35.3% 1.68x
- -----------------------------------------------------------------------------------------
</TABLE>
(a) There is a second related $22.5MM loan pool (TLS Pool B) which is not
crossed with TLS Pool A.
SELECTED LOAN DATA:
- -------------------
<TABLE>
<CAPTION>
CUT-OFF DATE BALANCE
NUMBER OF (AS OF OCT 1, 1998) (a)
MORTGAGED ----------------------------------------------
GEOGRAPHIC DISTRIBUTION PROPERTIES (MM) % BY BALANCE WTD. AVG. DSCR
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CALIFORNIA 41 $ 294.2 15.8% 1.51x
NEW YORK 30 163.4 8.8 1.59
TEXAS 48 157.6 8.5 1.65
VIRGINIA 22 128.0 6.9 1.39
OHIO 19 98.3 5.3 1.46
OTHER 261 1,016.6 54.7 1.53
--- ------- ---- ----
TOTAL/WTD. AVG. 421 $1,858.1 100.0% 1.53x
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CUT-OFF DATE BALANCE
NUMBER OF (AS OF OCT 1, 1998) (a)
MORTGAGED ---------------------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY BALANCE WTD. AVG. DSCR
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RETAIL 117 $ 448.6 24.1% 1.36x
LODGING 73 308.4 16.6 1.55
OFFICE 52 301.1 16.2 1.41
MULTIFAMILY 72 294.1 15.8 1.39
INDUSTRIAL 56 244.1 13.1 1.72
MOVIE THEATRE 8 104.7 5.6 2.06
HEALTHCARE 11 93.6 5.0 2.04
OTHER 32 63.5 3.4 1.53
-- ------- --- ----
TOTAL/WTD. AVG. 421 $1,858.1 100.0% 1.53x
- ----------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
PREPAYMENT PROVISIONS (AS OF CUT-OFF DATE):
- -------------------------------------------
<TABLE>
<CAPTION>
PREPAYMENT RESTRICTIONS LOAN GROUP 1 LOAN GROUP 2 AGGREGATE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
LOCKOUT/DEFEASANCE 74.7% 58.7% 69.1%
GREATER OF YM OR 1% 22.9 28.5 24.8
LOCKOUT 2.4 12.3 5.9
LOCKOUT/YM 0.0 0.5 0.2
- ---------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
MORTGAGE POOL OVERVIEW
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLLATERAL FACTS LOAN GROUP 1 LOAN GROUP 2 AGGREGATE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INITIAL POOL BALANCE: (a) $1,207,865,664 $650,223,618 $1,858,089,282
NUMBER OF MORTGAGE LOANS: (a) 186 137 322
AVERAGE CUT-OFF DATE BALANCE: $6,493,901 $4,746,158 $5,770,464
WEIGHTED AVERAGE CURRENT MORTGAGE RATE: 7.340% 7.433% 7.372%
WEIGHTED AVERAGE U/W DSCR: 1.59x 1.42x 1.53x
WEIGHTED AVERAGE CUT-OFF DATE LTV RATIO: 66.3% 72.1% 68.3%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY: 132 Months 115 Months 126 Months
WEIGHTED AVERAGE REMAINING AMORTIZATION TERM: 298 Months 334 Months 310 Months
WEIGHTED AVERAGE SEASONING: 4 Months 4 Months 4 Months
BALLOON LOANS AS % OF TOTAL: 48.1% 94.5% 64.3%
FIVE LARGEST LOANS AS % OF TOTAL: 34.5% 28.5% 26.5%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
a) AIMCO Multifamily Pool is split between Loan Group 1 ($29.3MM) and Loan
Group 2 ($79.8MM)
- ------------------------
TOP FIVE LOANS
- ------------------------
LOAN GROUP ONE
- --------------
<TABLE>
<CAPTION>
% WTD.
BY AVG. PROPERTY
PROPERTY NAME BALANCE (MM) UPB DSCR TYPE
- -----------------------------------------------------------
<S> <C> <C> <C>
Americold Pool $147.6 12.2% 1.94x Industrial
EPT Pool 104.7 8.7 2.06 Theatre
Skyline City 87.4 7.2 1.36 Office
Pool
Washington 43.6 3.6 1.70 Lodging
Monarch Hotel
First Place 32.9 2.7 1.40 Office
Tower
- -----------------------------------------------------------
</TABLE>
LOAN GROUP TWO
- --------------
<TABLE>
<CAPTION>
% WTD.
BY AVG. PROPERTY
PROPERTY NAME BALANCE(MM) UPB DSCR TYPE
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
AIMCO MF Pool (a) $79.8 12.3% 1.39x Multifamily
Holiday Inn Pool 44.0 6.7 1.25 Lodging
Factory Stores at 25.6 3.9 1.32 Retail
Hershey
The Original 21.5 3.3 1.54 Retail
Outlet Mall
761 7th Ave. 14.5 2.2 1.35 Retail
- -------------------------------------------------------------
</TABLE>
(a) AIMCO Multifamily Pool is split between Loan Group 1 ($29.3MM) and Loan
Group 2 ($79.8MM)
- ------------------------
TOP FIVE STATES
- ------------------------
LOAN GROUP ONE
- --------------
<TABLE>
<CAPTION>
NUMBER OF %
GEOGRAPHIC MORTGAGE BALANCE BY WTD. AVG.
DISTRIBUTION PROPERTIES (MM) UPB DSCR
- --------------------------------------------------------
<S> <C> <C> <C> <C>
California 18 $164.1 13.6% 1.61x
Virginia 19 118.3 9.8 1.39
New York 21 109.5 9.1 1.71
Texas 26 101.4 8.4 1.74
Washington 10 68.1 5.6 1.66
- --------------------------------------------------------
</TABLE>
LOAN GROUP TWO
- --------------
<TABLE>
<CAPTION>
NUMBER OF %
GEOGRAPHIC MORTGAGE BALANCE BY WTD. AVG.
DISTRIBUTION PROPERTIES (MM) UPB DSCR
- --------------------------------------------------------
<S> <C> <C> <C> <C>
California 23 130.1 20.0% 1.37x
Ohio 10 60.7 9.3 1.29
Texas 22 56.2 8.6 1.49
New York 9 53.9 8.3 1.34
Maryland 4 35.7 5.5 1.48
- --------------------------------------------------------
</TABLE>
AGGREGATE
- ---------
<TABLE>
<CAPTION>
NUMBER OF %
GEOGRAPHIC MORTGAGE BALANCE BY WTD. AVG.
DISTRIBUTION PROPERTIES (MM) UPB DSCR
- --------------------------------------------------------
<S> <C> <C> <C> <C>
California 41 $294.2 15.8% 1.51x
Ohio 30 163.4 8.8 1.59
Texas 48 157.6 8.5 1.65
New York 22 128.0 6.9 1.39
Florida 19 98.3 5.3 1.46
- --------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- ------------------------------------
TOP FIVE PROPERTY TYPES
- ------------------------------------
LOAN GROUP ONE
- --------------
<TABLE>
<CAPTION>
NUMBER OF %
PROPERTY MORTGAGE BALANCE BY WTD. AVG.
TYPE PROPERTIES (MM) UPB DSCR
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Lodging 65 $251.0 20.8% 1.61x
Retail 67 224.9 18.6 1.27
Office 29 215.1 17.8 1.37
Industrial 42 207.7 17.2 1.77
Movie Theatre 8 104.7 8.7 2.06
- -------------------------------------------------------------
</TABLE>
LOAN GROUP TWO
- --------------
<TABLE>
<CAPTION>
NUMBER OF %
PROPERTY MORTGAGE BALANCE BY WTD. AVG.
TYPE PROPERTIES (MM) UPB DSCR
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Multifamily 60 $235.2 36.2% 1.41x
Retail 50 223.7 34.4 1.44
Office 23 86.0 13.2 1.50
Lodging 8 57.4 8.8 1.26
Industrial 14 36.4 5.6 1.45
- -------------------------------------------------------------
</TABLE>
AGGREGATE
- ---------
<TABLE>
<CAPTION>
NUMBER OF %
PROPERTY MORTGAGE BALANCE BY WTD. AVG.
TYPE PROPERTIES (MM) UPB DSCR
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Retail 117 $448.6 24.1% 1.36x
Lodging 73 308.4 16.6 1.55
Office 52 301.1 16.2 1.41
Multifamily 72 294.1 15.8 1.39
Industrial 56 244.1 13.1 1.72
- -------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
- -------------------------------------------------------------------------------
o The Mortgage Pool will be comprised of two Loan Groups:
-- Available principal from Group 1 will be allocated sequentially to
(A1/A1F)*, A2, A3, B, C, D, E, F, G, H, J
-- Available principal from Group 2 will be allocated sequentially to A3,
(A1/A1F)*, A2, B, C, D, E, F, G, H, J Certificates
o Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A1, A1F,
A2, and A3 Certificates each month.
o Each class will be subordinate to the Class A1, A1F, A2, A3, and X and to
each class with an earlier alphabetic designation than such class. Each of
the Class A1, A1F, A2, A3, and X certificates will be of equal priority.
o All classes will pay interest on a 30/360 basis except A1F, which will pay
interest on an Actual/360 basis
o Principal Losses will be allocated in reverse alphabetical order to J, H,
G, F, E, D, C, B, and then to Class A1, A1F, A2, and A3 pro rata.
o Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes
other than to the class X among the outstanding certificates.
* Principal will be allocated pro rata between each pair
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PENALTIES
- -------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS FOR EACH LOAN GROUP
- -----------------------------------------------------
Prepayment premiums will be allocated between the Certificates then entitled to
principal distributions and the Class X Certificates as follows:
o A percentage of all prepayment premiums (either fixed prepayment
premiums or yield maintenance amount) will be allocated to each class
of the Certificates then entitled to principal distributions, which
percentage will be equal to the product of (a) the percentage of the
total principal distribution that such Class receives, and (b) a
percentage (which can be no greater than 100%), the numerator of which
is the excess of the Pass-Through Rate of the Class of the
Certificates currently receiving principal over the relevant Discount
Rate, and the denominator of which is the excess of the Mortgage Rate
of the related Mortgage Loan over the Discount Rate.
------------------------------------------------------------
Prepayment (Pass-Through Rate - Discount Rate)
Premium Allocation = -----------------------------------
Percentage (Mortgage Rate - Discount Rate)
------------------------------------------------------------
o The remaining percentage of the prepayment premiums will be allocated
to the Class X Certificates
o In general, this formula provides for an increase in the allocation of
prepayment premiums to the Certificates then entitled to principal
distributions relative to the Class X Certificates as Discount Rates
decrease and a decrease in the allocation to such Classes as Discount
Rates rise
Allocation of Prepayment Premiums Example
-----------------------------------------
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
Bond Class Rate = 6%
Treasury Rate = 5%
BOND CLASS ALLOCATION | CLASS X ALLOCATION
-------------------------------|-------------------------------------------
6% - 5% |
------- = 33 1/3% | Receives excess premiums = 66 2/3% thereof
8% - 5% |
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PREPAYMENT PROVISIONS
- -------------------------------------------------------------------------------
o AGGREGATE POOL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT LOCK-OUT/ PREMIUM ANALYSIS (a)
PERCENTAGE OF MORTGAGE POOL BY PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT (b)
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 99.42% 99.42% 84.87% 24.74% 8.00% 7.42% 7.01% 6.58% 6.09% 0.06% 0.00%
Defeasance 0.00 0.00 13.53 68.63 68.64 68.80 69.38 69.44 69.64 66.12 71.54
Yield
Maintenance 0.58 0.58 1.60 6.63 23.37 23.78 23.29 23.97 24.14 18.31 28.46
SUBTOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.68% 100.00% 99.87% 84.49% 100.00%
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.32 0.00 0.12 15.51 0.00
TOTALS (b) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 1,858.09 1,835.99 1,812.52 1,786.90 1,759.30 1,729.57 1,680.30 1630.92 1,594.31 1,543.96 138.00
% of UPB 100.00% 98.81% 97.55% 96.17% 94.68% 93.08% 90.43% 87.77% 85.80% 83.09% 7.43%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 71.51 72.98 73.07 76.98 79.67 80.18 81.07 82.61 85.91 75.83
Yield
Maintenance 28.49 27.02 26.93 18.92 20.33 19.82 18.58 17.39 3.95 0.00
SUBTOTAL 100.00% 100.00% 100.00% 95.90% 100.00% 100.00% 99.65% 100.00% 89.86% 75.83%
Open 0.00 0.00 0.00 4.10 0.00 0.00 0.34 0.00 10.14 24.17
TOTALS (b) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 129.39 117.67 107.90 92.59 56.44 46.47 35.73 24.25 12.23 1.52
% of UPB 6.96% 6.33% 5.81% 4.98% 3.04% 2.50% 1.92% 1.31% 0.66% 0.08%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Totals may not equal due to rounding.
(b) Table calculated using modeling assumptions and assuming no prepayments of
principal.
o LOAN GROUP 1
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 99.10% 99.11% 76.69% 19.62% 4.81% 4.12% 3.88% 3.15% 2.62% 0.10% 0.00%
Defeasance 0.00 0.00 20.85 74.16 74.16 74.40 75.38 75.77 75.82 74.59 71.54
Yield
Maintenance 0.90 0.89 2.46 6.22 21.04 21.48 20.24 21.09 21.37 17.94 28.46
SUBTOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.50% 100.00% 99.81% 92.63% 100.00%
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.19 7.38 0.00
TOTALS (b) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 1,207.87 1,192.43 1,176.02 1,158.14 1,138.88 1,118.14 1,078.45 1,049.39 1,023.89 985.53 138.00
% of UPB 100.00% 98.72% 97.36% 95.88% 94.29% 92.57% 89.29% 86.88% 84.77% 81.59% 11.43%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 71.51 72.98 73.07 76.98 79.67 80.18 81.07 82.61 85.91 75.83
Yield
Maintenance 28.49 27.02 26.93 18.92 20.33 19.82 18.58 17.39 3.95 0.00
SUBTOTAL 100.00% 100.00% 100.00% 95.90% 100.00% 100.00% 99.65% 100.00% 89.86% 75.83%
Open 0.00 0.00 0.00 4.10 0.00 0.00 0.34 0.00 10.14 24.17
TOTALS (b) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 129.39 117.67 107.90 92.59 56.44 46.47 35.73 24.25 12.23 1.52
% of UPB 10.71% 9.74% 8.93% 7.67% 4.67% 3.85% 2.96% 2.01% 1.01% 0.13%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
o LOAN GROUP 2
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER OCTOBER
RESTRICTIONS 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 100.00% 100.00% 100.00% 34.18% 13.85% 13.45% 12.61% 12.79% 12.32% 0.00% 0.00%
Defeasance 0.00 0.00 0.00 58.44 58.50 58.57 58.64 58.03 58.55 51.18 0.00
Yield
Maintenance 0.00 0.00 0.00 7.38 27.65 27.98 28.75 29.19 29.13 18.96 0.00
SUBTOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 70.14 0.00
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29.86 0.00
TOTALS (b) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%
UPB ($MM) 650.22 643.56 636.50 628.76 620.42 611.43 601.85 581.53 570.42 558.44 0.00
% of UPB 100.00% 98.98% 97.89% 96.70% 95.42% 94.03% 92.56% 89.44% 87.73% 85.89% 0.00%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
AVERAGE LIFE TABLE (IN YEARS)
(PREPAYMENTS LOCKED OUT THROUGH LOCK OUT PERIOD,
DEFEASANCE AND YIELD MAINTENANCE PERIOD, THEN RUN AT THE INDICATED CPRS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PREPAYMENT ASSUMPTIONS (CPR)
0 CPR 25 CPR 50 CPR 75 CPR 100 CPR
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A1 5.03 5.01 5.00 4.99 4.94
A1F 5.03 5.01 5.00 4.99 4.94
A2 9.49 9.47 9.43 9.39 9.17
A3 8.95 8.91 8.87 8.81 8.58
B 9.80 9.80 9.78 9.75 9.61
C 9.84 9.82 9.80 9.80 9.68
D 9.89 9.89 9.89 9.85 9.72
E 9.89 9.89 9.89 9.89 9.72
F 9.95 9.95 9.95 9.94 9.86
G 12.81 12.80 12.78 12.76 12.65
H 14.83 14.81 14.78 14.75 14.50
J 17.66 17.66 17.66 17.65 17.63
- -------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCE (a)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
RANGE OF CURRENT MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
PRINCIPAL BALANCES LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 500,000 - 999,999 13 $ 9,892,085 0.5% $ 760,930 1.60x 7.3840% 144.0 70.8%
1,000,000 - 2,999,999 155 300,736,093 16.2 1,940,233 1.45 7.4357 142.9 71.5
3,000,000 - 4,999,999 78 302,389,345 16.3 3,876,786 1.41 7.2928 133.4 72.0
5,000,000 - 6,999,999 25 146,954,949 7.9 5,878,198 1.42 7.3049 125.9 72.7
7,000,000 - 8,999,999 11 88,412,654 4.8 8,037,514 1.48 7.4632 115.5 73.0
9,000,000 - 10,999,999 12 118,851,166 6.4 9,904,264 1.53 7.4691 123.0 70.7
11,000,000 - 12,999,999 7 86,194,083 4.6 12,313,440 1.42 7.1235 133.5 72.5
13,000,000 - 14,999,999 4 55,424,358 3.0 13,856,089 1.35 7.4428 118.5 71.5
15,000,000 - 16,999,999 1 15,000,000 0.8 15,000,000 1.45 6.9100 112.0 52.3
17,000,000 - 18,999,999 3 53,603,196 2.9 17,867,732 1.36 7.6737 100.2 73.7
19,000,000 - 20,999,999 2 40,616,323 2.2 20,308,162 1.60 7.9566 170.2 57.4
21,000,000 - 22,999,999 3 64,585,549 3.5 21,528,516 1.87 8.1425 118.7 75.6
23,000,000 - 24,999,999 1 24,447,349 1.3 24,447,349 1.51 7.3200 118.0 71.3
25,000,000 - 49,999,999 3 102,062,514 5.5 34,020,838 1.51 7.0781 118.5 61.8
50,000,000 - 99,999,999 1 87,423,946 4.7 87,423,946 1.36 7.0490 118.0 71.3
100,000,000 - 147,597,677 3 361,495,671 19.5 120,498,557 1.81 7.3436 114.4 58.1
--- ----------- ---- ----------- ---- ------ ----- ----
TOTAL 322 $1,858,089,282 100.0% $ 5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES
LOAN GROUP ONE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
RANGE OF CURRENT MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
PRINCIPAL BALANCES LOANS BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 500,000 - 999,999 5 $ 4,334,893 0.4% $ 866,979 1.67x 7.5868% 179.2 67.0%
1,000,000 - 2,999,999 95 184,880,106 15.3 1,946,106 1.46 7.4933 159.8 70.9
3,000,000 - 4,999,999 42 160,283,660 13.3 3,816,278 1.40 7.3887 149.0 70.8
5,000,000 - 6,999,999 11 68,007,124 5.6 6,182,466 1.37 7.2320 137.6 71.7
7,000,000 - 8,999,999 7 55,385,153 4.6 7,912,165 1.43 7.6225 115.7 74.5
9,000,000 - 10,999,999 6 59,376,356 4.9 9,896,059 1.67 7.7612 136.8 66.7
11,000,000 - 12,999,999 5 61,589,657 5.1 12,317,931 1.44 7.2296 139.8 71.1
13,000,000 - 14,999,999 1 13,468,954 1.1 13,468,954 1.45 7.2900 118.0 62.4
15,000,000 - 16,999,999 1 15,000,000 1.2 15,000,000 1.45 6.9100 112.0 52.3
17,000,000 - 18,999,999 3 53,603,196 4.4 17,867,732 1.36 7.6737 100.2 73.7
19,000,000 - 20,999,999 2 40,616,323 3.4 20,308,162 1.60 7.9566 170.2 57.4
21,000,000 - 22,999,999 1 21,308,138 1.8 21,308,138 2.85 9.4700 117.0 61.8
23,000,000 - 24,999,999 1 24,447,349 2.0 24,447,349 1.51 7.3200 118.0 71.3
25,000,000 - 49,999,999 3 105,794,740 8.8 35,264,913 1.52 7.3966 116.3 56.0
50,000,000 - 99,999,999 1 87,423,946 7.2 87,423,946 1.36 7.0490 118.0 71.3
100,000,000 - 147,597,677 2 252,346,069 20.9 126,173,035 1.99 6.8434 115.8 58.8
- ----------- ---- ----------- ---- ------ ----- ----
TOTAL 186 $1,207,865,664 100.0% $ 6,493,901 1.59x 7.3397% 132.0 66.3%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES
LOAN GROUP TWO
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
RANGE OF CURRENT MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
PRINCIPAL BALANCES LOANS BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 500,000 - 999,999 8 $ 5,557,192 0.9% $ 694,649 1.54x 7.2258% 116.5 73.8%
1,000,000 - 2,999,999 60 115,855,987 17.8 1,930,933 1.43 7.3437 115.9 72.4
2,000,000 - 4,999,999 36 142,105,685 21.9 3,947,380 1.43 7.1846 115.8 73.3
5,000,000 - 6,999,999 14 78,947,826 12.1 5,639,130 1.46 7.3677 115.7 73.4
7,000,000 - 8,999,999 4 33,027,502 5.1 8,256,875 1.57 7.1961 115.2 70.5
9,000,000 - 10,999,999 6 59,474,810 9.2 9,912,468 1.40 7.1775 109.2 74.7
11,000,000 - 12,999,999 2 24,604,425 3.8 12,302,213 1.37 6.8577 117.4 75.7
13,000,000 - 14,999,999 3 41,955,404 6.5 13,985,135 1.31 7.4918 118.7 74.4
21,000,000 - 22,999,999 2 43,277,411 6.7 21,638,705 1.39 7.4889 119.5 82.4
25,000,000 - 49,999,999 1 25,580,579 3.9 25,580,579 1.32 7.3900 119.0 79.9
50,000,000 - 99,999,999 1 79,836,798 12.3 79,836,798 1.39 8.5000 111.0 56.7
- ---------- ---- ---------- ---- ------ ----- ----
TOTAL 137 650,223,618 100.0% $ 4,746,158 1.42x 7.4328% 115.2 72.1%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
AIMCO Multifamily Pool is split between Loan Group 1 ($29.3MM) and Loan
Group 2 ($79.8MM)
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE BALANCE (a)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
STATE PROPERTIES BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 41 $ 294,180,915 15.8% $ 7,175,144 1.51x 7.527% 116.4 67.5%
New York 30 163,395,177 8.8 5,446,506 1.59 7.712 119.7 67.4
Texas 48 157,647,067 8.5 3,284,314 1.65 7.212 134.2 70.1
Virginia 22 127,969,209 6.9 5,816,782 1.39 7.199 125.0 72.3
Ohio 19 98,304,399 5.3 5,173,916 1.46 7.580 117.9 71.4
Washington 13 83,788,247 4.5 6,445,250 1.63 7.188 116.5 64.3
Florida 25 67,733,797 3.6 2,709,352 1.41 7.387 130.6 74.2
Oregon 8 62,941,850 3.4 7,867,731 1.68 7.208 116.3 62.8
Maryland 14 58,683,810 3.2 4,191,701 1.45 7.431 125.8 68.3
Michigan 9 52,149,850 2.8 5,794,428 1.42 7.637 158.0 70.1
Pennsylvania 5 50,654,823 2.7 10,130,965 1.55 7.229 125.1 71.1
District of Columbia 2 48,887,613 2.6 24,443,807 1.66 6.774 119.9 45.8
Tennessee 12 44,497,695 2.4 3,708,141 1.45 7.282 142.8 72.4
Wisconsin 4 40,135,242 2.2 10,033,810 1.67 6.928 117.8 71.4
Oklahoma 3 39,820,432 2.1 13,273,477 1.38 7.225 115.4 74.5
Puerto Rico 2 38,377,755 2.1 19,188,878 1.62 7.893 113.9 66.9
New Mexico 23 37,246,054 2.0 1,619,394 1.52 7.541 117.1 72.2
Massachusetts 13 35,149,023 1.9 2,703,771 1.55 7.116 114.9 67.0
Georgia 10 34,245,325 1.8 3,424,533 1.55 7.338 158.9 70.3
Louisiana 9 33,964,040 1.8 3,773,782 1.46 7.331 141.0 73.6
Connecticut 11 28,850,440 1.6 2,622,767 1.54 7.279 114.3 63.6
Illinois 7 25,801,584 1.4 3,685,941 1.57 7.083 133.6 66.9
Arizona 6 22,131,829 1.2 3,688,638 1.36 7.680 120.9 65.9
Kentucky 9 20,300,455 1.1 2,255,606 1.45 7.517 212.9 72.4
Minnesota 9 20,025,695 1.1 2,225,077 1.46 7.278 114.5 72.2
Idaho 3 19,319,783 1.0 6,439,928 1.85 6.942 114.8 59.5
Colorado 8 19,069,730 1.0 2,383,716 1.50 7.116 110.3 71.6
Arkansas 5 15,919,238 0.9 3,183,848 1.42 7.631 124.2 68.7
Indiana 4 14,654,090 0.8 3,663,523 1.44 8.139 143.5 62.4
Missouri 2 13,463,766 0.7 6,731,883 1.95 6.901 135.1 62.7
Nebraska 7 12,777,182 0.7 1,825,312 1.37 7.644 170.4 65.2
Utah 4 11,606,330 0.6 2,901,582 1.79 7.159 115.2 60.0
South Carolina 4 10,090,706 0.5 2,522,677 1.44 7.372 209.3 72.7
New Hampshire 2 8,082,073 0.4 4,041,036 1.26 6.352 239.4 71.5
Iowa 3 7,384,419 0.4 2,461,473 1.77 7.089 115.3 61.1
Nevada 3 6,919,163 0.4 2,306,388 1.46 7.281 118.4 61.6
Alabama 9 5,949,607 0.3 661,067 1.61 7.745 154.7 62.9
Rhode Island 3 5,765,973 0.3 1,921,991 1.46 7.153 117.7 75.1
Vermont 1 5,161,627 0.3 5,161,627 1.32 7.050 113.0 78.6
Kansas 2 3,978,438 0.2 1,989,219 1.40 7.578 114.7 64.7
Mississippi 3 3,334,171 0.2 1,111,390 1.38 7.215 115.4 74.3
West Virginia 1 2,290,025 0.1 2,290,025 1.35 7.060 114.0 76.3
North Carolina 1 2,094,922 0.1 2,094,922 1.50 7.760 118.0 67.6
New Jersey 1 1,998,409 0.1 1,998,409 1.32 7.150 119.0 64.5
Delaware 1 1,347,306 0.1 1,347,306 1.69 7.710 118.0 72.8
--- -------------- ----- ----------- ---- ----- ----- ----
TOTAL 421 $1,858,089,282 100.0% $ 4,413,514 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not sum due to rounding. Information in this table is
presented on the mortgaged property level based on allocated loan amounts
and therefore may differ from information presented on the mortgage loan
level.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE BALANCE
AGGREGATE
- -------------------------------------------------------------------------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[MAP OF AMERICA]
WA NE WI VT NH
4.51% 0.69% 2.16% 0.28% 0.43%
OR KS IL NY MA
3.39% 0.21% 1.39% 8.79% 1.89%
CA OK MI PA RI
15.53% 2.14% 2.81% 2.73% 0.31%
ID TX IN WV CT
1.04% 8.48% 0.79% 0.12% 1.55%
NV MN OH VA NJ
0.37% 1.08% 5.29% 6.89% 0.11%
UT IA KY NC DE
0.62% 0.40% 1.09% 0.11% 0.07%
AZ MO TN SC MD
1.19% 0.72% 2.39% 0.54% 3.16%
CO AR MS GA DC
1.03% 0.86% 0.18% 1.84% 2.63%
NM LA AL FL PR
2.00% 1.83% 0.32% 3.65% 2.07%
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[PIE CHART]
Other Virginia
46.56% 6.89%
California Ohio
15.83% 5.29%
New York Washington
8.79% 4.51%
Texas Florida
8.48% 3.65%
Totals may not sum due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION BY CUT-OFF DATE BALANCE (a)
AGGREGATE
- -------------------------------------------------------------------------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[PIE CHART]
Other Multifamily
3.4% 15.8%
Retail Industrial
24.1% 13.1%
Lodging Movie Theatre
16.6% 5.6%
Office Healthcare
16.2% 5.0%
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
PROPERTY TYPE PROPERTIES BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 117 $ 448,570,520 24.1% $ 3,833,936 1.36x 7.357% 132.8 74.1%
Lodging 73 308,373,239 16.6 4,224,291 1.55 7.498 139.9 66.9
Office 52 301,143,993 16.2 5,791,231 1.41 7.219 114.7 71.7
Multifamily 72 294,077,744 15.8 4,084,413 1.39 7.610 120.4 69.5
Industrial 56 244,082,727 13.1 4,358,620 1.72 7.068 127.9 61.2
Movie Theatre 8 104,748,392 5.6 13,093,549 2.06 6.772 117.0 61.7
Healthcare 11 93,602,144 5.0 8,509,286 2.04 8.374 116.2 60.2
Other 32 63,490,523 3.4 1,984,079 1.53 7.178 115.7 63.5
- ----- -- ---------- --- --------- ---- ----- ----- ----
TOTAL 421 $1,858,089,282 100.0% $ 4,413,514 1.53x 7.372% 126.1 68.3%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not sum due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF PROPERTY TYPES
LOAN GROUP ONE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
PROPERTY TYPE PROPERTIES BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lodging 65 $250,981,133 20.8% $ 3,861,248 1.61x 7.3854% 144.9 64.6%
Retail 67 224,908,374 18.6 3,356,841 1.27 7.4570 148.7 73.8
Office 29 215,115,878 17.8 7,417,789 1.37 7.1996 116.0 72.5
Industrial 42 207,659,656 17.2 4,944,278 1.77 7.0210 130.1 59.5
Movie Theatre 8 104,748,392 8.7 13,093,549 2.06 6.7720 117.0 61.7
Healthcare 10 91,087,010 7.5 9,108,701 2.06 8.3874 116.2 60.4
Multifamily 12 58,835,141 4.9 4,902,928 1.35 7.9323 144.7 66.4
Other 26 54,530,079 4.5 2,097,311 1.58 7.1136 115.9 62.2
-- ---------- --- --------- ---- ------ ----- ----
TOTAL/WEIGHTED
AVERAGE 259 $1,207,865,664 100.0% $ 4,663,574 1.59x 7.3397% 132.0 66.3%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF PROPERTY TYPES
LOAN GROUP TWO
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
PROPERTY TYPE PROPERTIES BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 60 $235,242,603 36.2% $3,920,710 1.41x 7.5297 114.4 70.3%
Retail 50 223,662,146 34.4 4,473,243 1.44 7.2568 116.9 74.4
Office 23 86,028,115 13.2 3,740,353 1.50 7.2660 111.3 69.6
Lodging 8 57,392,106 8.8 7,174,013 1.26 7.9901 118.1 76.8
Industrial 14 36,423,071 5.6 2,601,648 1.45 7.3388 115.4 70.9
Other 6 8,960,443 1.4 1,493,407 1.22 7.5669 114.5 71.7
Healthcare 1 2,515,134 0.4 2,515,134 1.38 7.8800 118.0 50.3
- --------- --- --------- ---- ------ ----- ----
TOTAL/WEIGHTED
AVERAGE 162 $650,223,618 100.0% $4,013,726 1.42x 7.4328% 115.2 72.1%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
AIMCO Multifamily Pool is split between Loan Group 1 ($29.3MM) and Loan
Group 2 ($79.8MM)
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
DEBT SERVICE COVERAGE RATIO (a)
AGGREGATE
- -------------------------------------------------------------------------------
o Weighted Average Current Debt Service Coverage Ratio: 1.53x
o 95.7% of the Portfolio has Debt Service Coverage Ratio greater than or
equal to 1.20x
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
APPROXIMATE OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
RANGE OF CURRENT NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
DEBT SERVICE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00 - 1.09(b) 4 $ 6,920,398 0.4% $ 1,730,100 1.02x 6.924% 216.4 91.3%
1.10 - 1.19 11 72,429,060 3.9 6,584,460 1.16 7.697 128.0 78.0
1.20 - 1.29 51 218,347,910 11.8 4,281,332 1.26 7.413 131.0 74.4
1.30 - 1.39 87 547,504,851 29.5 6,293,159 1.35 7.532 127.1 69.6
1.40 - 1.49 61 285,264,286 15.4 4,676,464 1.43 7.261 123.0 72.3
1.50 - 1.59 44 211,579,107 11.4 4,808,616 1.54 7.344 125.2 70.7
1.60 - 1.69 30 71,959,114 3.9 2,398,637 1.65 7.346 138.6 70.7
1.70 - 1.79 12 74,164,433 4.0 6,180,369 1.71 7.028 133.6 52.5
1.80 - 1.89 8 38,794,976 2.1 4,849,372 1.82 7.898 126.8 61.3
1.90 - 1.99 5 170,698,662 9.2 34,139,732 1.94 6.935 117.4 57.2
2.00 - 2.09 1 104,748,392 5.6 104,748,392 2.06 6.772 117.0 61.7
2.10 - 2.19 1 8,000,000 0.4 8,000,000 2.14 7.220 112.0 49.4
2.20 - 2.29 3 20,305,133 1.1 6,768,378 2.27 8.616 116.5 56.1
2.30 - 2.39 1 1,669,271 0.1 1,669,271 2.31 7.790 238.0 59.2
2.40 - 2.49 1 1,395,552 0.1 1,395,552 2.41 7.130 179.0 45.8
2.50 - 2.85 2 24,308,138 1.3 12,154,069 2.81 9.062 117.4 60.1
--- -------------- ----- ---------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.0% $ 5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
(b) Credit tenant loan.
- -------------------------------------------------------------------------------
CUT-OFF DATE LOAN TO VALUE RATIO (a)
AGGREGATE
- -------------------------------------------------------------------------------
o Weighted Average Cut-off Date Loan to Value Ratio: 68.3%(b)
<TABLE>
<CAPTION>
WTD, AVG,
PERCENTAGE CURRENT WEIGHTED WTD. AVG.
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
RANGE OF LOAN MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
TO VALUE RATIOS LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.00 - 49.99 8 $ 61,974,755 3.3% $ 7,746,844 1.81x 6.871% 125.6 44.1%
50.00 - 59.99 23 380,361,003 20.5 16,537,435 1.70 7.648 121.5 56.5
60.00 - 64.99 33 245,764,460 13.2 7,447,408 1.87 7.275 120.5 62.2
65.00 - 69.99 44 145,239,405 7.8 3,300,896 1.46 7.351 136.9 67.9
70.00 - 74.99 120 558,107,171 30.0 4,650,893 1.40 7.323 129.4 72.5
75.00 - 79.99 71 351,099,536 18.9 4,945,064 1.36 7.312 123.4 78.2
80.00 - 89.99 21 111,968,842 6.0 5,331,850 1.29 7.397 129.9 83.1
90.00 - 99.99 2 3,574,111 0.2 1,787,055 1.00 7.040 224.5 97.0
- --------- --- --------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.0% $ 5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
(b) Ratio of Cut-Off Date Balance over appraised value at origination.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM (IN MONTHS) (a)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
RANGE OF NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
AMORTIZATION MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Only 3 $ 66,572,000 3.6% $22,190,667 1.70x 6.843% 117.2 45.6%
131 - 150 1 1,180,618 0.1 1,180,618 1.68 8.170 140.0 58.3
171 - 190 6 13,612,708 0.7 2,268,785 1.37 7.143 156.0 66.5
191 - 210 1 1,657,162 0.1 1,657,162 1.20 6.970 210.0 78.9
211 - 230 4 7,957,917 0.4 1,989,479 1.21 7.666 223.5 84.2
231 - 250 51 141,418,051 7.6 2,772,903 1.46 7.441 219.9 68.7
251 - 270 2 11,303,406 0.6 5,651,703 1.32 7.327 248.9 77.1
271 - 290 5 18,967,814 1.0 3,793,563 1.36 8.210 119.9 75.8
291 - 310 94 542,975,024 29.2 5,776,330 1.66 7.447 116.9 65.7
311 - 330 3 116,284,819 6.3 38,761,606 1.39 8.424 111.2 57.9
331 - 360 152 936,159,762 50.4 6,158,946 1.48 7.210 117.1 72.3
--- -------------- ----- ----------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.0% $ 5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
- -------------------------------------------------------------------------------
CURRENT MORTGAGE RATES (a)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
RANGE OF MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
RATES LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.160% - 6.999% 39 $ 474,213,120 25.5% $12,159,311 1.78x 6.822% 121.0 62.5%
7.000 - 7.499 183 883,700,725 47.6 4,828,966 1.40 7.250 124.3 72.4
7.500 - 7.999 77 236,630,349 12.7 3,073,121 1.50 7.678 156.5 69.6
8.000 - 8.499 17 115,469,823 6.2 6,792,343 1.40 8.219 113.8 71.2
8.500 - 8.999 4 116,637,027 6.3 29,159,257 1.39 8.512 114.1 57.8
9.000 - 9.499 2 31,438,237 1.7 15,719,119 2.66 9.470 117.0 59.5
--- -------------- ----- ----------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.0% $ 5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
AMORTIZATION TYPES (a)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
AMORTIZATION TYPE LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 248 $1,195,029,962 64.3% $ 4,818,669 1.46x 7.487% 116.7 69.6%
Fully Amortizing 55 153,209,421 8.3 2,785,626 1.43 7.403 232.2 70.5
Hyperamortizing 19 509,849,899 27.4 26,834,205 1.73 7.093 116.4 64.5
--- -------------- ----- ----------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.0% $ 5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
- -------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
LOAN GROUP ONE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
AMORTIZATION TYPE LOANS BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 116 $ 580,540,320 48.1% $ 5,004,658 1.50x 7.5373% 118.5 67.4%
Fully Amortizing 55 153,209,421 12.7 2,785,626 1.43 7.4031 232.2 70.5
Hyperamortizing 15 474,115,923 39.3 31,607,728 1.75 7.0773 116.3 63.5
-- ----------- ---- ---------- ---- ------ ----- ----
TOTAL 186 $1,207,865,664 100.0% $ 6,493,901 1.59x 7.3397% 132.0 66.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
LOAN GROUP TWO
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
AMORTIZATION TYPE LOANS BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 133 $614,489,642 94.5% $ 4,620,223 1.42x 7.4401% 115.1 71.7%
Hyperamortizing 4 35,733,976 5.5 8,933,494 1.34 7.3058 117.9 78.9
- ---------- --- --------- ---- ------ ----- ----
TOTAL 137 $650,223,618 100.0% $ 4,746,158 1.42x 7.4328% 115.2 72.1%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
AIMCO MULTIFAMILY POOL IS SPLIT BETWEEN LOAN GROUP 1 ($29.3MM) AND LOAN
GROUP 2 ($79.8MM)
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERM TO MATURITY (IN MONTHS) (a) (b)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
RANGE OF REMAINING NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
TERM TO MATURITY MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
(MONTHS) LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
69 - 84 4 $ 35,215,338 1.9% $8,803,835 1.22x 7.831% 74.1 77.5%
85 - 121 253 1,626,508,777 87.5 6,428,888 1.55 7.356 116.1 67.7
133 - 200 16 53,515,610 2.9 3,344,726 1.33 7.427 172.1 73.1
201 - 240 46 127,401,542 6.9 2,769,599 1.43 7.446 235.1 70.3
241 - 251 3 15,448,016 0.8 5,149,339 1.34 7.220 248.9 76.2
--- ---------- --- --------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.0% $5,770,464 1.53x 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
(b) "Maturity" means the stated maturity date or, with respect to any
Hyper-Amortization Loan, its Anticipated Repayment Date.
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERM TO MATURITY
LOAN GROUP ONE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
RANGE OF REMAINING NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE ORIGINAL AVERAGE
TERM TO MATURITY MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
(MONTHS) LOANS BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
69 - 84 3 $ 24,535,738 2.0% $8,178,579 1.20x 8.0489% 71.1 76.7%
85 - 121 118 986,964,759 81.7 8,364,108 1.64 7.3055 116.2 64.9
133 - 200 16 53,515,610 4.4 3,344,726 1.33 7.4266 172.1 73.1
201 - 240 46 127,401,542 10.6 2,769,599 1.43 7.4463 235.1 70.3
241 - 251 3 15,448,016 1.3 5,149,339 1.34 7.2199 248.9 76.2
- ---------- --- --------- ---- ------ ----- ----
TOTAL 186 $1,207,865,664 100.0% $6,493,901 1.59x 7.3397% 132.0 66.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERM TO MATURITY
LOAN GROUP TWO
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DEBT
PERCENTAGE OF SERVICE WEIGHTED WEIGHTED
AGGREGATE CURRENT COVERAGE AVERAGE AVERAGE WEIGHTED
RANGE OF REMAINING NUMBER OF CURRENT CURRENT PRINCIPAL RATIO MORTGAGE ORIGINAL AVERAGE
TERM TO MATURITY MORTGAGE PRINCIPAL PRINCIPAL BALANCE WEIGHTED INTEREST TERM TO CURRENT
(MONTHS) LOANS BALANCE BALANCE AVERAGE AVERAGE RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
81 - 84 months 1 $ 10,679,600 1.6% $10,679,600 1.26x 7.3300% 81.0 79.4%
85 - 121 months 136 639,544,018 98.4 4,702,530 1.42 7.4345 115.8 72.0
--- ----------- ---- ----------- ---- ------ ----- ----
TOTAL 137 $650,223,618 100.0% $ 4,746,158 1.42x 7.4328% 115.2 72.1%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
AIMCO Multifamily Pool is split between Loan Group 1 ($29.3MM) and Loan Group 2
($79.8MM)
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
YEAR OF ORIGINATION (a)
AGGREGATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE CURRENT WEIGHTED AVERAGE
OF AGGREGATE AVERAGE DEBT AVERAGE REMAINING
NUMBER OF CURRENT CURRENT CURRENT SERVICE MORTGAGE TERM TO WEIGHTED
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST MATURITY AVERAGE
ORIGINATION YEAR LOANS BALANCE BALANCE BALANCE RATIO RATE (MOS) CURRENT LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 308 $1,651,740,610 88.89% $ 5,362,794 1.55 7.273% 125.1 68.9%
1997 14 206,348,672 11.11 14,739,191 1.34 8.169 134.2 63.7
--- -------------- ------ ----------- ---- ----- ----- ----
TOTAL 322 $1,858,089,282 100.00% $ 5,770,464 1.53 7.372% 126.1 68.3%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AMERICOLD POOL LOAN
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
PRINCIPAL BALANCE (1): ORIGINAL CUT-OFF DATE (2)
-------- ----------------
$ 148,500,000 $ 147,797,179
ORIGINATION DATE: April 22, 1998
INTEREST RATE: 6.894% (Act/360)
AMORTIZATION: 25 years
HYPERAMORTIZATION: After the ARD, interest rate increases to
8.894% and all excess cash flow is used to
reduce outstanding principal balance; the
additional 2% interest is accrued until
principal balance is zero
ANTICIPATED REPAYMENT DATE
("ARD"): May 11, 2008
MATURITY DATE: May 11, 2023
THE BORROWER/SPONSOR: Americold Real Estate, L.P., a
limited-purpose entity affiliated with
Vornado Realty L.P. and Crescent Real
Estate Equities Company
CALL PROTECTION: Two-year prepayment lockout from the date
of securitization with U.S. Treasury
defeasance thereafter until one payment
date prior to the ARD
CUT-OFF DATE
LOAN/SF (3): $50
UP-FRONT RESERVES (3): Deferred Maintenance: $1,948,178
ONGOING RESERVES (3): CapEx: $6,534,838/year
Low Debt Service: cash flow in excess of
debt service is escrowed if the DSCR falls
below 1.25x.
COLLECTION ACCOUNT: Hard Lockbox
CROSS-COLLATERALIZATION/ DEFAULT: Yes
PARTNER LOANS: None
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of 29 assets
PROPERTY TYPE: Refrigerated Distribution / Warehouse
PROPERTY LOCATION BY ALLOCATED
LOAN AMOUNT:
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[PIE CHART]
Oregon Massachusetts Georgia
19.13% 8.55% 2.06%
Washington California Colorado
17.23% 6.65% 1.19%
Pennsylvania Utah Florida
11.06% 5.34% 0.55%
Idaho Illinois
10.66% 4.73%
Wisconsin Iowa
9.18% 3.68%
YEARS BUILT: 1946-1996
THE COLLATERAL: 29 cold storage warehouses
SF: 5,897,736
Cubic Feet: 155,507,330
PROPERTY MANAGEMENT: Americold Corporation
(dba Americold Logistics)
1997 NET OPERATING INCOME (3): $56,460,577
UNDERWRITTEN NET CASH FLOW (3): $48,889,852
APPRAISED VALUE: $520,600,000
APPRAISED BY: Landauer Associates
APPRAISAL DATE: March 1, 1998
CUT-OFF DATE LTV (3): 56.8%
DSCR (4): 1.94x
- -------------------------------------------------------------------------------
(1) A single note, representing 50% of the $297,000,000 loan (Note B), is being
contributed to the trust, the other 50% note (Note A) was securitized in GS
Mortgage Securities Corporation II's Commercial Mortgage Pass-Through
Certificates, Series 1998-GL II. Notes A & B are pari-passu.
(2) October 1, 1998 (after giving effect to the payment due October 11, 1998).
(3) Assuming a $295,594,358 Cut-Off Date Loan Amount (combined Notes A & B).
(4) Based on Underwritten Net Cash Flow and the actual loan constant.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AMERICOLD POOL LOAN
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPERTY DESCRIPTION
- -----------------------------------------------------------------------------------------------------------
YEAR BUILT/
PROPERTY LOCATION PROPERTY TYPE RENOVATED SQUARE FOOTAGE CUBIC FOOTAGE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1. Ash Street Denver, CO Regional Distribution 1976/1980 114,222 2,750,000
2. Bettendorf Bettendorf, IA Regional Distribution 1973/1977 336,000 8,848,000
3. Boston Boston, MA Regional Distribution 1969 188,007 3,067,994
4. Burley Burley, ID Captive Production 1959/1996 277,626 10,722,101
5. Burlington Burlington, WA Captive Production 1965/1968 194,000 4,655,000
6. Clearfield Clearfield, UT National Distribution 1973/1978 358,400 8,601,600
7. Connell Connell, WA Captive Production 1969/1971 235,200 5,644,800
8. Main Street Gloucester, MA Regional Production 1961/1973 63,952 1,862,768
9. Fogelsville Fogelsville, PA National Distribution 1976/1997 683,914 21,623,336
10. Ft. Dodge Fort Dodge, IA Regional Distribution 1979/1980 155,811 3,739,464
11. Hermiston Hermiston, OR Captive Production 1975 168,000 4,032,000
12. Jesse St. Los Angeles, CA National Distribution 1954/1980 141,600 2,682,400
13. Lois Avenue Tampa, FL Regional Distribution 1953 21,820 400,000
14. Milwaukie Milwaukie, OR Regional Distribution 1958/1986 163,026 4,688,624
15. Moses Lake Moses Lake, WA Captive Production 1967/1979 302,400 7,257,600
16. Nampa Nampa, ID Regional Production 1946/1974 364,000 7,981,000
17. Plant City Plant City, FL Regional Production 1956 33,600 750,000
18. Plover Plover, WI Captive Production 1978/1981 384,400 9,363,200
19. Rail Road Ave. Gloucester, MA Regional Production 1964 11,923 270,480
20. Rochelle Rochelle, IL National Distribution 1995 179,712 6,020,352
21. Rogers St. Gloucester, MA Regional Production 1967 96,606 2,823,256
22. Rowe Square Gloucester, MA Regional Production 1955/1969 74,713 2,387,465
23. Salem Salem, OR Regional Production 1963/1981 498,400 12,487,600
24. Southgate Atlanta, GA National Distribution 1996 100,714 3,726,418
25. Turlock 2 Turlock, CA Regional Production 1985 106,400 3,024,000
26. Walla Walla Walla Walla, WA Regional Production 1960/1968 140,000 3,136,000
27. Wallula Wallula, WA Captive Production 1981 40,000 1,200,000
28. Watsonville Watsonville, CA Captive Production 1985 185,980 5,448,500
29. Woodburn Woodburn, OR Regional Production 1952/1979 277,440 6,313,372
- -----------------------------------------------------------------------------------------------------------
TOTAL 5,897,736 155,507,330
- -----------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AMERICOLD POOL LOAN
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPERTY DESCRIPTION
- -------------------------------------------------------------------------------------------------------------------
CUT-OFF DATE ALLOCATED WTD. AVG. UNDERWRITTEN
PROPERTY LOAN AMOUNT APPRAISED VALUE CUT-OFF DATE LTV (1) NET CASH FLOW DSCR
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1. Ash Street $ 1,760,166 $ 6,200,000 56.8% $ 462,849 1.55x
2. Bettendorf 4,088,128 14,400,000 56.8 1,088,267 1.57
3. Boston 2,100,844 7,400,000 56.8 606,267 1.70
4. Burley 9,964,811 35,100,000 56.8 4,653,746 2.75
5. Burlington 4,485,585 15,800,000 56.8 1,783,553 2.34
6. Clearfield 7,892,358 27,800,000 56.8 3,016,924 2.25
7. Connell 6,501,259 22,900,000 56.8 2,368,940 2.14
8. Main Street 2,356,352 8,300,000 56.8 714,605 1.78
9. Fogelsville 16,352,512 57,600,000 56.8 2,139,954 0.77
10. Ft. Dodge 1,348,514 4,750,000 56.8 346,861 1.51
11. Hermiston 6,671,598 23,500,000 56.8 2,739,870 2.41
12. Jesse St. 2,072,454 7,300,000 56.8 685,951 1.95
13. Lois Avenue 127,754 450,000 56.8 67,936 3.13
14. Milwaukie 5,365,668 18,900,000 56.8 2,131,188 2.34
15. Moses Lake 9,709,303 34,200,000 56.8 3,561,526 2.16
16. Nampa 5,791,515 20,400,000 56.8 680,270 0.69
17. Plant City 681,355 2,400,000 56.8 186,202 1.61
18. Plover 13,570,313 47,800,000 56.8 5,024,753 2.18
19. Rail Road Ave. 652,965 2,300,000 56.8 164,781 1.48
20. Rochelle 6,983,885 24,600,000 56.8 2,872,681 2.42
21. Rogers St. 3,463,553 12,200,000 56.8 1,064,918 1.81
22. Rowe Square 4,059,738 14,300,000 56.8 1,321,472 1.91
23. Salem 9,255,067 32,600,000 56.8 3,364,696 2.14
24. Southgate 3,037,706 10,700,000 56.8 352,282 0.68
25. Turlock 2 2,583,470 9,100,000 56.8 942,005 2.14
26. Walla Walla 2,838,978 10,000,000 56.8 973,992 2.02
27. Wallula 1,930,505 6,800,000 56.8 833,766 2.53
28. Watsonville 5,166,940 18,200,000 56.8 2,001,777 2.28
29. Woodburn 6,983,885 24,600,000 56.8 2,737,821 2.30
- -------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED
AVERAGE $147,797,179 $520,600,000 (2) 56.8% $48,889,852 1.94x
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assuming a $295,594,358 Cut-Off Date Loan Amount (combined Notes A & B).
(2) March 1, 1998 appraisal date.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AMERICOLD POOL LOAN
- -------------------------------------------------------------------------------
LOCATION MAP
------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[MAP OF AMERICA]
WA UT IL GA
5 1 1 1
OR CO MA FL
4 1 5 2
CA IA PA
3 2 1
ID WI MD
2 1 1
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AIMCO MULTIFAMILY POOL LOAN
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
PRINCIPAL BALANCE: ORIGINAL CUT-OFF DATE (1)
$110,000,000 $109,149,602
ORIGINATION DATE: December 29, 1997 (Amendment Date)
INTEREST RATE: 8.50% (Act / 360)
TERM / AMORTIZATION: 120 Months / 319 months
HYPERAMORTIZATION: None
ANTICIPATED REPAYMENT DATE
("ARD"): NA
MATURITY DATE: January 1, 2008
THE BORROWER / VMS National Properties, an Illinois general
SPONSOR (2): partnership formed for the purpose of owning,
operating, maintaining and managing the
Properties. The Borrower is ultimately owned
by Insignia Financial Group
CALL PROTECTION: Nine-year prepayment lockout from the date of
origination; freely prepayable thereafter
CUT-OFF DATE LOAN / UNIT: $36,887 / unit
RESERVES: Upfront Cap Ex Reserve: $2,046,765
Ongoing Cap Ex Reserve: Monthly, in an amount
equivalent to 1/12th of $300 / unit
COLLECTION ACCOUNT: Modified Lockbox
CROSS-COLLATERALIZATION /
CROSS-DEFAULT: Yes / No
MEZZANINE DEBT: $30,403,848 (as of the Cut-Off Date) second
mortgage financing, payable from free cash
flow only
PHANTOM DEBT: $42,224,512 (as of the Cut-Off Date) arising
from debt forgiven pursuant to a previously
approved bankruptcy reorganization plan.
Assuming the Senior Debt and the Mezzanine
Debt are repaid as agreed at maturity,
Phantom Debt will be extinguished. Phantom
Debt becomes due and payable after an event
of default
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET / PORTFOLIO: Portfolio of 15 assets
PROPERTY TYPE: Multi-Family
PROPERTY LOCATION BY
ALLOCATED LOAN AMOUNT:
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[PIE CHART]
West Southeast
71.3% 4.7%
Midwest East
12.8% 11.2%
YEARS BUILT: 1968 - 1978
THE COLLATERAL: 15 multifamily properties located in
California, Arizona, Oregon, Texas, Indiana,
Arkansas, Louisiana, Nebraska and Maryland
Units: 2,959
NET LEASE LESSEE: Insignia Residential Group, L.P.
UNDERWRITTEN NET CASH FLOW: $14,695,605
APPRAISED VALUE: $178,350,000
APPRAISED BY: Crosson Dannis, Inc.
APPRAISAL DATE: September, 1998
SENIOR
CUT-OFF DATE LTV (3): 61.2%
COMBINED
CUT-OFF DATE LTV (3): 78.3%
SENIOR DSCR (4)(5): 1.39x
- -------------------------------------------------------------------------------
(1) October 1, 1998 (after giving effect to the payment due October 1, 1998).
(2) While VMS National Properties is currently ultimately owned by Insignia
Financial Group (NYSE: IFS), Insignia has recently announced its intention
to merge with Apartment Investment & Management Co. (AIMCO, NYSE: AIV),
which would create the largest manager of apartment communities in the US
(3) Calculated using Senior Principal Balance as of the Cut-Off Date and
Appraised Value
(4) Calculated using Senior Principal Balance and Mezzanine Principal Balance
as of the Cut-Off Date and Appraised Value (5) Calculated using
Underwritten Net Cash Flow and the actual senior loan constant.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AIMCO MULTIFAMILY POOL LOAN
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPERTY DESCRIPTION
- -----------------------------------------------------------------------------------------------------------------------------------
CUT-OFF DATE
YEAR BUILT/ ALLOCATED APPRAISED CUT-OFF UNDERWRITTEN
PROPERTY LOCATION RENOVATED LOAN AMOUNT VALUE DATE LTV NET CASH FLOW DSCR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Scotchollow Apts. San Mateo, CA 1971 $ 29,312,804 $ 55,500,000 52.8% $ 4,353,732 1.54x
Pathfinder Apts. Fremont, CA 1971 13,543,952 26,000,000 52.1 1,761,592 1.35
Towers of Westchester College Park, MD 1968 12,191,075 17,000,000 71.7 1,575,196 1.34
Mountain View Apts. San Dimas, CA 1978 7,200,564 10,650,000 67.6 968,936 1.39
North Park Apts. Evansville, IN 1970/74 6,290,057 8,400,000 74.9 816,008 1.34
Forest Ridge Apts. Flagstaff, AZ 1968/75 5,935,726 8,600,000 69.0 757,292 1.32
Crosswood Park Apts. Citrus Heights, CA 1977 5,601,533 10,000,000 56.0 864,990 1.60
Buena Vista Apts. Pasadena, CA 1973 4,983,690 8,500,000 58.6 696,815 1.45
Terrace Garden Townhomes Omaha, NE 1971 4,466,847 6,250,000 71.5 598,065 1.39
Casa De Monterey Norwalk, CA 1970 4,126,447 5,700,000 72.4 440,107 1.10
The Bluffs Apts. Milwaukie, OR 1969 3,746,170 5,925,000 63.3 523,941 1.45
Vista Village Apts. El Paso, TX 1971 3,341,728 3,650,000 91.6 236,604 0.73
Chapelle La Grande Merrillville, IN 1973 3,228,160 4,300,000 75.1 380,549 1.22
Watergate Apts. Little Rock, AR 1973 2,915,638 4,500,000 64.8 368,468 1.31
Shadow-Wood Apts. Monroe, LA 1974 2,265,209 3,350,000 67.6 353,310 1.61
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL/ WTD. AVG. 1968-1978 $109,149,600 $178,350,000(1) 61.2% $14,695,605 1.39x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) September 1998, Appraisal Date
<TABLE>
<CAPTION>
PROPERTY DESCRIPTION
- -------------------------------------------------------------------------------------------------------------
8/31/1998 NUMBER AVG. RENTAL % ONE % TWO % THREE
PROPERTY OCCUPANCY OF UNITS RATE / UNIT BEDROOM BEDROOM BEDROOM % OTHER
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Scotchollow Apts. 97.0% 418 $1,336 74.6% 16.8% - 8.6%
Pathfinder Apts. 97.0 246 1,221 - 57.7 42.3% -
Towers of Westchester Apts. 98.0 301 981 59.8 40.2 - -
Mountain View Apts. 99.4 168 913 - 73.8 26.2 -
North Park Apts. 98.9 284 525 47.9 52.1 - -
Forest Ridge Apts. 91.0 278 636 60.4 34.5 5.1 -
Crosswood Park Apts. 95.0 180 792 36.7 51.7 11.7 -
Buena Vista Apts. 98.9 92 1,090 55.4 44.6 - -
Terrace Garden Townhomes 95.0 126 773 - 50.0 50.0 -
Casa De Monterey Apts. 95.8 144 681 77.8 22.2 - -
The Bluffs Apts. 97.1 137 586 63.4 36.6 - -
Vista Village Apts. 96.0 220 549 38.6 61.4 - -
Chapelle La Grande Apts. 92.0 105 721 53.3 46.7 - -
Watergate Apts. 88.0 140 610 20.0 50.0 30.0 -
Shadow-Wood Apts. 97.0 120 543 53.4 20.0 23.3 3.3
- -------------------------------------------------------------------------------------------------------------
TOTAL / WTD. AVG. 96.0% 2,959 $ 797 44.4% 41.8% 10.9% 2.9%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
AIMCO MULTIFAMILY POOL LOAN
- -------------------------------------------------------------------------------
LOCATION MAP
------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[MAP OF AMERICA]
OR AR
1 1
CA LA
6 1
AZ IN
1 2
NE MD
1 1
TX
1
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ENTERTAINMENT PROPERTIES TRUST POOL LOAN
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
PRINCIPAL BALANCE: ORIGINAL CUT-OFF DATE (1)
$105,000,000 $104,845,860
ORIGINATION DATE: June 29, 1998
INTEREST RATE: 6.772% (Act/360)
AMORTIZATION: 30 years
HYPERAMORTIZATION: After the ARD, the interest rate increases to
the greater of: (i) 8.772%, and (ii) the 10
Yr UST as of the ARD plus 2.0%. After the
ARD, all excess cash flow is used to reduce
outstanding principal balance; the additional
2% interest is accrued until principal
balance is zero
ANTICIPATED REPAYMENT DATE
("ARD"): July 11, 2008
MATURITY DATE: June 11, 2028
THE BORROWER/SPONSOR: EPT DownREIT II, a bankruptcy remote,
special-purpose Missouri corporation
wholly-owned by Entertainment Properties
Trust (NYSE: EPR)
CALL PROTECTION: Two-year prepayment lockout from the date of
securitization with U.S. Treasury defeasance
thereafter until the ARD
CUT-OFF DATE LOAN/NRSF: $126
RESERVES: Cap Ex Reserve: Monthly, in an amount
equivalent to 1/12th of the product of
$0.10/SF and 834,720 USF
Low Debt Service Reserve: Cash flow in excess
of debt service is escrowed if annual net
operating income falls below 85% of NOI at
Closing
Master Lease Rollover Reserve: Upon
assignment by Borrower of two (2) or more
master leases (subject to Lender approval
and rating agency affirmation), Borrower
shall deposit an amount equal to the
product of $5.00/USF and the usable square
footage of each property subject to an
assigned master lease
COLLECTION ACCOUNT: Hard lockbox
CROSS-COLLATERALIZATION /
CROSS-DEFAULT: Yes
PARTNER LOANS: None
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of eight assets
PROPERTY TYPE: Megaplex Movie Theatre Complexes
PROPERTY LOCATION BY
ALLOCATED LOAN AMOUNT:
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[PIE CHART]
California Missouri
44.0% 10.9%
Texas Ohio
37.4% 7.7%
YEARS BUILT: 1995 - 1997
THE COLLATERAL: Eight net-leased megaplex movie theatre
complexes located in California, Texas,
Missouri and Ohio
Screens: 184
Seats: 35,445
NRSF: 834,720
NET LEASE LESSEE: American Multi-Cinema, Inc., an affiliate of
AMC Entertainment Inc. (NYSE: AEN)
UNDERWRITTEN NET
OPERATING INCOME: $17,083,500
UNDERWRITTEN
NET CASH FLOW: $17,000,028
APPRAISED VALUE: $169,900,000
APPRAISED BY: Cushman & Wakefield
APPRAISAL DATE: May & June 1998
CUT-OFF DATE LTV: 61.7%
UWNCF DSCR (5): 2.06x
- -------------------------------------------------------------------------------
(1) October 1, 1998 (after giving effect to the payment due October 11, 1998).
(2) Calculated using Underwritten Net Cash Flow and the actual loan constant.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ENTERTAINMENT PROPERTIES TRUST POOL LOAN
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPERTY DESCRIPTION
- -----------------------------------------------------------------------------------------------------------------------------------
CUT-OFF DATE WTD. AVG. UNDERWRITTEN
NUMBER OF NUMBER OF ALLOCATED LOAN APPRAISED CUT-OFF NET
THEATRE COMPLEX LOCATION BUILT SCREENS SEATS AMOUNT VALUE DATE LTV CASH FLOW DSCR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AMC Promenade 16 Los Angeles, CA 1996 16 2,860 $19,164,043 $31,000,000 61.8% $2,979,518 1.97x
AMC Ontario Mills 30 Los Angeles, CA 1996 30 5,496 17,000,361 27,500,000 61.8 2,643,347 1.97
AMC Studio 30 Houston, TX 1997 30 6,032 16,073,068 26,000,000 61.8 2,758,385 2.18
AMC Grand 24 Dallas, TX 1995 24 5,067 12,425,718 20,100,000 61.8 1,943,183 1.99
AMC West Olive 16 St. Louis, MO 1997 16 2,817 11,498,425 18,600,000 61.8 1,862,958 2.06
AMC Huebner Oaks 24 San Antonio, TX 1997 24 4,400 10,756,592 17,400,000 61.8 1,764,900 2.08
AMC Mission Valley 20 San Diego, CA 1995 20 4,361 9,891,118 16,300,000 60.7 1,703,065 2.19
AMC Lennox 24 Columbus, OH 1996 24 4,412 8,036,354 13,000,000 61.8 1,344,674 2.12
- ------------- -- ----- --------- ---------- ---- --------- ----
TOTAL/WEIGHTED AVERAGE 184 35,445 $104,845,860 $169,900,000(a) 61.7% $17,000,028 2.06x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CUT-OFF DATE WTD. AVG. UNDERWRITTEN
NUMBER OF NUMBER OF ALLOCATED LOAN APPRAISED CUT-OFF NET
STATE BUILT SCREENS SEATS AMOUNT VALUE DATE LTV CASH FLOW DSCR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 1995-1996 66 12,717 $ 46,055,522 $ 74,800,000 61.6% $7,325,929 2.02x
Texas 1995-1997 78 15,499 39,255,378 63,500,000 61.8 6,466,466 2.09
Missouri 1997 16 2,817 11,498,425 18,600,000 61.8 1,862,958 2.06
Ohio 1996 24 4,412 8,036,534 13,000,000 61.8 1,344,674 2.12
- ---- -- ----- --------- ---------- ---- --------- ----
TOTAL/WEIGHTED AVERAGE 184 35,445 $104,845,860 $169,900,000(a) 61.7% $17,000,028 2.06x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) May and June 1998 Appraisal Date.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ENTERTAINMENT PROPERTIES TRUST POOL LOAN
- -------------------------------------------------------------------------------
LOCATION MAP
------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[MAP OF AMERICA]
AMC Promenade 16 (California)
AMC Ontario Mills 30 (California)
AMC Mission Valley 20 (California)
AMC Huebner Oaks 24 (Texas)
AMC Studio 30 (Texas)
AMC Gravel 24 (Texas)
AMC Lennox 24 (Ohio)
AMC West Olive 16 (Missouri)
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SKYLINE CITY POOL LOAN
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
PRINCIPAL BALANCE ORIGINAL CUT-OFF DATE (1)
$87,700,000 $87,502,092
ORIGINATION DATE: May 14, 1998
INTEREST RATE: 7.049% (Act/360)
AMORTIZATION: 30 years
HYPERAMORTIZATION: After the ARD, the interest rate increases to
the greater of: (i) 9.049%, and (ii) the 10
Yr UST as of the ARD plus 2.0%. After the
ARD, all excess cash flow is used to reduce
outstanding principal balance; the additional
2% interest is accrued until principal
balance is zero
ANTICIPATED REPAYMENT DATE
("ARD"): August 11, 2008
MATURITY DATE: June 11, 2028
THE BORROWERS: Ninth Skyline Associates Limited Partnership
and Fifteenth Skyline Associates Limited
Partnership, whose general partners are
bankruptcy remote, special-purpose limited
liability companies
CALL PROTECTION: Two-year prepayment lockout from the date of
securitization with U.S. Treasury defeasance
thereafter until one payment date prior to
the ARD
CUT-OFF DATE LOAN / SF: $120
RESERVES: TI/Leasing Commissions: Monthly, according to
a schedule outlined in the Loan Agreement,
averaging $75,232 per month throughout
initial term (prior to ARD)
Cap Ex: Monthly, in an amount equivalent to
1/12th of the product of $0.20/SF and
728,668 RSF
Debt Service: Monthly, in an amount
sufficient to cover monthly debt service
payment amount, $592,148
Low Debt Service: Cash flow in excess of debt
service is escrowed if annual net operating
income falls below $8,400,000
COLLECTION ACCOUNT: Soft lockbox, springing to hard lockbox if
(i) net operating income falls below
$8,400,000, (ii) after ARD or (iii) after an
event of default
CROSS-COLLATERALIZATION /
CROSS-DEFAULT: Yes
PARTNER LOANS: None
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of two assets
PROPERTY TYPE: Office
LOCATION: Fairfax County, Virginia
YEARS BUILT: 1980 and 1987
OCCUPANCY: 97.3% (as of 8/1/98)
THE COLLATERAL (3): One Class A and one Class B office buildings,
comprising approximately 728,668 SF, located
in the Skyline City master planned office
park in Fairfax County, Northern Virginia
Office: 724,614 NRSF
Storage: 4,054 NRSF
Total Space: 728,668 NRSF
Garage Space: 1,997 spaces
MAJOR TENANTS NRSF EXPIRATION
------------- ---- ----------
U.S. Government 410,824 SF `99,`02,`09
Science Applications 87,737 SF 8/03
Birch and Davis 30,886 SF 1/00
Booz, Allen & Hamilton 19,683 SF 3/02
PROPERTY MANAGEMENT: Charles E. Smith Real Estate Services, L.P.
UNDERWRITTEN
NET OPERATING INCOME: $10,860,379
UNDERWRITTEN NET CASH FLOW: $10,714,646
APPRAISED VALUE: $122,600,000
APPRAISED BY: Cushman & Wakefield
APPRAISAL DATE: April 1998
CUT-OFF DATE LTV: 71.4%
DSCR (2): 1.51x
- -------------------------------------------------------------------------------
(1) August 11, 1998.
(2) Based on Underwritten Net Cash Flow and actual loan constant.
(3) While the Properties are currently owned by limited partnerships not
directly affiliated with The Charles E. Smith companies, Charles E. Smith
Commercial Realty L.P. has made an offer, by way of a private placement
memorandum, to purchase the Properties in exchange for Operating
Partnership units. The acquisition is expected to take place
October 31, 1998.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- -------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SKYLINE CITY POOL LOAN
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LEASE EXPIRATION SCHEDULE
- ----------------------------------------------------------------------------------------------------------------
YEAR ENDING DEC. 31 EXPIRING SF % OF TOTAL SF ANNUALIZED TENANT BASE RENT % OF TOTAL BASE RENT (1)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MO/MO
1998 30,674 4.2% $690,579 4.4%
1999 119,948 16.4% 2,582,369 16.6%
2000 56,906 7.8% 1,188,829 7.6%
2001 24,894 3.4% 585,039 3.7%
2002 91,586 12.5% 1,736,695 11.2%
2003 97,120 13.3% 2,248,515 14.5%
2004 - - - -
2005 - - - -
2006 - - - -
2007 - - - -
Thereafter 289,377 39.7% 6,468,649 41.7%
Vacant 18,163 2.7% - -
------ ---- - -
TOTAL 728,668 100.0% $15,500,675 100.0%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Total Base Rent does not include income from rooftop antennae leases
totaling $408,932 per year
LOCATION MAP
------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[AREA MAP INCLUDING ONE SKYLINE PLACE, THREE SKYLINE PLACE AND SURROUNDING
VICINITY]
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
GOLDMAN, SACHS & CO.
85 BROAD STREET
NEW YORK, N.Y. 10004
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as of
the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the issuer
of the securities. Goldman, Sachs & Co. is acting as the sole lead underwriter
and not acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
