<PAGE>
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) March 9, 1999
DLJ Commercial Mortgage Corp.
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-59167 13-3956945
- -------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
277 Park Avenue, New York, New York 10172
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
--------------
- -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
===============================================================================
<PAGE>
Item 5. Other Events.
- ------ ------------
It is expected that during March 1999, a single series of
certificates, entitled DLJ Commercial Mortgage Corp., Commercial Mortgage
Pass-Through Certificates, Series 1999-CGI (the "Certificates"), will be issued
pursuant to a pooling and servicing agreement (the "Pooling and Servicing
Agreement"), to be entered into by and among DLJ Commercial Mortgage Corp. (the
"Registrant"), GE Capital Loan Services, Inc. as Master Servicer, Banc One
Mortgage Capital Markets, LLC, as Special Servicer and Norwest Bank Minnesota,
National Association as Trustee and REMIC Administrator. Certain classes of the
Certificates (the "Underwritten Certificates") will be registered under the
Registrant's registration statement on Form S-3 (no. 333-59167) and sold to
Donaldson, Lufkin & Jenrette Securities Corporation ("DLJ") and Merrill Lynch,
Pierce, Fenner & Smith Incorporated (together with DLJ, the "Underwriters")
pursuant to an underwriting agreement (the "Underwriting Agreement") to be
entered into by and between the Registrant and DLJ on behalf of the
Underwriters.
In connection with the expected sale of the Underwritten Certificates,
DLJ has advised the Registrant that it has furnished to prospective investors
certain information attached hereto as Exhibit 99.1 that may be considered
"Computational Materials" (as defined in the no- action letter dated May 20,
1994 issued by the Division of Corporation Finance of the Securities and
Exchange Commission (the "Commission") to Kidder, Peabody Acceptance Corporation
I, Kidder, Peabody & Co. Incorporated, and Kidder Structured Asset Corporation
and the no-action letter dated May 27, 1994 issued by the Division of
Corporation Finance of the Commission to the Public Securities Association) and
"ABS Term Sheets" (as defined in the no-action letter dated February 17, 1995
issued by the Division of Corporation Finance of the Commission to the Public
Securities Association).
The Computational Materials and ABS Term Sheets attached hereto have
been prepared and provided to the Registrant by DLJ. The information in such
Computational Materials and ABS Term Sheets is preliminary and will be
superseded by the final Prospectus Supplement relating to the Underwritten
Certificates and by any other information subsequently filed with the
Commission. To the extent any Computational Materials and ABS Term Sheets
previously filed by the Registrant with respect to the Underwritten Certificates
are inconsistent with the Computational Materials and ABS Term Sheets attached
hereto, such previously filed Computational Materials and ABS Term Sheets are
superseded by the Computational Materials and ABS Term Sheets attached hereto.
Item 7. Financial Statements and Exhibits.
- ------- ----------------------------------
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
-2-
<PAGE>
(c) Exhibits:
Exhibit No. Description
99.1 Computational Materials and ABS Term Sheets, dated March 9,
1999, prepared by Donaldson, Lufkin & Jenrette Securities
Corporation.
-3-
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: March 9, 1999
DLJ COMMERCIAL MORTGAGE CORP.
By: /s/ N. Dante LaRocca
-------------------------------------
Name: N. Dante LaRocca
Title: Senior Vice President
-4-
<PAGE>
EXHIBIT INDEX
-------------
The following exhibits are filed herewith:
Exhibit No. Page No.
- ----------- --------
99.1 Computational Materials and ABS Term Sheets, dated
March 9, 1999, prepared by Donaldson, Lufkin & Jenrette
Securities Corporation.
-5-
<PAGE>
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates,
Series 1999-CG1
$1,121,153,000
(Approximate)
Offered Certificates
GE CAPITAL [LOGO] COLUMN
ACCESS, INC. FINANCIAL
A DONALDSON, LUFKIN & JENRETTE COMPANY
DONALDSON, LUFKIN & JENRETTE
SECURITIES CORPORATION
MERRILL LYNCH & CO.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences.) The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced without the
express written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation expressly reserves the
right, at its sole discretion, to reject any or all proposals or expressions of
interest in the subject proposed offering and to terminate discussions with any
party at any time with or without notice.
Page 1
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Transaction Offering:
- ---------------------
<TABLE>
<CAPTION>
(%) of Initial
Initial Initial Pass-
Expected Certificate Pool Credit Through Wtd. Avg. Maturity Principal Legal ERISA
Class Ratings(1) Balance Balance Support Rate Description Life(4) (4) Window(4) Status (5)
- ----- ---------- ------------ ------- ------- ------- ----------- --------- -------- --------- ------ ------
Publicly Offered Certificates:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S Aaa/AAA $1,252,685,456(2) -- -- -- Variable 9.3 Apr-23 -- Public Yes
A-1A Aaa/AAA 219,703,000 17.54 27.00 -- Fixed 5.7 Jul-08 4/99--7/08 Public Yes
A-1B Aaa/AAA 694,757,000 55.46 27.00 -- Fixed 9.7 Jan-09 7/08--1/09 Public Yes
A-2 Aa2/AA 59,502,000 4.75 22.25 -- WAC Cap(3) 9.9 Feb-09 1/09--2/09 Public No
A-3 A2/A 65,766,000 5.25 17.00 -- WAC Cap(3) 9.9 Feb-09 2/09--2/09 Public No
A-4 A3/A- 18,791,000 1.50 15.50 -- WAC Cap(3) 9.9 Feb-09 2/09--2/09 Public No
B-1 Baa2/BBB 46,975,000 3.75 11.75 -- WAC 9.9 Feb-09 2/09--2/09 Public No
B-2 Baa3/BBB- 15,659,000 1.25 10.50 -- WAC 9.9 Feb-09 2/09--2/09 Public No
Privately Offered Certificates(6):
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
B-3 -- -- -- -- -- -- -- -- -- Private-144A No
B-4 -- -- -- -- -- -- -- -- -- Private-144A No
B-5 -- -- -- -- -- -- -- -- -- Private-144A No
B-6 -- -- -- -- -- -- -- -- -- Private-144A No
B-7 -- -- -- -- -- -- -- -- -- Private-144A No
B-8 -- -- -- -- -- -- -- -- -- Private-144A No
C -- -- -- -- -- -- -- -- -- Private-144A No
</TABLE>
(1) Moody's Investors Service, Inc. / Fitch IBCA, Inc.
(2) Notional amount. The Class S certificates will be interest only and not be
entitled to distributions of principal.
(3) WAC Cap refers to a Pass-Through Rate that is, from time to time, equal to
the lesser of the initial Pass-through Rate for the subject class of
certificates and a weighted average coupon derived from interest rates on
the underlying mortgage loans.
(4) Reflects average life, maturity and principal window. Assumes 0% CPR, no
defaults, no extensions and ARD Loans pay in full on their Anticipated
Repayment Dates. Otherwise based on Maturity Assumptions set forth in the
Prospectus Supplement.
(5) Expected to be eligible for DLJs individual prohibited transaction
exemption under ERISA.
(6) Not offered herein.
Originator Profile;
- -------------------
The mortgage loans were originated or acquired primarily by affiliates of GE
Capital Access, Inc. (GECA) and by Column Financial Inc. (Column). Approximately
70% (by balance) of the mortgage loans are being contributed by GECA and 30% (by
balance) are being contributed by Column to the Trust Fund. Approximately 97%
of the mortgage loans were originated between 1998 and 1999 (by balance).
GECA is a wholly owned subsidiary of General Electric Capital Corporation
(GECC). Since 1966, GECA and its affiliates have originated or acquired
approximately $5 billion of commmercial mortgage loans in connection with its
capital markets programs. Through its GE Capital Real Estate division, GECC has
been lending and investing in the commercial real estate industry for over 25
years and has a portfolio of approximately $15 billion of assets. GE Capital
Real Estate originates and acquires commercial mortgage loans through
approximately 20 offices located throughout North America.
Column, a wholly owned subsidiary of Donaldson, Lufkin & Jenrette, Inc., was
created in August 1993. Column has originated over 1,800 loans totaling $7.5
billion commercial mortgage loans since its inception. Column sources,
underwrites and closes various mortgage loan products through 15 production
offices located throughout the country.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 2
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
<TABLE>
<CAPTION>
Collateral Overview:
- --------------------
<S> <C>
o Total Collateral Balance: $ 1,252,685,456
o Avg. Cut-off Date Balance $ 4,489,912
per Property:
o Loans: 240 loans / 279 properties
o Property Type: Multifamily (36.3%), Retail (24.8%), Hotel (9.3%), Other (29.5%)
o Geographic Distribution: 36 states and DC. TX (19.7%), CA (13.5%), FL (9.9%), Other (56.9%)
o Amortization Types: Balloon (72.4%), ARD (26.2%), Fully Amortizing (1.4%)
o Wtd. Avg. DSCR: 1.39x
o Wtd. Avg. LTV: 73.2%
o Appraisals: 100% of the appraisals state that they follow the guidelines set forth in
Title XI of FIRREA.
o Largest Loan: 5.6%
o Five Largest Loans: 19.4%
o Ten Largest Loans: 26.8%
o Wtd. Avg. RTM: 122 months
o Wtd. Avg. Seasoning: 3 months
o Gross WAC: 7.317%
o Call Protection: All of the Mortgage Loans provide for either a prepayment lockout
period ("Lockout"), a defeasance period ("Defeasance") and/or a yield
maintenance premium ("YMP") period or a combination thereof. As of the
Cut-off Date, 100% of the Mortgage Loans provide for initial lockout
periods. The weighted average lockout and defeasance period for all
loans is 9.0 years. All yield maintenance charges are calculated at
flat-to-treasuries.
o Defeasance: 91.6%
o Credit Tenant Lease: None
o Premium Loans: None
</TABLE>
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 3
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
<TABLE>
<S> <C>
o Participation Loans: None
o Secured Subordinate Debt: 2.3%
o Leasehold: 1.7%
o Delinquency: No loan delinquent 30 days or more as of the Cut-off Date.
Transaction Overview:
o Structure: Senior/subordinated, sequential pay pass-through bonds.
o Managers: Donaldson, Lufkin & Jenrette (Book Runner - Lead) / Merrill Lynch & Co.
o Mortgage Loan Sellers: GE Capital Access, Inc. / Column Financial, Inc.
o Rating Agencies: Moody's Investors Service, Inc. / Fitch IBCA, Inc.
o Master Servicer: GE Capital Loan Services, Inc.
o Special Servicer: Banc One Mortgage Capital Markets, LLC
o Trustee: Norwest Bank Minnesota, National Association
o Cut-off Date: March 1, 1999
o Settlement Date: TBA
o Distribution: The 10th day of the month, or if such is not a business day, the
following business day, but no sooner than the 4th business day after
the fourth day of the month.
o Delivery: The Depository Trust Company (DTC) through Cede & Co.
o ERISA: Classes A-1A, A-1B and S are expected to be eligible for DLJ's
individual prohibited transaction exemption with respect to ERISA
subject to certain conditions of eligibility.
o SMMEA: None of the Offered Securities are SMMEA eligible.
o Tax Treatment: REMIC
o Optional Termination: 1%
</TABLE>
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 4
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
<TABLE>
<S> <C>
o Analytics: Cashflows are expected to be available through Bloomberg, the
Trepp Group, Intex Solutions and Charter Research.
o Extensions: The Special Servicer will be responsible for performing certain
servicing functions with respect to Mortgage Loans that, in
general, are in default or as to which default is imminent, and
for administering any REO properties. The Pooling and Servicing
Agreement will generally permit the Special Servicer to modify,
waive or amend any term of any Mortgage Loan if it determines,
in accordance with the servicing standard, that it is
appropriate to do so. The Special Servicer will not be
permitted to grant any extension of the maturity of a Mortgage
Loan beyond 60 months after its stated maturity date.
o Controlling Class: The Controlling Class of Certificateholders may advise and appoint a
Special Servicer and replace the existing Special Servicer. The
Controlling Class will be the most subordinate Class of
Certificates which has a current aggregate certificate
principal amount (net of its allocable share of appraisal
reduction amounts) no less than 20% of its original aggregate
certificate principal balance.
o Advances: The Master Servicer will be obligated to make advances of scheduled
principal and interest payments, excluding balloon payments,
subject to recoverability determination and appraisal
reductions. If the Master Servicer fails to make a required
Advance, the Trustee will be obligated to make such Advances.
o Appraisal Reductions: An appraisal reduction generally will be created in the amount,
if any, by which the Stated Principal Balance of a Specially
Serviced Mortgage Loan (plus other amounts overdue in
connection with such loan) exceeds 90% of the appraised value
of the related Mortgaged Property. The Appraisal Reduction
Amount will reduce proportionately the interest portion (but
not the principal portion) of any amount of P&I Advances for
such loan, which reduction will result, in general, in a
reduction of interest distributable to the most subordinate
Class of Principal Balance Certificates outstanding. An
appraisal reduction will be reduced to zero as of the date the
related Mortgage Loan has been brought current for at least
twelve consecutive months, paid in full, liquidated,
repurchased, or otherwise disposed of.
</TABLE>
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 5
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Structure Description:
<TABLE>
<CAPTION>
||--------------------------------------------------------------------------------------------------------------------------------||
||--------------------------------------------------------------------------------------------------------------------------------||
|| Administrative Fee ||
||--------------------------------------------------------------------------------------------------------------------------------||
|| ||
||--------------------------------------------------------------------------------------------------------------------------------||
|| ||
|| |----------------| ||
|| ||------| |------| ||
|| |--------||Public| |Public| Class S Aaa/AAA Public ||
|| | |------|| | | | ||
|| | |Public|| | | | ||
|| | | || | | | ||
|| |--------| | || | | | ||
|| | |------| | || | | | ||
|| |--------| |Public| | || | | | ||
|| | |------| | | | || | | | ||
|| | |Public| | | | || | | | |-------| |-------| |-------| |-------| |-------| |-------||-------||
|| | | | | | | || | | | |-------| |-------| |-------| |-------| |-------| |-------||-------||
|| |--------| | | | | | || | | | |Private| |Private| |Private| |Private| |Private| |Private||Private||
||------| |------| | | | | | || | | | | | | | | | | | | | | || ||
||------| |Public| | | | | | || | | | | | | | | | | | | | | || ||
||Public| | | | | | | | || | | | | | | | | | | | | | | || ||
|| | | | | | | | | || | | | | | | | | | | | | | | || ||
||Class | |Class | |Class | |Class | |Class ||Class | | Class| | Class | | Class | | Class | | Class | | Class | | Class || Class ||
||A-1A | |A-1B | | A-2 | | A-3 | | A-4 || B-1 | | B-2 | | B-3 | | B-4 | | B-5 | | B-6 | | B-7 | | B-8 || C ||
|| | | | | | | | | || | | | | | | | | | | | | | | || ||
|| Aaa/ | | Aaa/ | | Aa2/ | | A2/ | | A3/ ||Baa2/ | |Baa3/ | | -- | | -- | | -- | | -- | | -- | | -- || -- ||
|| AAA | | AAA | | AA | | A | | A- || BBB- | | BBB- | | | | | | | | | | | | || ||
|| | | | | | | | | || | | | | | | | | | | | | | | || ||
||------| |------| |------| |------| |------||------| |------| |-------| |-------| |-------| |-------| |-------| |-------||-------||
||--------------------------------------------------------------------------------------------------------------------------------||
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
[Bar Chart]
Priorities of Cashflows
Based on the "Maturity Assumptions" set forth in the Prospectus Supplement and a
0% CPR (except ARD Loans paid in full on the ARD).
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 6
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Interest Distributions:
Each Class of Certificates will be entitled on each Distribution Date to
interest accrued at its Pass-Through Rate on the outstanding Certificate Balance
of such class. The Class S Certificates will be entitled on each Distribution
Date to the aggregate interest accrued at the related Class S Strip Rate on each
of its notional components. All classes will pay interest on a 30/360 basis.
Principal Distributions:
Available principal will be distributed on each Distribution Date to the Class
of Principal Balance Certificates outstanding in sequential order to the Class
A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, B-4, B-5, B-6, B-7, B-8 and C
Certificates. If in any period, Class A-2 to C have been retired as a result of
losses and extraordinary expenses, Class A-1A and A-1B will receive principal on
a pro-rata basis.
Realized losses and Expense losses:
Realized losses from any Mortgage Loan and additional trust fund expenses will
be allocated in reverse sequential order (i.e. Classes C, B-8, B-7, B-6, B-5,
B-4, B-3, B-2, B-1, A-4, A-3 and A-2, in that order). If Classes A-2 through C
have been reduced to $0 by losses, such losses and expenses shall be applied to
A-1A and A-1B Classes pro-rata.
Credit Enhancements:
Credit enhancement for each class of Publicly Traded Certificates will be
provided by the classes of Certificates which are subordinate in priority with
respect to payments of interest and principal.
Allocation of Prepayment Premiums:
The certificate yield maintenance amount ("CYMA") for the Class A-1A, A-1B, A-2,
A-3, A-4, B-1, B-2, B-3, B-4, B-5, B-6, B-7, B-8 and/or C Certificates
(collectively, "Principal Balance Certificates") equals the total yield
maintenance premium collected, multiplied by a fraction (not greater than one or
less than zero) which is based upon a formula involving the relationship between
the Pass-Through Rate(s) of such Class(es) currently receiving principal, the
allocation of principal among such Class(es) if more than one, the mortgage rate
of the Mortgage Loan that has prepaid, and current interest rates. In general,
the CYMA for any Distribution Date will be calculated in respect of and payable
to the class(es) of Principal Balance Certificates entitled to receive
distributions of principal on such Distribution Date.
CYMA (Pass-Through Rate - Discount Rate)
= -----------------------------------
Allocation % (Morgage Rate - Discount Rate)
to Non-IO Certificates
The yield maintenance amount payable to the Class S, interest only certificates,
will equal the total yield maintenance premium less the CYMA as defined above.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 7
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
All prepayment premiums collected on the Mortgage Loans will be distributed to
the Interest Only Certificates, Class S.
In general, this formula provides for an increase in the allocation of
prepayment premiums to the Principal Balance Certificates as interest rates
decrease and a decrease in the allocation to such classes as interest rates
rise.
Allocation of Yield Maintenance Premiums Example:
<TABLE>
<S> <C>
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
Bond Class Rate = 6%
Discount Rate ( Based on a Treasury Rate) = 5%
% of Principal Distributed to Class = 100%
Bond Class Allocation Class S Allocation
6% - 5% x 100% = 33 1/3% Receives excess premiums = 66 2/3% thereof
8% - 5%
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 8
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Stratification Overview
-----------------------
[Map of United States]
WA 1.6%
OR 0.6%
CA 13.5%
NV 1.3%
UT 0.1%
AZ 1.1%
CO 2.4%
NM 0.1%
KS 0.8%
OK 1.2%
TX 19.7%
MN 0.5%
MO 0.6%
LA 2.9%
WI 0.8%
IL 2.1%
MS 0.5%
MI 4.8%
IN 1.9%
TN 3.7%
AL 0.5%
OH 2.5%
GA 2.6%
NY 2.2%
PA 3.2%
VA 2.8%
NC 3.4%
SC 2.3%
FL 9.9%
ME 0.9%
NH 1.5%
MA 3.0%
CT 0.5%
NJ 2.2%
MD 1.5%
D.C. 0.5%
DE 0.4%
Mortgage Loans by State
-----------------------
</TABLE>
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
State Loans Balance(1) Balance Rate UW/DSCR LTV Ratio
- ----- ---------- -------------- ------------ --------- -------- --------------
<S> <C> <C> <C> <C> <C> <C>
Texas 53 $ 247,283,354 19.7% 7.292% 1.30x 74.8%
California 43 169,156,706 13.5% 7.287% 1.31 75.7%
Florida 19 123,548,452 9.9% 7.728% 1.34 75.9%
Michigan 17 59,538,902 4.8% 7.328% 1.44 71.6%
Tennessee 2 45,946,295 3.7% 6.906% 1.28 75.4%
North Carolina 9 42,498,893 3.4% 7.456% 1.89 62.2%
Pennsylvania 4 40,233,429 3.2% 7.253% 1.35 78.7%
Massachusetts 6 37,807,595 3.0% 7.483% 1.39 70.6%
Louisiana 5 36,317,290 2.9% 7.698% 1.34 76.9%
Virginia 3 34,591,554 2.8% 7.206% 1.33 78.1%
Georgia 7 32,757,166 2.6% 7.149% 1.72 67.3%
Ohio 9 31,646,065 2.5% 7.157% 1.33 75.2%
Colorado 8 30,301,170 2.4% 7.292% 1.30 68.2%
South Carolina 8 28,520,688 2.3% 7.040% 1.74 64.8%
New Jersey 7 28,088,527 2.2% 7.383% 1.29 72.3%
New York 7 26,991,196 2.2% 7.434% 1.76 66.3%
Illinois 9 25,704,850 2.1% 6.930% 1.44 72.2%
Indiana 7 23,789,539 1.9% 7.300% 1.42 72.6%
Washington 7 19,746,085 1.6% 7.213% 1.31 73.8%
Maryland 6 18,946,349 1.5% 7.212% 1.46 69.0%
New Hampshire 5 18,607,922 1.5% 6.911% 1.30 69.8%
Nevada 4 15,870,796 1.3% 7.348% 1.27 76.3%
Oklahoma 1 14,487,822 1.2% 6.940% 1.27 78.7%
Arizona 4 13,558,040 1.1% 7.307% 1.99 54.7%
Maine 3 11,724,123 0.9% 7.424% 1.35 63.3%
Wisconsin 2 10,492,750 0.8% 7.336% 1.27 75.1%
Kansas 1 9,841,203 0.8% 6.820% 1.40 77.5%
Oregon 2 7,277,959 0.6% 7.144% 1.82 60.5%
Missouri 4 7,043,268 0.6% 7.972% 1.39 68.7%
Mississippi 3 6,841,796 0.5% 6.925% 1.37 75.8%
Minnesota 4 6,785,324 0.5% 7.678% 1.36 74.8%
Alabama 3 6,780,746 0.5% 7.209% 1.27 74.9%
Connecticut 1 6,300,000 0.5% 7.610% 1.26 70.0%
District of Columbia 2 5,651,491 0.5% 7.489% 1.26 77.0%
Delaware 2 4,962,484 0.4% 6.680% 1.35 79.7%
New Mexico 1 1,546,334 0.1% 7.890% 1.33 58.9%
Utah 1 1,499,290 0.1% 7.720% 1.25 77.9%
--- -------------- ------ ------ ----- -----
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=== ============== ====== ====== ===== =====
</TABLE>
(1) Cut-off balance as of 3/1/99.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 9
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
[PIE CHART]
Manufactured Industrial Multifamily Self Storage
Housing 2.8% 36.3% 3.1%
6.6%
Hotel Retail Mixed Use Office
9.3% 24.8% 8.2% 8.8%
Mortgage Loans by Property Type
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Property Type Loans Balance (1) Balances Rate U/W DSCR LTV Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Multifamily 107 $ 455,089,577 36.3% 7.140% 1.30x 76.5%
Retail 59 310,401,887 24.8% 7.483% 1.30 76.2%
Hotel 26 116,339,043 9.3% 7.479% 2.13 54.5%
Office 24 110,681,155 8.8% 7.451% 1.31 71.9%
Mixed Use 18 103,267,224 8.2% 7.278% 1.32 69.7%
Manufacturing Housing 24 82,350,974 6.6% 7.165% 1.38 75.4%
Self Storage 16 39,245,939 3.1% 7.465% 1.36 72.8%
Industrial 5 35,309,656 2.8% 7.481% 1.42 74.5%
---------------------------------------------------------------------------------------------------
Total/Weighted Average 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
===================================================================================================
</TABLE>
(1) Cut-off Balance as of 3/1/99.
Mortgage Loans by Property Sub-Type
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Property Type Property Sub-Type Loans Balance (1) Balance Rate U/W DSCR LTV Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Anchored 33 $232,363,365 18.5% 7.499% 1.29x 76.5%
Unanchored 26 78,038,522 6.2% 7.434% 1.32 75.5%
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 59 $310,401,887 24.8% 7.483% 1.30x 76.2%
===================================================================================================
Hotel
Limited Service (2) 23 $ 92,969,978 7.8% 7.420% 2.24x 51.5%
Full Service 3 23,369,066 1.9% 7.716% 1.71 66.8%
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 26 $116,339,043 9.3% 7.479% 2.13x 54.5%
===================================================================================================
</TABLE>
(1) Cut-off balance as of 3/1/99.
(2) 13 of the 14 Winston Loan properties comprise 69.6% of the limited
service hotels. These 13 Winston Loan properties have a combined 2.54x
DSCR and 43.1% LTV.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 10
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Original Amortization Terms
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Original Amortization Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Terms (Months) Loans Balance(1) Balance Rate U/W DSCR LTV Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
180 -- 239 3 $ 9,950,692 0.8% 6.552% 1.31x 64.1%
240 -- 299 7 9,970,526 0.8% 7.444% 1.37 67.4%
300 -- 313 86 264,096,668 21.1% 7.393% 1.71 63.5%
314 -- 360 183 968,667,570 77.3% 7.303% 1.30 76.0%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=====================================================================================================
</TABLE>
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 180
Wtd. Avg. Original Amortization Term (Months): 345
(1) Cut-off balance as of 3/1/99.
Original Terms to Stated Maturity(1)
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Original Terms Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
to Maturity (Months) Loans Balance(2) Balance Rate U/W DSCR LTV Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
60 -- 108 6 $ 46,088,506 3.7% 7.120% 1.29x 76.8%
109 -- 120 261 1,148,111,527 91.7% 7.341% 1.40 72.8%
121 -- 204 5 13,549,427 1.1% 7.117% 1.38 74.8%
205 -- 300 7 44,935,996 3.6% 6.967% 1.31 77.9%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=====================================================================================================
</TABLE>
Maximum Original Term to Maturity (Months): 300
Minimum Original Term to Maturity (Months): 60
Wtd. Avg. Original Term to Maturity (Months): 125
(1) In the case of ARD loans, the Anticipated Repayment Date is assumed to be
the maturity date for the purposes of the table.
(2) Cut-off balance as of 3/1/99.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 11
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Remaining Amortization Terms
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Remaining Amortization Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Terms (Months) Loans Balance(1) Balance Rate U/W DSCR LTV Ratio
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
177 - 239 9 $ 18,357,342 1.5% 6.998% 1.32x 66.0%
240 - 299 83 255,960,545 20.4% 7.379% 1.73 63.2%
300 - 313 5 14,842,114 1.2% 7.451% 1.35 71.1%
314 - 360 182 963,525,455 76.9% 7.304% 1.30 76.0%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
==========================================================================================
</TABLE>
Maximum Remaining Amortization Term (Months): 360
Minimum Remaining Amortization Term (Months): 177
Wtd. Avg. Remaining Amortization Term (Months): 342
(1) Cut-off balance as of 3/1/99.
Remaining Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted Weighted
Range of Number of Percentage of Average Weighted Average
Remaining Terms Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
to Maturity (Months) Loans Balance(2) Balance Rate U/W DSCR LTV Ratio
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
58 - 108 7 $48,782,931 3.9% 7.141% 1.31x 75.9%
109 - 120 260 1,145,417,102 91.4% 7.340% 1.40 72.9%
121 - 204 5 13,549,427 1.1% 7.117% 1.38 74.8%
205 - 289 7 44,935,996 3.6% 6.967% 1.31 77.9%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
==========================================================================================
</TABLE>
Maximum Remaining Amortization Term (Months): 289
Minimum Remaining Amortization Term (Months): 58
Wtd. Avg. Remaining Amortization Term (Months): 122
(1) In the case of ARD, the Anticipated Repayment Date is assumed to be
the maturity date for the purposes of the table.
(2) Cut-off balance as of 3/1/99.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 12
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Mortgage Loan Seller
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Mortagage Loan Seller Loans Balance(1) Balance Rate U/W DSCR LTV Ratio
<S> <C> <C> <C> <C> <C> <C>
G.E. Capital Access 177 $ 876,223,369 69.9% 7.314% 1.40x 73.2%
Column 102 376,462,087 30.1% 7.324% 1.36 73.2%
-------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
(1) Cut-off balance as of 3/1/99.
Mortgage Loans by Amortization Type
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Loan Type Loans Balance(1) Balance Rate U/W DSCR LTV Ratio
<S> <C> <C> <C> <C> <C> <C>
Balloon 208 $ 906,916,844 72.4% 7.337% 1.32x 74.5%
ARD 68 328,445,422 26.2% 7.276% 1.59 69.3%
Fully Amortizing 3 17,323,190 1.4% 7.016% 1.27 77.3%
-------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
(1) Cut-off balance as of 3/1/99.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 13
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Underwriting Debt Service Coverage Ratios
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
U/W DSCRs Loans Balance(1) Balance Rate U/W DSCR LTV Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1.20x -- 1.29 108 $ 631,478,078 50.4% 7.379% 1.25x 76.5%
1.30 -- 1.39 87 334,357,109 26.7% 7.243% 1.33 74.4%
1.40 -- 1.49 46 154,796,906 12.4% 7.291% 1.42 74.2%
1.50 -- 1.59 12 24,598,983 2.0% 7.007% 1.53 67.1%
1.60 -- 2.54x 26 107,454,379 8.6% 7.286% 2.29 50.2%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=====================================================================================================
</TABLE>
Maximum Underwriting DSCR: 2.54x
Minimum Underwriting DSCR: 1.20x
Wtd. Avg. Underwriting DSCR: 1.39x
(1) Cut-off balance as of 3/1/99.
Cut-off Date Loan-to-Value Ratios
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Cut-off Date Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Loan-to-Value Ratios Loans Balance(1) Balance Rate U/W DSCR LTV Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
16.20% -- 50.00% 18 $ 77,184,406 6.2% 7.334% 2.42x 44.1%
50.01% -- 60.00% 19 55,551,024 4.4% 7.286% 1.59 57.4%
60.01% -- 70.00% 41 125,826,621 10.0% 7.443% 1.36 66.2%
70.01% -- 75.00% 73 279,229,072 22.3% 7.355% 1.32 73.0%
75.01% -- 80.00% 121 662,639,360 52.9% 7.250% 1.30 78.6%
80.01% -- 82.50% 7 52,254,974 4.2% 7.657% 1.25 81.6%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=====================================================================================================
</TABLE>
Maximum Cut-off Date LTV Ratio: 82.5%
Minimum Cut-off Date LTV Ratio: 16.2%
Wtd. Avg. Cut-off Date LTV Ratio: 73.2%
(1) Cut-off balance as of 3/1/99.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 14
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Cut-off Date Balances
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Cut-off Date Balances Loans Balance(1) Balance Rate U/W DSCR LTV Ratio
- ------------------------ --------- ------------- ------------ -------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 515,269 - 749,999 4 $ 2,480,311 0.2% 7.814% 1.43x 73.2%
750,000 - 1,249,999 17 17,174,799 1.4% 7.602% 1.37 73.0%
1,250,000 - 1,999,999 63 104,815,403 8.4% 7.313% 1.39 70.0%
2,000,000 - 2,999,999 60 152,593,198 12.2% 7.211% 1.41 69.6%
3,000,000 - 3,999,999 33 116,312,485 9.3% 7.264% 1.38 71.8%
4,000,000 - 4,999,999 22 99,675,950 8.0% 7.322% 1.46 73.0%
5,000,000 - 5,999,999 17 91,965,164 7.3% 7.229% 1.57 71.9%
6,000,000 - 9,999,999 39 282,766,080 22.6% 7.306% 1.44 72.3%
10,000,000 - 14,999,999 13 158,129,681 12.6% 7.344% 1.28 76.8%
15,000,000 - 19,999,999 6 99,435,972 7.9% 7.319% 1.30 74.5%
20,000,000 - 24,999,999 3 67,309,732 5.4% 7.572% 1.28 77.7%
25,000,000 - $30,446,295 2 60,026,682 4.8% 7.404% 1.27 80.0%
-------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
Maximum Cut-off Date Balance: $30,446,295
Minimum Cut-off Date Balance: $ 515,269
Average Cut-off Date Balance: $ 4,489,912
(1) Cut-off balance as of 3/1/99.
Loan Group Cut-off Date Balances
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Cut-off Date Balances Loans Balance(1) Balance Rate U/W DSCR LTV Ratio
- ------------------------- ---------- -------------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 675,000 - 749,999 2 $ 1,393,072 0.1% 7.856% 1.50x 70.5%
750,000 - 1,249,999 13 13,064,503 1.0% 7.549% 1.39 72.2%
1,250,000 - 1,999,999 54 90,606,908 7.2% 7.316% 1.38 70.0%
2,000,000 - 2,999,999 55 140,756,300 11.2% 7.208% 1.42 69.8%
3,000,000 - 3,999,999 29 101,853,122 8.1% 7.241% 1.32 73.9%
4,000,000 - 4,999,999 17 76,432,397 6.1% 7.330% 1.29 77.2%
5,000,000 - 5,999,999 13 70,952,058 5.7% 7.197% 1.37 77.2%
6,000,000 - 9,999,999 34 253,614,557 20.2% 7.328% 1.30 74.5%
10,000,000 - 14,999,999 11 137,345,476 11.0% 7.291% 1.28 76.8%
15,000,000 - 19,999,999 5 82,286,927 6.6% 7.271% 1.28 73.4%
20,000,000 - 24,999,999 2 41,232,174 3.3% 7.083% 1.27 79.8%
25,000,000 - $70,750,763 2 243,147,962 19.4% 7.485% 1.66 68.5%
-------------------------------------------------------------------------------------------------
Total/Weighted Average: 240 $1,252,685,456 100.00% 7.317% 1.39x 73.1%
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
Maximum Cut-off Date Balance: $70,750,763
Minimum Cut-off Date Balance: $ 675,000
Average Cut-off Date Balance: $ 5,219,523
(1) Cut-off balance as of 3/1/99. Presents each group of cross-collateralized
Mortgage Loans as a single Mortgage Loan.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 15
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Mortgage Rates
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Mortgage Rates Loans Balance(1) Balance Rate U/W DSCR LTV Ratio
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
5.960% - 6.499% 9 $ 23,677,724 1.9% 6.219% 1.44x 71.9%
6.500% - 6.749% 11 58,718,671 4.7% 6.640% 1.33 75.9%
6.750% - 6.999% 30 152,042,451 12.1% 6.858% 1.36 75.9%
7.000% - 7.249% 55 258,866,516 20.7% 7.127% 1.34 75.5%
7.250% - 7.499% 74 359,148,517 28.7% 7.340% 1.54 68.2%
7.500% - 7.999% 88 307,513,241 24.5% 7.644% 1.31 74.1%
8.000% - 8.440% 12 92,718,445 7.4% 8.134% 1.30 76.9%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=========================================================================================
</TABLE>
Maximum Mortgage Rate: 8.440%
Minimum Mortgage Rate: 5.960%
Wtd. Avg. Mortgage Rate: 7.317%
(1) Cut-off balance as of 3/1/99.
Occupancy Rates at Underwriting
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Occupancy Rates at U/W Loans(1) Balance(2) Balance Rate U/W DSCR LTV Ratio
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
50.0% - 69.9% 2 $ 5,648,370 0.5% 7.040% 1.39x 54.8%
70.0% - 79.9% 3 17,392,939 1.4% 6.975% 1.25 72.1%
80.0% - 89.9% 14 42,793,947 3.4% 7.363% 1.40 67.2%
90.0% - 94.9% 50 239,045,962 19.1% 7.262% 1.31 76.1%
95.0% - 100.0% 184 831,465,195 66.4% 7.317% 1.31 75.4%
-----------------------------------------------------------------------------------------
Total/Weighted Average: 253 $1,136,346,413 90.7% 7.300% 1.31x 75.1%
=========================================================================================
</TABLE>
Maximum Occupancy Rate at U/W: 100.0%
Minimum Occupancy Rate at U/W: 50.0%
Wtd. Avg. Occupancy Rate at U/W: 96.1%
(1) Does not include any Mortgage Loans secured by hotel properties.
(2) Cut-off balance as of 3/1/99.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 16
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Years Built/Years Renovated(1)
<TABLE>
<CAPTION>
Weighted Weighted
Number of Percentage of Average Weighted Average
Range of Years Mortgage Cut-off Date Initial Pool Mortgage Average Cut-off Date
Built/Renovated Loans Balance(2) Balance Rate U/W DSCR LTV Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1951 -- 1960 6 $ 12,819,010 1.0% 7.208% 1.68x 62.7%
1961 -- 1970 24 79,789,581 6.4% 7.298% 1.33 76.2%
1971 -- 1980 40 168,025,746 13.4% 7.241% 1.33 74.1%
1981 -- 1990 83 330,990,240 26.4% 7.236% 1.31 75.4%
1991 -- 1998 126 661,060,879 52.8% 7.381% 1.44 71.7%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 7.317% 1.39x 73.2%
=====================================================================================================
</TABLE>
Maximum Year Built/Renovated: 1998
Minimum Year Built/Renovated: 1951
Wtd. Avg. Year Built/Renovated: 1988
(1) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
(2) Cut-off balance as of 3/1/99.
Mortgage Pool Prepayment Profile(1)
<TABLE>
<CAPTION>
% of Pool
Months Since Number of Outstanding % of Pool Yield % of Pool
Date Cut-off Date Loans Balance (mm) Lockout Maintenance Open Total
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Mar-99 0 279 $1,252,7 100.0% 0.0% 0.0% 100.0%
Mar-00 12 279 $1,240.2 100.0% 0.0% 0.0% 100.0%
Mar-01 24 279 $1,226.6 99.7% 0.2% 0.1% 100.0%
Mar-02 36 279 $1,211.8 96.2% 3.6% 0.1% 100.0%
Mar-03 48 279 $1,195.8 95.2% 4.7% 0.1% 100.0%
Mar-04 60 278 $1,172.1 95.0% 4.9% 0.1% 100.0%
Mar-05 72 278 $1,153.8 95.0% 4.9% 0.1% 100.0%
Mar-06 84 274 $1,101.9 94.8% 4.7% 0.4% 100.0%
Mar-07 96 273 $1,077.8 94.8% 5.1% 0.1% 100.0%
Mar-08 108 272 $1,053.6 92.5% 6.0% 1.6% 100.0%
Mar-09 120 12 $ 47.0 20.1% 77.0% 2.9% 100.0%
Mar-10 132 12 $ 45.4 20.2% 77.0% 2.8% 100.0%
Mar-11 144 11 $ 41.1 15.4% 81.7% 2.9% 100.0%
Mar-12 156 11 $ 39.2 15.4% 81.9% 2.7% 100.0%
Mar-13 168 11 $ 37.3 15.4% 76.2% 8.4% 100.0%
Mar-14 180 7 $ 28.0 1.3% 95.8% 2.9% 100.0%
Mar-15 192 7 $ 26.1 1.1% 96.3% 2.6% 100.0%
Mar-16 204 7 $ 24.1 1.0% 96.8% 2.2% 100.0%
Mar-17 216 7 $ 21.9 0.8% 97.5% 1.7% 100.0%
Mar-18 228 7 $ 19.6 0.5% 85.3% 14.2% 100.0%
</TABLE>
(1) Calculated assuming that no Mortgage Loan prepays, defaults or is
repurchased prior to stated maturity, except that the ARD Loans
are assumed to pay in full on their respective Anticipated Repayment
Dates. Otherwise calculated based on Maturity Assumptions to be
set forth in the final prospectus supplement.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 17
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Prepayment Provisions as of the Cut-off Date
<TABLE>
<CAPTION>
Weighted Weighted
Average Average
Remaining Remaining Weighted
Range of Number of Percentage of Lockout Lockout Average
Remaining Terms to Mortgage Cut-off Date Initial Pool Period Plus YM Period Maturity
Stated Maturity (Years) (1) Loans Balance (1) Balances (Years) (Years) (Years)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4.0 - 4.9 1 $ 7,137,562 0.6% 4.6 4.6 4.8
6.0 - 6.9 4 35,148,655 2.8% 6.4 6.4 6.8
7.0 - 7.9 1 3,802,289 0.3% 3.8 6.7 7.2
8.0 - 8.9 1 2,694,425 0.2% 1.8 8.8 8.8
9.0 - 9.9 254 1,107,587,102 88.4% 9.1 9.4 9.8
10.0 - 10.9 6 37,830,000 3.0% 9.2 9.6 10.0
11.0 - 11.9 1 2,956,573 0.2% 11.6 11.6 11.9
14.0 - 14.9 4 10,592,854 0.8% 11.5 14.1 14.6
19.0 - 19.9 4 22,141,083 1.8% 9.9 18.4 19.7
24.0 - 24.9 3 22,794,913 1.8% 8.6 20.8 24.0
---------------------------------------------------------------------------------------------------
Total/Weighted Average 279 $1,252,685,456 100.0% 9.0 9.7 10.1
===================================================================================================
</TABLE>
(1) In the case of the Anticipated Repayment Date Loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of
the table.
(2) Cut-off Balance as of 3/1/99.
Prepayment Option
<TABLE>
<CAPTION>
Weighted Weighted
Average Average
Remaining Remaining Weighted
Number of Percentage of Lockout Lockout Average
Mortgage Cut-off Date Initial Pool Period Plus YM Period Maturity
Prepayment Option Loans Balance (1) Balances (Years) (Years) (Years)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lockout / Defeasance 254 $1,147,218,645 91.6% 9.4 9.4 9.7
Lockout / Yield Maintenance 24 104,021,536 8.3% 5.4 13.7 14.7
Lockout 1 1,445,275 0.1% 1.9 1.9 9.7
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 279 $1,252,685,456 100.0% 9.0 9.7 10.1
===================================================================================================
</TABLE>
(1) Cut-off balance as of 3/1/99.
(2) In the case of the ARD Loans, the Anticipated Repayment Date
is assumed to be the maturity date for the purposes of the table.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 18
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Top Five Mortgage Loans:
-------------------------
<TABLE>
<CAPTION>
Overview
Percentage of
Property Units/Rooms/ Cut-off Date Initial Pool Appraised Cut-off Date
# Top Loans Type Square Feet Balances(1) Balance Value Mortgage Rate U/W DSCR LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 The Winston
Loans (2) Hotel 1,393 $ 70,750,763 5.6% $162,120,000 7.375% 2.54x 43.6%
- -----------------------------------------------------------------------------------------------------------------------------------
2 The Swerdlow
Loans (3) Retail/Office 774,712 63,806,653 5.1% 80,900,000 8.180% 1.25 78.9%
- -----------------------------------------------------------------------------------------------------------------------------------
3 The Alliance
Loans (4) Multifamily 1,749 48,831,350 3.9% 62,250,000 7.220% 1.30 78.4%
- -----------------------------------------------------------------------------------------------------------------------------------
4 The Country
Squire Loan Multifamily 726 30,446,295 2.4% 39,000,000 6.650% 1.28 78.1%
- -----------------------------------------------------------------------------------------------------------------------------------
5 The American
Loans (5) Industrial/Office 797,623 29,312,901 2.3% 36,750,000 7.550% 1.40 79.8%
- -----------------------------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: $243,147,962 19.4% $381,020,000 7.485% 1.66x 68.5%
================= ======== ============== ========= ======== ===========
</TABLE>
(1) Cut-off balance as of 3/1/99.
(2) The Winston Loan is secured by Hampton Inn - Elmsford, Quality Suites -
Charleston, Courtyard by Marriott - Ann Arbor, Residence Inn - Phoenix,
Homewood Suites - Cary, Hampton Inn & Suites - Gwinnett, Hampton Inn -
Raleigh, Comfort Suites - Orlando, Hampton Inn - Perimeter, Hampton Inn -
Charlotte, Courtyard by Marriott - Wilmington, Hampton Inn - West
Springfield, Homewood Suites - Clear Lake and Comfort Inn - Charleston,
respectively.
(3) The Mortgage Loans secured by Kendale Lakes Plaza, Cypress Creek Station and
Oakwood Business Center, respectively, are cross-collateralized and
cross-defaulted.
(4) A Single Mortgage Note is secured by Westchase Ranch Apartments, Westwood
Village Apartment, Normandy Woods Apartments, Savoy Manor Apartments and San
Marin Apartments, respectively.
(5) A Single Mortgage Note is secured by 2294 Molly Pitcher Highway, 5015
Campuswood Drive, 5010 Campuswood Drive and 5009 Campuswood Drive,
resectively.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 19
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Top Five Mortgage Loans (Continued):
The Winston Loans
<TABLE>
<CAPTION>
LOAN INFORMATION PROPERTY INFORMATION
<S> <C> <C> <S>
Cut-off Date Balance: $70,750,763 Single Asset/Portfolio: Portfolio of 14 assets
% of Initial Pool: 5.6% Property Type: Hotel
Mortgage Loan Seller GE Capital Access, Inc. Location: Arizona, Florida, Georgia,
Massachusetts, Michigan,
North Carolina, New York,
Interest Rate: 7.375% South Carolina, Texas
Balloon Term: 10 years Years Built/Renovated: 1968 to 1998
Amortization Term: 25 years Collateral: 14 hotels with flags including
Hampton Inn and Courtyard
by Marriottt.
Call Protection: Prepayment lockout: U.S. Treasury defeasance
permitted as of the 2 year anniversary of the Property Operator: Meristar Hotel & Resorts, Inc.
Closing Date.
U/W Net Cash Flow: $15,792,040
Cut-Off Date LTV: 43.6%
Appraised Value: $162,120,000
Maturity/ARD LTV: 34.8%
Appraisal Date: June 30, 1998 to
U/W DSCR: 2.54x August 17, 1998
Cross Collateralization/ Yes/Yes
Default:
Special Provisions: ARD loan, lock box
</TABLE>
PROPERTY NAME CITY STATE YEAR BUILT/RENOVATED ROOMS
Hampton Inn Elmsford NY 1968/1996 156
Courtyard by Marriott Ann Arbor MI 1989/1998 160
Quality Suites Charleston SC 1989/1997 168
Residence Inn Phoenix AZ 1988/1997 168
Homewood Suites Cary NC 1994 120
Hampton Inn & Suites Duluth GA 1996 135
Hampton Inn Raleigh NC 1986/1996 141
Comfort Suites Orlando FL 1990/1997 215
Hampton Inn Atlanta GA 1996 131
Hampton Inn Charlotte NC 1991/1997 125
Courtyard by Marriott Wilmington NC 1996 128
Hampton Inn West Springfield MA 1989/1998 126
Homewood Suites Houston TX 1995 92
Comfort Inn Charleston SC 1989/1997 128
Additional Information:
The borrower is a single-purpose entity affiliated with Winston Hotels, Inc., a
public REIT (WXH: NYSE) based in Raleigh, North Carolina. The REIT is in the
business of developing, acquiring and rehabilitating premium limited service,
full service, and high-end extended-stay hotel properties. The properties are
operated by an affiliate of Meristar Hotel & Resorts, Inc. which currently
operates 212 hotels in North America. Meristar manages the porfolio under a 15
year operating lease of which approximately 14 years are remaining.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 20
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Top Five Mortgage Loans (Continued):
- ------------------------------------
The Swerdlow Loans
<TABLE>
<CAPTION>
Loan Information Property Information
- ---------------------------------------------------------------- -----------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $63,806,653 Single Asset/Portfolio: Portfolio of 3 assets
% of Initial Pool: 5.1% Property Type: 2 anchored retail, 1 office
Mortgage Loan Seller: GE Capital Access, Inc. Location: Florida
Interest Rate: 8.180% Years Built/Renovated: 1977 to 1997
Balloon Term: 10 years Collateral: 2 regional shopping centers
Amortization Term: 30 years and 1 suburban business
Call Protection: Prepayment lockout; U.S. Treasury office building, all
defeasance permitted as of the 2 year located in south Florida
anniversary of the Closing Date Property Management: SREG Operating Limited
Partnership
Cut-Off Date LTV: 78.9% U/W Net Cash Flow: $7,170,684
Maturity/ARD LTV: 70.9% Appraised Value: $80,900,000
U/W DSCR: 1.25x Appraisal Date: October 9, 1998 to
Cross Collateralization/ Yes/Yes October 20, 1998
Default: Wtd. Avg. Occupancy Rate 98.2%
Special Provisions: ARD loan, lock box at U/W:
</TABLE>
<TABLE>
<CAPTION>
Square
Property Name City State Year Built/Renovated Feet
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Kendale Lakes Plaza West Kendall FL 1997/1995 404,553
Cypress Creek Station Ft. Lauderdale FL 1997 229,009
Oakwood Business Center Hollywood FL 1987 141,150
-----------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
Kendale Lakes Plaza is a regional shopping center located in an in-fill
location. The subject is 98.2% leased. Primary access to the property is
provided by the Florida Turnpike. Anchor tenants include K-Mart (114,000 sf),
Syms (40,000 sf), Marshall's (27,808 sf) and Office Max (23,500 sf).
Cypress Creek Station property contains two main buildings surrounded primarily
by commercial and hospitality properties. The subject is 98.7% leased with
major tenants signing long-term leases and the first roll-over for a major
tenant occurring in 2007. Major tenants include Regal Cinemas (101,415 sf),
Office Depot (36,929 sf) and Just for Feet (915,675 sf).
Oakwood Business Center is a suburban business office building with convenient
access to Interstate 95, Ft. Lauderdale CBD and the Ft. Lauderdale International
Airport. The subject is 97.3% leased. Major tenants include Trader Publishing
(16,816 sf) and KOS Pharmaceuticals (23,499 sf). The borrower is a single-
purpose entity affiliated with Swerdlow Real Estate Group, Inc., a recently
formed private REIT specializing in development, leasing and management of
commercial properties in South Florida. The REIT was capitalized with a $173mm
equity offering with major institutional investors.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 21
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Top Five Mortgage Loans (Continued):
- ------------------------------------
The Alliance Loans
LOAN INFORMATION
------------------------------------------------------------------------
Cut-off Date Balance: $48,831,350
% of Initial Pool: 3.9%
Mortgage Loan Seller: Column Financial, Inc.
Interest Rate: 7.220%
Balloon Term: 10 years
Amortization Term: 30 years
Call Protection: Prepayment lockout; U.S. Treasury
defeasance permitted as of the
2 year anniversary of the Closing
Date
Cut-off Date LTV: 78.4%
Maturity/ARD LTV 68.9%
U/W DSCR: 1.30x
Cross collateralization/ Yes/Yes
Default:
Special Provisions: Cash management
PROPERTY INFORMATION
-----------------------------------------------------------------
Single Asset/Portfolio: Portfolio of 5 assets
Property Type: Multifamily
Location: Texas and Florida
Years Built/Renovated: 1972 to 1997
Collateral: 5 multifamily properties with 1,749
total units
Property Management: Alliance Residential Management, LLC
U/W Net Cash Flow: $5,184,610
Appraised Value: $62,250,000
Appraisal Date: January 15, 1999 to January 20, 1999
Wtd. Avg. Occupancy Rate 94.4%
at U/W:
<TABLE>
<CAPTION>
Allocated
Cut-off Date Loan Amount
Property Name City State Units Year Built/Renovated LTV at Cut-off Date
------------ ----- ----- ----- -------------------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Westchase Ranch Apartments Houston TX 776 1977/1994 77.3% $22,529,265
Westwood Village Apartments Irving TX 320 1983/1996 79.9% $10,387,667
Normandy Woods Apartments Houston TX 268 1981/1997 79.0% $ 7,111,557
Savoy Manor Apartments Houston TX 192 1980/1997 79.9% $ 5,193,833
San Marin Apartments Tampa FL 193 1972/1997 78.5% $ 3,609,027
</TABLE>
Additional Information:
The subject multifamily properties' amenities include tennis courts, pools,
parking, laundry facilities, on-site management office and fitness centers. In
general, the properties are 94.4% occupied.
Principals of the borrower, Alliance Holdings, include Andrew Schor and Steven
Ivankovich. The borrowers are affiliated with Alliance, a privately owned real
estate investment, development, and finance firm concentrated in the multifamily
housing business. Alliance and its affiliates own interests in and manage more
than 24,000 units throughout Texas, in the Midwest and along the Eastern
Seaboard from Virginia to Florida.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 22
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Top Five Mortgage Loans (Continued):
<TABLE>
<CAPTION>
The Country Squire Loan
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C>
Cut-off Date Balance: $30,446,295 Single Asset/Portfolio: Single Asset
% of Initial Pool: 2.45% Property Type: Multifamily
Mortgage Loan Seller: GE Capital Access, Inc. Location: Tennessee
Interest Rate: 6.650% Years Built/Renovated: 1984/1987
Balloon Term: 10 years Collateral: 726 unit multifamily complex in
suburban Memphis, TN
Amortization Term: 30 years
Property Management: Fogelman Management Group
Call Protection: Prepayment lockout;
Yield maintenance U/W Net Cash Flow: $3,008,930
Cut-Off Date LTV: 78.1% Appraised Value: $39,000,000
Maturity/ARD LTV: 66.5% Appraisal Date: August 13, 1998
U/W DSCR: 1.28x Occupancy Rate at U/W: 94.0%
Cross Collateralization/ No/No
Default:
---------------------------------------------- ----------------------------------------------------------------
</TABLE>
Additional Information:
Country Squire Apartments - South consists of 81 residential buildings
containing 726 rental units located within the Cordova/Germantown submarket of
the Memphis, TN MSA. Project amenities include clubhouse with party room,
billiard room, indoor driving range, exercise room, 4 swimming pools, and 3
lighted tennis courts on 57 acres of land.
The borrower is Country Squire South, LLC, a single purpose entity controlled by
Avron Fogelman, founder and principal of Fogelman Properties and Fogelman
management of Memphis, TN. These companies were founded in 1963 and through them
Mr. Fogelman has developed over 8,000 multifamily units in the Southeastern U.S.
Headquartered in Memphis, Fogelman's companies manage 23,000 multifamily units
in 6 states.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 23
<PAGE>
DLJCMC Series 1999-CG1 Collateral and Structural Term Sheet March 9, 1999
Top Five Loans Summaries (Continued):
<TABLE>
<CAPTION>
The American Loans
LOAN INFORMATION PROPERTY INFORMATION
<S> <C> <C> <C>
Cut-off Date Balance: $29,312,901 Single Asset/Portfolio: Portfolio of 4 assets
% of Initial Pool: 2.3% Property Type: 3 office, 1 industrial
Mortgage Loan Seller: Column Financial, Inc. Location: New York, Pennsylvania
Interest Rate: 7.550% Years Built/Renovated: 1960 to 1992
Balloon Term: 10 years Collateral: 3 adjacent office buildings and 1
warehouse
Amortization Term: 30 years Property Management: American Real Estate Management,
Inc.
Call Protection: Prepayment lockout; U.S. U/W Net Cash Flow: $3,468,939
Treasury defeasance permitted
as of the 2 year anniversary
of the Closing Date
Cut-Off Date LTV: 79.8% Appraised Value: $36,750,000
Maturity/ARD LTV: 70.8% Appraisal Date: June 17, 1998 to August 31, 1998
U/W DSCR: 1.40x Wtd. Avg. Occupancy Rate 99.1%
at U/W:
Cross Collateralization/ Yes/Yes
Default:
Special Provisions: Cash management
</TABLE>
<TABLE>
<CAPTION>
Allocated
Square Cut-Off Date Loan Amount
Property Name City State Feet Year Built/Renovated LTV as Cut-off Date
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2294 Molly Pitcher Highway Chambersburg PA 621,400 1960/1991 79.8% $17,149,044
5015 Campuswood Drive East Syracuse NY 99,476 1992 79.8% $ 7,178,670
5010 Campuswood Drive East Syracuse NY 70,163 1989 79.8% $ 4,469,918
5009 Campuswood Drive East Syracuse NY 6,584 1987 79.3% $ 515,269
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional Information:
The borrower, American Real Estate Investment Corporation (AREIC), is a
fully-integrated, self-administered and self-managed REIT. Based in Plymouth
Meeting, Pennsylvania, AREIC focuses on industrial facilities and suburban Class
A office properties in secondary markets in the Northeast. AREIC owns 67 office
and industrial properties containing an aggregate of 7.3 million square feet.
The investment summary is prepared solely for informational purposes and no
offer to sell or solicitation of any offer to purchase securities is being made
hereby. This summary is for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining when potential investors
wish to proceed with an in-depth investigation of the proposed of the proposed
offering. While the information contained herein is from sources believed to be
reliable, it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. And such entities
make no representations or warranties with respect to the information contained
herein or as to the appropriateness, usefulness or completeness of these
materials. Any computational information set forth herein (including without
limitation any computations of yields and weighted average life) is hypothetical
and based on certain assumptions (including without limitation assumptions
regarding the absence of voluntary and involuntary prepayments, or the timing of
such occurrences. The actual characteristics and performance of the mortgage
loans will differ from such assumptions and such differences may be material.
This document is subject to errors, omissions and changes in the information and
is subject to modification or withdrawal at any time with or without notice. The
information contained herein supersedes any and all information contained in any
previously furnished summaries or terms sheets and shall be superseded by any
subsequently furnished similar materials. The information contained herein shall
be superseded by a final prospectus and prospectus supplement and by subsequent
summary memoranda. No purchase of any securities may be made unless and until a
final prospectus or private placement memorandum has been received by a
potential investor and such investor has complied with all additional related
offering requirements. The contents herein are not to be reproduced Donaldson,
Lufkin & Jenrette Securities Corporation. Donaldson, Lufkin & Jenrette
Securities Corporation expressly reserves the right, at its sole discretion, to
reject any or all proposals or expressions of interest in the subject proposed
offering and to terminate discussions with any party at any time with or without
notice.
Page 24
