SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT: OCTOBER 22, 1999
- ---------------------------------
(Date of earliest event reported)
ASSET SECURITIZATION CORPORATION,
COMMERCIAL MORTGAGE ASSET TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-C2
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-53859 13-3672337
- --------------------------------------------------------------------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
Two World Financial Center, Building B, New York, New York 10281
- --------------------------------------------------------------------------------
Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 667-9300
<PAGE>
ITEM 5. OTHER EVENTS.
Attached as Exhibit 99.1 to this Current Report are certain
materials (the "Structural and Collateral Term Sheets") furnished to Registrant
by Goldman, Sachs & Co., Nomura Securities International, Inc. and Donaldson,
Lufkin & Jenrette Securities Corporation (the "Underwriters"), the Underwriters
in respect of the Registrant's Commercial Mortgage Asset Trust, Commercial
Mortgage Pass-Through Certificates, Series 1999-C2 (the "Certificates"). The
Certificates are being offered pursuant to a Prospectus and related Prospectus
Supplement (together, the "Prospectus"), which will be filed with the Commission
pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended (the
"Act"). The Certificates have been registered pursuant to the Act under a
Registration Statement on Form S-3 (No. 333-53859) (the "Registration
Statement"). The Registrant hereby incorporates the Structural and Collateral
Term Sheets by reference in the Registration Statement.
The Structural and Collateral Term Sheets were prepared solely by
the Underwriters, and the Registrant did not prepare or participate in the
preparation of the Structural and Collateral Term Sheets.
Any statement or information contained in the Structural and
Collateral Term Sheets shall be deemed to be modified or superseded for purposes
of the Prospectus and the Registration Statement by statements or information
contained in the Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Structural and Collateral Term
Sheets
<PAGE>
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
ASSET SECURITIZATION CORPORATION
By: /S/ BRAD ALTBERGER
----------------------------------
Name: Brad Altberger
Title: Vice President
Date: October 22, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Paper (P) or Electronic (E)
----------- ----------- ---------------------------
99.1 Structural and Collateral E
Term Sheets
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$693,269,000 (APPROXIMATE) OCTOBER 4, 1999
COMMERCIAL MORTGAGE ASSET TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C2
APPROXIMATE SECURITIES STRUCTURE:
- ---------------------------------
EXPECTED EXPECTED
EXPECTED RATING APPROXIMATE CREDIT WEIGHTED EXPECTED
(FITCH IBCA/ FACE/NOTIONAL SUPPORT AVERAGE LIFE PAYMENT
CLASS MOODY'S/S&P) AMOUNT (MM) (% OF UPB) (YEARS) (a) WINDOW
- --------------------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
A-1 AAA/Aaa/AAA $127.0 28.50% 5.73 11/99-12/07
A-2 AAA/Aaa/AAA 322.8 28.50 9.20 12/07-12/09
A-3 AAA/Aaa/AAA 108.7 28.50 11.55 12/09-10/12
B AA/Aa2/AA 39.0 23.50 13.41 10/12-04/13
C A/A2/A 39.0 18.50 13.58 04/13-07/13
D A-/A3/A- 11.7 17.00 13.93 07/13-12/13
E BBB/Baa2/BBB 29.3 13.25 14.14 12/13-01/14
F BBB-/Baa3/BBB- 15.6 11.25 14.22 01/14-01/14
PRIVATE CLASSES (b)
- --------------------------------------------------------------------------------
X AAAr - - - -
Other Private Certificates - - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
Total Securities: $781.1
- --------------------------------------------------------------------------------
(a) Calculated at 0% CPR, no balloon extension and ARD Loans pay in full on
Anticipated Repayment Dates.
(b) Not offered hereby and includes Class R and LR certificates.
<TABLE>
<CAPTION>
KEY FEATURES:
- -------------
<S> <C>
Co-Lead Managers: Goldman, Sachs & Co.
Nomura Securities International, Inc.
Co-Manager: Donaldson, Lufkin & Jenrette Securities Corporation
Mortgage Loan Sellers: Capital Company of America, LLC
Nomura Holding America Inc.
Master Servicer: BNY Asset Solutions, LLC
Interim Special Servicer: Lennar Partners, Inc.
Trustee: LaSalle Bank National Association
Launch: On or about October , 1999
Pricing: On or about October , 1999
Closing: On or about October , 1999
Cut-Off Date: October 11, 1999
Distribution Date: 17th of each month, or following business day
Payment Delay: 6 days
ERISA Eligible: Classes A-1, A-2 and A-3
SMMEA Eligible: Classes A-1, A-2, A-3 and B
Structure: Sequential Pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: November 17, 2031
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes: $10,000
Delivery: DTC and Euroclear
</TABLE>
================================================================================
COLLATERAL FACTS:
- -----------------
Initial Pool Balance: $781,148,433
Number of Mortgage Loans: 81
Number of Mortgaged Properties: 103
Average Cut-Off Date Principal Balance: $9,643,808
Weighted Average Current Mortgage Rate: 7.897%
Weighted Average U/W DSCR (a): 1.36x
Weighted Average Cut-Off Date LTV (a): 66.4%
Weighted Average Cut-Off Date PTV (a): 67.6%
Weighted Average Remaining Term to Maturity (months): 141
Weighted Average Remaining Amortization Term (months): 326
Weighted Average Seasoning (months): 13
CTL/Participation Loans as a % of Total (b): 10.3%
Balloon/ARD Loans as % of Total: 97.7%
Ten Largest Loans or Related Loans as % of Total: 44.5%
Defeasance Loans as % of Total: 100.0%
TEN LARGEST LOANS OR RELATED LOANS:
- -----------------------------------
<TABLE>
<CAPTION>
DSCR
LOAN BALANCE % BY UPB LTV (a) PROPERTY TYPE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Westin Denver Tabor Center $44,593,725 5.7% 57.9% 1.74x Hotel
208 South Lasalle 42,788,119 5.5 62.0 1.38 Office
ACCOR Corp. -- Pool III 40,308,831 5.2 91.8 1.00 Hotel
Marina Pacific Shopping Ctr. 33,725,031 4.3 69.5 1.33 Retail
Luckman Plaza 33,623,958 4.3 65.9 1.29 Office
Henry W. Oliver 33,523,888 4.3 72.9 1.33 Office
Congressional North 32,647,005 4.2 72.5 1.22 Office
80 John Street 29,198,810 3.7 72.3 1.27 Multifamily
633 Indiana Avenue 29,000,000 3.7 75.3 1.53 Office
Bank of America -- Vegas 28,479,885 3.7 57.0 1.48 Office
------------ -----
TOTAL/WTD. AVG. $347,889,251 44.5% 66.4% 1.41x
- ---------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans
(b) All of the 8 Credit Tenant Lease loans are pari passu participations.
The Trustee is the lead lender for each such loan.
SELECTED LOAN DATA:
- -------------------
NUMBER OF CUT-OFF DATE PRINCIPAL BALANCE
MORTGAGED -------------------------------------------
GEOGRAPHIC DISTRIBUTION PROPERTIES BALANCE % BY UPB WTD. AVG. DSCR (a)
- --------------------------------------------------------------------------------
California 9 $151,238,176 19.4% 1.29x
New York 13 74,647,892 9.6 1.30
Illinois 6 69,793,291 8.9 1.32
Pennsylvania 5 66,198,491 8.5 1.29
Colorado 2 56,608,131 7.2 1.74
Other (b) 68 362,662,391 46.4 1.33
------------ ------
TOTAL/WTD. AVG 103 $781,148,373 100.0% 1.36x
- --------------------------------------------------------------------------------
NUMBER OF CUT-OFF DATE PRINCIPAL BALANCE
MORTGAGED -------------------------------------------
PROPERTY TYPE PROPERTIES BALANCE % BY UPB WTD. AVG. DSCR (a)
- --------------------------------------------------------------------------------
Office (c) 26 $287,764,099 36.8% 1.35x
Retail (d) 29 229,019,035 29.3 1.28
Multifamily 21 93,042,873 11.9 1.36
Hotel (e) 15 84,902,556 10.9 1.74
Industrial 7 36,075,227 4.6 1.43
Movie Theatre 3 25,385,565 3.2 1.33
Exposition Center 1 22,069,624 2.8 1.43
Mobile Home Park 1 2,889,455 0.4 1.60
------------ ------
TOTAL/WTD. AVG 103 $781,148,433 100.0% 1.36x
- --------------------------------------------------------------------------------
(a) Excludes CTL loans.
(b) Includes 25 other states.
(c) Includes medical office properties.
(d) Includes anchored, quasi-anchored and unanchored properties.
(e) Includes full and limited service hotel properties.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
- --------------------------------------------------------------------------------
o For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the Class A-1,
A-2, A-3, B, C, D, E, F and then to the private certificates.
-- In case the principal balance of the private certificates and the
Class F, E, D, C and B certificates, in that order, have been reduced
to zero due to the allocation of principal losses, then principal will
be allocated pro rata to the A-1, A-2 and A-3 certificates.
o Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A-1, A-2
and A-3 certificates each month.
o Each class will be subordinate to the Class A-1, A-2, A-3 and X
certificates and to each class with an earlier alphabetical designation
than such class. Each of the Class A-1, A-2, A-3 and X certificates will be
of equal priority.
o All classes will pay interest on a 30/360 basis.
o Principal Losses will be allocated in reverse alphabetical order to the
private certificates and then to the Class F, E, D, C, B, and then pro rata
to Class A-1, A-2 and A-3.
o The Master Servicer will cover prepayment interest shortfalls (excluding
shortfalls on specially serviced mortgage loans), up to the amount of its
servicing compensation plus certain reinvestment income received by it and
prepayment interest excesses. Net prepayment interest shortfalls (after
application of prepayment interest excesses and other Servicer coverage
from the Master Servicing Fee) will be allocated in reverse priority (based
on interest entitlements) to all regular Certificates.
o Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes of
outstanding regular Certificates other than to the Class X.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
AVERAGE LIFE TABLE (in years) (a)
(Prepayments Locked Out through Lock Out period, Defeasance and Yield
Maintenance, then run at the indicated CPRs)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Prepayment Assumptions (CPR)
0% CPR 25% CPR 50% CPR 75% CPR 100% PP (b)
- --------------------------------------------------------------------------------
A-1 5.73 5.71 5.69 5.67 5.57
A-2 9.20 9.19 9.18 9.16 9.04
A-3 11.55 11.55 11.55 11.54 11.51
B 13.41 13.40 13.38 13.36 13.26
C 13.58 13.58 13.58 13.58 13.57
D 13.93 13.91 13.89 13.85 13.77
E 14.14 14.14 14.14 14.13 14.05
F 14.22 14.22 14.21 14.20 14.14
- --------------------------------------------------------------------------------
(a) ARD loans are assumed to pay on the Anticipated Repayment Date.
(b) "PP" means 100% of each loan prepays when it becomes freely prepayable.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL CUT-OFF DATE DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
PRINCIPAL BALANCES LOANS BALANCE BALANCE BALANCE DSCR (a) RATE (MOS) RATIO (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$0 - 2,500,000 24 $36,110,438 4.6% $1,504,602 1.51x 7.318% 138 66.7%
2,500,000 - 4,999,999 15 52,411,098 6.7 3,494,073 1.41 7.458 145 68.1
5,000,000 - 7,499,999 13 81,692,728 10.5 6,284,056 1.32 7.821 135 65.3
7,500,000 - 9,999,999 6 51,680,043 6.6 8,613,340 1.34 7.665 124 68.0
10,000,000 - 19,999,999 11 168,410,345 21.6 15,310,031 1.27 8.258 133 64.9
20,000,000 - 29,999,999 5 129,633,224 16.6 25,926,645 1.40 7.493 117 67.9
30,000,000 - 39,999,999 4 133,519,881 17.1 33,379,970 1.29 8.164 142 70.2
40,000,000 - 64,999,999 3 127,690,675 16.3 42,563,558 1.56 8.038 184 59.9
--- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Mortgaged Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
State Properties Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 9 $151,238,176 19.4% $ 16,804,242 1.29x 8.164% 130 64.5%
New York 13 74,647,892 9.6 5,742,146 1.30 7.672 107 66.6
Illinois 6 69,793,291 8.9 11,632,215 1.32 8.247 167 66.5
Pennsylvania 5 66,198,491 8.5 13,239,698 1.29 8.229 161 72.4
Colorado 2 56,608,131 7.2 28,304,066 1.74 8.408 181 57.9
Ohio 10 41,540,228 5.3 4,154,023 1.44 7.896 153 70.2
Texas 8 40,477,078 5.2 5,059,635 1.33 7.943 108 66.7
Massachusetts 4 36,864,777 4.7 9,216,194 1.49 7.178 133 57.8
Indiana 7 32,977,736 4.2 4,711,105 1.34 7.469 177 67.7
Maryland 2 32,647,005 4.2 16,323,502 1.22 7.840 106 72.5
District of Columbia 1 29,000,000 3.7 29,000,000 1.53 7.040 120 75.3
Nevada 1 28,479,885 3.6 28,479,885 1.48 7.750 119 57.0
Michigan 4 15,127,794 1.9 3,781,948 1.35 7.342 164 73.6
Virginia 4 13,938,360 1.8 3,484,590 1.35 7.702 107 66.6
Kansas 2 13,449,098 1.7 6,724,549 1.36 8.129 147 61.2
Tennessee(b) 5 11,293,144 1.4 2,258,629 N/A 7.313 234 N/A
Iowa 3 10,704,639 1.4 3,568,213 1.19 8.077 128 69.3
North Carolina 1 7,915,749 1.0 7,915,749 1.41 7.900 97 67.7
Louisiana 1 7,885,913 1.0 7,885,913 1.21 8.500 161 75.8
Oregon 2 7,087,267 0.9 3,543,633 N/A 7.030 222 N/A
Wisconsin (b) 1 6,851,529 0.9 6,851,529 1.22 7.430 104 72.9
Connecticut 1 6,415,759 0.8 6,415,759 1.41 7.820 112 56.3
Mississippi (b) 1 4,158,283 0.5 4,158,283 N/A 7.640 248 N/A
Alaska 4 4,076,770 0.5 1,019,192 1.64 6.780 172 66.6
Florida 1 3,100,000 0.4 3,100,000 1.48 7.910 123 75.8
Utah 1 2,954,581 0.4 2,954,581 1.59 7.230 103 62.5
Minnesota 1 2,059,091 0.3 2,059,091 1.23 7.320 103 67.0
Nebraska 1 1,289,256 0.2 1,289,256 1.51 7.120 109 67.9
Arizona 1 1,278,516 0.2 1,278,516 1.32 6.980 102 78.7
New Mexico 1 1,089,995 0.1 1,089,995 1.20 7.030 108 60.6
- ---------- --- ------------ -----
Total/Wtd. Avg. 103 $781,148,433 100.0% $7,583,965 1.36x 7.897% 141 66.4%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
(b) Contains only CTL loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
STATE PERCENTAGE
- ----- ----------
OR 0.91%
CA 19.36%
NV 3.65%
UT 0.38%
AZ 0.16%
CO 7.25%
NM 0.14%
NE 0.17%
KS 1.72%
TX 5.18%
MN 0.26%
IA 1.37%
WI 0.88%
IL 8.93%
LA 1.01%
MI 1.94%
IN 4.22%
TN 1.45%
MS 0.53%
OH 5.32%
MA 4.72%
NY 9.56%
PA 8.47%
CT 0.82%
MD 4.18%
VA 1.78%
D.C. 3.71%
NC 1.01%
FL 0.40%
AK 0.52%
[GRAPHIC OMITTED]
STATE PERCENTAGE
- ----- ----------
California 19.36%
New York 9.56%
Illinois 8.93%
Pennsylvania 8.47%
Colorado 7.25%
Ohio 5.32%
Texas 5.18%
Other 35.93%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY PROPERTY TYPE
- --------------------------------------------------------------------------------
[Graphic Omitted]
Mobile Home Park 0.37%
Exposition 2.83%
Movie Theatre 3.25%
Industrial 4.62%
Hotel 10.87%
Multifamily 11.91%
Retail 29.32%
Office 36.84%
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Mortgaged Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Property Type Properties Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office
Office 24 $276,269,917 35.4% $11,511,247 1.35x 8.021% 131 65.1%
Medical Office 2 11,494,182 1.5 5,747,091 1.33 7.829 109 63.5
Total Office 26 287,764,099 36.8 11,067,850 1.35 8.014 130 65.0
Retail
Anchored 13 155,866,574 20.0 11,989,736 1.26 8.206 131 68.4
Unanchored 5 40,203,021 5.1 8,040,604 1.34 7.842 102 66.2
Quasi-Anchored 11 32,949,440 4.2 2,995,404 1.38 7.554 198 65.3
Total Retail 29 229,019,035 29.3 7,897,208 1.28 8.049 136 67.8
Multifamily 21 93,042,873 11.9 4,430,613 1.36 7.500 128 71.6
Hotel
Full Service 1 44,593,725 5.7 44,593,725 1.74 8.505 170 57.9
Limited Service (b) 14 40,308,831 5.2 2,879,202 N/A 7.030 223 N/A
Total Hotel 15 84,902,556 10.9 5,660,170 1.74 7.805 195 57.9
Industrial 7 36,075,227 4.6 5,153,604 1.44 7.541 125 70.2
Movie Theatre 3 25,385,565 3.2 8,461,855 1.33 8.060 226 70.3
Exposition Center 1 22,069,624 2.8 22,069,624 1.43 7.250 111 61.3
Mobile Home Park 1 2,889,455 0.4 2,889,455 1.60 7.670 94 43.1
--- ------------ -----
Total/Wtd. Avg. 103 $781,148,373 100.0% $7,583,965 1.36x 7.896% 141 66.1%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
(b) Contains Only CTL loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY YEAR BUILT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Mortgaged Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Year Built Properties Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1900 - 1921 13 $108,240,900 13.9% $ 8,326,223 1.35x 8.340% 148 65.9%
1922 - 1931 2 32,060,110 4.1 16,030,055 1.27 7.446 110 71.4
1952 - 1961 3 20,015,832 2.6 6,671,944 1.31 7.686 119 64.2
1962 - 1971 12 142,917,570 18.3 11,909,797 1.41 7.602 129 65.1
1972 - 1981 32 165,584,985 21.2 5,174,531 1.37 7.817 140 65.1
1982 - 1991 18 139,417,920 17.8 7,745,440 1.45 7.969 149 63.7
1992 - 1999 23 172,911,116 22.1 7,517,875 1.28 7.989 149 70.7
--- ------------ ----
Total/Wtd. Avg. 103 $781,148,433 100.0% $7,583,965 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
- --------------------------------------------------------------------------------
DISTRIBUTION BY UNDERWRITTEN DEBT SERVICE COVERAGE RATIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Range of Underwritten Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
DSCR Ratios Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CTL's 8 $ 80,120,927 10.3% $ 10,015,116 N/A 7.427% 229 N/A
1.10 - 1.19 6 47,732,200 6.1 7,955,367 1.16 8.116 137 69.5
1.20 - 1.29 21 258,084,341 33.0 12,289,731 1.25 8.011 123 67.0
1.30 - 1.39 14 175,599,959 22.5 12,542,854 1.35 8.237 146 68.0
1.40 - 1.49 12 100,005,504 12.8 8,333,792 1.44 7.569 112 61.6
1.50 - 1.59 4 33,863,520 4.3 8,465,880 1.53 7.068 118 73.7
1.60 - 1.69 11 34,009,840 4.4 3,091,803 1.65 7.190 119 68.3
1.70 - 1.79 4 49,818,185 6.4 12,454,546 1.74 8.372 169 58.2
1.80 - 1.89 1 1,913,956 0.2 1,913,956 1.88 7.500 112 50.5
-- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY CUT-OFF DATE LOAN TO VALUE RATIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Range of Cut-Off Date Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Loan to Value Ratios Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.0 - 49.9 4 $ 26,873,431 3.4% $ 6,718,358 1.43x 8.178% 111 43.7%
50.0 - 59.9 13 160,445,542 20.5 12,341,965 1.46 8.171 132 57.5
60.0 - 64.9 13 107,934,531 13.8 8,302,656 1.38 7.960 136 62.4
65.0 - 69.9 17 148,186,193 19.0 8,716,835 1.32 8.015 123 67.8
70.0 - 74.9 12 145,601,588 18.6 12,133,466 1.29 7.935 132 72.5
75.0 - 79.9 11 84,692,110 10.8 7,699,283 1.34 7.546 136 76.3
80.0 - 84.9 2 16,194,110 2.1 8,097,055 1.28 7.489 155 81.0
85.0 - 94.9 1 11,100,000 1.4 11,100,000 1.65 7.214 119 91.0
CTL 8 80,120,927 10.3 10,015,116 N/A 7.427 229 N/A
--- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
- --------------------------------------------------------------------------------
DISTRIBUTION BY BALLOON LOAN TO VALUE RATIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Range of Balloon Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Loan to Value Ratios Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.0 - 19.9 1 $ 7,030,211 0.9% $ 7,030,211 1.33x 8.090% 239 70.3%
20.0 - 29.9 1 12,850,396 1.6 12,850,396 1.24 8.850 162 55.4
30.0 - 39.9 7 85,444,049 10.9 12,206,293 1.57 8.214 145 55.5
40.0 - 49.9 9 44,132,201 5.6 4,903,578 1.47 7.528 115 58.8
50.0 - 59.9 33 292,829,722 37.5 8,873,628 1.33 7.960 135 65.0
60.0 - 69.9 20 243,702,876 31.2 12,185,144 1.31 7.916 120 72.3
70.0 - 74.9 1 3,938,051 0.5 3,938,051 1.40 7.300 101 82.9
75.0 - 84.9 1 11,100,000 1.4 11,100,000 1.65 7.214 119 91.0
CTL 8 80,120,927 10.3 10,015,116 N/A 7.427 229 0.0
--- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY MORTGAGE INTEREST RATE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Range of Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Mortgage Rates Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.7500 - 6.9999 8 $ 16,241,891 2.1% $ 2,030,247 1.43x 6.901% 124 72.7%
7.0000 - 7.2499 13 114,754,492 14.7 8,827,269 1.54 7.082 155 71.3
7.2500 - 7.4999 18 108,755,492 13.9 6,041,972 1.34 7.359 116 68.8
7.5000 - 7.7499 13 53,023,581 6.8 4,078,737 1.31 7.615 184 71.9
7.7500 - 7.9999 8 137,116,021 17.6 17,139,503 1.33 7.864 123 64.6
8.0000 - 8.2499 6 63,721,290 8.2 10,620,215 1.29 8.129 168 68.9
8.2500 - 8.4999 3 66,520,108 8.5 22,173,369 1.30 8.356 117 66.3
8.5000 - 8.7499 10 192,665,161 24.7 19,266,516 1.39 8.501 149 65.1
8.7500 - 8.9999 2 28,350,396 3.6 14,175,198 1.25 8.812 136 48.0
--- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
- --------------------------------------------------------------------------------
DISTRIBUTION BY PREMIUM LOAN TYPE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted Weighted
Percentage of Weighted Remaining Average Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off Cut-Off
Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV Date PTV
Loan Type Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a) Ratio (a)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non-Premium
Loan 69 $597,146,750 76.4% $ 8,654,301 1.39x 7.713% 140 66.6% 66.6%
Premium Loan 12 184,001,683 23.6 15,333,474 1.28 8.494 143 65.7 70.3
-- ------------ ------
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4% 67.6%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
(b) For the Premium Loans the Balloon Date LTV Ratio is 56.1%.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY ORIGINAL TERM TO MATURITY OR ANTICIPATED REPAYMENT DATE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Range of Original Percentage of Weighted Remaining Average
Terms to Maturity or Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Anticipated Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Repayment Date (months) Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
84 - 120 months 8 $ 76,529,037 9.8% $ 9,566,130 1.38 7.895% 103 65.9%
120 - 180 months 49 424,099,416 54.3 8,655,090 1.34 7.784 118 66.4
180 - 240 months 15 193,368,842 24.8 12,891,256 1.41 8.333 167 66.5
240 - 260 months 3 65,694,396 8.4 21,898,132 1.33 7.428 224 70.3
260 - 280 months 6 21,456,742 2.7 3,576,124 N/A 7.640 248 N/A
-- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
- --------------------------------------------------------------------------------
DISTRIBUTION BY REMAINING TERM TO MATURITY OR ANTICIPATED REPAYMENT DATE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Range of Remaining Percentage of Weighted Remaining Average
Terms to Maturity or Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Anticipated Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Repayment Date (months) Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
80 - 99 months 11 $ 93,903,247 12.0% $ 8,536,659 1.29x 8.209% 96 64.5%
100 - 119 months 38 259,124,683 33.2 6,819,071 1.36 7.619 111 65.2
120 - 139 months 5 106,109,936 13.6 21,221,987 1.37 7.861 125 70.2
140 - 159 months 1 33,623,958 4.3 33,623,958 1.29 7.990 156 65.9
160 - 179 months 17 201,235,470 25.8 11,837,381 1.41 8.293 167 66.7
220 - 239 months 3 65,694,396 8.4 21,989,132 1.33 7.428 224 70.3
240 - 259 months (b) 6 21,456,742 2.7 3,576,124 N/A 7.640 248 N/A
-- ------------ -----
Total/Wtd. Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
(b) Contains Only CTL Loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY MATURITY OR ANTICIPATED REPAYMENT YEAR
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Maturity/Anticipated Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Repayment Year Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2007 8 $ 62,716,568 8.0% $ 7,839,571 1.31x 8.309% 95 61.4%
2008 20 117,015,821 15.0 5,850,791 1.29 7.703 104 69.9
2009 23 221,695,541 28.4 9,638,937 1.40 7.577 115 64.3
2010 3 57,709,936 7.4 19,236,645 1.31 8.267 129 71.2
2012 1 33,623,958 4.3 33,623,958 1.29 7.990 156 65.9
2013 8 142,346,604 18.2 17,793,326 1.43 8.419 165 63.7
2014 9 58,888,866 7.5 6,543,207 1.36 7.989 172 73.9
2018 2 58,664,185 7.5 29,332,093 N/A 7.349 222 N/A
2019 1 7,030,211 0.9 7,030,211 1.33 8.090 239 70.3
2020 6 21,456,742 2.7 3,576,124 N/A 7.640 248 N/A
-- ------------- -----
Total/Wtd.Avg. 81 $781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
- --------------------------------------------------------------------------------
DISTRIBUTION BY AMORTIZATION TYPE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Amortization Type Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Hyper 73 $ 701,027,505 89.7% $ 9,603,117 1.36x 7.951% 131 66.4%
Balloon (b) 7 61,765,573 7.9 8,823,653 N/A 7.242 232 N/A
Fully (b) 1 18,355,354 2.4 18,355,354 N/A 8.049 221 N/A
-- ------------- -----
Total/Wtd.Avg. 81 $ 781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
(b) Contains Only CTL loans.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION BY REMAINING LOCKOUT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted
Average Weighted
Percentage of Weighted Remaining Average
Number of Cut-Off Date Aggregate Average Cut-Off Weighted Average Term to Cut-Off
Remaining Lockout Mortgage Principal Cut-Off Date Date Principal Average Mortgage Maturity Date LTV
Period (months) (c) Loans Balance Balance Balance DSCR (a) Rate (mos) Ratio (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
80 - 99 months 20 $ 131,052,600 16.8 $ 6,552,630 1.31x 7.969% 98 65.4%
100 - 119 months 32 273,475,331 35.0 8,546,104 1.38 7.615 114 65.6
120 - 139 months 1 33,725,031 4.3 33,725,031 1.33 8.317 133 69.5
140 - 159 months 5 73,419,310 9.4 14,683,862 1.25 8.038 148 70.8
160 - 179 months 14 182,325,023 23.3 13,023,216 1.44 8.333 168 65.6
220 - 239 months 3 65,694,396 8.4 21,898,312 1.33 7.428 224 70.3
240 - 259 months (b) 6 21,456,742 2.7 3,576,134 N/A 7.640 248 N/A
-- ------------- -----
Total 81 $ 781,148,433 100.0% $ 9,643,808 1.36x 7.897% 141 66.4%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Excludes CTL loans.
(b) Contains Only CTL loans (c) All loans are Defeasance after Lockout.
(c) All Loans are defeasance after Lockout.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- --------------------------------------------------------------------------------
Collateral Term Sheet
The Westin Denver Tabor Center Loan
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Original Cut-Off Date
-------- ------------
Principal Balance: $45,000,000 $44,593,725
Premium: None None
Origination Date: June 24, 1997
Interest Rate: 8.505%
Amortization: 300 months
Hyperamortization: On the Anticipated Repayment Date,
interest will increase by 2%.
However, if the loan is purchased
out of the Trust, interest will
increase to the greater of (1)
13.555% or (2) the rate on such
date borne by U.S. Treasuries with
a maturity comparable to the
remaining term of the loan plus 7%
Anticipated Repayment Date: December 11, 2013
Maturity Date: January 11, 2013
Borrower/Sponsor: Westin Denver, LLC, a
special-purpose Delaware
limited-liability company with
Westin Denver Hotel Company, a
Delaware corporation, as its
managing member. The Borrower is
an affiliate of Starwood Hotels
and Resorts
Call Protection: Prepayment lockout until December
11, 2013. US Treasury defeasance
permitted on or after October 2001
Removal of Property Manager: Subject to certain exceptions, the
lender may terminate the Property
Manager if certain operating
profit goals, occupancy and daily
room rate levels are not achieved.
Cash Management System Account: Hard Lockbox
Cross-Collateralization/Default: NAP
Mezzanine Loans/Preferred Equity: None
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single Asset
Property Type: Hotel-Full Service
Location: 1672 Lawrence St. Denver, CO 80202
Year Built/Renovated: 1984/1996
The Collateral: A 19-story full-service hotel with
430 rooms in the heart of downtown
Denver. The hotel is part of a
multi-use condominium complex that
includes 557,000 square feet of
existing class A high-rise office
space and an upscale urban mall of
60 shops and restaurants.
Property Management: The Westin Hotel Company, a
Delaware corporation an affiliate
of the Borrower.
Occupancy (04/30/1999): 79.3%
TTM Net Operating Income: $10,218,277
(ending 4/30/99)
Underwritten Net Cash Flow: $7,570,937
Appraised Value: $77,000,000
Appraisal Date: January 1, 1999
Cut-Off Date Loan/Room (a): $103,706
Cut-Off Date LTV (a): 57.9%
Cut-Off Date DSCR (a) (b): 1.74x
- --------------------------------------------------------------------------------
(a) Based on Cut-Off Date Principal Balance of $44,593,725.
(b) Based on Underwritten Net Cash Flow.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- --------------------------------------------------------------------------------
Collateral Term Sheet
208 South LaSalle Loan
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Original Cut-Off Date
-------- ------------
Principal Balance: $43,202,188 $42,788,119
Premium: $2,597,812 $2,428,021
Origination Date: March 31, 1998
Interest Rate: 8.500%
Amortization: 360 months
Hyperamoritization: On the Anticipated Repayment Date, interest will
increase by 2%. However, if the loan is
purchased from the Turst, interest will increase
to the lesser of (1) the rate on such date borne
by U.S. Treasuries with a maturity comparable to
the remaining term of the loan plus 6.9%, and
(2) 13.50%
Anticipated Repayment Date: April 11, 2013
Maturity Date: April 11, 2028
Borrower/Sponsor: LaSalle Adams, L.L.C., a special-purpose
Delaware limited liability company with Prime
Group Realty, L.P., a Delaware limited liability
company with Prime Group Realty, L.P., a
Delaware limited partnership, and PGR Finance
II, Inc., a Delaware corporation, as members.
Call Protection: Prepayment lockout until the Anticipated
Repayment Date. US Treasury defeasance allowed
on or after October 11, 2001.
Removal of Property Manager: The lender may terminate the property manager
upon the event of default under the loan.
Collection Account: Hard Lockbox
Cross-Collateralization/
Default: NAP
Mezzanine Loans/Preferred
Equity: None
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Single asset
Property Type: Office
Location: Chicago, Illinois
Years Built/Renovated: 1914/1996
The Collateral A 20-story office building with 880,000 square
feed of GLA located in the heart of Chicago,
Illinois.
Property Management: Prime Group Realty, L.P., a member of the
Borrower
Occupancy (3/31/99): 95%
TTM Net Operating Income: $7,134,041
(ending 3/31/99)
Underwritten Net Cash Flow: $5,491,667
Appraised Value: $69,000,000
Appraisal Date: June 25, 1999
Cut-Off Date Loan/SF (a): $50.13
Cut-Off Date LTV (a): 62.0%
Cut-Off Date DSCR (a) (b): 1.38x
Premium %: 5.7%
Cut-Off Date PTV: 66.3%
- --------------------------------------------------------------------------------
(a) Based on the Cut-Off Date Principal Balance.
(b) Based on the Underwritten Net Cash Flow
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- --------------------------------------------------------------------------------
Collateral Term Sheet
ACCOR-M-SIX-III Credit Tenant Loan
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Loan Information
- --------------------------------------------------------------------------------
Original Cut-Off Date
-------- -----------
Principal Balance: $40,308,831 (a) $40,308,831 (a)
Premium: None None
Origination Date: April 30, 1998
Interest Rate: 7.030%
Amortization: Monthly Payments as follows:
(6/1/1998-9/11/2008)
Interest Only of $236,142.57
(10/11/2008-5/1/2013)
Principal and Interest of $402,306.49
Additional balloon payment
of $9,119,990 due on the maturity date.
Hyperamoritization: None
Anticipated Repayment Date: None
Maturity Date May 1,2018
Borrower/Sponsor: The borrower is M-Six Limited Partnership, a
Delaware limited partnership. The sponsor is
Accor, a French corporation having a S&P credit
rating of BBB. (b)
Call Protection: Prepayment lockout until February 1, 2018. US
Treasury defeasance allowed on or after March
31, 2002.
Removal of Property Manager: NAP
Collection Account: Hard Lockbox
Cross-Collateralization/
Default: Yes
Mezzanine Loans/Preferred
Equity: None
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Property Information
- --------------------------------------------------------------------------------
Single Asset/Portfolio: Portfolio of 14 assets
Property Type: Limited Service Hotels
Location: Illinois, Indiana, Massachusetts, Oregon,
Pennsylvania, Tennessee
Years Built/Renovated: 1968-1989/1994-1999
The Collateral: 14 limited service hotels containing a total of
1,642 rooms and located in 6 states.
Property Management: The loan documents do not require the borrower
to maintain a property manager for the
properties.
Underwritten Net Cash Flow: $236,142
Appraised Value: $54,600,000
Appraisal Date: Various (April 1, 1998 to July 1, 1998).
Cut-Off Date Loan/Room: $24,549
Cut-Off Date LTV (c): 91.8%
Cut-Off Date DSCR (c) (d): 1.00x
- --------------------------------------------------------------------------------
(a) Accor is a CMAP Pari Passu Note, therefore the principal balance reflects
the CMAT Pari Passu Note Participation amount only. The Total Loan Amount
is $49,450,539.
(b) On July 13, 1999, S&P revised its outlook on from stable to negative.
(c) Based on Total Cut-Off Date Principal Balance of $44,593,725.
(d) Based on Underwritten Net Cash Flow.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
- --------------------------------------------------------------------------------
Collateral Term Sheet
ACCOR-M-Six-III Credit Tenant Loan
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Collateral Details
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Allocated Allocated
Cut-Off Date Cut-Off Date
Participation Total Loan
Property City State # Units Amount Amount
- ------------------------ ---------------- -------------- ---------- --------------- ----------------
<S> <C> <C> <C> <C> <C>
65 Newbury Street Danvers Massachusetts 108 $5,167,799 $6,423,360
10 Roosevelt Road Villa Park Illinois 109 $3,912,762 $4,863,401
6330 Debonair Lane Speedway Indiana 164 $3,838,936 $4,771,639
2400 Biddle Road Medford Oregon 116 $3,765,111 $4,679,876
1535 Milwaukee Avenue Glenview Illinois 111 $3,543,633 $4,404,590
1800 North East Seventh Grants Pass Oregon 122 $3,322,156 $4,129,303
52624 US Hwy 31 N South Bend Indiana 147 $2,657,725 $3,303,442
7707 Lee Highway Chattanooga Tennessee 126 $2,288,597 $2,844,631
88 Burnett Road Chicopee Massachusetts 88 $2,214,771 $2,752,868
8290 Louisiana Street Merrillville Indiana 125 $2,067,120 $2,569,344
1283 Motel 6 Drive Washington Pennsylvania 101 $1,993,294 $2,477,582
95 Wallace Road Nashville Tennessee 126 $1,919,468 $2,385,819
323 Cartwright Road Goodlettsville Tennessee 94 $1,845,642 $2,294,057
1800 Winnetka Circle Rolling Meadows Illinois 134 $1,771,817 $2,202,295
---------- --------------- ----------------
Totals 1,642 $40,308,831 $50,102,207
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security. This material is based on
sources that we consider reliable, but we do not represent that it is accurate
or complete and it should not be relied upon as such. By accepting this material
the recipient agrees that it will not distribute or provide the material to any
other person. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected therein.
We make no representations regarding the reasonableness of such assumptions or
the likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, is hypothetical and preliminary,
is expected to change and will be superseded by the information contained in the
final prospectus. Accordingly, prospective investors are advised to carefully
read, and should rely solely on, the final prospectus relating to the
certificates referred to herein in making their investment decision.
