<PAGE> 1
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): February 24, 1998
Morgan Stanley Capital I Inc. (as depositor under a Pooling and Servicing
Agreement to be dated as of March 1, 1998 providing for, inter alia, the
issuance of Commercial Mortgage Pass-Through Certificates, Series 1998-WF1)
Morgan Stanley Capital I Inc.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 333-45467 13-3291626
(STATE OR OTHER JURISDICTION (COMMISSION) (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
1585 Broadway, New York, New York 10036
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 296-7000
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE> 2
Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits
<TABLE>
<CAPTION>
Sequential
Numbered
Exhibit Exhibit
Number Page
<S> <C> <C>
99.1 ABS Term Sheet prepared by Morgan Stanley & Co.
Incorporated in connection with Registrant's
Commercial Mortgage Pass-Through Certificates, Series
1998-WF1
</TABLE>
<PAGE> 3
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.
MORGAN STANLEY CAPITAL I INC.
By: /s/ Russell A. Rahbany
------------------------------
Name: Russell A. Rahbany
Title: Vice President
Dated: February 24, 1998
<PAGE> 1
Exhibit 99.1
ABS Term Sheet
<PAGE> 2
MORGAN STANLEY [MORGAN STANLEY LOGO] February [ ], 1998
Real Estate Debt Capital Markets
Mortgage/Asset Capital Markets
CMBS NEW ISSUE
PRELIMINARY TERM SHEET
EXPECTED PRICING DATE: FEBRUARY [ ], 1998
$1,309,457,000
(APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
AS DEPOSITOR
WELLS FARGO BANK, NATIONAL ASSOCIATION
AS MASTER SERVICER AND SELLER
MORGAN STANLEY MORTGAGE CAPITAL INC.
AS SELLER
JOHN HANCOCK REAL ESTATE FINANCE, INC.
AS SELLER
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
MORGAN STANLEY DEAN WITTER
BEAR, STEARNS & CO. INC.
DEUTSCHE MORGAN GRENFELL INC.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations and warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
<PAGE> 3
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 4
$1,309,457,000
(APPROXIMATE)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
<TABLE>
<CAPTION>
RATING INITIAL
AMOUNT(1) (DCR/ AVERAGE PRINCIPAL EXPECTED FINAL PASS-THROUGH
CLASS ($MM) S&P) LIFE(3) WINDOW(3)(4) DISTRIBUTION DATE(3) RATE(5) (7)
<S> <C> <C> <C> <C> <C> <C>
A-1 $378,289,000 AAA/AAA 5.43 1-112 07/15/07 [6.12]%
A-2 683,829,000 AAA/AAA 9.62 112-117 12/15/07 [6.34]
X(6) 1,454,956,430(2) AAA/AAAr ---- ---- 01/15/18 Variable Rate(8)
B 72,747,000 AA/AA 9.78 117-117 12/15/07 [6.54]
C 72,747,000 A/A 9.83 117-118 01/15/08 [6.64]
D 72,747,000 BBB/BBB 9.87 118-118 01/15/08 [6.93]
E 21,824,000 BBB-/BBB- 9.94 118-119 02/15/08 [7.22]
F 7,274,000 BBB-/NR 9.95 119-119 02/15/08 [7.22]
G(6) 54,561,000 NR/BB+ 10.58 119-149 08/15/10 [6.12]
H(6) 14,549,000 NR/BB 13.25 149-168 03/15/12 [6.12]
J(6) 10,912,000 NR/BB- 14.50 168-176 11/15/12 [6.12]
K(6) 29,098,000 NR/B 14.89 176-187 10/15/13 [6.12]
L(6) 10,912,000 NR/B- 16.40 187-206 05/15/15 [6.12]
M(6) 25,467,431 NR/NR 18.61 206-238 01/15/18 [6.12]
</TABLE>
Notes: (1) In the case of each such Class, subject to a permitted
variance of plus or minus 5%.
(2) Class X Notional Amount is equal to the sum of all Certificate
Balances outstanding from time to time.
(3) Based on Maturity Assumptions described in the Prospectus
Supplement.
(4) Principal Window is the period (expressed in terms of months
and commencing with the month of the first Distribution Date)
during which distributions of principal are expected to be
made to the holders of each designated Class in accordance
with the Maturity Assumptions.
(5) Other than the Class X Certificates, each Class of
Certificates will accrue interest generally at a fixed rate of
interest except in limited circumstances as described in the
Prospectus Supplement.
(6) To be offered privately.
(7) The pass-through rates shown are only for indicative purposes.
The final pass-through rates will be determined at pricing.
(8) The Class X Notional Amount is equal to the sum of all
Certificate Balances outstanding from time to time. The
Pass-Through Rate on the Class X Certificates on each
Distribution Date will equal, in general, the weighted average
of the Class X Strip Rates for the respective Principal
Balance Certificates for such Distribution Date. The Class X
Strip Rate in respect of any Class of Principal Balance
Certificates will, in general, equal the excess, if any, of
the Weighted Average Net Mortgage Rate over the fixed
pass-through rate applicable to such Class of Principal
Balance Certificates. The Class X Certificates are rated
AAA/AAAr by DCR and S&P.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 5
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
I. ISSUE CHARACTERISTICS
Issue Type: The Class A-1, A-2, B, C, D, E and F
Certificates are offered pursuant to the
Prospectus Supplement and accompanying
Prospectus dated February 19, 1998, and the
class F, G, H, J, K, L, M and X Certificates
will be offered privately (pursuant to Rule
144A under the Securities Act of 1933, as
amended) pursuant to a Private Placement
Memorandum, dated February [ ], 1998.
Securities Offered: $1,309,457,000 fixed-rate, monthly pay,
multi-class sequential pay commercial mortgage
REMIC Pass-Through Certificates, including
seven principal and interest Classes (Classes
A-1, A-2, B, C, D, E and F).
Collateral: The collateral consists of a $1,454,956,430
pool of fixed-rate commercial and multifamily
Mortgage Loans
Sellers: Wells Fargo Bank, National Association, Morgan
Stanley Mortgage Capital Inc. and John Hancock
Real Estate Finance, Inc.
Lead Manager: Morgan Stanley & Co. Incorporated
Co-Manager: Bear, Stearns & Co. Inc. and Deutsche Morgan
Grenfell Inc. (Investment grade Classes only)
Master Servicer: Wells Fargo Bank, National Association
Special Servicer: CRIIMI MAE Services Limited Partnership
Trustee/Fiscal Agent: LaSalle National Bank/ABN AMRO Bank N.V.
Expected Pricing Date: On or about February [ ], 1998
Expected Closing Date: On or about March [ ], 1998
Distribution Dates: The 15th of each month, commencing April 15,
1998
Minimum Denominations: $5,000 for Class A Certificates; $50,000 for
all other Certificates (other than the Class R
Certificates)
Settlement Terms: DTC, Euroclear and Cedel, same day funds,
with accrued interest
Legal/Regulatory Status: Class A-1, A-2 and X Certificates are
expected to be eligible for exemptive relief
under ERISA. No Class of Certificates is
SMMEA eligible.
Risk Factors: THE CERTIFICATES INVOLVE A DEGREE OF RISK AND
MAY NOT BE SUITABLE FOR ALL INVESTORS. SEE THE
"RISK FACTORS AND OTHER SPECIAL
CONSIDERATIONS" SECTION OF THE PROSPECTUS
SUPPLEMENT AND THE "RISK FACTORS" SECTION OF
THE PROSPECTUS.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 6
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
II. STRUCTURE CHARACTERISTICS
The Certificates (other than the Class X and Class R Certificates) are
fixed-rate, monthly pay, multi-class, sequential pay REMIC Pass-Through
Certificates. All Classes of Certificates derive their cash flows from the
entire pool of Mortgage Loans.
[BAR CHART]
Class A-1 $378.3MM
Class A-2 $683.8MM
Class B $72.7MM
Class C $72.7MM
Class D $72.7MM
Class E $21.8MM
Class F $7.3MM
Class G $54.6MM
Class H $14.5MM
Class J $10.2MM
Class K $29.1MM
Class L $10.9MM
Class M $25.5MM
NR = Not Rated
Note: (1) See footnote 8 on page T-1.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 7
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
Interest Distributions: Each Class of Certificates (other than the
Class R Certificates) will be entitled on each
Distribution Date to interest accrued at its
Pass-Through Rate on the outstanding
Certificate Balance or Notional Amount of such
Class, as applicable.
Pass-Through Rates: Class A-1: [6.12%]
Class A-2: [6.34%]
Class B: [6.54%]
Class C: [6.64%]
Class D: [6.93%]
Class E: [7.22%]
Class F: [7.22%]
Class G: [6.12%]
Class H: [6.12%]
Class J: [6.12%]
Class K: [6.12%]
Class L: [6.12%]
Class M: [6.12%]
Class X: See footnote 8 on page
T-1.
The Pass-Through Rate for each class of
Principal Balance Certificates for any
Distribution Date will not exceed the
Weighted Average Net Mortgage Rate for
such Distribution Date.
Principal Distributions: Principal will be distributed on each
Distribution Date to the most senior Class
(i.e., the Class with the earliest
alphabetical/numerical Class designation) of
the Principal Balance Certificates
outstanding, until its Certificate Balance is
reduced to zero (sequential order). If, due to
losses, the Certificate Balances of the Class
B through Class M Certificates are reduced to
zero or Appraisal Reductions exceed the
aggregate Certificate Balance of the
Subordinate Certificates, payments of
principal to the Class A-1 and A-2
Certificates will be made on a pro rata basis.
Prepayment Premium Allocation: Prepayment Premiums (to the extent received)
will be allocated among the Class X
Certificates and the Principal Balance
Certificates (other than Classes G, H, J, K, L
and M) entitled to distributions in respect of
principal on any Distribution Date, as
described in the Prospectus Supplement under
"DESCRIPTION OF THE CERTIFICATES -
Distributions of Prepayment Premiums."
Credit Enhancement: Each Class of Certificates (other than Classes
A-1, A-2 and X) will be subordinate to all
other Classes with an earlier alphabetical
Class designation.
Advancing: The Master Servicer, the Trustee and the
Fiscal Agent (in that order) will each be
obligated to make P&I Advances and Servicing
Advances, including delinquent property taxes
and insurance, but only to the extent that
such Advances are deemed recoverable.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 8
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
Realized Losses and Expense Realized Losses and Expense Losses, if any,
Loses: will be allocated to the Class M, Losses:
Class L, Class K, Class J, Class H, Class G,
Class F, Class E, Class D, Class C and Class
B Certificates, in that order, and then to
Classes A-1 and A-2 and, with respect to
losses allocated to interest, Class X
Certificates, pro rata, in each case
reducing amounts payable thereto. Any
interest shortfall of any Class of
Certificates will result in unpaid interest
for such Class which, together with interest
thereon compounded monthly at one-twelfth
the applicable Pass-Through Rate for such
Class, will be payable in subsequent
periods, subject to available funds.
Prepayment Interest Shortfalls: For any Distribution Date, any Net Aggregate
Prepayment Interest Shortfall not offset by
the Servicing Fee (less any amounts payable to
Sub-Servicers) for such Distribution Date,
will generally be allocated pro rata to each
Class of Certificates in proportion to its
entitlement to interest.
Appraisal Reductions: An appraisal reduction generally will be
created in the amount, if any, by which the
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 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 Certificate outstanding.
An Appraisal Reduction will be reduced to
zero as of the date the related Mortgage
Loan has been brought current for at least
three consecutive months, paid in full,
liquidated, repurchased or otherwise
disposed of.
Operating Adviser: The Operating Adviser, which may be appointed
by the Controlling Class, will have the right
to approve and direct certain actions of the
Special Servicer with respect to Specially
Serviced Mortgage Loans. Examples include the
right to make certain modifications,
foreclose, sell, bring an REO Property into
environmental compliance or accept substitute
or additional collateral.
Controlling Class: The Controlling Class will generally be the
most subordinate Class of Certificates
outstanding at any time or, if the Certificate
Balance of such Class is less than 50% (or for
Class M, 20%) of the initial Certificate
Balance of such Class, the next most
subordinate Class of Principal Balance
Certificates.
Special Servicer: In general, the Special Servicer has the right
to modify the terms of a Specially Serviced
Mortgage Loan if it determines that such
modification would increase the net present
value of the proceeds to the Trust, provided
that the Special Servicer generally may not
extend the maturity date of a Mortgage Loan
beyond two years prior to the Final Rated
Distribution Date, grant more than three
one-year extensions of the maturity date of a
Mortgage Loan which has a below market rate,
reduce the Mortgage Rate to a rate below the
market rate or defer
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 9
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
interest due in excess of 10% of the
Scheduled Principal Balance of such Mortgage
Loan.
Optional Termination: The Depositor, then the Master Servicer, then
the Special Servicer and then the holder of a
majority of the R-I Certificates will have the
option to purchase, in whole but not in part,
the remaining assets of the Trust on or after
the Distribution Date on which the aggregate
Certificate Balance of all Classes of
Certificates then outstanding is less than or
equal to 1% of the Initial Pool Balance. Such
purchase price will generally be at a price
equal to the unpaid aggregate Scheduled
Principal Balance of the Mortgage Loans, plus
accrued and unpaid interest and unreimbursed
Advances.
Reports to Certificateholders: The Trustee will prepare and deliver monthly
Certificateholder Reports. The Special
Servicer will prepare and deliver to the
Trustee a monthly Special Servicer Report
summarizing the status of each Specially
Serviced Mortgage Loan. The Master Servicer
and the Special Servicer will prepare and
deliver to the Trustee an annual report
setting forth, among other things, the debt
service coverage ratios for each Mortgage
Loan, as available. Each of the reports will
be available to the Certificateholders. A
Report containing information regarding the
Mortgage Loans will be available
electronically.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 10
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
III. ORIGINATORS Wells Fargo
The Mortgage Pool includes 175 Mortgage Loans, representing
approximately 50.8% of the Initial Pool Balance, originated
by Wells Fargo, National Association ("Wells Fargo").
Founded in 1852, Wells Fargo & Company is the holding
company for Wells Fargo. Wells Fargo provides a full range
of banking services to individual, agri-business, real
estate, commercial and small business customers. For the
year ended December 31, 1997 and for the year ended December
31, 1996, Wells Fargo & Company reported, on a consolidated
basis, net income of $1,155MM and $1,071MM, respectively. As
of December 31, 1997 and as of December 31, 1996 Wells Fargo
& Company reported, on a consolidated basis, total assets of
$97.5Bn and $108.9Bn, respectively and total capital (Tier 1
& 2) of $9.2Bn and $10.0Bn, respectively.
As of December 31, 1997 Wells Fargo and its subsidiaries
serviced a portfolio of multifamily and commercial mortgage
loans totaling approximately $15.2Bn, of which $3.0Bn was
for third parties. Commercial and multifamily mortgage loans
originated for securitization by Wells Fargo and its
subsidiaries are generally serviced by Wells Fargo. Wells
Fargo has been approved as a master and special servicer by
all four rating agencies.
The Loans originated by Wells Fargo were originated through
Wells Fargo's Capital Markets Group ("Capital Markets
Group"). The Capital Markets Group maintains loan production
offices in six metropolitan areas in California and nine
other cities nationwide. The group is staffed with
approximately 20 originators and approximately 20
underwriters and is supported by Wells Fargo's Appraisal and
Real Estate Technical Services (RETECHS) personnel.
Wells Fargo has completed three previous conduit
securitizations.
Morgan Stanley Mortgage Capital Inc.
The Mortgage Pool includes 111 Mortgage Loans, representing
approximately 38.8% of the Initial Pool Balance, either
acquired or originated by or on behalf of Morgan Stanley
Mortgage Capital Inc. ("MSMC"). MSMC is a subsidiary of
Morgan Stanley & Co. Incorporated that was formed to
originate and purchase mortgage loans secured by commercial
and multifamily real estate.
John Hancock Real Estate Finance, Inc.
The Mortgage Pool includes 34 Mortgage Loans, representing
approximately 10.4% of the Initial Pool Balance, originated
by John Hancock Real Estate Finance, Inc. ("JHREF"). JHREF
is a wholly-owned subsidiary of John Hancock Subsidiaries,
Inc., which is a wholly-owned subsidiary of John Hancock
Mutual Life Insurance Company. JHREF was formed to originate
and service commercial and multifamily mortgage loans. JHREF
presently has seven offices across the country and a loan
servicing center in Atlanta, GA. Each of the JHREF Mortgage
Loans were underwritten at JHREF's Boston headquarters and
was closed by JHREF.
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 11
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
IV. COLLATERAL DESCRIPTION
Summary: The Mortgage Pool consists of a $1,454,956,430 pool of
320 fixed-rate, first lien, mortgage loans secured by
liens on commercial and multifamily properties located
throughout 36 states. As of the Cut-Off Date, the
Mortgage Loans have a weighted average mortgage rate
of 7.789% and a weighted average remaining term to
maturity of 120 months. See the Appendices to the
Prospectus Supplement for more detailed collateral
information.
GEOGRAPHIC DISTRIBUTION
[U.S. MAP OF GEOGRAPHIC DISTRIBUTION]
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 12
$1,309,457,000
(APPROXIMATE)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
CUT-OFF DATE BALANCES
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE WEIGHTED
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF AVERAGE
MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE BALLOON
CUT-OFF DATE BALANCE ($) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%) LTV (%)
- ------------------------ ----- ------- --- -------- -------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 to 1,000,000 23 $19,649,788 1.35 7.964 137 1.55 61.0 36.1
1,000,001 to 2,000,000 78 119,316,945 8.20 7.843 130 1.70 61.8 43.9
2,000,001 to 3,000,000 66 164,298,820 11.29 8.049 133 1.52 64.7 45.6
3,000,001 to 4,000,000 39 139,417,532 9.58 7.933 127 1.46 69.4 54.2
4,000,001 to 5,000,000 36 159,882,931 10.99 7.842 124 1.56 68.4 55.2
5,000,001 to 6,000,000 24 132,929,122 9.14 7.797 132 1.52 67.0 47.0
6,000,001 to 7,000,000 7 45,799,611 3.15 7.999 132 1.46 73.2 55.9
7,000,001 to 8,000,000 12 90,905,172 6.25 7.793 108 1.52 69.7 58.8
8,000,001 to 9,000,000 5 42,781,073 2.94 7.410 127 1.71 67.3 56.4
9,000,001 to 10,000,000 2 18,853,762 1.30 7.778 117 1.39 74.9 66.2
10,000,001 to 11,000,000 4 41,805,180 2.87 7.829 91 1.40 74.2 66.4
11,000,001 to 12,000,000 4 45,188,406 3.11 7.631 108 1.29 77.5 69.4
12,000,001 to 13,000,000 7 88,880,320 6.11 7.369 101 1.60 68.9 61.1
13,000,001 and above 13 345,247,768 23.73 7.692 113 1.53 69.7 59.4
-- ----------- ----- ----- --- ---- ---- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4% 54.6%
=== ============== ====== ===== === ==== ==== ====
Min: $447,705
Max: $59,807,596
Average: $4,546,739
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 13
$1,309,457,000
(APPROXIMATE)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
STATES
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF
MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE
STATE LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%)
- ----- ----- ------- --- -------- -------------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
California 120 $501,571,884 34.47 7.578 118 1.57 66.6
Texas 39 142,627,138 9.80 7.810 136 1.53 68.2
Arizona 13 85,400,330 5.87 7.971 116 1.62 66.8
Ohio 15 71,510,029 4.91 7.735 124 1.49 74.7
Nevada 13 61,768,159 4.25 7.814 108 1.54 69.6
Pennsylvania 6 61,169,344 4.20 8.029 120 1.53 67.1
Utah 8 50,805,348 3.49 8.083 103 1.47 70.0
New York 6 50,690,158 3.48 8.289 115 1.54 66.3
Washington 11 39,348,809 2.70 8.107 153 1.38 63.3
Maryland 2 36,830,890 2.53 7.242 118 1.46 73.9
Massachusetts 3 35,544,078 2.44 7.895 116 1.43 72.8
Florida 13 34,989,799 2.40 8.102 122 1.59 66.6
Colorado 6 29,426,664 2.02 7.385 112 1.48 73.3
Indiana 8 28,907,400 1.99 8.147 112 1.38 71.8
Louisiana 4 23,468,222 1.61 7.671 117 1.34 71.9
Minnesota 2 22,942,021 1.58 7.969 61 1.49 66.3
North Carolina 6 19,626,784 1.35 8.339 149 1.34 71.5
Oregon 3 19,410,798 1.33 8.012 154 1.75 64.2
Michigan 6 19,194,738 1.32 7.773 117 1.59 69.0
Virginia 2 18,165,963 1.25 6.890 118 1.50 76.8
New Jersey 5 16,382,734 1.13 8.075 117 1.41 68.7
Georgia 5 14,025,900 0.96 8.136 162 1.41 72.1
Illinois 3 11,510,246 0.79 7.540 137 1.82 65.8
Vermont 2 10,037,801 0.69 8.423 115 1.49 64.5
Missouri 3 7,828,302 0.54 7.354 142 1.44 65.1
Connecticut 2 6,939,833 0.48 8.502 171 1.53 71.1
Idaho 4 5,788,743 0.40 7.820 115 1.53 65.6
New Hampshire 1 4,689,637 0.32 7.570 117 1.51 79.5
Mississippi 1 4,649,184 0.32 8.030 118 2.04 65.5
Iowa 1 4,112,076 0.28 9.830 111 1.36 70.9
South Carolina 2 4,087,775 0.28 8.265 115 1.42 73.4
Alabama 1 4,005,987 0.28 8.430 115 1.45 74.2
Tennessee 1 2,391,260 0.16 7.370 115 1.30 77.1
Delaware 1 2,117,250 0.15 8.256 114 1.37 74.6
Montana 1 2,090,058 0.14 8.060 77 1.44 73.1
Kentucky 1 901,087 0.06 8.520 172 1.39 63.5
- --------------------- ------------- ------------------- -------------- ------------- ------------------- ------------- -------------
TOTAL OR 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4%
WEIGHTED
AVERAGE:
===================== ============= =================== ============== ============= =================== ============= =============
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 14
$1,309,457,000
(APPROXIMATE)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
PROPERTY TYPES
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE WEIGHTED
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF AVERAGE
MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE BALLOON
PROPERTY TYPE LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%) LTV (%)
- ------------- ----- ------- --- -------- -------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 93 $399,696,781 27.47 7.922 135 1.45 70.7 52.4
Multifamily 71 349,484,642 24.02 7.368 120 1.54 71.5 59.5
Hospitality 22 221,996,201 15.26 8.143 103 1.63 65.0 54.2
Industrial 69 208,480,351 14.33 7.767 118 1.60 62.9 47.7
Office 38 182,639,301 12.55 7.910 117 1.47 67.0 56.1
Mobile Home Park 6 42,567,077 2.93 7.400 103 1.49 77.0 68.9
Mixed Use 9 28,057,591 1.93 8.395 121 1.44 69.6 55.4
Self Storage 12 22,034,486 1.51 7.657 116 1.96 56.4 46.1
-- ---------- ---- ----- --- ---- ---- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4% 54.6%
=== ============== ====== ===== === ==== ==== ====
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 15
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
MORTGAGE RATES
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE WEIGHTED
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF AVERAGE
MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE BALLOON
MORTGAGE RATE (%) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%) LTV (%)
- ----------------- ----- ------- --- -------- -------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.501 to 7.000 13 $86,451,375 5.94 6.938 128 1.75 66.5 52.2
7.001 to 7.500 76 412,878,079 28.38 7.262 116 1.59 70.1 59.0
7.501 to 8.000 106 496,524,559 34.13 7.787 116 1.50 68.5 55.3
8.001 to 8.500 86 309,869,078 21.30 8.261 123 1.46 66.9 53.0
8.501 to 9.000 32 133,183,852 9.15 8.694 140 1.48 67.8 45.5
9.001 to 9.500 6 11,937,411 0.82 9.180 131 1.56 61.5 38.1
9.501 to 10.000 1 4,112,076 0.28 9.830 111 1.36 70.9 57.4
------ --------- ---- ----- --- ---- ---- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4% 54.6%
=== ============== ====== ===== === ==== ==== ====
Min: 6.760%
Max: 9.830%
Weighted Average: 7.789%
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 16
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
ORIGINAL TERMS TO STATED MATURITY
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE WEIGHTED
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF AVERAGE
ORIGINAL TERM TO MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE BALLOON
STATED MATURITY (MOS) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%) LTV (%)
- --------------------- ----- ------- --- -------- -------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 to 60 7 $79,138,167 5.44 7.567 56 1.67 63.5 60.0
61 to 120 257 1,205,382,675 82.85 7.776 113 1.53 69.3 59.3
121 to 144 4 13,383,941 0.92 8.072 134 1.27 67.2 38.9
145 to 180 25 60,431,986 4.15 7.859 176 1.50 64.3 31.5
181 to 240 27 96,619,662 6.64 8.041 225 1.45 64.1 8.8
-- ---------- ---- ----- --- ---- ---- ---
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4% 54.6%
=== ============== ====== ===== === ==== ==== ====
Min: 60
Max: 240
Weighted Average: 125
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 17
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
REMAINING TERMS TO STATED MATURITY
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE WEIGHTED
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF AVERAGE
REMAINING TERM TO MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE BALLOON
STATED MATURITY (MOS) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%) LTV (%)
- --------------------- ----- ------- --- -------- -------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 to 60 8 $92,065,492 6.33 7.586 56 1.73 60.1 56.6
61 to 84 11 60,380,004 4.15 7.451 78 1.44 75.7 70.8
85 to 120 245 1,132,075,347 77.81 7.794 116 1.53 69.2 58.9
121 to 180 29 73,815,927 5.07 7.898 168 1.46 64.8 32.8
181 to 240 27 96,619,662 6.64 8.041 225 1.45 64.1 8.8
-- ---------- ---- ----- --- ---- ---- ---
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4% 54.6%
=== ============== ====== ===== === ==== ==== ====
Min: 48
Max: 238
Weighted Average: 120
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 18
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
ORIGINAL AMORTIZATION TERMS
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE AVERAGE WEIGHTED
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED CUT-OFF AVERAGE
ORIGINAL AMORTIZATION MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE DATE BALLOON
TERM (MOS) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X) LTV (%) LTV (%)
- ---------- ----- ------- --- -------- -------------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Only 1 $30,000,000 2.06 7.035 58 1.85 60.0 60.4
120 1 1,369,318 0.09 8.140 116 2.84 16.5 0.0
121 to 144 1 2,655,059 0.18 8.130 140 1.32 52.1 0.8
145 to 180 12 23,716,556 1.63 8.060 169 1.54 55.8 1.8
181 to 240 45 155,538,307 10.69 8.033 153 1.50 64.2 28.5
241 to 360 260 1,241,677,191 85.34 7.770 117 1.53 69.4 58.9
--- ------------- ----- ----- --- ---- ---- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X 68.4% 54.6%
=== ============== ====== ===== === ==== ==== ====
Min (excl. I/O): 120
Max: 360
Weighted Average (excl. I/O): 319
</TABLE>
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations or warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 19
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
DEBT SERVICE COVERAGE RATIOS
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED
DEBT SERVICE MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE
COVERAGE RATIO (X) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X)
- ------------------ --------- ------------ ------------ -------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
1.00 to 1.14 2 $8,178,478 0.56 8.625 212 1.09
1.15 to 1.24 21 91,100,814 6.26 8.037 130 1.21
1.25 to 1.34 44 237,338,124 16.31 7.930 133 1.31
1.35 to 1.49 94 448,199,138 30.80 7.855 118 1.42
1.50 to 1.74 96 444,482,232 30.55 7.672 115 1.59
1.75 to 1.99 33 128,969,374 8.86 7.610 119 1.85
2.00 and above 30 96,688,272 6.65 7.602 110 2.24
--- -------------- ------ ----- --- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X
=== ============== ====== ===== === ====
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
CUT-OFF AVERAGE
DEBT SERVICE DATE BALLOON
COVERAGE RATIO (X) LTV (%) LTV (%)
- ------------------ -------- --------
<S> <C> <C>
1.00 to 1.14 72.1 0.0
1.15 to 1.24 74.6 54.9
1.25 to 1.34 73.4 55.9
1.35 to 1.49 72.0 60.8
1.50 to 1.74 67.9 54.9
1.75 to 1.99 57.9 43.8
2.00 and above 49.1 40.4
---- ----
TOTAL OR WEIGHTED AVERAGE: 68.4% 54.6%
==== ====
</TABLE>
Min: 1.07x
Max: 2.84x
Weighted Average: 1.53x
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations and warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 20
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
CUT-OFF DATE LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED
CUT-OFF DATE LOAN-TO- MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE
VALUE RATIOS (%) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X)
- -------------------- -------- ------------ ------------- -------- -------------- --------
<S> <C> <C> <C> <C> <C> <C>
10.1 to 20.0 1 1,369,318 0.09 8.140 116 2.84
30.1 to 40.0 9 32,023,205 2.20 7.478 98 2.35
40.1 to 50.0 19 50,198,997 3.45 7.778 145 1.93
50.1 to 60.0 56 184,633,995 12.69 7.696 118 1.78
60.1 to 70.0 92 439,668,392 30.22 7.991 121 1.53
70.1 to 80.0 136 714,128,349 49.08 7.707 120 1.41
80.1 to 90.0 7 32,934,175 2.26 7.693 116 1.39
--- -------------- ------ ----- --- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X
=== ============== ====== ===== === ====
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
CUT-OFF AVERAGE
CUT-OFF DATE LOAN-TO- DATE BALLOON
VALUE RATIOS (%) LTV (%) LTV (%)
- -------------------- -------- --------
<S> <C> <C>
10.1 to 20.0 16.5 0.0
30.1 to 40.0 39.0 32.4
40.1 to 50.0 46.8 26.2
50.1 to 60.0 56.4 42.0
60.1 to 70.0 66.6 51.6
70.1 to 80.0 74.9 62.1
80.1 to 90.0 80.9 71.1
---- ----
TOTAL OR WEIGHTED AVERAGE: 68.4% 54.6%
==== ====
</TABLE>
Min: 16.5%
Max: 85.9%
Weighted Average: 68.4%
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations and warranties for, statements contained in,
and omissions from, this information. Additional information is available upon
request. Morgan Stanley & Co. Incorporated and others associated with it may
have positions in, and may effect transaction in, securities and instruments of
issuers mentioned herein and may also perform or seek to perform investment
banking services for the issuers of such securities and instruments. Past
performance is not necessarily indicative of future results. Price and
availability are subject to change without notice. To our readers worldwide: In
addition, please note that this publication has been issued by Morgan Stanley &
Co. Incorporated, approved by Morgan Stanley International Limited, a member of
The Securities and Futures Authority, any by Morgan Stanley Japan Ltd. We
recommend that such investors obtain the advice of their Morgan Stanley & Co.
Incorporated, Morgan Stanley International or Morgan Stanley Japan Ltd.
representative about the investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE> 21
$1,309,457,000 (APPROXIMATE)
MORGAN STANLEY CAPITAL I INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-WF1
BALLOON LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENT BY WEIGHTED
NUMBER AGGREGATE WEIGHTED AVERAGE
OF AGGREGATE CUT-OFF DATE AVERAGE REMAINING WEIGHTED
BALLOON LOAN-TO- MORTGAGE CUT-OFF DATE BALANCE MORTGAGE TERM TO AVERAGE
VALUE RATIOS (%) LOANS BALANCE (%) RATE (%) MATURITY (MOS) DSCR (X)
- ---------------- -------- ------------ ------------ -------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
0.0 25 61,528,302 4.23 7.730 213 1.60
0.1 to 10.0 11 32,763,196 2.25 8.383 201 1.38
20.1 to 30.0 9 32,791,453 2.25 8.319 210 1.43
30.1 to 40.0 19 58,809,224 4.04 7.609 109 2.11
40.1 to 50.0 58 168,763,975 11.60 7.966 118 1.71
50.1 to 60.0 86 414,990,806 28.52 7.899 114 1.54
60.1 to 70.0 91 522,456,930 35.91 7.682 111 1.46
70.1 to 80.0 21 162,852,545 11.19 7.525 105 1.38
--- -------------- ------ ----- --- ----
TOTAL OR WEIGHTED AVERAGE: 320 $1,454,956,430 100.00% 7.789% 120 1.53X
=== ============== ====== ===== === ====
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
CUT-OFF AVERAGE
BALLOON LOAN-TO- DATE BALLOON
VALUE RATIOS (%) LTV (%) LTV (%)
- ---------------- -------- -------
<S> <C> <C>
0.0 59.4 0.0
0.1 to 10.0 60.2 2.1
20.1 to 30.0 65.6 26.6
30.1 to 40.0 45.6 36.2
40.1 to 50.0 58.9 45.9
50.1 to 60.0 67.7 56.3
60.1 to 70.0 72.9 64.4
70.1 to 80.0 79.2 71.6
---- ----
TOTAL OR WEIGHTED AVERAGE: 68.4% 54.6%
==== ====
</TABLE>
Min: 0.0%
Max: 76.4%
Weighted Average: 54.6%
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Morgan Stanley & Co. Incorporated disclaims any
and all liability relating to this information, including without limitation any
express or implied representations and warranties for, statements contained in,
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