<PAGE> 1
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
================================================================================
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-C1
CLASSES A1, A2, B, C, D, E, F, G AND X
$644,659,000 (APPROXIMATE)
-------------
CMBS NEW ISSUE TERM SHEET
-------------
JUNE 2, 2000
SALOMONSMITHBARNEY
--------------------
GREENWICH CAPITAL MARKETS, INC. CHASE SECURITIES INC.
================================================================================
<TABLE>
<CAPTION>
PHONE FAX EMAIL
-------------- -------------- -----------------------------
<S> <C> <C> <C> <C>
SSB TRADING/DISTRIBUTION
--- --------------------
Paul Vanderslice (212) 723-6156 (212) 723-8599 [email protected]
---------------------------
Jeff Lewis (212) 723-6156 (212) 723-8599 [email protected]
-------------------
Jeff Sturdevant (212) 723-6156 (212) 723-8599 [email protected]
------------------------
FINANCE
-------
Angela Hutzel (212) 816-8087 (212) 816-8307 [email protected]
------------------------
Joseph Siragusa (212) 816-7973 (212) 816-8307 [email protected]
------------------------
Elsie Mao (212) 816-1299 (212) 816-8307 [email protected]
------------------
ANALYTICS
---------
Nancy Wilt (212) 816-7808 (212) 816-8307 [email protected]
-------------------
GREENWICH TRADING/DISTRIBUTION
--------- --------------------
Greg Jacobs (203) 625-2900 (203) 618-2033 [email protected]
---------------
Chris McCormack (203) 625-2900 (203) 618-2033 [email protected]
-----------------------------
FINANCE
-------
Mark Jarrell (203) 618-2373 (203) 618-2134 [email protected]
--------------------
ANALYTICS
---------
Chris Lau (203) 625-2900 (203) 618-2033 [email protected]
-----------------
CHASE Scott Davidson (212) 834-3813 (212) 834-6598 [email protected]
----- ------------------------
Marty Friedman (212) 834-5727 (212) 834-6793 [email protected]
------------------------
Glenn Riis (212) 834-3813 (212) 834-6572 [email protected]
--------------------
David McNamara (212) 834-3813 (212) 834-6572 [email protected]
------------------------
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 2
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
--------------------------------------------------------------------------------
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C1
$ 644,659,000 (Approximate)
<TABLE>
<CAPTION>
APPROXIMATE SECURITIES STRUCTURE:
---------------------------------
ASSUMED
EXPECTED CREDIT WTD. AVG. ASSUMED PRINCIPAL
EXPECTED RATING APPROXIMATE FACE SUPPORT (% OF LIFE (YEARS) PAYMENT WINDOW
CLASS MOODY'S/S&P (a) AMOUNT ($MM) UPB) (b) (b)
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
X Aaa/AAAr 716,288 (c) N/A N/A N/A
A1 Aaa/AAA 128,000 25.50 5.70 07/00 - 11/08
A2 Aaa/AAA 405,634 25.50 9.14 11/08 - 12/09
B Aa2/AA 35,814 20.50 9.54 12/09 - 01/10
C A2/A 30,443 16.25 9.56 01/10 - 01/10
D A3/A- 10,744 14.75 9.56 01/10 - 01/10
E Baa1/BBB+ 8,953 13.50 9.56 01/10 - 01/10
F Baa2/BBB 14,326 11.50 9.59 01/10 - 02/10
G Baa3/BBB- 10,745 10.00 9.64 02/10 - 02/10
H Ba1/BB+ 14,325 8.00 9.64 02/10 - 03/10
J Ba2/BB 17,907 5.50 11.94 03/10 - 08/13
K Ba3/BB- 5,373 4.75 13.14 08/13 - 08/13
L B1/B+ 3,581 4.25 13.14 08/13 - 08/13
M B2/B 7,163 3.25 13.14 08/13 - 08/13
N B3/B- 7,163 2.25 13.61 08/13 - 06/14
P NR/NR 16,117 N/A 17.72 06/14 - 05/24
TOTAL OFFERED 716,288
</TABLE>
(a) The indicated ratings are subject to change. The issuer may elect not to
request a rating from each of the indicated rating agencies. Ratings may
be requested from other rating agencies in addition to or in lieu of the
ratings indicated.
(b) Assuming payment in full based on 0% CPR, no defaults, no repurchases,
clean up call not being exercised, and the initial certificate principal
balances set forth under Approximate Face Amount.
<TABLE>
<CAPTION>
KEY FEATURES:
-------------
<S> <C>
Lead Manager and Underwriter Salomon Smith Barney Inc.
Co-Managers and Underwriters Greenwich Capital Markets, Inc., Chase Securities Inc.
Loan Originators: Greenwich Capital Financial Products, Inc. ("GCFP")
Salomon Brothers Realty Corp. ("SBRC")
GMAC Commercial Mortgage Corp. ("GMAC")
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: Norwest Bank Minnesota, National Association
Cut-Off Date: June 1, 2000
Payment Date: 18th of each month, or the following business day (commencing in July, 2000)
ERISA Eligibility: Classes "A1", "A2", and "X" are expected to be ERISA eligible under lead
manager's exemption. Other classes may be purchased by ERISA plans only under
another exemption (e.g. QPAM, INHAM, if available)
Structure: Sequential Pay
Offering Type: Public - Classes X, A1-G; Private - Classes H-P
Day Count: 30 / 360
Tax Treatment: REMIC
Rated Final Distribution Date: February 1, 2033
Minimum Denomination: $10,000 (classes A - G), or $1,000,000 (class X)
Delivery: DTC
Clean-up Call: 1%
</TABLE>
================================================================================
<TABLE>
<CAPTION>
COLLATERAL FACTS: (a) (b) (c)
-----------------
<S> <C>
Initial Pool Balance: $716,287,804
Number of Mortgage Loans: 267
Number of Properties 272
Average Loan Cut-off Date Balance: $2,682,726 ($223,877 to $28,618,255)
Weighted Average Mortgage Rate: 8.191% (6.870% to 9.875%)
Weighted Average U/W NCF DSCR: 1.34x (1.04x to 3.00x)
Weighted Average Cut-off Date LTV Ratio: 69.43% (27.59% to 84.75%)
Weighted Average Remaining Term to Scheduled Maturity: 118 mos. (71 mos. to 287 mos.)
Weighted Average Remaining Amortization Term: 323 mos. (135 mos. to 356 mos.)
Weighted Average Seasoning: 10 mos. (4 mos. to 33 mos.)
</TABLE>
(a) For each weighted average characteristic presented in the table, the
range of individual values for that characteristic appears in
parentheses.
(b) For purposes of this Term Sheet, weighted averages are calculated
according to the Cut-off Date principal balances of the individual
mortgage loans.
(c) For purposes of this Term Sheet, mortgage loans that are part of a
cross-collateralized group are presented as individual mortgage loans
(without regard to the cross-collateralization), except where otherwise
indicated.
<TABLE>
<CAPTION>
% OF INITIAL
NUMBER OF AGGREGATE CUT-OFF MORTGAGE WTD. AVG.
MORTGAGE DATE PRINCIPAL POOL U/W NCF
LOAN ORIGINATORS LOANS BALANCE BALANCE DSCR
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GCFP 148 $ 486,023,933 67.85% 1.34x
SBRC 27 118,271,285 16.51 1.29
GMAC 92 111,992,586 15.64 1.39
------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 267 $ 716,287,804 100.00% 1.34x
------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL MORTGAGE U/W NCF
LTV RATIO LOANS BALANCE POOL BALANCE DSCR
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0.00% to 39.99% 5 $ 3,379,383 0.47% 2.46x
40.00% to 44.99% 4 4,496,508 0.63 1.68
45.00% to 49.99% 7 16,004,415 2.23 1.51
50.00% to 54.99% 11 21,060,383 2.94 1.51
55.00% to 59.99% 21 27,465,545 3.83 1.46
60.00% to 64.99% 33 67,273,088 9.39 1.39
65.00% to 69.99% 56 158,820,769 22.17 1.34
70.00% to 74.99% 91 308,956,451 43.13 1.30
75.00% to 84.99% 39 108,831,262 15.19 1.27
------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 267 $ 716,287,804 100.00% 1.34X
------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
RANGE OF U/W NCF MORTGAGE PRINCIPAL MORTGAGE U/W NCF
DSCR LOANS BALANCE POOL BALANCE DSCR
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.00x to 1.09x 2 $ 4,619,411 0.64% 1.05x
1.10x to 1.19x 5 30,319,724 4.23 1.19
1.20x to 1.24x 24 94,196,663 13.15 1.22
1.25x to 1.29x 76 207,298,886 28.94 1.28
1.30x to 1.39x 82 236,434,025 33.01 1.34
1.40x to 1.49x 37 73,420,325 10.25 1.43
1.50x to 1.59x 21 37,944,357 5.30 1.55
1.60x to 1.69x 12 23,227,419 3.24 1.64
1.70x to 1.79x 3 5,687,372 0.79 1.75
1.80x to 2.39x 2 1,131,651 0.16 2.16
2.40x to 2.99x 2 794,078 0.11 2.61
3.00x to 3.59x 1 1,213,893 0.17 3.00
------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 267 $ 716,287,804 100.00% 1.34X
------------------------------------------------------------------------------------------------------------
</TABLE>
================================================================================
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 3
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C1
$ 644,659,000 (Approximate)
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
MORTGAGED PRINCIPAL MORTGAGE U/W NCF
STATE PROPERTIES BALANCE POOL BALANCE DSCR
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California 54 $ 158,970,997 22.19% 1.35x
New York 27 101,650,658 14.19 1.34
Massachusetts 9 72,167,959 10.08 1.29
Nevada 11 46,304,973 6.46 1.25
Florida 25 41,405,893 5.78 1.41
Texas 30 34,689,981 4.84 1.34
Pennsylvania 4 32,383,208 4.52 1.30
Other 112 228,714,136 31.93 1.35
--------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 272 $ 716,287,804 100.00% 1.34x
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL WTD. AVG. WTD. AVG.
NUMBER OF OFF DATE MORTGAGE AVERAGE CUT-OFF WTD. AVG. STATED WTD. AVG. CUT-OFF DATE
MORTGAGED PRINCIPAL POOL DATE PRINCIPAL MORTGAGE REMAINING U/W NCF LOAN-TO-
PROPERTY TYPES PROPERTIES BALANCE BALANCE BALANCE RATE TERM (MO.) DSCR VALUE RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office 45 $ 188,926,406 26.38% $4,198,365 8.029% 118 1.29x 72.07%
Multifamily 98 160,173,318 22.36 1,617,912 8.135 110 1.32 71.61
Unanchored Retail 55 109,914,651 15.35 1,998,448 8.192 117 1.35 68.75
Industrial 28 83,496,096 11.66 2,982,003 8.465 114 1.31 69.18
Anchored Retail 7 49,389,199 6.90 7,055,600 8.161 119 1.33 67.82
Office/Retail 11 42,490,237 5.93 3,862,749 7.834 140 1.39 66.26
Full Service Hotel 6 36,962,179 5.16 6,160,363 8.519 108 1.47 60.90
Limited Service Hotel 9 19,935,076 2.78 2,215,008 8.998 201 1.54 59.29
Mixed Use 3 12,613,771 1.76 4,204,590 8.360 109 1.33 70.37
Mobile Home Park 8 8,848,463 1.24 1,106,058 8.381 109 1.41 67.74
Self Storage 1 3,538,410 0.49 3,538,410 8.620 113 1.44 65.53
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 272 $ 716,287,804 100.00% $2,633,411 8.191% 118 1.34x 69.43%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
================================================================================
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 4
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
--------------------------------------------------------------------------------
BOND CLASSES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SERIES 2000-C1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
------------------------------------------------------------------------------------------------------------------------------
APPROX.
% OF
INITIAL INITIAL APPROX. WEIGHTED
AGGREGATE MORTGAGE INITIAL AVERAGE PRINCIPAL
BALANCE OR POOL CREDIT PASS-THROUGH RATE LIFE ERISA PAYMENT
CLASS RATINGS (1) NOTIONAL AMOUNT BALANCE SUPPORT DESCRIPTION (4) (YEARS)(3) DELIVERY ELIGIBLE WINDOW (3)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X Aaa/AAAr $716,287,804 (2) 100.00% N/A Variable Rate N/A DTC Yes N/A
A-1 Aaa/AAA $128,000,000 17.87% 25.50% Capped WAC 5.70 DTC Yes 07/00 - 11/08
A-2 Aaa/AAA $405,634,000 56.63% 25.50% Capped WAC 9.14 DTC Yes 11/08 - 12/09
B Aa2/AA $35,814,000 5.00% 20.50% Capped WAC 9.54 DTC N/A 12/09 - 01/10
C A2/A $30,443,000 4.25% 16.25% Capped WAC 9.56 DTC N/A 01/10 - 01/10
D A3/A- $10,744,000 1.50% 14.75% Capped WAC 9.56 DTC N/A 01/10 - 01/10
E Baa1/BBB+ $8,953,000 1.25% 13.50% Capped WAC 9.56 DTC N/A 01/10 - 01/10
F Baa2/BBB $14,326,000 2.00% 11.50% Capped WAC 9.59 DTC N/A 01/10 - 02/10
G Baa3/BBB- $10,745,000 1.50% 10.00% Capped WAC 9.64 DTC N/A 02/10 - 02/10
PRIVATELY PLACED CLASSES
------------------------------------------------------------------------------------------------------------------------------
H Ba1/BB+ $14,325,000 2.00% 8.00% Fixed Rate 9.64 Physical N/A 02/10 - 03/10
J Ba2/BB $17,907,000 2.50% 5.50% Fixed Rate 11.94 Physical N/A 03/10 - 08/13
K Ba3/BB- $5,373,000 0.75% 4.75% Fixed Rate 13.14 Physical N/A 08/13 - 08/13
L B1/B+ $3,581,000 0.50% 4.25% Fixed Rate 13.14 Physical N/A 08/13 - 08/13
M B2/B $7,163,000 1.00% 3.25% Fixed Rate 13.14 Physical N/A 08/13 - 08/13
N B3/B- $7,163,000 1.00% 2.25% Fixed Rate 13.61 Physical N/A 08/13 - 06/14
P NR/NR $16,116,804 2.25% N/A Fixed Rate 17.72 Physical N/A 06/14 - 05/24
------------------------------------------------------------------------------------------------------------------------------
Total Securities: $716,287,804
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratings shown are those of Moodys Investor's Service and Standard & Poor's
Ratings Services, respectively.
(2) Initial aggregate notional amount. The aggregate notional amount of the
class "X" certificates will be used solely to calculate the accrual of
interest with respect to those certificates. The class "X" certificates
will not have principal balances and will not entitle their holders to
payments of principal. They will, however, entitle their holders to
prepayment premiums, if any. The pass-through rate of the class "X"
certificate is the excess of the Weighted Average Adjusted Net Mortgage
Interest Rate over the respective pass-through rates of the bonds.
(3) Calculated based upon the assumption that the borrower will: a) not prepay
the loan prior to the stated maturity, b) if applicable, pay the loan in
full, on any anticipated repayment date, c) make all payments in a timely
fashion, and d) not receive a balloon extension.
(4) The pass-through rate for each of the publicly offered classes of
certificates, other than class "X" certificates, will be the lesser of a) a
fixed rate and b) the Weighted Average Pool Pass-Through Rate.
STRUCTURAL OVERVIEW
<TABLE>
<S> <C>
[ ] Offered Certificates [ ] Certificates Not Offered
-------
Initial
-------------------------------------------------------------------------------------------------------------------------- Net WAC
X-IO -------
Aaa/AAAr ---------------------------------------------------
$716.3 MM Notional Amount B C D E F G
-------------------------- Aa2/AA A2/A A3/A- Baa1/BBB+ Baa2/BBB Baa3/BBB- ---------------------------------------------------
H J K L M N P
A2 Ba1/BB+ Ba2/BB Ba3/BB- B1/B+ B2/B B3/B- NR/NR
A1 Aaa/AAA
Aaa/AAA
-----------------------------------------------------------------------------------------------------------------------------------
Note: Classes are not drawn to scale
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 5
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
STRUCTURAL OVERVIEW - CONT.
- The Mortgage Pool will be comprised of one Loan Group
Principal will be paid sequentially to Class A1, A2, B, C, D, E, F, G, H,
J, K, L, M, N and P Certificates (If principal balances of all such
Classes other than Classes A1 and A2 have reduced to zero, principal will
be allocated to Class A1 and A2 pro-rata)
- Class X will receive interest payments pro-rata (based on interest
entitlements) with the Class A1 and Class A2 Certificates each month
- Each of the Classes (except Class X) will be subordinate to earlier
alphabetically lettered classes (Losses will be allocated in reverse
alphabetical order to Classes with certificate balances and pro-rata to
Classes A1 and A2)
- The Master Servicer will cover net prepayment interest shortfalls, up to
the portion of the Master Servicing Fee equal to 0.02% per annum. Net
shortfalls (after application of prepayment interest excesses and
Servicer coverage from the Master Servicing Fee) will be allocated in
reverse alphabetical order to the interest-bearing Certificates (other
than the Class A1, Class A2 and Class X) and then pro-rata (based on
interest entitlements) to the Class A1, Class A2 and Class X Certificates
- All Classes will pay interest on a 30/360 basis
- 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
with certificate balances (in the case of the Class A1 and Class A2
Certificates, pro rata based on certificate balances)
- IO protected with regard to loan modifications and waivers that reduce
Mortgage Rate
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 6
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PREPAYMENT PROVISIONS
INITIAL LOAN POOL PREPAYMENT RESTRICTIONS COMPOSITION OVER TIME (1)
MONTHS FOLLOWING CUT-OFF DATE
<TABLE>
<CAPTION>
PREPAYMENT RESTRICTION 0 12 24 36 48
---------------------- - -- -- -- --
<S> <C> <C> <C> <C> <C>
Remaining Pool Balance (2) 100.00% 98.97% 97.85% 96.64% 95.34%
Locked/Defeasance 95.62 95.66 95.03 94.04 89.09
Yield Maintenance 4.38 4.34 4.97 5.96 10.32
5% Premium 0.00 0.00 0.00 0.00 0.09
4% Premium 0.00 0.00 0.00 0.00 0.00
3% Premium 0.00 0.00 0.00 0.00 0.49
2% Premium 0.00 0.00 0.00 0.00 0.00
1% Premium 0.00 0.00 0.00 0.00 0.00
Open 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------
Total 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
<TABLE>
<CAPTION>
Prepayment Restriction 60 72 84 96 108
---------------------- -- -- -- -- ---
<S> <C> <C> <C> <C> <C>
Remaining Pool Balance (2) 93.91% 92.19% 89.63% 86.20% 66.20%
Locked/Defeasance 87.44 87.26 87.77 87.31 62.31
Yield Maintenance 11.07 11.26 11.24 10.06 5.17
5% Premium 0.00 0.00 0.00 0.00 0.04
4% Premium 0.09 0.00 0.00 0.00 0.00
3% Premium 0.90 0.09 0.00 0.00 0.00
2% Premium 0.49 0.89 0.09 0.00 0.00
1% Premium 0.00 0.00 0.16 0.09 0.00
Open 0.00 0.49 0.74 2.54 32.48
------------------------------------------------------------------------------------------------------
Total 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
(1) All numbers, unless otherwise noted, are as a percentage of the aggregate
pool balance at the specified point in time.
(2) Remaining aggregate mortgage loan pool balance as a percentage of the
Initial Pool Balance at the specified point in time.
PREPAYMENT PREMIUM
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL
NUMBER OF OFF DATE MORTGAGE HIGHEST CUT-OFF
MORTGAGE PRINCIPAL POOL DATE PRINCIPAL
PREPAYMENT PREMIUM LOANS BALANCE BALANCE BALANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lockout/Defeasance 180 $ 608,177,073 84.91% $ 28,618,255
Lockout/> of YM or 1% 44 56,691,332 7.91 5,259,510
Lockout/YM 3 21,098,310 2.95 12,904,150
> of YM or 1% 25 16,412,173 2.29 1,810,481
> of YM or 1%/Declining Fee 6 4,789,155 0.67 1,578,624
Lockout/Declining Fee 5 4,215,798 0.59 1,470,069
YM/Declining Fee 3 3,795,239 0.53 1,440,456
YM 1 1,108,725 0.15 1,108,725
------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 267 $ 716,287,804 100.00%
------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
WTD. AVG. STATED WTD. AVG. WTD. AVG. CUT-
MORTGAGE REMAINING U/W NCF OFF DATE LOAN-
PREPAYMENT PREMIUM RATE TERM (MO.) DSCR TO-VALUE RATIO
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lockout/Defeasance 8.225% 117 1.32x 70.13%
Lockout/> of YM or 1% 8.039 120 1.39 66.55
Lockout/YM 7.423 174 1.44 62.37
> of YM or 1% 8.032 106 1.45 62.15
> of YM or 1%/Declining Fee 8.373 137 1.34 65.39
Lockout/Declining Fee 9.243 80 1.43 71.60
YM/Declining Fee 8.646 87 1.45 72.12
YM 8.250 95 1.26 73.92
-----------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 8.191% 118 1.34X 69.43%
-----------------------------------------------------------------------------------------
</TABLE>
PREPAYMENT PREMIUM BY MORTGAGE RATE
<TABLE>
<CAPTION>
% OF POOL
% OF INITIAL WTD. AVG. % OF POOL BALANCE
NUMBER OF AGGREGATE CUT-OFF MORTGAGE WTD. AVG. STATED BALANCE LOCKOUT THEN
MORTGAGE DATE PRINCIPAL POOL MORTGAGE REMAINING LOCKOUT THEN GREATER OF 1%
MORTGAGE RATE LOANS BALANCE BALANCE RATE TERM (MO.) DEFEASANCE OR YLD. MAINT.
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6.75% to 6.99% 1 $ 5,259,510 0.73% 6.870% 99 0.00% 0.73%
7.00% to 7.24% 4 14,374,618 2.01 7.088 99 1.08 0.93
7.25% to 7.49% 8 18,272,420 2.55 7.322 120 0.83 0.57
7.50% to 7.74% 14 77,339,871 10.80 7.606 145 8.42 0.16
7.75% to 7.99% 42 88,671,134 12.38 7.875 115 10.18 1.15
8.00% to 8.24% 55 193,989,143 27.08 8.119 111 25.66 0.47
8.25% to 8.49% 59 152,606,908 21.31 8.338 112 19.02 1.70
8.50% to 8.74% 36 80,856,661 11.29 8.609 132 10.45 0.74
8.75% to 8.99% 30 45,304,937 6.32 8.853 123 4.66 1.01
9.00% to 9.24% 9 27,149,293 3.79 9.114 113 3.66 0.13
9.25% to 9.49% 7 10,731,831 1.50 9.309 104 0.90 0.11
9.50% to 9.99% 2 1,731,479 0.24 9.854 118 0.04 0.20
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 267 $ 716,287,804 100.00% 8.191% 118 84.91% 7.91%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
% OF POOL % OF POOL
% OF POOL % OF POOL BALANCE BALANCE % OF POOL
BALANCE BALANCE GREATER OF 1% LOCKOUT BALANCE YLD.
LOCKOUT GREATER OF OR YLD. MAINT. THEN MAINT. THEN % OF POOL
THEN YLD. 1% OR YLD. THEN DECLINING DECLINING DECLINING BALANCE
MORTGAGE RATE MAINT. MAINT. FEE FEE FEE YLD. MAINT.
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6.75% to 6.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
7.00% to 7.24% 0.00 0.00 0.00 0.00 0.00 0.00
7.25% to 7.49% 1.14 0.00 0.00 0.00 0.00 0.00
7.50% to 7.74% 1.80 0.42 0.00 0.00 0.00 0.00
7.75% to 7.99% 0.00 1.05 0.00 0.00 0.00 0.00
8.00% to 8.24% 0.00 0.53 0.42 0.00 0.00 0.00
8.25% to 8.49% 0.00 0.20 0.04 0.00 0.19 0.15
8.50% to 8.74% 0.00 0.00 0.00 0.10 0.00 0.00
8.75% to 8.99% 0.00 0.10 0.21 0.00 0.34 0.00
9.00% to 9.24% 0.00 0.00 0.00 0.00 0.00 0.00
9.25% to 9.49% 0.00 0.00 0.00 0.49 0.00 0.00
9.50% to 9.99% 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 2.95% 2.29% 0.67% 0.59% 0.53% 0.15%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 7
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
ALLOCATION OF PREPAYMENT PREMIUMS
Prepayment premiums will be allocated between the Publicly Offered Certificates
then entitled to principal distributions and the Class X Certificates as
follows:
- A percentage of all prepayment premiums (either fixed prepayment
premiums or yield maintenance amount) will be allocated to each
class of the Publicly Offered Certificates then entitled to
principal distributions, which percentage will be equal to the
product of (a) the percentage of the total principal distribution
that such Class receives, and (b) a fraction (expressed as a
percentage which can be no greater than 100%), the numerator of
which is the excess of the Pass-Through Rate of such Class of the
Publicly Offered Certificates currently receiving principal over
the relevant Discount Rate, and the denominator of which is the
excess of the Mortgage Rate of the related Mortgage Loan over the
Discount Rate.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
<S> <C>
Prepayment (Pass-Through Rate - Discount Rate )
Premium Allocation = ------------------------------------------
Percentage (Mortgage Rate - Discount Rate)
-----------------------------------------------------------------------------
</TABLE>
- The remaining percentage of the Prepayment Premiums will be
allocated to the Class X Certificates
- In general, this formula provides for an increase in the
allocation of Prepayment Premiums to the Publicly Offered
Certificates then entitled to principal distributions relative to
the Class X Certificates as Discount Rates decrease and a decrease
in the allocation to such Classes as Discount Rates rise
Allocation of Prepayment Premiums Example
<TABLE>
<S> <C>
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Bond Class Rate = 7%
Treasury Rate = 6%
</TABLE>
<TABLE>
<CAPTION>
BOND CLASS ALLOCATION CLASS X ALLOCATION
---------------------------------------------------------------------------------------
<S> <C>
7% - 6%
------- = 33 1/3% Receives excess premiums = 66 2/3% thereof
9% - 6%
</TABLE>
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 8
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
TOP TEN LOANS
<TABLE>
<CAPTION>
TEN LARGEST LOANS:
----------------- LOAN
PROPERTY NAME(S) ORIGINATOR PROPERTY TYPE
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Putnam Building SBRC Office
Los Cabos II Apartments & Jovanna Villas Apartments(*) GCFP Multifamily
Sunrise Plaza Shopping Center GCFP Anchored Retail
Hasbrouck & Torview Apartments GCFP Multifamily
Sports Arena Village SBRC Office/Retail
Holiday Inn Somerset GCFP Full Service Hotel
Southridge Shopping Center GCFP Anchored Retail
Stewart Plaza GCFP Office
The Carriage Building (Building 39) GCFP Office
1000 Adams Avenue GCFP Office
-------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE
-------------------------------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE CUT- % OF INITIAL
TEN LARGEST LOANS: OFF DATE MORTGAGE WTD. AVG.
----------------- PRINCIPAL POOL MORTGAGE
PROPERTY NAME(S) BALANCE BALANCE RATE
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Putnam Building $ 28,618,255 4.00 7.570%
Los Cabos II Apartments & Jovanna Villas Apartments(*) 23,685,052 3.31 8.300
Sunrise Plaza Shopping Center 14,887,463 2.08 8.140
Hasbrouck & Torview Apartments 14,641,647 2.04 8.140
Sports Arena Village 12,904,150 1.80 7.510
Holiday Inn Somerset 12,899,824 1.80 9.140
Southridge Shopping Center 11,417,665 1.59 8.670
Stewart Plaza 11,180,811 1.56 7.920
The Carriage Building (Building 39) 10,957,230 1.53 8.220
1000 Adams Avenue 10,862,493 1.52 8.020
-------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE $ 152,054,590 21.23% 8.110%
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WTD. AVG. WTD. AVG.
TEN LARGEST LOANS: STATED WTD. AVG. CUT-OFF DATE
----------------- REMAINING U/W NCF LOAN-TO-
PROPERTY NAME(S) TERM (MO.) DSCR VALUE RATIO
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Putnam Building 158 1.21x 78.95%
Los Cabos II Apartments & Jovanna Villas Apartments(*) 115 1.20 74.19
Sunrise Plaza Shopping Center 115 1.32 73.70
Hasbrouck & Torview Apartments 113 1.26 72.84
Sports Arena Village 216 1.35 66.18
Holiday Inn Somerset 110 1.41 61.43
Southridge Shopping Center 116 1.33 68.17
Stewart Plaza 108 1.35 73.08
The Carriage Building (Building 39) 113 1.30 67.02
1000 Adams Avenue 111 1.22 78.71
--------------------------------------------------------------------------------------------------------------------------
Total / Weighted Average 130 1.28x 72.42%
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
(*) Represents a cross-defaulted and cross-collateralized loan group.
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 9
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY PROPERTY TYPE
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL
NUMBER OF OFF DATE MORTGAGE AVERAGE CUT-OFF
MORTGAGED PRINCIPAL POOL DATE PRINCIPAL
PROPERTY TYPES PROPERTIES BALANCE BALANCE BALANCE
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Office 45 $ 188,926,406 26.38% $4,198,365
Multifamily 99 160,173,318 22.36 1,617,912
Unanchored Retail 55 109,914,651 15.35 1,998,448
Industrial 28 83,496,096 11.66 2,982,003
Anchored Retail 7 49,389,199 6.90 7,055,600
Office/Retail 11 42,490,237 5.93 3,862,749
Full Service Hotel 6 36,962,179 5.16 6,160,363
Limited Service Hotel 9 19,935,076 2.78 2,215,008
Mixed Use 3 12,613,771 1.76 4,204,590
Mobile Home Park 8 8,848,463 1.24 1,106,058
Self Storage 1 3,538,410 0.49 3,538,410
-------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 272 $ 716,287,804 100.00% $2,633,411
-------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. WTD. AVG.
WTD. AVG. STATED WTD. AVG. CUT-OFF DATE
MORTGAGE REMAINING U/W NCF LOAN-TO-
PROPERTY TYPES RATE TERM (MO.) DSCR VALUE RATIO
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Office 8.029% 118 1.29x 72.07%
Multifamily 8.135 110 1.32 71.61
Unanchored Retail 8.192 117 1.35 68.75
Industrial 8.465 114 1.31 69.18
Anchored Retail 8.161 119 1.33 67.82
Office/Retail 7.834 140 1.39 66.26
Full Service Hotel 8.519 108 1.47 60.90
Limited Service Hotel 8.998 201 1.54 59.29
Mixed Use 8.360 109 1.33 70.37
Mobile Home Park 8.381 109 1.41 67.74
Self Storage 8.620 113 1.44 65.53
-------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 8.191% 118 1.34X 69.43%
-------------------------------------------------------------------------------------------------
</TABLE>
[PIE GRAPH]
<TABLE>
<S> <C>
Self Storage 0.49%
Mobile Home Park 1.24%
Mixed Use 1.76%
Limited Service Hotel 2.78%
Full Service Hotel 5.16%
Office/Retail 5.93%
Anchored Retail 6.90%
Industrial 11.66%
Unanchored Retail 15.35%
Multifamily 22.36%
Office 26.38%
</TABLE>
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 10
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL
MORTGAGED PRINCIPAL MORTGAGE
STATE PROPERTIES BALANCE POOL BALANCE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
California 54 158,970,997 22.19%
New York 27 101,650,658 14.19%
Massachusetts 9 72,167,959 10.08%
Nevada 11 46,304,973 6.46%
Florida 25 41,405,893 5.78%
Texas 30 34,689,981 4.84%
Pennsylvania 4 32,383,208 4.52%
New Jersey 10 25,965,176 3.62%
Arizona 9 21,879,227 3.05%
Minnesota 4 19,120,362 2.67%
Maryland 4 18,250,659 2.55%
Oregon 6 13,031,867 1.82%
Washington 6 12,824,476 1.79%
Connecticut 7 11,633,217 1.62%
Ohio 13 11,119,250 1.55%
Louisiana 7 10,667,056 1.49%
Georgia 6 9,894,526 1.38%
Michigan 4 9,843,863 1.37%
Illinois 2 9,189,127 1.28%
Mississippi 5 8,693,535 1.21%
Virginia 2 4,694,308 0.66%
North Carolina 3 4,424,927 0.62%
Vermont 1 4,424,160 0.62%
Arkansas 1 3,488,140 0.49%
Indiana 2 3,325,035 0.46%
Utah 1 3,215,949 0.45%
Missouri 2 3,098,572 0.43%
Colorado 3 3,048,429 0.43%
Maine 2 2,578,542 0.36%
Tennessee 1 2,554,420 0.36%
West Virginia 1 2,269,770 0.32%
Wisconsin 1 2,105,829 0.29%
Rhode Island 1 1,842,937 0.26%
Idaho 1 1,493,286 0.21%
Kentucky 1 1,439,330 0.20%
New Hampshire 4 1,280,775 0.18%
Nebraska 1 999,938 0.14%
Kansas 1 317,445 0.04%
--------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 272 $716,287,804 100.00%
--------------------------------------------------------------------------------
<CAPTION>
WTD. AVG.
CUMULATIVE % STATED WTD. AVG. CUT-
OF INITIAL POOL WTD. AVG. REMAINING WTD. AVG. U/W OFF DATE LOAN-
STATE BALANCE MORTGAGE RATE TERM (MO.) NCF DSCR TO-VALUE RATIO
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
California 22.19% 8.026% 120 1.35x 69.56%
New York 36.39% 8.158% 113 1.34 68.08%
Massachusetts 46.46% 7.864% 130 1.29 73.32%
Nevada 52.92% 8.381% 115 1.25 70.50%
Florida 58.71% 8.159% 109 1.41 68.13%
Texas 63.55% 8.461% 104 1.34 69.10%
Pennsylvania 68.07% 8.101% 112 1.30 71.86%
New Jersey 71.69% 8.753% 114 1.42 65.29%
Arizona 74.75% 7.982% 107 1.33 67.24%
Minnesota 77.42% 8.508% 126 1.29 70.12%
Maryland 79.97% 8.524% 112 1.29 74.19%
Oregon 81.79% 8.215% 115 1.30 68.14%
Washington 83.58% 8.186% 117 1.34 67.07%
Connecticut 85.20% 8.351% 112 1.52 67.97%
Ohio 86.75% 8.074% 109 1.42 61.73%
Louisiana 88.24% 8.472% 188 1.44 64.22%
Georgia 89.62% 8.458% 114 1.38 70.18%
Michigan 91.00% 8.656% 136 1.32 67.57%
Illinois 92.28% 8.760% 113 1.26 72.87%
Mississippi 93.49% 8.486% 193 1.37 65.29%
Virginia 94.15% 8.036% 109 1.30 67.02%
North Carolina 94.77% 8.418% 124 1.31 69.90%
Vermont 95.38% 8.120% 106 1.31 77.62%
Arkansas 95.87% 8.030% 114 1.26 74.22%
Indiana 96.34% 7.870% 109 1.26 75.77%
Utah 96.78% 8.070% 113 1.25 73.09%
Missouri 97.22% 8.072% 107 1.43 70.33%
Colorado 97.64% 7.855% 105 1.41 66.64%
Maine 98.00% 8.972% 112 1.38 71.18%
Tennessee 98.36% 7.130% 98 1.17 76.82%
West Virginia 98.68% 7.375% 211 1.16 70.60%
Wisconsin 98.97% 8.970% 116 1.25 72.61%
Rhode Island 99.23% 8.290% 113 1.31 59.45%
Idaho 99.44% 8.090% 112 1.28 74.66%
Kentucky 99.64% 9.875% 114 1.58 47.98%
New Hampshire 99.82% 8.560% 108 1.59 65.18%
Nebraska 99.96% 8.030% 106 1.40 62.50%
Kansas 100.00% 8.625% 103 1.32 73.74%
--------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 8.191% 118 1.34x 69.43%
--------------------------------------------------------------------------------------------------------
</TABLE>
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 11
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
[UNITED STATES MAP LOGO]
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 Private Placement Memorandum for any securities actually
sold to you. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended. The Term Sheet is furnished to
prospective investors on a confidential basis solely for the purposes of
evaluating the investment offered hereby. The information contained herein may
not be reproduced or used in whole or in part for any other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. Each placement agent makes 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. Each placement agent and
its 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). Information contained in
this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished to you by one of the placement agents listed above,
and not by the issuer of the securities. None of the placement agents listed
above is acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 12
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE BALANCE
<TABLE>
<CAPTION>
Aggregate Cut-
Number of off Date % of Initial
Mortgage Principal Mortgage Pool
Range of Cut-off Date Balances Loans Balance Balance
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 0 to $ 999,999 78 $ 47,100,589 6.58%
$ 1,000,000 to $ 2,499,999 101 164,982,801 23.03
$ 2,500,000 to $ 4,999,999 50 173,609,111 24.24
$ 5,000,000 to $ 7,499,999 20 118,550,226 16.55
$ 7,500,000 to $ 9,999,999 7 59,628,273 8.32
$ 10,000,000 to $ 14,999,999 10 123,798,550 17.28
$ 15,000,000 to $ 29,999,999 1 28,618,255 4.00
--------------------------------------------------------------------------------------
Total / Weighted Average 267 $ 716,287,804 100.00%
--------------------------------------------------------------------------------------
<CAPTION>
Wtd. Avg.
Cumulative % Stated Wtd. Avg. Cut-
of Initial Pool Wtd. Avg. Remaining Wtd. Avg. U/W off Date Loan-
Balance Mortgage Rate Term (Mo.) NCF DSCR to-Value Ratio
--------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
6.58% 8.448% 115 1.43x 64.34%
29.61 8.288 120 1.35 68.37
53.85 8.194 115 1.36 69.33
70.40 8.066 111 1.36 67.41
78.72 8.274 114 1.27 73.34
96.00 8.184 123 1.30 70.80
100.00 7.570 158 1.21 78.95
--------------------------------------------------------------------------------------
8.191% 118 1.34x 69.43%
--------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Cut-Off Date
Principal Balances ($MM) % of Initial Mortgage Pool Balance
------------------------ ----------------------------------
<S> <C>
0.00 - 0.99 6.58%
1.00 - 2.49 23.03%
2.50 - 4.99 24.24%
5.00 - 7.49 16.55%
7.50 - 9.99 8.32%
10.00 - 14.99 17.28%
15.00 - 29.99 4.00%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 13
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY UNDERWRITTEN NET CASH FLOW DSCR
<TABLE>
<CAPTION>
Aggregate Cut-
Number of off Date % of Initial
Mortgage Principal Mortgage Pool
Range of U/W NCF DSCR Loans Balance Balance
---------------------------------------------------------------------
<S> <C> <C> <C>
1.00x to 1.09x 2 $ 4,619,411 0.64%
1.10x to 1.19x 5 30,319,724 4.23
1.20x to 1.24x 24 94,196,663 13.15
1.25x to 1.29x 76 207,298,886 28.94
1.30x to 1.39x 82 236,434,025 33.01
1.40x to 1.49x 37 73,420,325 10.25
1.50x to 1.59x 21 37,944,357 5.30
1.60x to 1.69x 12 23,227,419 3.24
1.70x to 1.79x 3 5,687,372 0.79
1.80x to 2.39x 2 1,131,651 0.16
2.40x to 2.99x 2 794,078 0.11
3.00x to 3.59x 1 1,213,893 0.17
---------------------------------------------------------------------
Total / Weighted Average 267 $ 716,287,804 100.00%
---------------------------------------------------------------------
<CAPTION>
Cumulative % Wtd. Avg. Stated Wtd. Avg. Cut-
of Initial Pool Wtd. Avg. Remaining Term Wtd. Avg. U/W off Date Loan-
Balance Mortgage Rate (Mo.) NCF DSCR to-Value Ratio
---------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
0.64% 8.103% 201 1.05x 72.06%
4.88 8.096 120 1.19 74.13
18.03 8.037 126 1.22 74.79
46.97 8.250 113 1.28 71.93
79.98 8.177 120 1.34 69.58
90.23 8.392 114 1.43 64.47
95.52 7.996 117 1.55 58.81
98.77 8.066 126 1.64 55.77
99.56 8.881 109 1.75 68.31
99.72 8.220 111 2.16 36.17
99.83 8.225 105 2.61 30.69
100.00 8.875 111 3.00 27.59
---------------------------------------------------------------------------------------
8.191% 118 1.34x 69.43%
---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of U/W NCF DSCR % of Initial Mortgage Pool Balance
------------------------ ----------------------------------
<S> <C>
1.00 - 1.09x 0.64%
1.10 - 1.19x 4.23%
1.20 - 1.24x 13.15%
1.25 - 1.29x 28.94%
1.30 - 1.39x 33.01%
1.40 - 1.49x 10.25%
1.50 - 1.59x 5.30%
1.60 - 1.69x 3.24%
1.70 - 1.79x 0.79%
1.80 - 2.39x 0.16%
2.40 - 2.99x 0.11%
3.00 - 3.59x 0.17%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 14
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE LOAN TO VALUE RATIO
<TABLE>
<CAPTION>
Aggregate Cut- % of Initial
Number of off Date Mortgage
Range of Cut-off Date Mortgage Principal Pool
LTV Ratio Loans Balance Balance
---------------------------------------------------------------------
<S> <C> <C> <C>
0.00% to 39.99% 5 $ 3,379,383 0.47%
40.00% to 44.99% 4 4,496,508 0.63
45.00% to 49.99% 7 16,004,415 2.23
50.00% to 54.99% 11 21,060,383 2.94
55.00% to 59.99% 21 27,465,545 3.83
60.00% to 64.99% 33 67,273,088 9.39
65.00% to 69.99% 56 158,820,769 22.17
70.00% to 74.99% 91 308,956,451 43.13
75.00% to 84.99% 39 108,831,262 15.19
---------------------------------------------------------------------
Total / Weighted Average 267 $ 716,287,804 100.00%
---------------------------------------------------------------------
<CAPTION>
Wtd. Avg.
Cumulative Wtd. Avg. Stated Wtd. Avg. Wtd. Avg. Cut-
% of Initial Mortgage Remaining U/W NCF off Date Loan-
Pool Balance Rate Term (Mo.) DSCR to-Value Ratio
---------------------------------------------------------------------
<C> <C> <C> <C> <C>
0.47% 8.359% 108 2.46x 31.95%
1.10 9.022 119 1.68 41.45
3.33 8.269 149 1.51 46.85
6.27 8.034 128 1.51 52.67
10.11 8.072 117 1.46 57.92
19.50 8.488 122 1.39 62.55
41.67 8.222 119 1.34 67.76
84.81 8.197 113 1.30 72.95
100.00 7.957 123 1.27 77.95
---------------------------------------------------------------------
8.191% 118 1.34x 69.43%
---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Cut-Off Date
LTV Ratio % of Initial Mortgage Pool Balance
------------------------ ----------------------------------
<S> <C>
0.00 - 39.99 0.47%
40.00 - 44.99 0.63%
45.00 - 49.99 2.23%
50.00 - 54.99 2.94%
55.00 - 59.99 3.83%
60.00 - 64.99 9.39%
65.00 - 69.99 22.17%
70.00 - 74.99 43.13%
75.00 - 84.99 15.19%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 15
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY REMAINING TERM TO SCHEDULED MATURITY
<TABLE>
<CAPTION>
Number of Aggregate Cut- % of Initial
Range of Remaining Term to Mortgage off Date Principal Mortgage
Maturity (Mos.) Loans Balance Pool Balance
--------------------------------------------------------------------------
<S> <C> <C> <C>
0 to 83 6 $ 8,158,517 1.14%
84 to 95 8 13,965,464 1.95
96 to 107 76 111,751,512 15.60
108 to 119 155 510,222,061 71.23
120 to 179 7 38,335,565 5.35
180 to 239 11 24,928,036 3.48
240 to 359 4 8,926,649 1.25
--------------------------------------------------------------------------
Total / Weighted Average 267 $ 716,287,804 100.00%
--------------------------------------------------------------------------
<CAPTION>
Wtd. Avg.
Cumulative % of Wtd. Avg. Stated Wtd. Avg. Wtd. Avg. Cut-
Initial Mortgage Mortgage Remaining U/W NCF off Date Loan-
Pool Balance Rate Term (Mo.) DSCR to-Value Ratio
--------------------------------------------------------------------------
<C> <C> <C> <C> <C>
1.14% 8.778% 76 1.34x 69.06%
3.09 8.068 91 1.45 64.95
18.69 7.818 104 1.41 66.60
89.92 8.304 112 1.32 70.26
95.27 7.797 160 1.24 73.31
98.75 7.846 214 1.27 67.40
100.00 8.730 287 1.52 54.27
--------------------------------------------------------------------------
8.191% 118 1.34x 69.43%
--------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Remaining Term
to Scheduled Maturity (Months) % of Initial Mortgage Pool Balance
------------------------------ ----------------------------------
<S> <C>
0 - 83 1.14%
84 - 95 1.95%
96 - 107 15.60%
108 - 119 71.23%
120 - 179 5.35%
180 - 239 3.48%
240 - 359 1.25%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 16
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
TEN LARGEST LOANS
ASSET AND LOAN SUMMARIES
-------------------------------------------------------------------------------
-------------------------
Includes cross-collateralized and cross-defaulted loans.
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 17
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
6603287- Putnam Building
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $28,618,254.87
% OF MORTGAGE POOL
BALANCE: 4.00%
ORIGINATION DATE: 13-Apr-99
MATURITY DATE: 01-Aug-13
MORTGAGE INTEREST RATE: 7.57%
AMORTIZATION TERM: 351
BORROWER/ SPONSOR: The general partner of Trumbull Center Limited
Partnership is Trumbull Center Investment Corp. and
the general partner of Fairfield Mortgage Partners
L.P. is DIV Fairfield Investment Corp. Both
entities are owned by Jonathan G. Davis, his wife
Margot Davis, and Paul Marcus. Mr. Davis and Mr.
Marcus are prominent developers/managers in the
greater Boston Area. They have developed over $390
million worth of commercial properties.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 37 months of its term; subject to defeasance for
the next 130 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE
RENT % OF LEASE
PSF NRSF TOTAL NRSF EXPIRATION
-------- --------- ----------- --------------
<S> <C> <C> <C> <C>
Putnam
Investments, Inc. $13.41 231,000 100% 7/31/13
</TABLE>
RESERVES
There is currently not a tax and insurance escrow in place, however, lender may
require Tax and Insurance Escrows in the event of default. A replacement
reserve escrow and a TI/LC escrow are collected in the amount $2,916.67 each
month as a part of a Loan Reserve Fund Escrow. Commencing 8/1/2012, all
Property Cash Flow is to be paid into a Supplemental Reserve Account Escrow
until the total of the Loan Reserve Fund Escrow and Supplemental Reserve
Account Escrow equals the sum of nine monthly payments of principal and
interest under the Loan. The Loan Reserve Fund Escrow and Supplemental Reserve
Account Escrow are released/waived if Putnam renews its Lease for an additional
10 year term expiring July 2023.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Norwood, MA
YEAR BUILT/ RENOVATED: 1978/NAP
PROPERTY SIZE: 231,000 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $123.89
GENERAL CHARACTERISTICS: The property is a one-story Class A office building
constructed in 1978. It is located 12.5 miles southwest of downtown Boston.
The building is occupied by a single tenant with a triple-net lease, Putnam
Investments, Inc. Putnam is a subsidiary of Marsh & McLennan Companies, Inc. It
has assets of $2.1 billion and revenue increases of 40% and 20% over the past
two years. Putnam signed a fifteen year lease with rent step-ups every five
years and two-ten year extension options with increasing rents.
Pursuant to the terms of the lease, Putnam is contractually obligated to spend
at least $25 million to create a state-of-the-art Investor Service Center which
will include a 100,000 sf addition to the building that will provide additional
collateral to the loan.
PROPERTY MANAGER: Glen Management Corporation is owned by one of
the principals, Jonathan Davis.
OCCUPANCY: 100%
OCCUPANCY AS OF DATE: 05-Aug-99
UNDERWRITTEN NET OPERATING
INCOME: $3,004,575
UNDERWRITTEN NET CASH FLOW: $2,969,575
UNDERWRITTEN NET CASH FLOW
DSCR: 1.21x
APPRAISED VALUE: $36,250,000
APPRAISAL DATE: 17-Jun-98
CUT-OFF DATE LTV RATIO: 78.95%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 18
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0812021a&b - Jovanna Villas Apartments & Los Cabos II Apartments
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $23,685,052.07 (1)
% OF MORTGAGE POOL
BALANCE: 3.31%
ORIGINATION DATE: 22-Dec-99
MATURITY DATE: 01-Jan-10
MORTGAGE INTEREST RATE: 8.30%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR: Los Cabos II LV99-002, LLC and Jovanna Villas
LV99-003, LLC are the borrowing entities. Their 1%
managing members, are structured as bankruptcy
remote, special purpose entities. The Borrowers'
managing members have independent directors on
their boards. A non-consolidation opinion was
obtained at closing.
These LLCs are effectively controlled by Aegis
Realty Trust, Inc., a Maryland REIT, based in
Southern California. The senior management of the
REIT has extensive experience in real estate
investment banking, acquisitions, assset
management, construction and development. The
limited partners of Aegis Realty, L.P., and the
owners of Aegis Realty Trust, Inc. are the
indemnitors on both loans.
CALL PROTECTION AT The loans are locked-out to prepayment for the
ORIGINATION: first 29 months of their terms; subject to
defeasance for the next 87 months and open to
prepayment for the last 4 months.
LIEN TYPE: First Mortgages
OWNERSHIP INTEREST: Fee Simple
RESERVES
There are tax and insurance escrows which require deposits in amounts
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There are also escrows required for future capital expenditures which are
required to be funded monthly in the total annual amount of $118,500 or
$250/unit.
PROPERTY INFORMATION
PROPERTY TYPE: Multifamily - Garden
LOCATION: North Las Vegas/Las Vegas, NV
YEAR BUILT/ RENOVATED: 1998/NAP
PROPERTY SIZE: 474 Units
CUT-OFF DATE PRINCIPAL
BALANCE PER UNIT: $49,968.46
GENERAL CHARACTERISTICS: Los Cabos Villas II and Jovanna Villas are
newly-developed 210-unit and 264-unit gated apartment communities that opened
in August and October of 1998, respectively. The Los Cabos Villas II is located
in North Las Vegas, approximately 20 minutes from the Las Vegas strip and
Jovanna Villas is located in south Las Vegas, within minutes of the Las Vegas
strip and McCarren Airport. Project amenities at both properties include
full-size washer and dryers in units, garages or covered parking, pool, spa and
fitness center. These two properties are cross-collateralized and
cross-defaulted and the numbers represented herein are combined numbers for
both properties.
PROPERTY MANAGER: J&M Realty Company is a full service real estate
company that was established by its principals,
John Woolley and Michel Aimola. Woolley and Aimola
have a combined fifty-five years of real estate
experience. During the past 15 years, Woolley and
Aimola have managed more than 15,000 units in
Arizona, California, Florida, Nevada, Oklahoma and
Texas. J&M specializes in bringing newly opened
apartment communities to stabilized occupancy
levels.
OCCUPANCY: 95%
OCCUPANCY AS OF DATE: 29-Nov-99
UNDERWRITTEN NET OPERATING
INCOME: $2,693,932
UNDERWRITTEN NET CASH FLOW: $2,575,432
UNDERWRITTEN NET CASH FLOW
DSCR: 1.20x
APPRAISED VALUE: $31,925,000
APPRAISAL DATE: 4-Nov/12-Nov-99
CUT-OFF DATE LTV RATIO: 74.19%
(1) Represents a cross-collateralized and cross-defaulted loan group.
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 19
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0810209 - Sunrise Plaza Shopping Center
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $14,887,462.50
% OF MORTGAGE POOL
BALANCE: 2.08%
ORIGINATION DATE: 09-Dec-99
MATURITY DATE: 01-Jan-10
MORTGAGE INTEREST RATE: 8.14%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR: E P & G Properties with Elias, Pete, and Gus
Tsigaris each owning a 1/3 interest. In addition to
the subject, the brothers own approximately $16
million of land, office and retail properties. They
also own and operate a chain of restaurants in
Northern California. Their collective net worths
are represented to be $17.6 million.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 29 months of its term; subject to defeasance for
the next 87 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------------ -------- ------------ ------------
<S> <C> <C> <C> <C>
Sportmart $10.95 41,176 36.35% 1/31/2004
------------------------------------------------------------------------
Comp USA $13.75 25,090 22.15% 6/30/2011
------------------------------------------------------------------------
Western Appliance $15.00 10,000 8.8% 1/31/2005
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $23,208/year.
The tenant improvement escrow is $34,459/year and the leasing commission escrow
is $56,441/year.
PROPERTY INFORMATION
PROPERTY TYPE: Anchored Retail
LOCATION: San Jose, CA
YEAR BUILT/ RENOVATED: 1995/NAP
PROPERTY SIZE: 113,266 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $131.44
GENERAL CHARACTERISTICS: Sunrise Plaza is an anchored retail shopping center
located in San Jose, CA. It is located on Blossom Hill Road, 1/2 block from the
85 Freeway. The property has a full city block of frontage along the south side
of Blossom Hill Road with three traffic signals facilitating access to the
property.
The center is anchored by Sportmart and Comp USA. Blossom Hill Road is the most
active retail market in the greater San Jose area. Other retail centers
proximate to the subject include the Oakridge Mall (Macys, Sears), Tower Center
(Tower Records, Party City, Radio Shack, Babies R Us), Mainstreet at Santa
Teresa (Albertson's/Lucky, Super Crown Bookstore, Starbucks, Blockbuster
Video), Kmart Plaza (Kmart, Boston Market, Good Guys), Almaden Plaza (Costco,
Barnes & Noble, Circuit City), and Hillview Plaza (Home Depot, Office Depot).
PROPERTY MANAGER: Portfolio Realty Management which manages 24
properties in the Bay area with more than 300
tenants in 1 million s.f. of office, industrial and
retail space.
OCCUPANCY: 95%
OCCUPANCY AS OF DATE: 26-Nov-99
UNDERWRITTEN NET OPERATING
INCOME: $1,869,038
UNDERWRITTEN NET CASH FLOW: $1,753,600
UNDERWRITTEN NET CASH FLOW
DSCR: 1.32x
APPRAISED VALUE: $20,200,000
APPRAISAL DATE: 08-Oct-99
CUT-OFF DATE LTV RATIO: 73.70%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 20
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
HHCC0062 - Hasbrouck & Torview Apartments
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $14,641,646.86
% OF MORTGAGE POOL
BALANCE: 2.04%
ORIGINATION DATE: 27-Oct-99
MATURITY DATE: 01-Nov-09
MORTGAGE INTEREST RATE: 8.14%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR: Berk-Cohen Associates at Torview Village Apts, LLC.
The Property is owned by an LLC whose members
consist of Mr. Harvey Berk, 51% owner, and his
daughter, Ms. Diana Berk Cohen, 49% owner. The
borrowing entity holds the property as a single
asset entity. Mr. Berk, who has been a real estate
investment principal for over 30 years, owns or has
a majority interest in four office properties, 11
multifamily properties with a total of 3,586 units
and several land investments. He is a long term
holder and does not often sell properties.
CALL PROTECTION AT The loan is locked out to prepayment for the first
ORIGINATION: 31 months of its term; subject to defeasance for
the next 85 months and open to prepayment for the
last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Fee Simple
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
PROPERTY INFORMATION
PROPERTY TYPE: Multifamily - Garden
LOCATION: Garnerville, NY
YEAR BUILT/ RENOVATED: 1970/NAP
PROPERTY SIZE: 373 Units
CUT-OFF DATE PRINCIPAL
BALANCE PER UNIT: $39,253.74
GENERAL CHARACTERISTICS: The subject loan is secured by a first mortgage on a
373-unit garden apartment complex known as Hasbrouck and Torview located in
Garnerville, NY. The Property is located approximately 30 miles north of New
York City in the northeastern portion of Rockland County. Hasbrouck and Torview
is an attractive, garden apartment complex that has been maintained in good
condition with a clean appearance. The project is comprised of 9 two-story
garden apartment buildings with brick veneer, pitched roofs and in the case of
Torview, balconies and patios on some of the units. The landscaping is mature
and well-maintained.
PROPERTY MANAGER: Mr. Harvey Berk, one of the key principals,
owns Manhattan Management Company which
provides property management services for the
property. Mrs. Diana Berk Cohen, the daughter
of Mr. Berk, is also directly involved with
the ownership and management of the property.
OCCUPANCY: 97%
OCCUPANCY AS OF DATE: 30-Sep-99
UNDERWRITTEN NET OPERATING
INCOME: $1,729,701
UNDERWRITTEN NET CASH FLOW: $1,655,101
UNDERWRITTEN NET CASH FLOW
DSCR: 1.26x
APPRAISED VALUE: $20,100,000
APPRAISAL DATE: 12-Jul-99
CUT-OFF DATE LTV RATIO: 72.84%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 21
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
6000190 - Sports Arena Village
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $12,904,149.90
% OF MORTGAGE POOL
BALANCE: 1.80%
ORIGINATION DATE: 26-May-98
MATURITY DATE: 01-Jun-18
MORTGAGE INTEREST RATE: 7.51%
AMORTIZATION TERM: 240
BORROWER/ SPONSOR: The Borrowing Entity, Sports Arena Village, Ltd., a
single-asset SPE whose principals are Douglas
Allred (30%), the Allred Family Living Trust (27%)
and Ronald G. Wheatcroft (22%). Mr. Allred and Mr.
Wheatcroft have 40 years experience in real estate
development and management. Mr.Allred has
developed over 6,595 housing units, as well as 2.16
million sf of commercial space.
The Borrowers have a combined net worth in excess
of $51 million at the time of closing.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 119 months of its term; subject to Yield
Maintenance Penalty for the next 72 months and open
to prepayment without penalty for
the last 49 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Leasehold
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
----------- ---------- ------------ ------------
<S> <C> <C> <C> <C>
SAIC $13.63 100,418 39.43% 12/31/03
------------------------------------------------------------------------
CSC $14.15 37,862 14.87% 5/31/01
------------------------------------------------------------------------
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $42,458 /year for the life of
the loan.
The tenant improvement and leasing commission escrow is $84,957 /year for the
life of the loan.
PROPERTY INFORMATION
PROPERTY TYPE: Office/Retail
LOCATION: San Diego, CA
YEAR BUILT/ RENOVATED: 1981/NAP
PROPERTY SIZE: 254,679 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $50.67
GENERAL CHARACTERISTICS: The subject property is a nine-building mixed-use
complex, located at the intersection of Sports Arena Boulevard and Hancock
Street in San Diego, California. There are six two-story class B office
buildings and three single-story class B retail buildings. The site also has
two pads which are developed with a Men's Depot store and a Red Lobster
restaurant.
The property is located adjacent to the San Diego Sports Arena, home to the San
Diego Gulls hockey team. It also hosts concerts, expositions and other
recreational events.
PROPERTY MANAGER: The Wheatcroft Company was founded in 1981 by
Ronald Wheatcroft, who is also a general partner in
the borrowing entity. Mr. Wheatcroft entered the
commercial real estate business in 1963 with
Coldwell Banker and has been in the commercial real
estate development and management business ever
since.
OCCUPANCY: 95%
OCCUPANCY AS OF DATE: 01-Oct-99
UNDERWRITTEN NET OPERATING
INCOME: $2,065,702
UNDERWRITTEN NET CASH FLOW: $1,766,018
UNDERWRITTEN NET CASH FLOW
DSCR: 1.35x
APPRAISED VALUE: $19,500,000
APPRAISAL DATE: 30-Mar-98
CUT-OFF DATE LTV RATIO: 66.18%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 22
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
9902010037 - Holiday Inn - Somerset
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $12,899,823.81
% OF MORTGAGE POOL
BALANCE: 1.80%
ORIGINATION DATE: 16-Jul-99
MATURITY DATE: 01-Aug-09
MORTGAGE INTEREST RATE: 9.14%
AMORTIZATION TERM: 300
BORROWER/ SPONSOR: Franklin Hotel Investments LP, the principal of
which is Arnold Orleans. Mr. Orleans has been
involved in real estate development since 1974. He
developed the subject as well as two other hotels.
He has also acquired and renovated hotels for a
total of in excess of 1,000 rooms. Most of Mr.
Orleans' development activity has been concentrated
in New Jersey, but he has also been active in
Maryland, Virginia, Massachusetts, and Texas.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 34 months of its term; subject to defeasance for
the next 82 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Leasehold
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
FF&E reserves are escrowed on the basis of 4% of EGI and collected monthly. At
closing, $1,350,000 was escrowed for Phase I of the discretionary renovations
planned by the borrower. In addition, $500,000 was escrowed over the first 6
months of the loan term from deposits and cash flow for additional
discretionary renovations. As of January, 2000, $1,222,000 of these
discretionary improvements had been completed. See "General Characteristics."
PROPERTY INFORMATION
PROPERTY TYPE: Full Service Hotel
LOCATION: Somerset, NJ
YEAR BUILT/ RENOVATED: 1983/NAP
PROPERTY SIZE: 284 Rooms
CUT-OFF DATE PRINCIPAL
BALANCE PER UNIT: $45,421.91
GENERAL CHARACTERISTICS: The loan refinanced the leasehold interest in the
subject and provided funds for the borrower principal, Mr. Orleans, to buyout
his partners. The ground lease is held by a related party and runs to
12/31/2080. This 284-room Holiday Inn was developed by Mr. Orleans in 1983.
Amenities at this full-service hotel include a restaurant, lounge, outdoor
pool, fitness room, business center and more than 6,100 sf of meeting space.
The borrower had planned a $2.0 million renovation at the time of closing and,
as of January, 2000, $1.22 million had been spent. The renovation includes
guestroom case goods and soft goods, guestroom corridor refurbishment, lounge
carpet and upholstery, wallpaper, banquet equipment, computer systems upgrade,
parking lot, sidewalk, pool and laundry facility repairs.
The Holiday Inn is located on Davidson Avenue in Somerset, NJ just south of
I-287. It is in the midst of a class-A office market with AT&T, Lucent
Technologies, Bell Communications, Merrill Lynch, Bristol-Meyers Squibb,
Johnson & Johnson and Ortho Pharmaceuticals as major users. The subject is also
located across the street from the 60,000-s.f. Garden State Exhibit Center.
PROPERTY MANAGER: Winegardner & Hammons, Inc., a full-service
hospitality company. Founded in 1959 by Roy
Winegardner and John Hammons, they manage 28
hotels totalling 6,374 rooms.
OCCUPANCY: 59% (avg. for 1999)
OCCUPANCY AS OF DATE: 31-Dec-99
AVERAGE DAILY RATE: $105.37 (up from $96.96 in 1998, $84.82 in
1997, $78.07 in 1996)
UNDERWRITTEN NET OPERATING
INCOME: $2,326,452
UNDERWRITTEN NET CASH FLOW: $1,873,363
UNDERWRITTEN NET CASH FLOW
DSCR: 1.41x
APPRAISED VALUE: $21,000,000
APPRAISAL DATE: 18-Mar-99
CUT-OFF DATE LTV RATIO: 61.43%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 23
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0812009 - Southridge Shopping Center
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $11,417,665.34
% OF MORTGAGE POOL
BALANCE: 1.59%
ORIGINATION DATE: 05-Jan-00
MATURITY DATE: 01-Feb-10
MORTGAGE INTEREST RATE: 8.67%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR: Vansouth Limited Partnership, the principal of
which is William Fine. Mr. Fine began developing
real estate in 1957. He has developed office,
industrial, retail and multifamily projects in the
Twin Cities, Chicago, Los Angeles and San
Francisco. He has developed more than 1,100
apartment units and 700,000 sf of retail space.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 28 months of its term; subject to defeasance for
the next 88 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
----------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Sam's Club
(Walmart, Inc.) $ 8.61 103,928 51.37% 3/31/2007
------------------------------------------------------------------------
OfficeMax $ 9.25 25,850 12.78% 1/31/2003
------------------------------------------------------------------------
Pep Boys $ 8.25 25,007 12.36% 9/20/2013
------------------------------------------------------------------------
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $30,348/year.
An initial deposit to the TI/LC reserve was made in the amount of $100,000.
Monthly collections are made on the basis of $60,696/year. A separate Sam's
Club escrow was established for the potential roll of this space in March,
2007. Beginning in March, 2006, the borrower will be required to escrow $33,000
per month for one year ($396,000), for the potential re-tenanting of the Sam's
Club space. If Sam's Club exercises its option to renew for 5 years, the money
will be returned to the borrower.
PROPERTY INFORMATION
PROPERTY TYPE: Anchored Retail
LOCATION: Inver Grove Heights, MN
YEAR BUILT/ RENOVATED: 1986/NAP
PROPERTY SIZE: 202,308 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $56.44
GENERAL CHARACTERISTICS: The subject center is located in Inver Grove Heights,
Minnesota, which is part of the Twin Cities MSA. The center is anchored by a
103,928-sf Sam's Club (Walmart), a 25,850-sf Office Max and a 25,007-sf Pep
Boys. Sales at the Sam's Club have steadily increased from $313/s.f. in 1995 to
$402/s.f. in 1999.
The center is well-located 1/4 mile from I-494 and MN 110. The property is at
the intersection of Mendota Road (traffic count 23,500/day) and Robert Street
South (traffic count 82,000/day) with easy access and high visibility from both
roads.
PROPERTY MANAGER: Fine Associates LLC, a borrower affiliate. The
firm currently manages 713,000 sf of retail
space with four centers located in Minnesota,
Illinois and North Dakota as well as a
321-unit, 32-story luxury highrise apartment
building located in downtown Minneapolis.
OCCUPANCY: 93%
OCCUPANCY AS OF DATE: 01-Sep-99
UNDERWRITTEN NET OPERATING
INCOME: $1,535,275
UNDERWRITTEN NET CASH FLOW: $1,424,498
UNDERWRITTEN NET CASH FLOW
DSCR: 1.33x
APPRAISED VALUE: $16,750,000
APPRAISAL DATE: 14-Sep-99
CUT-OFF DATE LTV RATIO: 68.17%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 24
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
9903010048 - Stewart Plaza
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $11,180,811.13
% OF MORTGAGE POOL
BALANCE: 1.56%
ORIGINATION DATE: 14-May-99
MATURITY DATE: 01-Jun-09
MORTGAGE INTEREST RATE: 7.92%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR: Stewart Plaza Limited Partnership, the principals
of which are Gary V. Wild and William R. Lee each
of whom owns 26% through both GP and LP interests.
Mr. Wild and Mr.Lee developed the subject in 1987.
Mr. Wild also owns a 24-unit Victorian Inn and
numerous 2-family rental units in Ouray, CO. Mr.
Lee owns small rental properties in Upland and
Laguna, CA. The subject is the principals' largest
commercial real estate asset.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 36 months of its term; subject to defeasance for
the next 80 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
----------- -------- ------------ ------------
<S> <C> <C> <C> <C>
Century 21
Beachside $18.82 9,958 8.01% 1/31/2004
------------------------------------------------------------------------
Scott Goldman,
M.D., Inc. $14.09 8,655 6.97% 3/31/2003
------------------------------------------------------------------------
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $24,852/year.
The tenant improvement escrow is $69,792/year funded monthly and the leasing
commission escrow is $54,108/year funded monthly. There is a combined cap on
the TI/LC escrows of $240,000 which has been calculated as sufficient to cover
the largest tenant rollover year.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Upland, CA
YEAR BUILT/ RENOVATED: 1987/1990
PROPERTY SIZE: 124,262 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $89.98
GENERAL CHARACTERISTICS: The subject is comprised of 7 buildings with 111,973
sf of multi-tenanted office space and 12,289 sf of retail space. Two of the
office buildings are 3-stories. The remaining buildings are single story.
The subject is at the intersection of N. Mountain and Arrow Streets in Upland,
CA. It is a block away from the San Bernadino Freeway (I-10). Other development
between the I-10 and the subject includes the 200,000-s.f. Mountain Green
Shopping Center with Home Depot, Von's and T.J. Maxx. The area is fully
developed with minimal opportunity for new competition.
The property is in excellent condition and is 93% occupied with a diverse tenant
roster and staggered tenant rollover.
PROPERTY MANAGER: Westrend/ Mountain dba Stewart Plaza
OCCUPANCY: 93%
OCCUPANCY AS OF DATE: 31-Oct-99
UNDERWRITTEN NET OPERATING
INCOME: $1,482,482
UNDERWRITTEN NET CASH FLOW: $1,331,036
UNDERWRITTEN NET CASH FLOW
DSCR: 1.35x
APPRAISED VALUE: $15,300,000
APPRAISAL DATE: 02-Apr-99
CUT-OFF DATE LTV RATIO: 73.08%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 25
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0810176 - The Carriage Building (Building 39)
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL
BALANCE: $10,957,229.98
% OF MORTGAGE POOL
BALANCE: 1.53%
ORIGINATION DATE: 14-Oct-99
MATURITY DATE: 01-Nov-09
MORTGAGE INTEREST RATE: 8.22%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR: Navy Yard Plaza Development Associates - 39 Limited
Partnership with the Navy Yard Development
Associates II, Inc., a Massachusetts corporation as
general partner. The President of the general
partner is Robert Kenney who has 31 years of
development experience.
CALL PROTECTION AT The loan is locked-out to prepayment for the first
ORIGINATION: 31 months of its term; subject to defeasance for
the next 85 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Leasehold
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
--------- ---- ---------- ----------
<S> <C> <C> <C> <C>
Massachusetts
Water Resources
Authority $25.65 84,789 98.79% 9/30/2006
------------------------------------------------------------------------
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $13,572/year.
The tenant improvement and leasing commission escrow is $85,824/year.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Charlestown, MA
YEAR BUILT/ RENOVATED: 1886/1987
PROPERTY SIZE: 85,825 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $127.67
GENERAL CHARACTERISTICS: Originally constructed in 1886, the subject is located
in the Charlestown Navy Yard, within the metropolitan area of Boston. It was
completely renovated in 1987 into a four-story office building. There is
approximately 1,000 sf of retail space on the first floor occupied by a
mini-market and floors 2 through 4 are occupied by the Massachusetts Water
Resources Authority (MWRA). This quasi-public agency provides water supply
services and sewage collection, treatment and disposal services to areas of
Massachusetts. The subject is on an 80-year ground lease, expiring in 2067,
from the Boston Redevelopment Authority which controls 105 acres of the
135-acre Navy Yard. There are 350,000 sf of office space and 725,000 sf of
biomedical research space in the Navy Yard with the largest user being
Massachusetts General Hospital.
The Navy Yard is strategically located immediately north of Boston. It is within
a short drive of the Financial District, the Back Bay, Cambridge and Boston's
northern suburbs. Access to I-93 and Route 1 is excellent.
PROPERTY MANAGER: Fulton Properties, a borrower affiliate.
OCCUPANCY: 100%
OCCUPANCY AS OF DATE: 01-Oct-99
UNDERWRITTEN NET OPERATING
INCOME: $1,424,528
UNDERWRITTEN NET CASH FLOW: $1,281,358
UNDERWRITTEN NET CASH FLOW
DSCR: 1.30x
APPRAISED VALUE: $16,350,000
APPRAISAL DATE: 30-Jun-99
CUT-OFF DATE LTV RATIO: 67.02%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any
other purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any 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. Each underwriter and its 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). Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein
supersedes all prior information regarding such assets. All information in this
Term Sheet, whether regarding the assets backing any securities discussed
herein or otherwise, will be superseded by the information contained in any
final prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction. The issuer has not prepared or taken part in the
preparation of these materials.
<PAGE> 26
SALOMONSMITHBARNEY
------------------
SBMS VII 2000-C1 ALL COLLATERAL as of date: 6/1/00 716,287,804
---------------------------------------------------------------------
Overview of Collateral Pool
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
INSTITUTION #LOANS #PROPS $ %
<S> <C> <C> <C> <C>
SBRC 119 124 230,263,871 32.15
GCFP 148 148 486,023,933 67.85
Total 267 272 716,287,804 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
U/W
-----------------------------------------------------------------------------------------------------------------
DSCR TOP 10 LOANS $ %
<S> <C> <C> <C>
1.21x Putnam Building (SBRC) 28,618,255 4.00
1.20x Jovanna Villas Apartments/Los Cabos II Apartments (XC) (GCFP) 23,685,052 3.31
1.32x Sunrise Plaza Shopping Center (GCFP) 14,887,463 2.08
1.26x Hasbrouck & Torview Apartments (GCFP) 14,641,647 2.04
1.35x Sports Arena Village (SBRC) 12,904,150 1.80
1.41x Holiday Inn Somerset (GCFP) 12,899,824 1.80
1.33x Southridge Shopping Center (GCFP) 11,417,665 1.59
1.35x Stewart Plaza.(GCFPK) 11,180,811 1.56
1.30x The Carriage1Building (Building 39) (GCFP) 10,957,230 1.53
1.22x 1000 Adams Avenue (GCFP) 10,862,493 1.52
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
TOP 5 PROP TYPES # $ %
<S> <C> <C> <C>
Office 45 188,926,406 26.38
Multifamily 99 160,173,318 22.36
Unanchored Retail 55 109,914,651 15.35
Industrial 28 83,496,096 11.66
Anchored Retail 7 49,389,199 6.90
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
PROPERTY TYPE STRAT # $ %
<S> <C> <C> <C>
Office 45 188,926,406 26.38
Multifamily 99 160,173,318 22.36
Unanchored Retail 55 109,914,651 15.35
Industrial 28 83,496,096 11.66
Anchored Retail 7 49,389,199 6.90
Office/Retail 11 42,490,237 5.93
Full Service Hotel 6 36,962,179 5.16
Limited Service Hotel 9 19,935,076 2.78
Mixed Use 3 12,613,771 1.76
Mobile Home Park 8 8,848,463 1.24
Self Storage 1 3,538,410 0.49
Other - - -
Total # Properties 272 716,287,804 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
TOP 10 STATES # $ %
<S> <C> <C> <C>
CA 54 158,970,997 22.19
NY 27 101,650,658 14.19
MA 9 72,167,959 10.08
NV 11 46,304,973 6.46
FL 25 41,405,893 5.78
TX 30 34,689,981 4.84
PA 4 32,383,208 4.52
NJ 10 25,965,176 3.62
AZ 9 21,879,227 3.05
MN 4 19,120,362 2.67
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NCF DSCR=1.34X
MIN / MAX = 1.04X/3.00X
---------------------------------------------------------------------------------------------------------------------------
NCF DSCR STRAT # $ %
<S> <C> <C> <C>
1.00 to 1.09 2 4,619,411 0.64
1.10 to 1.19 5 30,319,724 4.23
1.20 to 1.24 24 94,196,663 13.15
1.25 to 1.29 76 207,298,886 28.94
1.30 to 1.39 82 236,434,025 33.01
1.40 to 1.49 37 73,420,325 10.25
1.50 to 1.59 21 37,944,357 5.30
1.60 to 1.69 12 23,227,419 3.24
>= 1.70 8 8,826,994 1.23
Total # Loans 267 716,287,804 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
---------------------------------
<S> <C>
Top 3 loans 9.38
Top 5 loans 13.23
Top 10 loans 21.23
---------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
AVERAGE BALANCE = $2.683 MILLION
min / max 0.224 / 28.618
CURRENT BALANCE STRAT # $ %
<S> <C> <C> <C>
$0 to $999,999 78 47,100,589 6.58
$1,000,000 to $2,499,999 101 164,982,801 23.03
$2,500,000 to $4,999,999 50 173,609,111 24.24
$5,000,000 to $7,499,999 20 118,550,226 16.55
$7,500,000 to $9,999,999 7 59,628,273 8.32
$10,000,000 to $14,999,999 10 123,798,550 17.28
$15,000,000 to $29,999,999 1 28,618,255 4.00
Total # Loans 267 716,287,804 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
WAC = 8.191%
min / max 6.870 / 9.875
GROSS COUPON STRAT # $ %
<S> <C> <C> <C>
0.00% to 6.99% 1 5,259,510 0.73
7.00% to 7.24% 4 14,374,618 2.01
7.25% to 7.49% 8 18,272,420 2.55
7.50% to 7.74% 14 77,339,871 10.80
7.75% to 7.99% 42 88,671,134 12.38
8.00% to 8.24% 55 193,989,143 27.08
8.25% to 8.49% 59 152,606,908 21.31
8.50% to 8.74% 36 80,856,661 11.29
>= 8.75% 48 84,917,539 11.86
Total # Loans 267 716,287,804 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
as of date: 6/1/00 WAM = 118.4
min / max 71.0 / 287.0
Remaining Term Strat # $ %
<S> <C> <C> <C>
0 to 83 6 8,158,517 1.14
84 to 95 8 13,965,464 1.95
96 to 107 76 111,751,512 15.60
108 to 119 155 510,222,061 71.23
120 to 179 7 38,335,565 5.35
180 to 239 11 24,928,036 3.48
240 to 359 4 8,926,649 1.25
>=240 - - -
Total # Loans 267 716,287,804 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE CURRENT LTV = 69.43%
min / max 28% / 85%
Current LTV Strat # $ %
<S> <C> <C> <C>
0% to 39.99% 5 3,379,383 0.47
40.00% to 44.99% 4 4,496,508 0.63
45.00% to 49.99% 7 16,004,415 2.23
50.00% to 54.99% 11 21,060,383 2.94
55.00% to 59.99% 21 27,465,545 3.83
60.00% to 64.99% 33 67,273,088 9.39
65.00% to 69.99% 56 158,820,769 22.17
70.00% to 74.99% 91 308,956,451 43.13
>= 75.00% 39 108,831,262 15.19
Total # Loans 267 716,287,804 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
PREPAY PROVISION STRAT # $ %
<S> <C> <C> <C>
Lockout/YM & > of YM or 1% 47 77,789,642 10.86
Lockout/Defeasance 180 608,177,073 84.91
Lockout/Declining Fee 5 4,215,798 0.59
YM 1 1,108,725 0.15
YM & > of YM or 1%/Declining Fee 9 8,584,394 1.20
> of YM or 1% 25 16,412,173 2.29
Total # Loans 267 716,287,804 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 27
SMITHSALOMONBARNEY
------------------
SBMS VII 2000-C1 SBRC COLLATERAL as of date: 6/1/00 230,263,871
-------------------------------------------------------------------
Overview of Collateral Pool
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
INSTITUTION #LOANS #PROPS $ %
<S> <C> <C> <C> <C>
SBRC 119 124 230,263,871 100.00
GCFP - - - -
Total 119 124 230,263,871 100.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
U/W
----------------------------------------------------------------------------------------------------------------
DSCR TOP 10 LOANS $ %
<S> <C> <C> <C>
1.21x Putnam Building (SBRC) 28,618,255 12.43
1.35x Sports Arena Village (SBRC) 12,904,150 5.60
1.28x Los Altos Woods Office Building (SBRC) 7,816,669 3.39
1.25x Bridgetown 1 Office Building (SBRC) 6,624,009 2.88
1.53x Herdon Plaza Retail Center (SBRC) 5,285,529 2.30
1.32x 132 South Rodeo Drive (SBRC) 4,976,478 2.16
1.28x Cherry Tree Shopping Center (SBRC) 4,685,602 2.03
1.20x 1916-1928 Old. Middlefield Road (SBRC) 4,575,159 1.99
1.28x Jester Village Retail Center (SBRC) 3,863,651 1.68
1.26x Otay Distribution Center (SBRC) 3,690,077 1.60
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
TOP 5 PROP TYPES # $ %
<S> <C> <C> <C>
Office 18 71,813,841 31.19
Multifamily 49 54,202,962 23.54
Unanchored Retail 32 54,067,569 23.48
Office/Retail 6 21,326,491 9.26
Industrial 10 12,903,259 5.60
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
PROPERTY TYPE STRAT # $ %
<S> <C> <C> <C>
Office 18 71,813,841 31.19
Multifamily 49 54,202,962 23.54
Unanchored Retail 32 54,067,569 23.48
Industrial 10 12,903,259 5.60
Anchored Retail 1 5,285,529 2.30
Office/Retail 6 21,326,491 9.26
Full Service Hotel - - -
Limited Service Hotel 4 6,546,348 2.84
Mixed Use 1 627,514 0.27
Mobile Home Park 3 3,490,358 1.52
Self Storage - - -
Other - - -
Total # Properties 124 230,263,871 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
TOP 10 STATES # $ %
<S> <C> <C> <C>
CA 34 69,608,565 30.23
MA 1 28,618,255 12.43
TX 22 26,495,246 11.51
FL 14 20,921,033 9.09
NY 4 9,892,937 4.30
GA 5 7,868,584 3.42
OR 3 7,723,532 3.35
NV 4 7,515,842 3.26
AZ 4 7,153,402 3.11
MD 1 4,685,602 2.03
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NCF DSCR = 1.34x
min / max = 1.04x/3.00x
NCF DSCR STRAT # $ %
<S> <C> <C> <C>
1.00 to 1.09 2 4,619,411 2.01
1.10 to 1.19 2 4,824,191 2.10
1.20 to 1.24 14 52,993,833 23.01
1.25 to 1.29 35 61,109,943 26.54
1.30 to 1.39 32 55,533,772 24.12
1.40 to 1.49 15 23,833,402 10.35
1.50 to 1.59 11 18,312,433 7.95
1.60 to 1.69 5 6,736,502 2.93
>= 1.70 3 2,300,384 1.00
Total # Loans 119 230,263,871 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
AVERAGE BALANCE = $1.935 MILLION
min / max 0.292 / 28.618
CURRENT BALANCE STRAT # $ %
<S> <C> <C> <C>
$0 to $999,999 41 28,168,040 12.23
$1,000,000 to $2,499,999 56 83,962,243 36.46
$2,500,000 to $4,999,999 17 56,884,977 24.70
$5,000,000 to $7,499,999 2 11,909,538 5.17
$7,500,000 to $9,999,999 1 7,816,669 3.39
$10,000,000 to $14,999,999 1 12,904,150 5.60
$15,000,000 to $29,999,999 1 28,618,255 12.43
Total # Loans 119 230,263,871 100.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
WAC = 8.112%
min / max 7.130 / 9.875
GROSS COUPON STRAT # $ %
<S> <C> <C> <C>
0.00% to 6.99% - - -
7.00% to 7.24% 1 2,554,420 1.11
7.25% to 7.49% 6 13,587,040 5.90
7.50% to 7.74% 7 51,058,142 22.17
7.75% to 7.99% 16 33,020,634 14.34
8.00% to 8.24% 14 28,882,027 12.54
8.25% to 8.49% 30 49,145,727 21.34
8.50% to 8.74% 18 23,564,625 10.23
>= 8.75% 27 28,451,256 12.36
Total # Loans 119 230,263,871 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
as of date: 6/1/00 WAM = 124.1
min / max 71.0 / 216.0
REMAINING TERM STRAT # $ %
<S> <C> <C> <C>
0 to 83 4 4,868,768 2.11
84 to 95 6 11,206,877 4.87
96 to 107 39 41,422,849 17.99
108 to 119 61 120,064,307 52.14
120 to 179 4 31,013,004 13.47
180 to 239 5 21,688,067 9.42
240 to 359 - - -
>=240 - - -
Total # Loans 119 230,263,871 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE CURRENT LTV = 70.16%
min / max 28% / 85%
CURRENT LTV STRAT # $ %
<S> <C> <C> <C>
0% to 39.99% 2 1,705,845 0.74
40.00% to 44.99% 1 594,539 0.26
45.00% to 49.99% 3 3,324,643 1.44
50.00% to 54.99% 5 8,971,436 3.90
55.00% to 59.99% 10 12,594,706 5.47
60.00% to 64.99% 14 18,376,226 7.98
65.00% to 69.99% 19 40,159,398 17.44
70.00% to 74.99% 41 84,709,830 36.79
>= 75.00% 24 59,827,248 25.98
Total # Loans 119 230,263,871 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
PREPAY PROVISION STRAT # $ %
<S> <C> <C> <C>
Lockout/YM & > of YM or 1% 44 65,878,546 28.61
Lockout/Defeasance 66 155,265,563 67.43
Lockout/Declining Fee 5 4,215,798 1.83
YM 1 1,108,725 0.48
YM & > of YM or 1%/Declining Fee 3 3,795,239 1.65
> of YM or 1% - - -
Total # Loans 119 230,263,871 100.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 28
SALOMONSMITHBARNEY
------------------
SBMS VII 2000-C1 GCFP COLLATERAL as of date: 6/1/00 486,023,933
---------------------------------------------------------------------
Overview of Collateral Pool
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INSTITUTION #LOANS #PROPS $ %
<S> <C> <C> <C> <C>
SBRC - - - -
GCFP 148 148 486,023,933 100.00
Total 148 148 486,023,933 100.00
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
U/W
---------------------------------------------------------------------------------------------------------------------
DSCR TOP 10 LOANS $ %
<S> <C> <C> <C>
1.20x Jovanna Villas Apartments/Los Cabos II Apartments (XC) (GCFP) 23,685,052 4.87
1.32x Sunrise Plaza Shopping Center (GCFP) 14,887,463 3.06
1.26x Hasbrouck & Torview Apartments (GCFP) 14,641,647 3.01
1.41x Holiday Inn Somerset (GCFP) 12,899,824 2.65
1.33x Southridge Shopping Center (GCFP) 11,417,665 2.35
1.35x Stewart Plaza (GCFP) 11,180,811 2.30
1.3Ox The Carriage Building (Building 39) (GCFP) 10,957,230 2.25
1.22x 1000 Adams Avenue (GCFP) 10,862,493 2.23
1.29x 101 West Avenue (GCFP) 10,334,869 2.13
1.30x Clearview Farms Apartments (GCFP) 9,745,438 2.01
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
TOP 5 PROP TYPES # $ %
<S> <C> <C> <C>
Office 27 117,112,565 24.10
Multifamily 50 105,970,357 21.80
Industrial 18 70,592,837 14.52
Unanchored Retail 23 55,847,083 11.49
Anchored Retail 6 44,103,670 9.07
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
PROPERTY TYPE STRAT # $ %
<S> <C> <C> <C>
Office 27 117,112,565 24.10
Multifamily 50 105,970,357 21.80
Unanchored Retail 23 55,847,083 11.49
Industrial 18 70,592,837 14.52
Anchored Retail 6 44,103,670 9.07
Office/Retail 5 21,163,746 4.35
Full Service Hotel 6 36,962,179 7.61
Limited Service Hotel 5 13,388,727 2.75
Mixed Use 2 11,986,256 2.47
Mobile Home Park 5 5,358,104 1.10
Self Storage 1 3,538,410 0.73
Other - - -
Total # Properties 148 486,023,933 100.00
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
TOP 10 STATES # $ %
<S> <C> <C> <C>
NY 23 91,757,722 18.88
CA 20 89,362,432 18.39
MA 8 43,549,704 8.96
NV 7 38,789,130 7.98
PA 4 32,383,208 6.66
NJ 5 22,766,497 4.68
FL 11 20,484,860 4.21
MN 2 15,507,135 3.19
AZ 5 14,725,825 3.03
MD 3 13,565,058 2.79
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE NCF DSCR = 1.34x
min / max = 1.19x /2.65x
NCF DSCR STRAT # $ %
<S> <C> <C> <C>
1.00 to 1.09 - - -
1.10 to 1.19 3 25,495,533 5.25
1.20 to 1.24 10 41,202,830 8.48
1.25 to 1.29 41 146,188,943 30.08
1.30 to 1.39 50 180,900,253 37.22
1.40 to 1.49 22 49,586,923 10.20
1.50 to 1.59 10 19,631,925 4.04
1.60 to 1.69 7 16,490,917 3.39
>= 1.70 5 6,526,610 1.34
Total # Loans 148 486,023,933 100.00
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
AVERAGE BALANCE = $3.284 MILLION
min / max 0.224 / 14.887
CURRENT BALANCE STRAT # $ %
<S> <C> <C> <C>
$0 to $999,999 37 18,932,549 3.90
$1,000,000 to $2,499,999 45 81,020,558 16.67
$2,500,000 to $4,999,999 33 116,724,135 24.02
$5,000,000 to $7,499,999 18 106,640,688 21.94
$7,500,000 to $9,999,999 6 51,811,604 10.66
$10,000,000 to $14,999,999 9 110,894,400 22.82
$15,000,000 to $29,999,999 - - -
Total # Loans 148 486,023,933 100.00
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WAC = 8.229%
min / max 6.870 / 9.310
GROSS COUPON STRAT # $ %
<S> <C> <C> <C>
0.00% to 6.99% 1 5,259,510 1.08
7.00% to 7.24% 3 11,820,198 2.43
7.25% to 7.49% 2 4,685,380 0.96
7.50% to 7.74% 7 26,281,728 5.41
7.75% to 7.99% 26 55,650,501 11.45
8.00% to 8.24% 41 165,107,116 33.97
8.25% to 8.49% 29 103,461,182 21.29
8.50% to 8.74% 18 57,292,036 11.79
>= 8.75% 21 56,466,283 11.62
Total # Loans 148 486,023,933 100.00
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
as of date: 6/1/00 WAM = 115.7
min / max 78.0 / 287.0
REMAINING TERM STRAT # $ %
<S> <C> <C> <C>
0 to 83 2 3,289,749 0.68
84 to 95 2 2,758,587 0.57
96 to 107 37 70,328,663 14.47
108 to 119 94 390,157,755 80.28
120 to 179 3 7,322,561 1.51
180 to 239 6 3,239,969 0.67
240 to 359 4 8,926,649 1.84
>=240 - - -
Total # Loans 148 486,023,933 100.00
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WEIGHTED AVERAGE CURRENT LTV = 69.09%
min / max 29% / 80%
CURRENT LTV STRAT # $ %
<S> <C> <C> <C>
0% to 39.99% 3 1,673,538 0.34
40.00% to 44.99% 3 3,901,969 0.80
45.00% to 49.99% 4 12,679,772 2.61
50.00% to 54.99% 6 12,088,947 2.49
55.00% to 59.99% 11 14,870,839 3.06
60.00% to 64.99% 19 48,896,862 10.06
65.00% to 69.99% 37 118,661,371 24.41
70.00% to 74.99% 50 224,246,621 46.14
>= 75.00% 15 49,004,014 10.08
Total # Loans 148 486,023,933 100.00
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
PREPAY PROVISION STRAT # $ %
<S> <C> <C> <C>
Lockout/YM & > of YM or 1% 3 11,911,096 2.45
Lockout/Defeasance 114 452,911,510 93.19
Lockout/Declining Fee - - -
YM - - -
YM & > of YM or 1%/Declining Fee 6 4,789,155 0.99
> of YM or 1% 25 16,412,173 3.38
Total # Loans 148 486,023,933 100.00
--------------------------------------------------------------------------------------------------
</TABLE>
