<PAGE> 1
Exhibit 99.1
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-C2
CLASSES A1, A2, B, C, D, E, F AND G $711,455,000 (APPROXIMATE)
-------------
CMBS NEW ISSUE TERM SHEET
-------------
AUGUST 3, 2000
SALOMONSMITHBARNEY
PAINEWEBBER, INC. CHASE SECURITIES INC.
ARTESIA BANKING CORPORATION
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securities discussed herein or otherwise, will be superseded by the information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 1 of 27
<PAGE> 2
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
CONTACT INFORMATION
-------------------
<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]
PAINEWEBBER TRADING/DISTRIBUTION
Renny Mendez (212) 713-4002 (212) 713-2638 [email protected]
John Otis (212) 713-4002 (212) 713-2638 [email protected]
Michael Kislin (212) 713-4002 (212) 713-2638 [email protected]
FINANCE
Ron Wechsler (212) 713-8963 (212) 713-3006 [email protected]
Mark Lebowitz (212) 713-7954 (212) 713-8606 [email protected]
Scott Stein (212) 713-3625 (212) 713-3006 [email protected]
ANALYTICS
Edmond Chan (212) 713-8377 (212) 713-8606 [email protected]
Ivan Zeron (212) 713-3920 (212) 713-8606 [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]
ARTESIA Frank Persyn 011-322-204-3781 011-322-204-3751 [email protected]
Diana Kelsey Kutas (425) 313-3999 (425) 313-1005 [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 of 27
<PAGE> 3
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
BOND CLASSES
<TABLE>
<CAPTION>
SERIES 2000-C2 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
-----------------------------------------------------------------------------------------------------------------------------------
INITIAL APPROX.
AGGREGATE % OF
PRINCIPAL INITIAL APPROX. WEIGHTED
BALANCE OR MORTGAGE INITIAL AVERAGE PRINCIPAL
NOTIONAL POOL CREDIT PASS-THROUGH RATE LIFE ERISA PAYMENT
CLASS RATINGS (1) AMOUNT BALANCE SUPPORT DESCRIPTION (4) (YEARS)(3) DELIVERY ELIGIBLE WINDOW (3)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 Aaa/AAA $115,894,000 14.74% 23.50% Fixed Rate 5.70 DTC Yes 09/00 - 06/09
A-2 Aaa/AAA $485,501,000 61.76% 23.50% Fixed Rate 9.25 DTC Yes 06/09 - 04/10
B Aa2/AA $ 33,411,000 4.25% 19.25% Fixed/WAC Cap 9.71 DTC N/A 04/10 - 05/10
C A2/A $ 33,411,000 4.25% 15.00% Fixed/WAC Cap 9.75 DTC N/A 05/10 - 06/10
D A3/A- $ 7,862,000 1.00% 14.00% Fixed/WAC Cap 9.82 DTC N/A 06/10 - 06/10
E Baa1/BBB+ $ 11,792,000 1.50% 12.50% Fixed/WAC Cap 9.82 DTC N/A 06/10 - 06/10
F Baa2/BBB $ 13,757,000 1.75% 10.75% WAC 9.82 DTC N/A 06/10 - 06/10
G Baa3/BBB- $ 9,827,000 1.25% 9.50% WAC 9.82 DTC N/A 06/10 - 06/10
</TABLE>
<TABLE>
<CAPTION>
PRIVATELY PLACED CLASSES
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X Aaa/AAA $786,138,492(2) 100.00% N/A Variable Rate N/A N/A N/A N/A
H NR/BB+ $ 21,619,000 2.75% 6.75% Fixed Rate N/A N/A N/A N/A
J Ba2/BB $ 13,757,000 1.75% 5.00% Fixed Rate N/A N/A N/A N/A
K Ba3/BB- $ 5,896,000 0.75% 4.25% Fixed Rate N/A N/A N/A N/A
L B1/B+ $ 5,896,000 0.75% 3.50% Fixed Rate N/A N/A N/A N/A
M B2/B $ 8,844,000 1.12% 2.38% Fixed Rate N/A N/A N/A N/A
N B3/B- $ 6,879,000 0.88% 1.50% Fixed Rate N/A N/A N/A N/A
P NR/NR $ 11,792,492 1.50% N/A Fixed Rate N/A N/A N/A N/A
Total
Securities: $786,138,492
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratings shown are those of Moodys Investor's Service and Fitch Inc.,
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 Pool Pass-Through Rate
over the respective pass-through rates of the other classes of certificates
identified in the table above.
(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, d) not receive a balloon extension, e) no cleanup call, and f) no
loan repurchase.
(4) (i) The pass-through rate for publicly offered classes A1 and A2 will be
equal to a fixed rate.
(ii) The pass-through rate for publicly offered classes B-E will be the
lesser of a) a fixed rate and b) the Weighted Average Pool
Pass-Through Rate.
(iii) The pass-through rate for publicly offered classes F and G will be
equal to the Weighted Average Pool Pass-Through Rate.
STRUCTURAL OVERVIEW
[CHART]
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 3 of 27
<PAGE> 4
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C2
$ 711,455,000 (Approximate)
<TABLE>
<CAPTION>
KEY FEATURES:
<S> <C>
Lead Manager and Underwriter: Salomon Smith Barney Inc.
Book Runner: Salomon Smith Barney Inc.
Co-Managers and Underwriters: PaineWebber Incorporated; Chase Securities
Incorporated; Artesia Banking Corporation
Loan Originators: Salomon Brothers Realty Corp. ("SBRC")
Paine Webber Real Estate Securities Inc. ("PW")
Artesia Mortgage Capital Corporation ("AMCC")
Orix Real Estate Capital Markets, LLC ("ORIX")
Master Servicer: Orix
Special Servicer: Orix
Trustee: Wells Fargo Bank Minnesota, N.A.
Cut-Off Date: August 1, 2000 (except for one loan with a
cut-off date of August 5, 2000)
Payment Delay: 17 days
Payment Date: 18th of each month, or the following business
day (commencing in September, 2000)
ERISA Eligibility: Classes "A1" and "A2" are expected to be ERISA
eligible under lead manager's exemption. Other
classes of offered certificates may be
purchased by ERISA plans only under another
exemption (e.g. QPAM, INHAM, if available)
Structure: Sequential Pay
Offering Type: Public - Classes A1-G; Private - Classes X, H-P
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: July 1, 2033
Minimum Denomination: $10,000 (classes A - G)
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL FACTS:(a)(b)(c)
<S> <C>
Initial Pool Balance: $786,138,493
Number of Mortgage Loans: 194
Number of Properties 211
Average Loan Cut-off Date Balance: $4,052,260($782,840 to $31,483,555)
Weighted Average Mortgage Rate: 8.295%(6.750% to 9.400%)
Weighted Average U/W NCF DSCR: 1.33x(1.15x to 3.26x)(d)
Weighted Average Cut-off Date LTV Ratio: 70.83%(22.13% to 85.28%)
Weighted Average Remaining Term to Scheduled Maturity/ARD: 116 mos.(55 mos. to 234 mos.)
Weighted Average Remaining Amortization Term: 338 mos.(99 mos. to 359 mos.)
Weighted Average Seasoning: 8 mos.(1 mos. to 25 mos.)
</TABLE>
(a) For each weighted average characteristic presented in the table, the range
of individual values for that characteristic appears in parenthesis.
(b) For purposes of this Term Sheet, weighted averages are calculated according
to the Cut-off Date principal balances of the individual mortgage loans or
allocated principal balances of the mortgaged properties, as applicable.
(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.
(d) Minimum U/W NCF DSCR excluded CTL 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 4 of 27
<PAGE> 5
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C2
$711,455,000 (Approximate)
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL
NUMBER OF CUT-OFF DATE MORTGAGE WTD. AVG.
MORTGAGE PRINCIPAL POOL U/W NCF
LOAN ORIGINATORS LOANS BALANCE BALANCE DSCR
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Salomon Brothers Realty Corp. 52 $ 297,922,193 37.90% 1.32x
PaineWebber Real Estate Securities Inc. 61 276,301,631 35.15 1.31
Artesia Mortgage Capital Corp. 69 133,176,088 16.94 1.36
Orix Real Estate Capital Markets 12 78,738,581 10.02 1.34
-----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 1.33X
-----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE
NUMBER OF CUT-OFF DATE % OF INITIAL WTD. AVG.
MORTGAGED PRINCIPAL MORTGAGE U/W NCF
STATE PROPERTIES BALANCE POOL BALANCE DSCR
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California 40 $ 127,668,588 16.24% 1.31x
New York 22 81,336,540 10.35 1.37
Ohio 8 53,484,178 6.80 1.39
Florida 15 53,282,130 6.78 1.33
Washington 9 42,471,715 5.40 1.34
Massachusetts 14 40,966,930 5.21 1.27
Texas 14 39,211,564 4.99 1.32
Other 89 347,716,848 44.23 1.32
-------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 211 $ 786,138,493 100.00% 1.33X
-------------------------------------------------------------------------------
</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 of 27
<PAGE> 6
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C2
$711,455,000 (Approximate)
<TABLE>
<CAPTION>
AGGREGATE
NUMBER OF CUT-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 (1) 3 $ 7,744,281 0.99% 1.01x
1.10x to 1.19x 5 6,376,657 0.81 1.18
1.20x to 1.24x 35 163,292,997 20.77 1.23
1.25x to 1.29x 54 275,461,458 35.04 1.27
1.30x to 1.39x 42 180,783,851 23.00 1.33
1.40x to 1.49x 28 99,113,477 12.61 1.43
1.50x to 1.59x 10 23,122,028 2.94 1.55
1.60x to 1.69x 7 13,686,447 1.74 1.65
1.70x to 1.79x 5 7,670,596 0.98 1.73
1.80x to 3.59x 5 8,886,702 1.13 2.59
-------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 1.33X
-------------------------------------------------------------------------------
</TABLE>
(1) CTL loans
<TABLE>
<CAPTION>
AGGREGATE
NUMBER OF CUT-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 49.99% 14 $ 19,260,477 2.45% 1.97x
50.00% to 54.99% 13 18,812,454 2.39 1.49
55.00% to 59.99% 13 50,250,627 6.39 1.36
60.00% to 64.99% 15 66,654,701 8.48 1.31
65.00% to 69.99% 32 100,113,825 12.73 1.37
70.00% to 74.99% 63 307,699,404 39.14 1.31
75.00% to 79.99% 39 195,165,704 24.83 1.27
80.00% to 84.99% 4 25,025,792 3.18 1.22
85.00% to 89.99% 1 3,155,510 0.40 1.01
------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 1.33X
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL MAXIMUM CUT- WTD. AVG. WTD. AVG.
NUMBER OF OFF DATE MORTGAGE OFF DATE WTD. AVG. STATED WTD. AVG. CUT-OFF DATE
MORTGAGED PRINCIPAL POOL 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 46 $ 269,198,624 34.24% $ 29,159,803 8.344% 115 1.30x 68.81%
Anchored Retail 11 112,813,598 14.35 31,483,555 8.361 112 1.28 75.52
Industrial 35 101,271,591 12.88 12,558,042 8.298 117 1.33 69.88
Multifamily 41 97,345,435 12.38 14,385,472 8.180 116 1.29 74.71
Unanchored Retail 39 85,889,380 10.93 6,319,280 8.187 113 1.36 68.40
Industrial/Office 12 46,071,582 5.86 18,874,391 8.374 111 1.36 71.57
Mixed Use 9 25,669,635 3.27 11,426,513 8.257 110 1.64 64.73
Mobile Home Park 5 18,603,586 2.37 6,815,006 8.297 110 1.36 74.65
Limited Service Hotel 5 12,973,506 1.65 5,795,196 7.475 169 1.60 69.55
CTL 3 7,744,281 0.99 3,155,510 8.931 231 1.01 81.99
Self Storage 4 6,636,104 0.84 2,596,919 8.439 108 1.41 61.09
Assisted Living 1 1,921,171 0.24 1,921,171 9.140 112 1.85 65.79
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 211 $ 786,138,493 100.00% 8.295% 116 1.33X 70.83%
-----------------------------------------------------------------------------------------------------------------------------------
</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 6 of 27
<PAGE> 7
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 interest on 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
between Classes A1 and A2)
- The Master Servicer will cover prepayment interest shortfalls, up to the
portion of the Master Servicing Fee equal to 0.01% per annum and any
prepayment interest excesses. Net prepayment interest shortfalls (after
application of prepayment interest excesses and Servicer coverage from the
Master Servicing Fee) will be allocated pro-rata based on interest
entitlements with respect to each of the certificate classes
- 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 or realized losses 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)
- The pass-through rate with respect to the IO is protected from loan
modifications and/or waivers which reduce individual Mortgage Rates
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 7 of 27
<PAGE> 8
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PREPAYMENT PROVISIONS
INITIAL LOAN POOL PREPAYMENT RESTRICTIONS COMPOSITION OVER TIME (1)
<TABLE>
<CAPTION>
MONTHS FOLLOWING CUT-OFF DATE
-------------------------------------------------------------------------------------------------
PREPAYMENT RESTRICTION 0 12 24 36 48 60 72 84 96 108
---------------------- - -- -- -- -- -- -- -- -- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining Pool Balance (2) 100.00% 99.10% 98.12% 97.06% 95.93% 94.37% 93.01% 91.54% 88.93% 72.65%
Locked (3) 100.00 99.88 99.76 97.91 90.30 88.91 89.13 89.37 90.05 75.00
Yield Maintenance 0.00 0.12 0.24 2.09 9.70 11.09 10.87 10.63 8.92 5.31
5% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.03 19.69
----------------------------------------------------------------------------------------------------------------------------------
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
==================================================================================================================================
</TABLE>
(1) All numbers, unless otherwise noted, are expressed 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.
(3) Locked includes Loans in defeasance.
PREPAYMENT PREMIUM
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL WTD. AVG.
NUMBER OF CUT-OFF DATE MORTGAGE HIGHEST CUT-OFF WTD. AVG. STATED
MORTGAGE PRINCIPAL POOL DATE PRINCIPAL MORTGAGE REMAINING
PREPAYMENT PREMIUM LOANS BALANCE BALANCE BALANCE RATE TERM (MO.)
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 133 $ 690,375,207 87.82% $ 31,483,555 8.339% 115
Lockout/> of YM or 1% 61 95,763,286 12.18 16,949,946 7.980 121
---------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 8.295% 116
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. WTD. AVG. CUT-
U/W NCF OFF DATE LOAN-
PREPAYMENT PREMIUM DSCR TO-VALUE RATIO
---------------------------------------------------------------
<S> <C> <C>
Lockout/Defeasance 1.31x 72.15%
Lockout/> of YM or 1% 1.41 61.34
---------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 1.33X 70.83%
---------------------------------------------------------------
</TABLE>
PREPAYMENT PREMIUM BY MORTGAGE RATE
<TABLE>
<CAPTION>
BALANCE
LOCKOUT
AGGREGATE % OF INITIAL WTD. AVG. % OF POOL THEN
NUMBER OF CUT-OFF DATE MORTGAGE WTD. AVG. STATED BALANCE GREATER OF
MORTGAGE PRINCIPAL POOL MORTGAGE REMAINING LOCKOUT THEN 1% OR YLD.
MORTGAGE RATE LOANS BALANCE BALANCE RATE TERM (MO.) DEFEASANCE MAINT.
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6.75% to 6.99% 3 $ 3,460,285 0.44% 6.820% 99 0.00% 0.44%
7.00% to 7.24% 7 9,560,250 1.22 7.121 145 0.00 1.22
7.25% to 7.49% 14 24,771,877 3.15 7.348 148 1.64 1.51
7.50% to 7.74% 16 40,815,378 5.19 7.600 113 3.21 1.99
7.75% to 7.99% 20 91,468,668 11.64 7.825 110 10.68 0.95
8.00% to 8.24% 31 176,616,975 22.47 8.142 112 21.14 1.32
8.25% to 8.49% 40 195,717,311 24.90 8.395 115 23.63 1.27
8.50% to 8.74% 34 115,858,395 14.74 8.589 116 13.87 0.86
8.75% to 8.99% 19 84,609,465 10.76 8.871 118 8.39 2.37
9.00% to 9.24% 8 36,052,703 4.59 9.084 130 4.33 0.25
9.25% to 9.49% 2 7,207,185 0.92 9.324 114 0.92 0.00
---------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 8.295% 116 87.82% 12.18%
---------------------------------------------------------------------------------------------------------------------------------
</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 8 of 27
<PAGE> 9
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% nor less than 0%), 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.
Prepayment (Pass-Through Rate - Discount Rate )
Premium Allocation =
Percentage (Mortgage Rate - Discount Rate)
- 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 percentage of
Prepayment Premiums allocated 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
percentage allocated to such Classes as discount rates rise
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Bond Class Rate = 7%
Discount Rate = 6%
BOND CLASS ALLOCATION CLASS X ALLOCATION
-----------------------------------------------------------------------------
7% - 6%
------- = 33 1/3% Receives excess premiums = 66 2/3% thereof
9% - 6%
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 9 of 27
<PAGE> 10
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY PROPERTY TYPE
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL MAXIMUM WTD. AVG.
NUMBER OF CUT-OFF DATE MORTGAGE CUT-OFF DATE WTD. AVG. STATED
MORTGAGED PRINCIPAL POOL PRINCIPAL MORTGAGE REMAINING
PROPERTY TYPES PROPERTIES BALANCE BALANCE BALANCE RATE TERM (MO.)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Office 46 $ 269,198,624 34.24% $ 29,159,803 8.344% 115
Anchored Retail 11 112,813,598 14.35 31,483,555 8.361 112
Industrial 35 101,271,591 12.88 12,558,042 8.298 117
Multifamily 41 97,345,435 12.38 14,385,472 8.180 116
Unanchored Retail 39 85,889,380 10.93 6,319,280 8.187 113
Industrial/Office 12 46,071,582 5.86 18,874,391 8.374 111
Mixed Use 9 25,669,635 3.27 11,426,513 8.257 110
Mobile Home Park 5 18,603,586 2.37 6,815,006 8.297 110
Limited Service Hotel 5 12,973,506 1.65 5,795,196 7.475 169
CTL 3 7,744,281 0.99 3,155,510 8.931 231
Self Storage 4 6,636,104 0.84 2,596,919 8.439 108
Assisted Living 1 1,921,171 0.24 1,921,171 9.140 112
-----------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 211 $ 786,138,493 100.00% 8.295% 116
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
WTD. AVG. CUT-OFF DATE
U/W NCF LOAN-TO-
PROPERTY TYPES DSCR VALUE RATIO
-----------------------------------------------------------
<S> <C> <C>
Office 1.30x 68.81%
Anchored Retail 1.28 75.52
Industrial 1.33 69.88
Multifamily 1.29 74.71
Unanchored Retail 1.36 68.40
Industrial/Office 1.36 71.57
Mixed Use 1.64 64.73
Mobile Home Park 1.36 74.65
Limited Service Hotel 1.60 69.55
CTL 1.01 81.99
Self Storage 1.41 61.09
Assisted Living 1.85 65.79
-----------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 1.33X 70.83%
-----------------------------------------------------------
</TABLE>
[PIE GRAPH]
<TABLE>
<S> <C>
Office 34.24%
Anchored Retail 14.35%
Industrial 12.88%
Multifamily 12.38%
Unanchored Retail 10.93%
Industrial/Office 5.86%
Mixed Use 3.27%
Mobile Home Park 2.37%
Hotel 1.65%
Limited Service 0.99%
Self Storage 0.84%
Assisted Living 0.24%
</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 10 of 27
<PAGE> 11
PRELIMINARY - SUBJECT TO CHANGE STRUCTURAL AND
COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
<TABLE>
<CAPTION>
AGGREGATE WTD. AVG.
NUMBER OF CUT-OFF DATE % OF INITIAL CUMULATIVE % STATED
MORTGAGED PRINCIPAL MORTGAGE OF INITIAL POOL WTD. AVG. REMAINING
STATE PROPERTIES BALANCE POOL BALANCE BALANCE MORTGAGE RATE TERM (MO.)
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 40 127,668,588 16.24% 16.24% 8.195% 114
New York 22 81,336,540 10.35% 26.59% 8.363% 117
Ohio 8 53,484,178 6.80% 33.39% 8.251% 128
Florida 15 53,282,130 6.78% 40.17% 8.252% 111
Washington 9 42,471,715 5.40% 45.57% 7.753% 114
Massachusetts 14 40,966,930 5.21% 50.78% 8.559% 121
Texas 14 39,211,564 4.99% 55.77% 8.299% 114
Arizona 5 33,058,725 4.21% 59.97% 8.421% 111
Louisiana 2 31,793,371 4.04% 64.02% 8.472% 117
Georgia 5 30,059,092 3.82% 67.84% 8.268% 115
Virginia 6 23,363,612 2.97% 70.81% 8.494% 115
Pennsylvania 6 22,185,703 2.82% 73.64% 8.812% 114
Puerto Rico 1 19,063,254 2.42% 76.06% 8.170% 107
Michigan 6 18,673,255 2.38% 78.44% 8.301% 111
Maryland 3 17,516,787 2.23% 80.66% 8.796% 118
Oklahoma 4 14,945,170 1.90% 82.57% 8.178% 111
Wisconsin 1 14,886,077 1.89% 84.46% 7.670% 108
Delaware 2 14,341,859 1.82% 86.28% 8.281% 113
New Hampshire 3 11,665,984 1.48% 87.77% 8.670% 119
New Jersey 5 10,838,111 1.38% 89.15% 8.376% 115
Indiana 1 9,700,591 1.23% 90.38% 8.170% 111
Tennessee 3 9,553,854 1.22% 91.60% 8.462% 141
Kentucky 4 9,116,313 1.16% 92.76% 7.908% 103
Illinois 2 7,711,518 0.98% 93.74% 8.829% 118
Minnesota 2 6,989,431 0.89% 94.63% 8.232% 129
Virgin Islands 1 6,061,116 0.77% 95.40% 9.310% 114
Nevada 4 5,665,810 0.72% 96.12% 8.462% 118
Oregon 3 4,332,096 0.55% 96.67% 7.467% 117
Iowa 4 3,633,037 0.46% 97.13% 8.980% 113
Connecticut 2 3,195,664 0.41% 97.54% 8.500% 117
Colorado 3 3,095,198 0.39% 97.93% 7.718% 136
Alabama 1 2,617,493 0.33% 98.26% 7.490% 107
South Carolina 1 2,494,096 0.32% 98.58% 8.490% 115
New Mexico 2 2,096,710 0.27% 98.85% 8.138% 196
Utah 2 2,057,055 0.26% 99.11% 7.896% 106
North Dakota 1 1,776,439 0.23% 99.33% 8.050% 196
Missouri 1 1,527,284 0.19% 99.53% 7.100% 99
Arkansas 1 1,478,987 0.19% 99.72% 7.150% 197
Idaho 1 1,244,639 0.16% 99.88% 8.250% 112
South Dakota 1 978,515 0.12% 100.00% 8.050% 108
--------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 211 $786,138,493 100.00% 8.295% 116
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. CUT-
WTD. AVG. U/W OFF DATE LOAN-
STATE NCF DSCR TO-VALUE RATIO
----------------------------------------------------------------
<S> <C> <C>
California 1.31x 68.18%
New York 1.37 69.59%
Ohio 1.39 72.98%
Florida 1.33 75.36%
Washington 1.34 69.34%
Massachusetts 1.27 74.21%
Texas 1.32 71.41%
Arizona 1.26 70.93%
Louisiana 1.32 58.55%
Georgia 1.36 72.97%
Virginia 1.27 70.55%
Pennsylvania 1.36 71.60%
Puerto Rico 1.25 82.88%
Michigan 1.39 66.30%
Maryland 1.25 74.71%
Oklahoma 1.31 70.58%
Wisconsin 1.31 74.43%
Delaware 1.25 72.10%
New Hampshire 1.26 75.26%
New Jersey 1.28 72.14%
Indiana 1.41 75.20%
Tennessee 1.25 76.45%
Kentucky 1.39 75.38%
Illinois 1.27 69.11%
Minnesota 1.27 71.62%
Virgin Islands 1.34 73.03%
Nevada 1.42 59.94%
Oregon 1.33 63.81%
Iowa 1.57 72.05%
Connecticut 1.42 78.91%
Colorado 1.89 44.04%
Alabama 1.27 78.13%
South Carolina 1.33 69.28%
New Mexico 1.18 61.60%
Utah 1.50 61.11%
North Dakota 1.20 63.44%
Missouri 1.29 71.04%
Arkansas 1.66 61.62%
Idaho 1.26 71.12%
South Dakota 1.29 73.85%
----------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 1.33X 70.83%
----------------------------------------------------------------
</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 11 of 27
<PAGE> 12
[UNITED STATES MAP GRAPH]
*Does not include 2 properties in Puerto Rico and the U.S. Virgin Islands
representing 3.20% of the Initial Mortgage Pool Balance.
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 12 of 27
<PAGE> 13
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE BALANCE
<TABLE>
<CAPTION>
AGGREGATE
NUMBER OF CUT-OFF DATE % OF INITIAL CUMULATIVE %
MORTGAGE PRINCIPAL MORTGAGE POOL OF INITIAL POOL WTD. AVG.
RANGE OF CUT-OFF DATE BALANCES LOANS BALANCE BALANCE BALANCE MORTGAGE RATE
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 0 to $ 999,999 20 $ 17,806,861 2.27% 2.27% 7.850%
$ 1,000,000 to $ 2,499,999 84 135,050,362 17.18 19.44 8.128
$ 2,500,000 to $ 4,999,999 41 137,506,305 17.49 36.94 8.407
$ 5,000,000 to $ 7,499,999 24 141,808,503 18.04 54.97 8.316
$ 7,500,000 to $ 9,999,999 7 60,639,209 7.71 62.69 8.293
$ 10,000,000 to $ 14,999,999 10 127,976,511 16.28 78.97 8.347
$ 15,000,000 to $ 19,999,999 6 104,707,384 13.32 92.29 8.454
$ 20,000,000 to $ 31,999,999 2 60,643,358 7.71 100.00 8.113
-------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 8.295%
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
STATED WTD. AVG. CUT-
REMAINING WTD. AVG. U/W OFF DATE LOAN-
RANGE OF CUT-OFF DATE BALANCES TERM (MO.) NCF DSCR TO-VALUE RATIO
------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 0 to $ 999,999 119 1.49x 57.38%
$ 1,000,000 to $ 2,499,999 124 1.38 65.70
$ 2,500,000 to $ 4,999,999 114 1.34 73.11
$ 5,000,000 to $ 7,499,999 117 1.31 72.46
$ 7,500,000 to $ 9,999,999 112 1.33 72.71
$ 10,000,000 to $ 14,999,999 113 1.30 72.32
$ 15,000,000 to $ 19,999,999 114 1.29 74.20
$ 20,000,000 to $ 31,999,999 113 1.29 66.41
------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 116 1.33X 70.83%
------------------------------------------------------------------------------------
</TABLE>
[BAR GRAPH OF % OF INITIAL MORTGAGE POOL BALANCE]
<TABLE>
<S> <C>
0.00 - 0.99 2.27%
1.00 - 2.49 17.18%
2.50 - 4.99 17.49%
5.00 - 7.49 18.04%
7.50 - 9.99 7.71%
10.00 - 14.99 16.28%
15.00 - 19.99 13.32%
20.00 - 31.99 7.71%
</TABLE>
Range of Cut-off Date Principal Balances ($MM)
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 of 27
<PAGE> 14
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY UNDERWRITTEN NET CASH FLOW DSCR
<TABLE>
<CAPTION>
AGGREGATE
NUMBER OF CUT-OFF DATE % OF INITIAL CUMULATIVE %
MORTGAGE PRINCIPAL MORTGAGE POOL OF INITIAL POOL WTD. AVG.
RANGE OF U/W NCF DSCR LOANS BALANCE BALANCE BALANCE MORTGAGE RATE
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.00x to 1.09x (1) 3 $ 7,744,281 0.99% 0.99% 8.931%
1.10x to 1.19x 5 6,376,657 0.81 1.80 7.763
1.20x to 1.24x 35 163,292,997 20.77 22.57 8.359
1.25x to 1.29x 54 275,461,458 35.04 57.61 8.344
1.30x to 1.39x 42 180,783,851 23.00 80.60 8.360
1.40x to 1.49x 28 99,113,477 12.61 93.21 8.132
1.50x to 1.59x 10 23,122,028 2.94 96.15 8.085
1.60x to 1.69x 7 13,686,447 1.74 97.89 7.442
1.70x to 1.79x 5 7,670,596 0.98 98.87 8.098
1.80x to 3.59x 5 8,886,702 1.13 100.00 7.954
-------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 8.295%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. STATED WTD. AVG. CUT-
REMAINING TERM WTD. AVG. U/W OFF DATE LOAN-
RANGE OF U/W NCF DSCR (MO.) NCF DSCR TO-VALUE RATIO
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.00x to 1.09x (1) 231 1.01x 81.99%
1.10x to 1.19x 165 1.18 60.07
1.20x to 1.24x 115 1.23 74.52
1.25x to 1.29x 113 1.27 72.86
1.30x to 1.39x 113 1.33 68.81
1.40x to 1.49x 111 1.43 69.98
1.50x to 1.59x 105 1.55 63.04
1.60x to 1.69x 184 1.65 62.85
1.70x to 1.79x 131 1.73 51.18
1.80x to 3.59x 140 2.59 38.37
-------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 116 1.33X 70.83%
-------------------------------------------------------------------------------------
</TABLE>
(1) CTL loans
[BAR GRAPH OF % OF INITIAL MORTGAGE POOL BALANCE]
<TABLE>
<S> <C>
1.00 - 1.09x 0.99%
1.10 - 1.19x 0.81%
1.20 - 1.24x 20.77%
1.25 - 1.29x 35.04%
1.30 - 1.39x 23.00%
1.40 - 1.49x 12.61%
1.50 - 1.59x 2.94%
1.60 - 1.69x 1.74%
1.70 - 1.79x 0.98%
1.80 - 3.59x 1.13%
</TABLE>
Range of U/W NCF DSCR
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 of 27
<PAGE> 15
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE LOAN TO VALUE RATIO
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL WTD. AVG.
NUMBER OF CUT-OFF DATE MORTGAGE CUMULATIVE WTD. AVG. STATED
RANGE OF CUT-OFF DATE LTV MORTGAGE PRINCIPAL POOL % OF INITIAL MORTGAGE REMAINING
RATIO LOANS BALANCE BALANCE POOL BALANCE RATE TERM (MO.)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.00% to 49.99% 14 $ 19,260,477 2.45% 2.45% 7.659% 143
50.00% to 54.99% 13 18,812,454 2.39 4.84 7.774 111
55.00% to 59.99% 13 50,250,627 6.39 11.24 8.338 117
60.00% to 64.99% 15 66,654,701 8.48 19.71 8.439 119
65.00% to 69.99% 32 100,113,825 12.73 32.45 8.326 120
70.00% to 74.99% 63 307,699,404 39.14 71.59 8.249 112
75.00% to 79.99% 39 195,165,704 24.83 96.42 8.408 116
80.00% to 84.99% 4 25,025,792 3.18 99.60 8.167 119
85.00% to 89.99% 1 3,155,510 0.40 100.00 9.070 233
----------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 8.295% 116
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. WTD. AVG. CUT-
RANGE OF CUT-OFF DATE LTV U/W NCF OFF DATE LOAN-
RATIO DSCR TO-VALUE RATIO
-------------------------------------------------------------
<S> <C> <C>
0.00% to 49.99% 1.97x 39.31%
50.00% to 54.99% 1.49 52.99
55.00% to 59.99% 1.36 57.92
60.00% to 64.99% 1.31 62.90
65.00% to 69.99% 1.37 68.12
70.00% to 74.99% 1.31 73.24
75.00% to 79.99% 1.27 77.50
80.00% to 84.99% 1.22 83.00
85.00% to 89.99% 1.01 85.28
-------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 1.33X 70.83%
-------------------------------------------------------------
</TABLE>
[BAR GRAPH OF % OF INITIAL MORTGAGE POOL BALANCE]
<TABLE>
<CAPTION>
Range of Cut-off Date LTV Ratio % of Initial Mortgage Pool Balance
------------------------------- ----------------------------------
<S> <C>
0.00 - 49.99 2.45%
50.00 - 54.99 2.39%
55.00 - 59.99 6.39%
60.00 - 64.99 8.48%
65.00 - 69.99 12.73%
70.00 - 74.99 39.14%
75.00 - 79.99 24.83%
80.00 - 84.99 3.18%
85.00 - 89.99 0.40%
</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 of 27
<PAGE> 16
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY REMAINING TERM TO SCHEDULED MATURITY/ARD
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE CUT- % OF INITIAL CUMULATIVE % OF WTD. AVG.
RANGE OF REMAINING TERM TO MORTGAGE OFF DATE PRINCIPAL MORTGAGE INITIAL MORTGAGE MORTGAGE
MATURITY (MOS.) LOANS BALANCE POOL BALANCE POOL BALANCE RATE
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0 to 83 1 $ 2,514,420 0.32% 0.32% 8.700%
84 to 107 38 84,880,014 10.80 11.12 7.750
108 to 119 132 659,241,584 83.86 94.98 8.389
120 to 143 1 1,251,703 0.16 95.13 7.500
144 to 179 12 14,814,806 1.88 97.02 7.779
180 to 215 3 5,132,499 0.65 97.67 7.681
216 to 239 7 18,303,467 2.33 100.00 8.043
-------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 194 $ 786,138,493 100.00% 8.295%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
STATED WTD. AVG. WTD. AVG. CUT-
RANGE OF REMAINING TERM TO REMAINING U/W NCF OFF DATE LOAN-
MATURITY (MOS.) TERM (MO.) DSCR TO-VALUE RATIO
------------------------------------------------------------------------------------
<S> <C> <C> <C>
0 to 83 55 1.25x 71.84%
84 to 107 104 1.35 70.87
108 to 119 113 1.32 71.42
120 to 143 121 1.48 60.76
144 to 179 162 1.56 47.67
180 to 215 190 1.33 61.51
216 to 239 224 1.38 71.25
------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 116 1.33X 70.83%
------------------------------------------------------------------------------------
</TABLE>
[BAR GRAPH OF % OF INITIAL MORTGAGE POOL BALANCE]
<TABLE>
<CAPTION>
RANGE OF REMAINING TERM % OF INITIAL
TO SCHEDULED MATURITY (MONTHS) MORTGAGE POOL BALANCE
------------------------------- ---------------------
<S> <C>
0 - 83 0.32%
84 - 107 10.80%
108 - 119 83.86%
120 - 143 0.16%
144 - 179 1.88%
180 - 215 0.65%
216 - 239 2.33%
</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 of 27
<PAGE> 17
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
TOP TEN LOANS
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL
TEN LARGEST LOANS: CUT-OFF DATE MORTGAGE
LOAN PRINCIPAL POOL
PROPERTY NAME(S) ORIGINATOR PROPERTY TYPE BALANCE BALANCE
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Northpointe Plaza SBRC Anchored Retail $ 31,483,555 4.00
1615 Poydras Street PW Office 29,159,803 3.71
Medical Mutual of Ohio Office Building - Toledo & ORIX Office 19,762,226 2.51
Medical Mutual of Ohio Office Building - Beachwood*
Diplomat Centre PW Office 19,280,819 2.45
Western Plaza II Shopping Center SBRC Anchored Retail 19,063,254 2.42
Metatec Building SBRC Industrial/Office 18,874,391 2.40
Red Lion Shopping Center SBRC Anchored Retail 16,949,946 2.16
Diamond Point Plaza PW Anchored Retail 15,295,228 1.95
Mount Vernon Medical Office Building PW Office 15,243,746 1.94
250 Plaza Office Building ORIX Office 14,886,077 1.89
----------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE $ 199,999,044 25.44%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CUT-OFF
TEN LARGEST LOANS: STATED DATE LOAN-
MORTGAGE REMAINING U/W NCF TO-VALUE
PROPERTY NAME(S) RATE TERM (MO.) DSCR RATIO
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Northpointe Plaza 7.800% 109 1.27x 74.96%
1615 Poydras Street 8.450 117 1.31 57.18
Medical Mutual of Ohio Office Building - Toledo & 8.620 116 1.28 74.48
Medical Mutual of Ohio Office Building - Beachwood* 1.33 74.86
Diplomat Centre 8.450 118 1.20 64.27
Western Plaza II Shopping Center 8.170 107 1.25 82.88
Metatec Building 8.200 108 1.42 73.16
Red Lion Shopping Center 8.860 114 1.36 72.13
Diamond Point Plaza 8.890 119 1.23 76.48
Mount Vernon Medical Office Building 8.240 119 1.25 77.18
250 Plaza Office Building 7.670 108 1.31 74.43
----------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 8.309% 113 1.29X 71.89%
----------------------------------------------------------------------------------------------------------------
</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 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 of 27
<PAGE> 18
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6603043 Northpointe Plaza
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $31,483,555
% OF MORTGAGE POOL: 4.00%
NOTE DATE: 8/13/1999
MATURITY DATE/ARD: 9/1/2029 / 9/1/2009
MORTGAGE RATE: 7.80%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
Northpointe Plaza I, Inc. is owned by Wesbild, Inc., the U.S. subsidiary of the
Canadian Wesbild Holdings, Ltd. It is a single purpose, bankruptcy remote entity
with an independent director and a non-consolidation opinion. Since 1981,
Wesbild Holdings Ltd. has developed shopping centers, apartments, golf courses,
and master planned residential communities primarily in Washington, Idaho and
British Columbia. As of March 31, 1999, Wesbild, Inc. had total assets in excess
of $80MM and shareholders equity in excess of $35.6MM.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 35 payments of its term;
subject to defeasance for the next 83 payments and open to prepayment without
penalty for the last 2 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
Safeway $ 7.44 47,000 13.19% 11/1/10
Gart Sports $10.56 45,658 12.81% 10/16/12
Petsmart $13.10 26,175 7.35% 8/31/13
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly.
Replacement reserves: $53,456.04/year ($0.15 psf) escrowed monthly for the life
of the loan.
Tenant improvements and leasing commissions: $152,750/year ($0.43 psf) escrowed
monthly and capped at $458,250.
There was a tenant holdback at closing in the amount of $3,000,000 to be
released when: the Borrower leases the space formerly occupied by Future Shop,
Inc. to a new tenant, such new tenant commences paying rent at the time
according to the lease, and the loan maintains a DSCR of 1.20 for six
consecutive months.
As of July, 2000, the former Future Shop space has been leased to Linens 'N
Things; occupancy is scheduled to begin in September, 2000.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Anchored Retail
STREET ADDRESS: 9604-10220 North Newport Highway
CITY/STATE: Spokane, WA
YEAR BUILT/ RENOVATED: 1993 / NAP
PROPERTY SIZE: 356,363 SF and 3 pad spaces
CUT-OFF DATE BALANCE PER SF: $88.35
</TABLE>
GENERAL CHARACTERISTICS:
The property is a 356,363 SF retail power center located in the Northtown area
of Spokane, Washington. Anchor tenants include Safeway, Gart Sports, Petsmart,
Staples and Linens 'n Things (scheduled to take occupancy in September, 2000).
The center is also shadow-anchored by a Target Store that is not a part of the
collateral.
Also included in the owned collateral are three pad spaces. These pad spaces are
leased to Red Robin, Washington Mutual and Taco Bell. The subject is currently
95% leased and is one of the top retail centers in the Eastern Washington and
Western Idaho region.
Currently, a sale of the property is underway. The sales contract is being
finalized for approximately $44MM.
<TABLE>
<S> <C>
PROPERTY MANAGER: Wesbild Enterprises, Ltd., owned by the
sponsor of the borrower.
OCCUPANCY (AS OF DATE): 95% (4/30/2000)
U/W NOI: $ 3,682,099
U/W NET CASH FLOW: $ 3,475,893
U/W NET CASH FLOW DSCR: 1.27x
APPRAISED VALUE ($ PSF): $ 42,000,000 ($117.86 psf)
APPRAISAL DATE: 5/4/1999
CUT-OFF DATE LTV RATIO: 74.96%
MATURITY DATE/ARD LTV RATIO: 67.18%
LOCKBOX: Springing (Triggered by ARD)
</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 18 of 27
<PAGE> 19
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PW #10651 1615 Poydras Street
LOAN INFORMATION
Cut-off Date Balance: $29,159,803
% of Mortgage Pool: 3.71%
Note Date: 4/7/2000
Maturity Date / ARD: 5/1/2030 / 5/1/2010
Mortgage Rate: 8.45%
Amortization Term: 360 months
BORROWER/ SPONSOR:
The key principals of the borrower, Poydras LLC, are Gerald Nudo, Laurence
Weiner, and Earl Weber. Mr. Nudo and Mr. Weiner are the principals of Marc
Realty, which controls approximately 4.5 million square feet of office space,
and Mr. Weber is a New Orleans real estate investor. Each of the key principals
indemnifies the lender for fraud and certain environmental matters. Mr. Nudo,
Mr. Weiner, and related investors hold about 60% of the equity in the borrower;
Mr. Weber and related investors hold about 16% of the equity.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 47 payments of its term;
subject to defeasance for the next 72 payments and open to prepayment without
penalty for the last payment.
MAJOR TENANTS
<TABLE>
<CAPTION>
Base Rent % of Total Lease
PSF NRSF NRSF Expiration
--- ---- ---- ----------
<S> <C> <C> <C> <C>
Freeport
McMoran $ 14.98 309,821 62% 4/30/07
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves and tenant improvements and leasing commissions:
$700,000/year ($1.40 psf) escrowed monthly and capped at $5,000,000.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Office
STREET ADDRESS: 1615 Poydras Street
LOCATION: New Orleans, LA
YEAR BUILT/ RENOVATED: 1984 / 1995
PROPERTY SIZE: 501,741 SF
CUT-OFF DATE BALANCE PER SF: $ 58.12
</TABLE>
GENERAL CHARACTERISTICS:
The subject property is a 501,741 SF, 23-story Class A multi-tenant office
building located in the Central Business District of New Orleans. The collateral
includes the land (1.259 acres), building, and a six-level parking garage.
The largest occupant, Freeport-McMoran Copper & Gold Inc., has been in occupancy
since the building was constructed in 1984, and Freeport and its affiliates and
predecessors have never occupied less than their current 62% of floor area. The
single Freeport lease is supported by two 50% lease guarantees from (1)
Freeport-McMoRan Copper & Gold Inc. and from (2) IMC Global Inc.; the IMC Global
guarantee runs until 2004, whereupon it is replaced with a guarantee from
McMoran Exploration Company. In addition, the subject is occupied by ten other
tenants.
<TABLE>
<S> <C>
PROPERTY MANAGER: Marc Realty, owned by the principals of
the borrower.
OCCUPANCY: 83% (4/5/2000)
U/W NOI: $ 4,220,875
U/W NET CASH FLOW: $ 3,520,643
U/W NET CASH FLOW DSCR: 1.31x
APPRAISED VALUE ($ PSF): $ 51,000,000 ($101.65)
CUT-OFF DATE LTV RATIO: 57.18%
MATURITY DATE/ARD LTV RATIO: 51.75%
LOCKBOX: Hard; In-Place
</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 19 of 27
<PAGE> 20
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
ORIX #3727 Medical Mutual of Ohio Office Building - Toledo &
ORIX #3729 Medical Mutual of Ohio Office Building - Beachwood
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 19,762,226(1)
% OF MORTGAGE POOL: 2.51%
NOTE DATE: 3/28/2000
MATURITY DATE: 4/1/2010
MORTGAGE RATE: 8.62%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
MMTO, LLC for the Toledo property and MMBO, LLC for the Beachwood property. Both
are SPEs as are their common sole member and their common manager, with the
exception that the members and manager are allowed to own and manage both
borrowers.
The borrowers are controlled by The Bentley Forbes Group (BFG), a privately held
REIT. Its president, C. Frederick Wehba, II is the indemnitor on the loans. BFG
is a national real estate organization headquartered in Los Angeles. BFG
specializes in single tenant investment and sale-leaseback transactions with
1999 holdings of $580,000,000.
CALL PROTECTION AT ORIGINATION:
The loans are locked-out to prepayment for the first 28 payments of their terms;
subject to defeasance for the next 88 payments and open to prepayment for the
last 4 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
Medical Mutual
of Ohio - Toledo $ 12.80 160,000 100% 3/31/20
Medical Mutual
of Ohio - Beachwood $ 13.73 51,000 100% 3/31/20
</TABLE>
RESERVES
Given that both properties are leased to a single tenant with a long term NNN
Lease, reserves were waived for the loans.
Toledo property: Following an Event of Default, a monthly replacement reserve
escrow in the amount of $56,800/year ($0.36 psf) and a monthly tenant
improvement and leasing commission reserve in the amount of $85,248/year ($0.53
psf) will be required.
Beachwood property: Following an Event of Default, a monthly replacement reserve
escrow in the amount of $18,870/year ($0.37 psf) and a monthly tenant
improvement and leasing commission reserve in the amount of $30,143/year ($0.59
psf) will be required.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Office & Office
STREET ADDRESS: 3737 Sylvania Avenue & 23700 Commerce
Park Road
LOCATION: Toledo, OH & Beachwood, OH
YEAR BUILT/ RENOVATED: 1969 / 1999 & 1979 / 1998
PROPERTY SIZE: 160,000 SF & 51,000 SF
CUT-OFF DATE BALANCE PER SF: $ 91.70 & $ 99.81
</TABLE>
GENERAL CHARACTERISTICS:
The Toledo property is a 160,000 SF office building located within 3 miles of
the Toledo CBD. The improvements consist of a 2-story northern building with a
structurally separate but connected 3-story southern building. There is also a
separate 7,350 square foot annex used for file storage and a 625 square foot
storage garage.
The Beachwood property is a 51,000 SF 2-story office building located in
Beachwood, Ohio, an eastern suburb of Cleveland.
Both properties are 100% leased to Medical Mutual of Ohio, under NNN leases. The
tenant is Ohio's oldest and largest health care insurer and is rated BB(pi) by
Standard & Poor's.
<TABLE>
<S> <C>
PROPERTY MANAGER: Both properties are self managed by the
tenant.
OCCUPANCY (AS OF DATE): 100% (3/23/2000)
U/W NOI: $ 1,890,672 & $ 682,449
U/W NET CASH FLOW: $ 1,748,624 & $ 633,436
U/W NET CASH FLOW DSCR: 1.28x & 1.33x
APPRAISED VALUE ($ PSF): $ 19,700,000 ($ 123.13) & $ 6,800,000
($ 133.33)
CUT-OFF DATE LTV RATIO: 74.48% & 74.86%
MATURITY DATE/ARD LTV 67.69% & 68.04% RATIO:
LOCKBOX: None
</TABLE>
1 Cross-collateralized mortgage loan group aggregate cut-off date balance.
Individual loan balances are $14,671,955 and $5,090,270, respectively. These
loans are related to, but not crossed with, loan # 3583 Distribution Service
Limited ($9,700,591). Combined, these three loans form a related mortgage loan
group with an aggregate cut-off date balance of $29,462,816.
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 of 27
<PAGE> 21
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PW # 10388 Diplomat Centre
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 19,280,819
% OF MORTGAGE POOL: 2.45%
ORIGINATION DATE: 5/4/2000
MATURITY DATE: 6/1/2010
MORTGAGE RATE: 8.45%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
The borrower is 820 Second Avenue Associates, which is 29.1% owned by 820 Second
Avenue One LP and 70.9% by 820 Second Avenue Two LP. Joseph Neumann is a 49.5%
owner of both limited partnerships. Mr. Neumann is president and owner of
Broadway Management Co., Inc. and has been active in the real estate industry
for more than 30 years including acquisition, development, and management of
office buildings and other commercial properties. Mr. Neumann has had ownership
interest in and has managed over 12 million square feet of commercial
properties.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 47 payments of its term and
is subject to defeasance for the next 72 payments and open to prepayment without
penalty for the last payment.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
UN Federal
Credit Union $28.58 39,970 33% 12/31/07
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $19,039/year ($0.16 psf) escrowed monthly for the life of
the loan.
Tenant improvements and leasing commissions: $100,000/year ($0.84 psf) escrowed
monthly and capped at $250,000.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Office
STREET ADDRESS: 820 Second Avenue
LOCATION: New York, NY
YEAR BUILT/ RENOVATED: 1960 / 1989
PROPERTY SIZE: 119,760 SF
CUT-OFF DATE BALANCE PER SF: $161.00
</TABLE>
GENERAL CHARACTERISTICS:
The property is a 170,766 SF 19-story office building located at Second Avenue
and 44th Street in Midtown Manhattan. The building was originally built in 1960,
renovated in 1989 and was converted into office condominiums in 1995. The
subject is located one block west of the United Nations complex near Grand
Central Station and high-end residential neighborhoods.
The collateral for the subject loan consists of a condominium interest in
119,760 SF of office and retail as well as 4,113 SF of storage space. There are
no plans for the sale of this space.
Seventeen tenants, the largest of which occupies 33% of the total NRSF, occupy
the building.
<TABLE>
<S> <C>
PROPERTY MANAGER: The property is managed by Broadway
Management, Inc., which is owned by Joseph
Neumann. The company has engaged in the
operation and management of commercial
properties since 1978.
OCCUPANCY (AS OF DATE): 98% (3/1/2000)
U/W NOI: $ 2,339,663
U/W NET CASH FLOW: $ 2,128,755
U/W NET CASH FLOW DSCR: 1.20x
APPRAISED VALUE ($ PSF): $30,000,000 ($250.50)
CUT-OFF DATE LTV RATIO: 64.27%
MATURITY DATE/ARD LTV RATIO: 58.13%
LOCKBOX: None
</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 21 of 27
<PAGE> 22
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6603071 Western Plaza Shopping Center Phase II
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 19,063,254
% OF MORTGAGE POOL: 2.42%
NOTE DATE: 6/15/1999
MATURITY DATE/ARD: 7/1/29 / 7/1/09
MORTGAGE RATE: 8.17%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
SFS Mayaguez, L.P. is a single purpose, bankruptcy remote entity with an
independent director. It's sponsors are Jay Furman and Walter Samuels who are
principals in Realty Investors Development Corp. (RIDC), whose portfolio has an
aggregate value of over $500 million. Its portfolio consists of 200 shopping
centers containing 20 million SF that are located in 36 states, Canada, and
Puerto Rico. The two principals have a combined net worth in excess of $200
million and combined liquidity in excess of $10 million. Both of the Principals
are indemnitors for the loan.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 37 payments of its term;
subject to defeasance for the next 80 payments and open to prepayment without
penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
Sams Club $ 5.00 Pad Lease NAP 2/28/19
Mayaguez
$ 6.11 Pad Lease NAP 9/30/28
Cinema, Corp.
Pep Boys $ 9.91 Pad Lease NAP 11/30/17
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $6,909/year escrowed monthly for for three years.
Tenant improvements and leasing commissions: $21,714/year escrowed monthly for
three years.
There was a tenant holdback at closing in the amount of $800,000 to be released
when: the Borrower leases Pad T, the tenant for Pad T commences paying rent no
less than $110,000/yr. and the property maintains a minimum DSCR of 1.25 to 1.0
for one month prior to request for release.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Anchored Retail
STREET ADDRESS: State Road No. 2, Kilometer 149.5
LOCATION: Mayaguez, PR
YEAR BUILT/ RENOVATED: 1998 / NAP
PROPERTY SIZE: 45,880 SF and 7 pad spaces
CUT-OFF DATE BALANCE $ 84.78 (including pad spaces)
PER SF: $ 415.50 (excluding pad spaces)
</TABLE>
GENERAL CHARACTERISTICS:
The subject is a newly constructed shopping center located in Mayaguez, Puerto
Rico. The collateral consists of 45,880 SF of retail space and 7 pad spaces.
Major tenants include: Sams Club (pad lease; 100,408 SF structure), Mayaguez
Cinema (pad lease; 45,126 SF structure) and Pep Boys (pad lease; 19,673 SF
structure).
The center is also shadow-anchored by a Kmart Super Store that opened in the
spring of 1998.
In addition, there are 4 pad spaces leased to Taco Bell, KFC, and Mayaguez Car
Wash. The fourth pad space is currently vacant and there is a holdback related
to the leasing of the fourth pad space.
<TABLE>
<S> <C>
PROPERTY MANAGER: RD Management Corp. is wholly owned by the
principals of the borrowing entity and
manages all properties owned by RIDC.
OCCUPANCY (AS OF DATE): 98% (7/7/2000)
U/W NOI: $ 2,178,993
U/W NET CASH FLOW: $ 2,150,397
U/W NET CASH FLOW DSCR: 1.25x
APPRAISED VALUE ($ PSF): $ 23,000,000
CUT-OFF DATE LTV RATIO: 82.88%
MATURITY DATE/ARD LTV RATIO: 75.11%
LOCKBOX: Soft; Springing (Triggered by ARD)
</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 22 of 27
<PAGE> 23
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6602507 Metatec Building
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 18,874,391
% OF MORTGAGE POOL: 2.40%
NOTE DATE: 7/28/1999
MATURITY DATE: 8/1/2009
MORTGAGE RATE: 8.20%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
META Holdings, LLC, a single purpose entity with a non-consolidation opinion. It
is wholly owned by Metatec Corporation. Metatec Corporation is also the tenant
and the indemnitor of the loan. Metatec Corp. makes CD-ROMs and DVDs for
companies such as Hewlett-Packard and Microsoft. The Founder and CEO, Jeffrey
Wilkins, owns 9% of the corporation. Mr. Wilkins also founded the online service
CompuServe. As of the end of 1999, Metatec had current assets of $29.1 MM and
total equity of $37.9MM. 1999 sales revenue was $120.3 MM, a 48.7% increase from
the previous year.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 36 payments of its term;
subject to defeasance for the next 81 payments and open to prepayment without
penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
Metatec
International Inc. $ 8.00 344,354 100% 7/31/2014
</TABLE>
RESERVES
Real estate taxes: One-twelfth of the estimated annual amount escrowed monthly.
Replacement reserves: $68,871/year ($0.20 psf) escrowed monthly for the life of
the loan.
Tenant improvements and leasing commissions: Initial deposit of $1,650,000
($4.79 psf) in the form of a letter of credit, which is held for the life of the
loan.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Office/Industrial
STREET ADDRESS: 7001 Metatec Boulevard
LOCATION: Dublin, OH
YEAR BUILT/ RENOVATED: 1986 / 1996
PROPERTY SIZE: 344,354 SF
CUT-OFF DATE BALANCE PER SF: $54.81
</TABLE>
GENERAL CHARACTERISTICS:
The property is a 344,354 SF, Class A suburban office and warehouse facility
located in northwest Columbus, Ohio. The property consists of two mixed-use
(office/production/warehouse) buildings. The Phase I building was constructed in
1986/1987, with an addition/renovation in 1996 and another expansion completed
in 1997. Phase I encompasses 197,264 SF, with approximately 55% of the space
being used as office and 45% being used as a production facility. Phase II,
completed in 1999, encompasses 147,090 SF and consists of approximately 10%
office finish, 21% production space and 69% warehouse space.
The building is owned and occupied by a single tenant, Metatec Corporation.
Metatec Corporation, a publicly traded company (NASDAQ: META) provides CD-ROM
and DVD mastering, replication and distribution services to radio syndication
customers for audio compact discs. Metatec has a fifteen year NNN lease at $8.00
psf.
<TABLE>
<S> <C>
PROPERTY MANAGER: Metatec Management, LLC, owned and operated
by the borrower.
OCCUPANCY (AS OF DATE): 100% (7/28/1999)
U/W NOI $ 2,483,804
U/W NET CASH FLOW: $ 2,414,934
U/W NET CASH FLOW DSCR: 1.42x
APPRAISED VALUE ($ PSF): $ 25,800,000 ($74.92)
CUT-OFF DATE LTV RATIO: 73.16%
MATURITY DATE/ARD LTV RATIO: 66.19%
LOCKBOX: None
</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 23 of 27
<PAGE> 24
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6605032 Red Lion Shopping Center
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 16,949,946
% OF MORTGAGE POOL: 2.16%
NOTE DATE: 2/8/2000
MATURITY DATE: 2/1/2010
MORTGAGE RATE: 8.86%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
API Red Lion Shopping Center Associates is a single purpose entity with a
non-consolidation opinion and an independent director. It is owned by Leo S.
Ullman, who is also the owner of SKR Management Corporation. SKR provides asset
management services for approximately four million SF of office and retail
properties, located primarily in the Mid-Atlantic region. Mr. Ullman has assets
of $4,229,981, and a net worth of $1,900,981. Mr. Ullman is the indemnator for
the loan.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 48 payments of its term;
subject to greater of 1% of unpaid principal balance or yield maintance penalty
for the next 70 payments and open to prepayment without penalty for the last 2
payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
Best Buy Stores,LP $ 13.00 46,000 22.05% 1/31/2014
Sports Authority $ 11.00 43,825 21.01% 8/14/2005
Ross Dress for Less $ 11.23 29,483 14.14% 1/31/2001
</TABLE>
RESERVES
Real estate taxes: One-twelfth of the estimated annual amount escrowed monthly.
Replacement reserves: $32,654/year ($0.16 psf) escrowed monthly.
Tenant improvements and leasing commissions: $128,221/year ($0.61 psf) escrowed
monthly, withdrawals are subject to lender approval or certain performance tests
being satisfied.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Anchored Retail
STREET ADDRESS 9898 Roosevelt Boulevard
LOCATION: Philadelphia, PA
YEAR BUILT/ RENOVATED: 1962 / 1999
PROPERTY SIZE: 217,674 SF and 2 pad spaces
CUT-OFF DATE BALANCE PER SF: $ 81.27
</TABLE>
GENERAL CHARACTERISTICS:
Major tenants include Best Buys Stores, LP, Sports Authority, Ross Dress for
Less, Lechters, Pets Plus Pet Center, and a new Staples. Since 1990, the
property has undergone a variety of renovations and additions. The center
contains 208,573 SF and 2 pad spaces leased to McDonald's and Taco Bell.
In July 2000, Staples completed construction and took occupancy of a 23,942 SF
space. This increased the current SF of the center to 217,674 from 208,573
previously and increased the occupancy percentage to 100%.
<TABLE>
<S> <C>
PROPERTY MANAGER: Brentway Management Company, LLC, an
affiliate of the borrower.
OCCUPANCY (AS OF DATE): 100% (7/26/2000)
U/W NOI: $ 2,367,642
U/W NET CASH FLOW: $ 2,206,767
U/W NET CASH FLOW DSCR: 1.36x
APPRAISED VALUE ($ PSF): $ 23,500,000 ($107.96)
CUT-OFF DATE LTV RATIO: 72.13%
MATURITY DATE/ARD LTV RATIO: 65.96%
LOCKBOX: None
</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 24 of 27
<PAGE> 25
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PW #11128 Diamond Point Plaza
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 15,295,228
% OF MORTGAGE POOL: 1.95%
NOTE DATE: 6/2/2000
MATURITY DATE: 7/1/2010
MORTGAGE RATE: 8.89%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
The borrower for the subject property is Diamond Point Plaza LP. The partners of
Diamond Point Plaza LP are Oriole Commercial Associates L.P., Eastern DPP
Properties, LLP, and American Way Commercial Associates, LP. The indemnitor of
the loan is Konover Management Corporation, an affiliate of Konover &
Associates. Konover & Associates is a full-service real estate company that owns
or manages 48 residential communities with over 6,000 dwelling units, and six
hotels with approximately 1,000 rooms. In addition, Konover & Associates
currently manages over 80 retail properties in the Northeast with a combined
area of 8.1 million square feet of retail space.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 47 payments of its term;
subject to defeasance for the next 69 payments and open to prepayment without
penalty for the last 4 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
Sams Club $9.10 140,020 55.7% 1/31/09
Ames $6.00 78,823 31.4% 1/31/10
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $38,649/year ($0.15 psf) escrowed monthly for the life of
the loan.
Tenant improvements and leasing commissions: $40,000/year ($0.16 psf) escrowed
monthly and capped at $120,000.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Anchored Retail
STREET ADDRESS: 8250 Eastern Avenue
LOCATION: Baltimore, MD
YEAR BUILT/ RENOVATED: 1987 / NAP
PROPERTY SIZE: 251,365 SF
CUT-OFF DATE BALANCE PER SF: $ 60.85
</TABLE>
GENERAL CHARACTERISTICS:
The property is a 251,365 square foot anchored shopping center located in
Baltimore County, Maryland. The improvements were completed in 1989, and are
situated on a 29.4 acre tract of land. The property is currently 98.2% occupied
by 8 tenants, including a 140,020 SF Sams Club and a 78,823 SF Ames store.
<TABLE>
<S> <C>
PROPERTY MANAGER: Konover Management Corporation, an affiliate
of the borrower.
OCCUPANCY (AS OF DATE): 98% (1/1/2000)
U/W NOI: $ 1,934,355
U/W NET CASH FLOW: $ 1,796,250
U/W NET CASH FLOW DSCR: 1.23x
APPRAISED VALUE ($ PSF): $ 20,000,000 ($79.57)
CUT-OFF DATE LTV RATIO: 76.48%
MATURITY DATE/ARD LTV 69.82% RATIO:
LOCKBOX: None
</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 25 of 27
<PAGE> 26
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PW #11539 Mount Vernon Medical Office Building
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 15,243,746
% OF MORTGAGE POOL: 1.94%
NOTE DATE: 6/29/2000
MATURITY DATE: 7/1/2010
NET MORTGAGE RATE: 8.24%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
The borrowing entity is MPA Mount Vernon Atlanta LLC, which is wholly owned by
Medical Properties of America, LLC, with MPA Mount Vernon as its managing
member. MPA is owned by MPA Venture, LLC and RAPMD LLC. RAPMD is a wholly owned
subsidiary of Reckson Strategic Venture Partners LLC, a real estate venture
capital fund formed to invest in real estate and real estate-related operating
companies. PWRES holds a preferred equity interest in Reckson Strategic Venture
Partners, LLC. MPA was formed in 1998 and buys and manages medical office
buildings, surgery centers, and clinics for hospitals and doctors who want to
free capital for other uses.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 24 payments after
securitization and is subject to defeasance for the next 95 payments and open to
prepayment without penalty for the last payment.
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $18,317/year ($0.22 psf) escrowed monthly.
Tenant improvements and leasing commissions: Initial deposit of $125,000/year
($1.47 psf) in the form of irrevocable letter of credit, which was posted at
closing for year 1 and will be posted at the beginning of years 2, 3, and 4.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Office
STREET ADDRESS: 755 Mount Vernon Highway
LOCATION: Atlanta, GA
YEAR BUILT/ RENOVATED: 1992 / NAP
PROPERTY SIZE: 85,121 SF
CUT-OFF DATE BALANCE PER SF: $ 179.08
</TABLE>
GENERAL CHARACTERISTICS:
The property is a 85,121 SF, five-story Class A medical office building
constructed in 1992. It is located in the affluent Central Perimeter portion of
Atlanta, approximately 11 miles north of the central business district. Central
Perimeter is the largest office submarket in metropolitan Atlanta in terms of
office space, and has historically been one of Atlanta's top performing
submarkets in terms of rental, occupancy, and absorption rates.
Thirty tenants, the largest of which occupies 10.4% of the total NRSF, occupy
the building. The average tenant size is 2,843 square feet. All tenant spaces
are used for medical offices, with the exception of a pharmacy on the first
floor. Most of the tenants are affiliated with the nearby Northside Hospital.
The building is built over the northern half of a three-level parking garage.
<TABLE>
<S> <C>
PROPERTY MANAGER: The property is self-managed by MPA's
management team. Currently, MPA manages 8
properties with a combined square footage of
209,738. The team primarily manages medical
office buildings, diagnostic centers, and
surgery centers. MPA has managed properties
since its first acquisition in June 1999.
OCCUPANCY (AS OF DATE): 100% (5/31/2000)
U/W NOI: $ 1,860,438
U/W NET CASH FLOW: $ 1,722,725
U/W NET CASH FLOW DSCR: 1.25x
APPRAISED VALUE ($ PSF): $ 19,750,000 ($232.02)
CUT-OFF DATE LTV RATIO: 77.18%
MATURITY DATE/ARD LTV RATIO: 69.45%
LOCKBOX: None
</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 26 of 27
<PAGE> 27
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
Orix #3452 250 Plaza Office Building
LOAN INFORMATION
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $ 14,886,077(1)
% OF MORTGAGE POOL: 1.89%
NOTE DATE: 7/12/1999
MATURITY DATE: 8/1/2009
NET MORTGAGE RATE: 7.67%
AMORTIZATION TERM: 360
</TABLE>
BORROWER/ SPONSOR:
East Milwaukee Operating Associates, Limited Partnership, a New Mexico limited
partnership. Borrower is an SPE with one general partner which is a New Mexico
limited liability company and also an SPE.
The Borrower and its general partner are effectively controlled by BGK Equities
II and its principals, which include Mr. Fred Kolber, the indemnitor of the
loan. The principals have extensive investment, trading, entrepreneurial and
real estate experience, owning, controlling or managing 7.7 million square feet
of income-producing property valued at $464,000,000.
An indirect 16% economic interest in all borrowers of the three related loans is
held by Edward Gilbert, who was convicted in 1981 for securities fraud. Mr.
Gilbert has no management control over the borrowers. See Prospectus Supplement
for additional disclosure.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 36 payments of their terms;
subject to defeasance for the next 80 payments and open to prepayment for the
last 4 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF TOTAL LEASE
RENT PSF NRSF NRSF EXPIRATION
-------- ---- ---- ----------
<S> <C> <C> <C> <C>
The Marcus
Corporation(2) $ 10.54 62,557 31% 2/28/03
BC Ziegler $ 12.38 22,125 11% 2/29/04
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Tenant improvement and leasing commissions: Initial deposit of $150,000 ($0.74
psf) in the form of a letter of credit.
Other reserves have been deferred to be established upon a default. There is
also provision for a springing lockbox in the event of reduction in DSCR to 1.10
or below.
PROPERTY INFORMATION
<TABLE>
<S> <C>
PROPERTY TYPE: Office
STREET ADDRESS: 250 East Wisconsin Avenue
LOCATION: Milwaukee, WI
YEAR BUILT/ RENOVATED: 1973 / 1991
PROPERTY SIZE: 201,408 SF
CUT-OFF DATE BALANCE PER SF: $ 73.91
</TABLE>
GENERAL CHARACTERISTICS:
Plaza 250 is a 201,408 SF, 20-story Class A office building with 14 floors of
office space, 2 floors of retail/service space and a 4-level parking garage. The
property is located in the downtown financial district of Milwaukee, Wisconsin.
The tenant base is primarily public companies, asset or money management firms
and financial institutions, as well as a four star restaurant.
<TABLE>
<S> <C>
PROPERTY MANAGER: Inland Companies has over 29 years of
property development and management
experience in the Greater Milwaukee area.
Average experience among its property
managers is 22 years and leasing agents
average 16 years experience. Inland
currently manages and leases over 1,424,000
SF of office space within the area and has
exclusive leasing contracts for another
1,234,000 SF of office space.
OCCUPANCY (AS OF DATE): 86% (4/14/2000)
U/W NOI: $ 1,935,387
U/W NET CASH FLOW: $ 1,680,085
U/W NET CASH FLOW DSCR: 1.31x
APPRAISED VALUE ($ PSF): $ 20,000,000 ($99.30)
CUT-OFF DATE LTV RATIO: 74.43%
MATURITY DATE/ARD LTV RATIO: 66.56%
LOCKBOX: Springing (Triggered by DSCR falling to or
below 1.10x)
</TABLE>
1 The subject loan is related to loans #3288 Bayshore Executive Plaza and
#3510 Park Square Court. Combined, these loans have an aggregate cut-off date
balance of $25,084,840. The loans are not cross-defaulted or
cross-collateralized.
2 Includes 6,895 SF of warehouse space.
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.
AM Page 27 of 27
