<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) May 25, 2000
Salomon Brothers Mortgage Securities VII, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-84249 13-3439681
-------- --------- ----------
(state or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
388 Greenwich Street, New York, New York
- ----------------------------------------
10013
-----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 783-5635
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
Item 5. Other Events.
It is expected that during June 2000, a single series of certificates,
entitled, Salomon Brothers Mortgage Securities VII, Inc, Commercial Mortgage
Pass-Through Certificates, Series 2000-C1 (the "Certificates"), will be issued
pursuant to a pooling and servicing agreement (the "Pooling and Servicing
Agreement"), to be entered into by and among Salomon Brothers Mortgage
Securities VII, Inc. (the "Registrant"), GMAC Commercial Mortgage Corporation
as Master Servicer, and as Special Servicer, and Norwest Bank, National
Association as Trustee. Certain classes of the Certificates (the "Underwritten
Certificates") will be registered under the Registrant's registration statement
on Form S-3 (no. 333-84249) and sold to Salomon Smith Barney Inc. ("SSBI"),
Greenwich Capital Markets, Inc. ("GCMI") and Chase Securities Inc. ("Chase";
and together with SSBI, and GCMI, the "Underwriters") pursuant to an
underwriting agreement (the "Underwriting Agreement") to be entered into by and
between the Registrant and the Underwriters.
In connection with the expected sale of the Underwritten Certificates,
SSBI has advised the Registrant that it has furnished to prospective investors
certain information attached hereto as Exhibit 99.1 that may be considered
"Computational Materials" (as defined in the no-action letter dated May 20,
1994 issued by the Division of Corporation Finance of the Securities and
Exchange Commission (the "Commission") to Kidder, Peabody Acceptance
Corporation I, Kidder, Peabody & Co. Incorporated, and Kidder Structured Asset
Corporation and the no-action letter dated May 27, 1994 issued by the Division
of Corporation Finance of the Commission to the Public Securities Association)
and "ABS Term Sheets" (as defined in the no-action letter dated February 17,
1995 issued by the Division of Corporation Finance of the Commission to the
Public Securities Association).
The Computational Materials and ABS Term Sheets attached hereto have been
prepared and provided to the Registrant by SSBI. The information in such
Computational Materials and ABS Term Sheets is preliminary and will be
superseded by the final Prospectus Supplement relating to the Underwritten
Certificates and by any other information subsequently filed with the
Commission. To the extent any Computational Materials and ABS Term Sheets
previously filed by the Registrant with respect to the Underwritten
Certificates are inconsistent with the Computational Materials and ABS Term
Sheets attached hereto, such previously filed Computational Materials and ABS
Term Sheets are superseded by the Computational Materials and ABS Term Sheets
attached hereto.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
2
<PAGE> 3
(c) Exhibits:
Exhibit No. Description
99.1 Computational Materials and ABS Term Sheets prepared by Salomon
Smith Barney Inc.
3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: May 25, 2000
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
By: /s/ Angela Hutzel
----------------------------------
Name: Angela Hutzel
Title: Assistant Vice President
4
<PAGE> 5
EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No.
99.1 Computational Materials and ABS Term Sheets prepared by Salomon
Smith Barney Inc.
5
<PAGE> 1
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-C1
CLASSES A1, A2, B, C, D, E, F, G AND X
$656,496,000 (APPROXIMATE)
--------------
CMBS NEW ISSUE TERM SHEET
--------------
MAY 24, 2000
[LOGO]
GREENWICH CAPITAL MARKETS, INC. CHASE SECURITIES INC.
<TABLE>
<CAPTION>
PHONE FAX EMAIL
-------------- -------------- ------------------------------
<S> <C> <C> <C>
SSB TRADING/DISTRIBUTION
Paul Vanderslice (212) 723-6156 (212) 723-8599 [email protected]
Jeff Lewis (212) 723-6156 (212) 723-8599 [email protected]
Jeff Sturdevant (212) 723-6156 (212) 723-8599 [email protected]
FINANCE
Angela Hutzel (212) 816-8087 (212) 816-8307 [email protected]
Joseph Siragusa (212) 816-7973 (212) 816-8307 [email protected]
Elsie Mao (212) 816-1299 (212) 816-8307 [email protected]
ANALYTICS
Nancy Wilt (212) 816-7808 (212) 816-8307 [email protected]
GREENWICH TRADING/DISTRIBUTION
Greg Jacobs (203) 625-2900 (203) 618-2033 [email protected]
Chris McCormack (203) 625-2900 (203) 618-2033 [email protected]
FINANCE
Mark Jarrell (203) 618-2373 (203) 618-2134 [email protected]
ANALYTICS
Chris Lau (203) 625-2900 (203) 618-2033 [email protected]
CHASE Scott Davidson (212) 834-3813 (212) 834-6598 [email protected]
Marty Friedman (212) 834-5727 (212) 834-6793 [email protected]
Glenn Riis (212) 834-3813 (212) 834-6572 [email protected]
David McNamara (212) 834-3813 (212) 834-6572 [email protected]
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 2
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C1
$ 656,496,000 (Approximate)
APPROXIMATE SECURITIES STRUCTURE:
<TABLE>
<CAPTION>
ASSUMED
EXPECTED CREDIT WTD. AVG. ASSUMED PRINCIPAL
EXPECTED RATING APPROXIMATE FACE SUPPORT (% OF LIFE (YEARS) PAYMENT WINDOW
CLASS MOODY'S/S&P (a) AMOUNT ($MM) UPB) (b) (b)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
X Aaa/AAAr 729.440 (c) N/A N/A N/A
A1 Aaa/AAA 133.703 25.50 5.70 07/00 - 11/08
A2 Aaa/AAA 409.729 25.50 9.14 11/08 - 12/09
B Aa2/AA 36.472 20.50 9.55 12/09 - 01/10
C A2/A 31.002 16.25 9.55 01/10 - 01/10
D A3/A- 10.941 14.75 9.55 01/10 - 01/10
E Baa1/BBB+ 9.118 13.50 9.55 01/10 - 01/10
F Baa2/BBB 14.589 11.50 9.62 01/10 - 02/10
G Baa3/BBB- 10.942 10.00 9.63 02/10 - 02/10
H Ba1/BB+ 14.588 8.00 10.00 02/10 - 11/11
J Ba2/BB 18.236 5.50 12.81 11/11 - 08/13
K Ba3/BB- 5.471 4.75 13.13 08/13 - 08/13
L B1/B+ 3.647 4.25 13.13 08/13 - 08/13
M B2/B 7.295 3.25 13.40 08/13 - 03/14
N B3/B- 7.294 2.25 14.26 03/14 - 09/15
P NR/NR 16.413 N/A 18.18 09/15 - 05/24
TOTAL OFFERED 729.440
</TABLE>
(a) The indicated ratings are subject to change. The issuer may elect not to
request a rating from each of the indicated rating agencies. Ratings may
be requested from other rating agencies in addition to or in lieu of the
ratings indicated.
(b) Assuming payment in full based on 0% CPR, no defaults, no repurchases,
clean up call not being exercised, and the initial certificate principal
balances set forth under Approximate Face Amount.
<TABLE>
<CAPTION>
KEY FEATURES:
- -------------
<S> <C>
Lead Manager and Underwriter Salomon Smith Barney Inc.
Co-Managers and Underwriters Greenwich Capital Markets, Inc.; Chase Securities Inc.
Loan Originators: Greenwich Capital Financial Products, Inc. ("GCFP")
Salomon Brothers Realty Corp. ("SBRC")
GMAC Commercial Mortgage Corp. ("GMAC")
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: Norwest Bank Minnesota, National Association
Cut-Off Date: June 1, 2000
Payment Date: 18th of each month, or the following business day (commencing in July, 2000)
ERISA Eligibility: Classes "A1", "A2", and "X" are expected to be ERISA eligible under lead
manager's exemption. Other classes may be purchased by ERISA plans only under
another exemption (e.g. QPAM, INHAM, if available)
Structure: Sequential Pay
Offering Type: Public - Classes X, A1-G; Private - Classes H-P
Day Count: 30 / 360
Tax Treatment: REMIC
Rated Final Distribution Date: February 1, 2033
Minimum Denomination: $10,000 (classes A - G); or $1,000,000 (class X)
Delivery: DTC
Clean-up Call: 1%
</TABLE>
================================================================================
<TABLE>
<CAPTION>
COLLATERAL FACTS: (a) (b) (c)
- -----------------
<S> <C> <C>
Initial Pool Balance: $729,440,160
Number of Mortgage Loans: 268
Number of Properties 278
Average Loan Cut-off Date Balance: $2,721,792 ($223,877 to $28,618,255)
Weighted Average Mortgage Rate: 8.169% (6.870% to 9.875%)
Weighted Average U/W NCF DSCR: 1.33x (1.04x to 3.00x)
Weighted Average Cut-off Date LTV Ratio: 69.54% (27.59% to 84.75%)
Weighted Average Remaining Term to Scheduled Maturity: 120 mos. (71 mos. to 287 mos.)
Weighted Average Remaining Amortization Term: 321 mos. (135 mos. to 356 mos.)
Weighted Average Seasoning: 11 mos. (4 mos. to 33 mos.)
</TABLE>
(a) For each weighted average characteristic presented in the table, the
range of individual values for that characteristic appears in
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.
(c) For purposes of this Term Sheet, mortgage loans that are part of a
cross-collateralized group are presented as individual mortgage loans
(without regard to the cross-collateralization), except where otherwise
indicated.
<TABLE>
<CAPTION>
% OF INITIAL
NUMBER OF AGGREGATE CUT-OFF MORTGAGE WTD. AVG.
MORTGAGE DATE PRINCIPAL POOL U/W NCF
LOAN ORIGINATORS LOANS BALANCE BALANCE DSCR
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GCFP 148 $486,023,933 66.63% 1.34x
SBRC 28 131,423,641 18.02 1.28
GMAC 92 111,992,586 15.35 1.39
- ------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $729,440,160 100.00% 1.33x
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL MORTGAGE U/W NCF
LTV RATIO LOANS BALANCE POOL BALANCE DSCR
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0.00% to 39.99% 5 $ 3,379,383 0.46% 2.46x
40.00% to 44.99% 4 4,496,508 0.62 1.68
45.00% to 49.99% 7 16,004,415 2.19 1.51
50.00% to 54.99% 11 21,060,383 2.89 1.51
55.00% to 59.99% 21 27,465,545 3.77 1.46
60.00% to 64.99% 33 67,273,088 9.22 1.39
65.00% to 69.99% 56 158,820,769 21.77 1.34
70.00% to 74.99% 91 308,956,451 42.36 1.30
75.00% to 84.99% 40 121,983,618 16.72 1.27
- ------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $729,440,160 100.00% 1.33x
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
RANGE OF U/W NCF MORTGAGE PRINCIPAL MORTGAGE U/W NCF
DSCR LOANS BALANCE POOL BALANCE DSCR
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.00x to 1.09x 2 $ 4,619,411 0.63% 1.05x
1.10x to 1.19x 5 30,319,724 4.16 1.19
1.20x to 1.24x 25 107,349,019 14.72 1.23
1.25x to 1.29x 76 207,298,886 28.42 1.28
1.30x to 1.39x 82 236,434,025 32.41 1.34
1.40x to 1.49x 37 73,420,325 10.07 1.43
1.50x to 1.59x 21 37,944,357 5.20 1.55
1.60x to 1.69x 12 23,227,419 3.18 1.64
1.70x to 1.79x 3 5,687,372 0.78 1.75
1.80x to 2.39x 2 1,131,651 0.16 2.16
2.40x to 2.99x 2 794,078 0.11 2.61
3.00x to 3.59x 1 1,213,893 0.17 3.00
- ---------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $ 729,440,160 100.00% 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> 3
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C1
$ 729,440,160 (Approximate)
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL WTD.
NUMBER OF CUT-OFF DATE MORTGAGE AVG. U/W
MORTGAGED PRINCIPAL POOL NCF
STATE PROPERTIES BALANCE BALANCE DSCR
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California 54 $ 158,970,997 21.79% 1.35x
New York 27 101,650,658 13.94 1.34
Massachusetts 9 72,167,959 9.89 1.29
Nevada 11 46,304,973 6.35 1.25
Florida 25 41,405,893 5.68 1.41
Texas 30 34,689,981 4.76 1.34
Pennsylvania 4 32,383,208 4.44 1.30
Other 118 241,866,492 33.16 1.34
----------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 278 $ 729,440,160 100.00% 1.33x
----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL
NUMBER OF OFF DATE MORTGAGE AVERAGE CUT-OFF WTD. AVG.
MORTGAGED PRINCIPAL POOL DATE PRINCIPAL MORTGAGE
PROPERTY TYPES PROPERTIES BALANCE BALANCE BALANCE RATE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Office 45 $188,926,406 25.90% $4,198,365 8.029%
Multifamily 105 173,325,674 23.76 1,650,721 8.044
Unanchored Retail 55 109,914,651 15.07 1,998,448 8.192
Industrial 28 83,496,096 11.45 2,982,003 8.465
Anchored Retail 7 49,389,199 6.77 7,055,600 8.161
Office/Retail 11 42,490,237 5.83 3,862,749 7.834
Full Service Hotel 6 36,962,179 5.07 6,160,363 8.519
Limited Service Hotel 9 19,935,076 2.73 2,215,008 8.998
Mixed Use 3 12,613,771 1.73 4,204,590 8.360
Mobile Home Park 8 8,848,463 1.21 1,106,058 8.381
Self Storage 1 3,538,410 0.49 3,538,410 8.620
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 278 $ 729,440,160 100.00% $2,623,885 8.169%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. WTD. AVG.
STATED WTD. AVG. CUT-OFF DATE
REMAINING U/W NCF LOAN-TO-
PROPERTY TYPES TERM (MO.) DSCR VALUE RATIO
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Office 118 1.29x 72.07%
Multifamily 118 1.32 71.91
Unanchored Retail 117 1.35 68.75
Industrial 114 1.31 69.18
Anchored Retail 119 1.33 67.82
Office/Retail 140 1.39 66.26
Full Service Hotel 108 1.47 60.90
Limited Service Hotel 201 1.54 59.29
Mixed Use 109 1.33 70.37
Mobile Home Park 109 1.41 67.74
Self Storage 113 1.44 65.53
- ---------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 120 1.33x 69.54%
- ---------------------------------------------------------------------------------------
</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> 4
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
BOND CLASSES
<TABLE>
<CAPTION>
SERIES 2000-C1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
-------------------------------------------------------------------------------------------------------------
INITIAL AGGREGATE APPROX. % OF
PRINCIPAL BALANCE OR INITIAL MORTGAGE APPROX. INITIAL PASS-THROUGH RATE
CLASS RATINGS (1) NOTIONAL AMOUNT POOL BALANCE CREDIT SUPPORT DESCRIPTION (4)
<S> <C> <C> <C> <C> <C>
X Aaa/AAAr $729,440,160 (2) 100.00% N/A Variable Rate
A-1 Aaa/AAA $133,703,000 18.33% 25.50% Capped WAC
A-2 Aaa/AAA $409,729,000 56.17% 25.50% Capped WAC
B Aa2/AA $36,472,000 5.00% 20.50% Capped WAC
C A2/A $31,002,000 4.25% 16.25% Capped WAC
D A3/A- $10,941,000 1.50% 14.75% Capped WAC
E Baa1/BBB+ $9,118,000 1.25% 13.50% Capped WAC
F Baa2/BBB $14,589,000 2.00% 11.50% Capped WAC
G Baa3/BBB- $10,942,000 1.50% 10.00% Capped WAC
</TABLE>
<TABLE>
<CAPTION>
SERIES 2000-C1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
---------------------------------------------------------------------
WEIGHTED
AVERAGE
LIFE ERISA PRINCIPAL PAYMENT
CLASS (YEARS)(3) DELIVERY ELIGIBLE WINDOW (3)
<S> <C> <C> <C> <C>
X N/A DTC Yes N/A
A-1 5.70 DTC Yes 07/00 - 11/08
A-2 9.14 DTC Yes 11/08 - 12/09
B 9.55 DTC N/A 12/09 - 01/10
C 9.55 DTC N/A 01/10 - 01/10
D 9.55 DTC N/A 01/10 - 01/10
E 9.55 DTC N/A 01/10 - 01/10
F 9.62 DTC N/A 01/10 - 02/10
G 9.63 DTC N/A 02/10 - 02/10
</TABLE>
<TABLE>
<CAPTION>
SERIES 2000-C1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
-------------------------------------------------------------------------------------------------------------
INITIAL AGGREGATE APPROX. % OF
PRINCIPAL BALANCE OR INITIAL MORTGAGE APPROX. INITIAL PASS-THROUGH RATE
CLASS RATINGS (1) NOTIONAL AMOUNT POOL BALANCE CREDIT SUPPORT DESCRIPTION (4)
PRIVATELY PLACED CLASSES
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
H Ba1/BB+ $14,588,000 2.00% 8.00% Fixed Rate
J Ba2/BB $18,236,000 2.50% 5.50% Fixed Rate
K Ba3/BB- $5,471,000 0.75% 4.75% Fixed Rate
L B1/B+ $3,647,000 0.50% 4.25% Fixed Rate
M B2/B $7,295,000 1.00% 3.25% Fixed Rate
N B3/B- $7,294,000 1.00% 2.25% Fixed Rate
P NR/NR $16,413,160 2.25% N/A Fixed Rate
-------------------------------------------------------------------------------------------------------------
Total Securities: $729,440,160
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SERIES 2000-C1 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
---------------------------------------------------------------------
WEIGHTED
AVERAGE
LIFE ERISA PRINCIPAL PAYMENT
CLASS (YEARS)(3) DELIVERY ELIGIBLE WINDOW (3)
PRIVATELY PLACED CLASSES
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
H 10.00 Physical N/A 02/10 - 11/11
J 12.81 Physical N/A 11/11 - 08/13
K 13.13 Physical N/A 08/13 - 08/13
L 13.13 Physical N/A 08/13 - 08/13
M 13.40 Physical N/A 08/13 - 03/14
N 14.26 Physical N/A 03/14 - 09/15
P 18.18 Physical N/A 09/15 - 05/24
-----------------------------------------------------------------------
</TABLE>
(1) Ratings shown are those of Moodys Investor's Service and
Standard & Poor's Ratings Services, respectively.
(2) Initial aggregate notional amount. The aggregate notional
amount of the class "X" certificates will be used solely to
calculate the accrual of interest with respect to those
certificates. The class "X" certificates will not have
principal balances and will not entitle their holders to
payments of principal. They will, however, entitle their
holders to prepayment premiums, if any. The pass-through rate
of the class "X" certificate is the excess of the Weighted
Average Adjusted Net Mortgage Interest Rate over the
respective pass-through rates of the bonds.
(3) Calculated based upon the assumption that the borrower will:
a) not prepay the loan prior to the stated maturity, b) if
applicable, pay the loan in full, on any anticipated repayment
date, c) make all payments in a timely fashion, and d) not
receive a balloon extension.
(4) The pass-through rate for each of the publicly offered classes
of certificates, other than class "X" certificates, will be
the lesser of a) a fixed rate and b) the Weighted Average Pool
Pass-Through Rate.
STRUCTURAL OVERVIEW
/ / Offered Certificates / / Certificates Not Offered
<TABLE>
<CAPTION>
Initial
Net WAC
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X-IO
Aaa/AAAr ---------------------------------------------------
$729.4 MM Notional Amount B C D E F G
- -------------------------- Aa2/AA A2/A A3/A- Baa1/BBB+ Baa2/BBB Baa3/BBB-
H J K L M N P
A2 Ba1/BB+ Ba2/BB Ba3/BB- B1/B+ B2/B B3/B- NR/NR
A1 Aaa/AAA
Aaa/AAA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: Classes are not drawn to scale
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 5
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
STRUCTURAL OVERVIEW - Cont.
- - The Mortgage Pool will be comprised of one Loan Group
Principal will be paid sequentially to Class A1, A2, B, C, D, E, F, G,
H, J, K, L, M, N and P Certificates (If principal balances of all such
Classes other than Classes A1 and A2 have reduced to zero, principal
will be allocated to Class A1 and A2 pro-rata)
- - Class X will receive interest payments pro-rata (based on interest
entitlements) with the Class A1 and Class A2 Certificates each month
- - Each of the Classes (except Class X) will be subordinate to earlier
alphabetically lettered classes (Losses will be allocated in reverse
alphabetical order to Classes with certificate balances and pro-rata to
Classes A1 and A2)
- - The Master Servicer will cover net prepayment interest shortfalls, up
to the portion of the Master Servicing Fee equal to 0.02% per annum.
Net shortfalls (after application of prepayment interest excesses and
Servicer coverage from the Master Servicing Fee) will be allocated in
reverse alphabetical order to the interest-bearing Certificates (other
than the Class A1, Class A2 and Class X) and then pro-rata (based on
interest entitlements) to the Class A1, Class A2 and Class X
Certificates
- - All Classes will pay interest on a 30/360 basis
- - Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary
trust fund expenses will be allocated in reverse alphabetical order to
Classes with certificate balances (in the case of the Class A1 and
Class A2 Certificates, pro rata based on certificate balances)
- - IO protected with regard to loan modifications and waivers that reduce
Mortgage Rate
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final 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
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% 98.94% 97.79% 96.54% 95.20% 93.74% 91.97% 89.38% 85.94% 66.21%
Locked/Defeasance 95.70 95.74 95.12 94.14 89.27 87.65 87.46 87.96 87.50 61.18
Yield Maintenance 4.30 4.26 4.88 5.86 10.15 10.89 11.08 11.07 9.91 6.89
5% Premium 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.00 0.00 0.04
4% Premium 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.00 0.00
3% Premium 0.00 0.00 0.00 0.00 0.49 0.88 0.09 0.00 0.00 0.00
2% Premium 0.00 0.00 0.00 0.00 0.00 0.49 0.88 0.09 0.00 0.00
1% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.15 0.09 0.00
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.49 0.73 2.50 31.89
- ----------------------------------------------------------------------------------------------------------------------------------
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 as a percentage of the aggregate
pool balance at the specified point in time.
(2) Remaining aggregate mortgage loan pool balance as a percentage of the
Initial Pool Balance at the specified point in time.
PREPAYMENT PREMIUM
<TABLE>
<CAPTION>
Aggregate Cut- % of Initial
Number of off Date Mortgage Highest Cut-off Wtd. Avg.
Mortgage Principal Pool Date Principal Mortgage
Prepayment Premium Loans Balance Balance Balance Rate
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Lockout/Defeasance 180 $608,177,073 83.38% $ 28,618,255 8.225%
Lockout/> of YM or 1% 44 56,691,332 7.77 5,259,510 8.039
Lockout/YM 4 34,250,666 4.70 13,152,356 7.238
> of YM or 1% 25 16,412,173 2.25 1,810,481 8.032
> of YM or 1%/Declining Fee 6 4,789,155 0.66 1,578,624 8.373
Lockout/Declining Fee 5 4,215,798 0.58 1,470,069 9.243
YM/Declining Fee 3 3,795,239 0.52 1,440,456 8.646
YM 1 1,108,725 0.15 1,108,725 8.250
- --------------------------------------------------------------------------------------------------------------
Total / Weighted Average 268 $729,440,160 100.00% 8.169%
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Wtd. Avg.
Stated Wtd. Avg. Wtd. Avg. Cut-
Remaining U/W NCF off Date Loan-
Prepayment Premium Term (Mo.) DSCR to-Value Ratio
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Lockout/Defeasance 117 1.32x 70.13%
Lockout/> of YM or 1% 120 1.39 66.55
Lockout/YM 191 1.36 67.46
> of YM or 1% 106 1.45 62.15
> of YM or 1%/Declining Fee 137 1.34 65.39
Lockout/Declining Fee 80 1.43 71.60
YM/Declining Fee 87 1.45 72.12
YM 95 1.26 73.92
- ----------------------------------------------------------------------------
Total / Weighted Average 120 1.33x 69.54%
============================================================================
</TABLE>
Prepayment Premium by Mortgage Rate
<TABLE>
<CAPTION>
% of Pool
% of Initial Wtd. Avg. % of Pool Balance
Number of Aggregate Cut-off Mortgage Wtd. Avg. Stated Balance Lockout then
Mortgage Date Principal Pool Mortgage Remaining Lockout then Greater of 1%
Mortgage Rate Loans Balance Balance Rate Term (Mo.) Defeasance or Yld. Maint.
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6.75% to 6.99% 2 $ 18,411,866 2.52% 6.920% 183 0.00% 0.72%
7.00% to 7.24% 4 14,374,618 1.97 7.088 99 1.06 0.91
7.25% to 7.49% 8 18,272,420 2.50 7.322 120 0.82 0.56
7.50% to 7.74% 14 77,339,871 10.60 7.606 145 8.27 0.16
7.75% to 7.99% 42 88,671,134 12.16 7.875 115 10.00 1.13
8.00% to 8.24% 55 193,989,143 26.59 8.119 111 25.20 0.47
8.25% to 8.49% 59 152,606,908 20.92 8.338 112 18.68 1.67
8.50% to 8.74% 36 80,856,661 11.08 8.609 132 10.26 0.73
8.75% to 8.99% 30 45,304,937 6.21 8.853 123 4.58 1.00
9.00% to 9.24% 9 27,149,293 3.72 9.114 113 3.60 0.12
9.25% to 9.49% 7 10,731,831 1.47 9.309 104 0.88 0.10
9.50% to 9.99% 2 1,731,479 0.24 9.854 118 0.04 0.20
- ---------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average 268 $729,440,160 100.00% 8.169% 120 83.38% 7.77%
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
% of Pool % of Pool
% of Pool % of Pool Balance Balance % of Pool
Balance Balance Greater of 1% Lockout Balance Yld.
Lockout Greater of or Yld. Maint. then Maint. then % of Pool
then Yld. 1% or Yld. then Declining Declining Declining Balance
Mortgage Rate Maint. Maint. Fee Fee Fee Yld. Maint.
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.75% to 6.99% 1.80% 0.00% 0.00% 0.00% 0.00% 0.00%
7.00% to 7.24% 0.00 0.00 0.00 0.00 0.00 0.00
7.25% to 7.49% 1.12 0.00 0.00 0.00 0.00 0.00
7.50% to 7.74% 1.77 0.41 0.00 0.00 0.00 0.00
7.75% to 7.99% 0.00 1.03 0.00 0.00 0.00 0.00
8.00% to 8.24% 0.00 0.52 0.41 0.00 0.00 0.00
8.25% to 8.49% 0.00 0.19 0.04 0.00 0.19 0.15
8.50% to 8.74% 0.00 0.00 0.00 0.09 0.00 0.00
8.75% to 8.99% 0.00 0.10 0.21 0.00 0.33 0.00
9.00% to 9.24% 0.00 0.00 0.00 0.00 0.00 0.00
9.25% to 9.49% 0.00 0.00 0.00 0.48 0.00 0.00
9.50% to 9.99% 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------
Total/Weighted Average 4.70% 2.25% 0.66% 0.58% 0.52% 0.15%
=====================================================================================================---=
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final 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
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
ALLOCATION OF PREPAYMENT PREMIUMS
Prepayment premiums will be allocated between the Publicly Offered Certificates
then entitled to principal distributions and the Class X Certificates as
follows:
- A percentage of all prepayment premiums (either fixed prepayment
premiums or yield maintenance amount) will be allocated to each class
of the Publicly Offered Certificates then entitled to principal
distributions, which percentage will be equal to the product of (a)
the percentage of the total principal distribution that such Class
receives, and (b) a fraction (expressed as a percentage which can be
no greater than 100%), the numerator of which is the excess of the
Pass-Through Rate of such Class of the Publicly Offered Certificates
currently receiving principal over the relevant Discount Rate, and the
denominator of which is the excess of the Mortgage Rate of the related
Mortgage Loan over the Discount Rate.
<TABLE>
<S> <C>
Prepayment (Pass-Through Rate - Discount Rate )
Premium Allocation = ------------------------------------
Percentage (Mortgage Rate - Discount Rate)
</TABLE>
- The remaining percentage of the Prepayment Premiums will be allocated
to the Class X Certificates
- In general, this formula provides for an increase in the allocation of
Prepayment Premiums to the Publicly Offered Certificates then entitled
to principal distributions relative to the Class X Certificates as
Discount Rates decrease and a decrease in the allocation to such
Classes as Discount Rates rise
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Bond Class Rate = 7%
Treasury 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> 8
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
TOP TEN LOANS
<TABLE>
<CAPTION>
Ten Largest Loans: Aggregate Cut- % of Initial
off Date Mortgage
Loan Principal Pool
Property Name(s) Originator Property Type Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Putnam Building SBRC Office $ 28,618,255 3.92
Los Cabos II Apartments & Jovanna Villas Apartments(*) GCFP Multifamily 23,685,052 3.25
Sunrise Plaza Shopping Center GCFP Anchored Retail 14,887,463 2.04
Hasbrouck & Torview Apartments GCFP Multifamily 14,641,647 2.01
Muncie Apartments Portfolio SBRC Multifamily 13,152,356 1.80
Sports Arena Village SBRC Office/Retail 12,904,150 1.77
Holiday Inn Somerset GCFP Full Service Hotel 12,899,824 1.77
Southridge Shopping Center GCFP Anchored Retail 11,417,665 1.57
Stewart Plaza GCFP Office 11,180,811 1.53
The Carriage Building (Building 39) GCFP Office 10,957,230 1.50
- -----------------------------------------------------------------------------------------------------------------------------------
Total / Weighted Average $154,344,453 21.16%
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Ten Largest Loans: Wtd. Avg. Wtd. Avg.
Wtd. Avg. Stated Wtd. Avg. Cut-off Date
Mortgage Remaining U/W NCF Loan-to-
Property Name(s) Rate Term (Mo.) DSCR Value Ratio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Putnam Building 7.570% 158 1.21x 78.95%
Los Cabos II Apartments & Jovanna Villas Apartments(*) 8.300 115 1.20 74.19
Sunrise Plaza Shopping Center 8.140 115 1.32 73.70
Hasbrouck & Torview Apartments 8.140 113 1.26 72.84
Muncie Apartments Portfolio 6.940 217 1.24 75.63
Sports Arena Village 7.510 216 1.35 66.18
Holiday Inn Somerset 9.140 110 1.41 61.43
Southridge Shopping Center 8.670 116 1.33 68.17
Stewart Plaza 7.920 108 1.35 73.08
The Carriage Building (Building 39) 8.220 113 1.30 67.02
- ----------------------------------------------------------------------------------------------------------------------------------
Total / Weighted Average 8.016% 139 1.28x 72.25%
===================================================================================================================================
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the
proposed transaction.
The issuer has not prepared or taken part in the preparation of these
materials.
<PAGE> 9
PRELIMINARY -- SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY PROPERTY TYPE
<TABLE>
<CAPTION>
Aggregate Cut- % of Initial
Number of off Date Mortgage Average Cut-off Wtd. Avg.
Mortgaged Principal Pool Date Principal Mortgage
Property Types Properties Balance Balance Balance Rate
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Office 45 $ 188,926,406 25.90% $4,198,365 8.029%
Multifamily 105 173,325,674 23.76 1,650,721 8.044
Unanchored Retail 55 109,914,651 15.07 1,998,448 8.192
Industrial 28 83,496,096 11.45 2,982,003 8.465
Anchored Retail 7 49,389,199 6.77 7,055,600 8.161
Office/Retail 11 42,490,237 5.83 3,862,749 7.834
Full Service Hotel 6 36,962,179 5.07 6,160,363 8.519
Limited Service Hotel 9 19,935,076 2.73 2,215,008 8.998
Mixed Use 3 12,613,771 1.73 4,204,590 8.360
Mobile Home Park 8 8,848,463 1.21 1,106,058 8.381
Self Storage 1 3,538,410 0.49 3,538,410 8.620
- -----------------------------------------------------------------------------------------------------------------------
Total / Weighted Average 278 $ 729,440,160 100.00% $2,623,885 8.169%
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Wtd. Avg. Wtd. Avg.
Stated Wtd. Avg. Cut-off Date
Remaining U/W NCF Loan-to-
Property Types Term (Mo.) DSCR Value Ratio
- ------------------------------------------------------------------------
<S> <C> <C> <C>
Office 118 1.29x 72.07%
Multifamily 118 1.32 71.91
Unanchored Retail 117 1.35 68.75
Industrial 114 1.31 69.18
Anchored Retail 119 1.33 67.82
Office/Retail 140 1.39 66.26
Full Service Hotel 108 1.47 60.90
Limited Service Hotel 201 1.54 59.29
Mixed Use 109 1.33 70.37
Mobile Home Park 109 1.41 67.74
Self Storage 113 1.44 65.53
- ------------------------------------------------------------------------
Total / Weighted Average 120 1.33x 69.54%
========================================================================
</TABLE>
[PIE CHART]
<TABLE>
<S> <C>
Office 25.90%
Self Storage 0.49%
Mobile Home Park 1.21%
Mixed Use 1.73%
Limited Service
Hotel 2.73%
Multifamily 23.76%
Full Service Hotel 5.07%
Office/Retail 5.83%
Anchored Retail 6.77%
Industrial 11.45%
Unanchored Retail 15.07%
</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
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
<TABLE>
<CAPTION>
Aggregate % of Initial Wtd. Avg. Wtd. Avg.
Number of Cut-off Date Mortgage Cumulative % Wtd. Avg. Stated Wtd. Avg. Cut-off Date
Mortgaged Principal Pool of Initial Pool Mortgage Remaining U/W NCF Loan-to-
State Properties Balance Balance Balance Rate Term (Mo.) DSCR Value Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 54 158,970,997 21.79% 21.79% 8.026% 120 1.35x 69.56%
New York 27 101,650,658 13.94% 35.73% 8.158% 113 1.34 68.08%
Massachusetts 9 72,167,959 9.89% 45.62% 7.864% 130 1.29 73.32%
Nevada 11 46,304,973 6.35% 51.97% 8.381% 115 1.25 70.50%
Florida 25 41,405,893 5.68% 57.65% 8.159% 109 1.41 68.13%
Texas 30 34,689,981 4.76% 62.40% 8.461% 104 1.34 69.10%
Pennsylvania 4 32,383,208 4.44% 66.84% 8.101% 112 1.30 71.86%
New Jersey 10 25,965,176 3.56% 70.40% 8.753% 114 1.42 65.29%
Arizona 9 21,879,227 3.00% 73.40% 7.982% 107 1.33 67.24%
Minnesota 4 19,120,362 2.62% 76.02% 8.508% 126 1.29 70.12%
Maryland 4 18,250,659 2.50% 78.52% 8.524% 112 1.29 74.19%
Indiana 8 16,477,391 2.26% 80.78% 7.128% 195 1.24 75.66%
Oregon 6 13,031,867 1.79% 82.57% 8.215% 115 1.30 68.14%
Washington 6 12,824,476 1.76% 84.33% 8.186% 117 1.34 67.07%
Connecticut 7 11,633,217 1.59% 85.92% 8.351% 112 1.52 67.97%
Ohio 13 11,119,250 1.52% 87.45% 8.074% 109 1.42 61.73%
Louisiana 7 10,667,056 1.46% 88.91% 8.472% 188 1.44 64.22%
Georgia 6 9,894,526 1.36% 90.27% 8.458% 114 1.38 70.18%
Michigan 4 9,843,863 1.35% 91.62% 8.656% 136 1.32 67.57%
Illinois 2 9,189,127 1.26% 92.88% 8.760% 113 1.26 72.87%
Mississippi 5 8,693,535 1.19% 94.07% 8.486% 193 1.37 65.29%
Virginia 2 4,694,308 0.64% 94.71% 8.036% 109 1.30 67.02%
North Carolina 3 4,424,927 0.61% 95.32% 8.418% 124 1.31 69.90%
Vermont 1 4,424,160 0.61% 95.92% 8.120% 106 1.31 77.62%
Arkansas 1 3,488,140 0.48% 96.40% 8.030% 114 1.26 74.22%
Utah 1 3,215,949 0.44% 96.84% 8.070% 113 1.25 73.09%
Missouri 2 3,098,572 0.42% 97.27% 8.072% 107 1.43 70.33%
Colorado 3 3,048,429 0.42% 97.69% 7.855% 105 1.41 66.64%
Maine 2 2,578,542 0.35% 98.04% 8.972% 112 1.38 71.18%
Tennessee 1 2,554,420 0.35% 98.39% 7.130% 98 1.17 76.82%
West Virginia 1 2,269,770 0.31% 98.70% 7.375% 211 1.16 70.60%
Wisconsin 1 2,105,829 0.29% 98.99% 8.970% 116 1.25 72.61%
Rhode Island 1 1,842,937 0.25% 99.24% 8.290% 113 1.31 59.45%
Idaho 1 1,493,286 0.20% 99.45% 8.090% 112 1.28 74.66%
Kentucky 1 1,439,330 0.20% 99.64% 9.875% 114 1.58 47.98%
New Hampshire 4 1,280,775 0.18% 99.82% 8.560% 108 1.59 65.18%
Nebraska 1 999,938 0.14% 99.96% 8.030% 106 1.40 62.50%
Kansas 1 317,445 0.04% 100.00% 8.625% 103 1.32 73.74%
- ------------------------------------------------------------------------------------------------------------------------------------
Total / Weighted Average 278 $729,440,160 100.00% 8.169% 120 1.33x 69.54%
====================================================================================================================================
</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
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
[MAP OF THE UNITED STATES SHOWING DISTRIBUTION]
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
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGREGATE CUT- WTD. AVG.
NUMBER OF OFF DATE % OF INITIAL CUMULATIVE % STATED
MORTGAGE PRINCIPAL MORTGAGE POOL OF INITIAL POOL WTD. AVG. REMAINING WTD. AVG. U/W
RANGE OF CUT-OFF DATE BALANCES LOANS BALANCE BALANCE BALANCE MORTGAGE RATE TERM (MO.) NCF DSCR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 0 to $ 999,999 78 $ 47,100,589 6.46% 6.46% 8.448% 115 1.43x
$ 1,000,000 to $ 2,499,999 101 164,982,801 22.62 29.07 8.288 120 1.35
$ 2,500,000 to $ 4,999,999 50 173,609,111 23.80 52.88 8.194 115 1.36
$ 5,000,000 to $ 7,499,999 20 118,550,226 16.25 69.13 8.066 111 1.36
$ 7,500,000 to $ 9,999,999 7 59,628,273 8.17 77.30 8.274 114 1.27
$ 10,000,000 to $ 14,999,999 11 136,950,906 18.77 96.08 8.064 132 1.30
$ 15,000,000 to $ 29,999,999 1 28,618,255 3.92 100.00 7.570 158 1.21
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $729,440,160 100.00% 8.169% 120 1.33X
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. CUT-
OFF DATE LOAN-
RANGE OF CUT-OFF DATE BALANCES TO-VALUE RATIO
- ------------------------------------------------
<S> <C>
$ 0 to $ 999,999 64.34%
$ 1,000,000 to $ 2,499,999 68.37
$ 2,500,000 to $ 4,999,999 69.33
$ 5,000,000 to $ 7,499,999 67.41
$ 7,500,000 to $ 9,999,999 73.34
$ 10,000,000 to $ 14,999,999 71.26
$ 15,000,000 to $ 29,999,999 78.95
- ------------------------------------------------
Total / Weighted Average 69.54%
- ------------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
RANGE OF CUT-OFF DATE PRINCIPAL BALANCES ($MM) 0.00 - 1.00 - 2.50 - 5.00 - 7.50 - 10.00 - 15.00 -
0.99 2.49 4.99 7.49 9.99 14.99 29.99
<S> <C> <C> <C> <C> <C> <C> <C>
% OF INITIAL MORTGAGE POOL BALANCE 6.46% 22.62% 23.80% 16.25% 8.17% 18.77% 3.92%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 13
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE LOANS BY UNDERWRITTEN NET CASH FLOW DSCR
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL CUMULATIVE % WTD. AVG. STATED
MORTGAGE PRINCIPAL MORTGAGE POOL OF INITIAL POOL WTD. AVG. REMAINING TERM WTD. AVG. U/W
RANGE OF U/W NCF DSCR LOANS BALANCE BALANCE BALANCE MORTGAGE RATE (MO.) NCF DSCR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1.00x to 1.09x 2 $ 4,619,411 0.63% 0.63% 8.103% 201 1.05x
1.10x to 1.19x 5 30,319,724 4.16 4.79 8.096 120 1.19
1.20x to 1.24x 25 107,349,019 14.72 19.51 7.903 138 1.23
1.25x to 1.29x 76 207,298,886 28.42 47.93 8.250 113 1.28
1.30x to 1.39x 82 236,434,025 32.41 80.34 8.177 120 1.34
1.40x to 1.49x 37 73,420,325 10.07 90.40 8.392 114 1.43
1.50x to 1.59x 21 37,944,357 5.20 95.61 7.996 117 1.55
1.60x to 1.69x 12 23,227,419 3.18 98.79 8.066 126 1.64
1.70x to 1.79x 3 5,687,372 0.78 99.57 8.881 109 1.75
1.80x to 2.39x 2 1,131,651 0.16 99.72 8.220 111 2.16
2.40x to 2.99x 2 794,078 0.11 99.83 8.225 105 2.61
3.00x to 3.59x 1 1,213,893 0.17 100.00 8.875 111 3.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $ 729,440,160 100.00% 8.169% 120 1.33X
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. CUT-
OFF DATE LOAN-
RANGE OF U/W NCF DSCR TO-VALUE RATIO
- ------------------------------------------
<S> <C>
1.00x to 1.09x 72.06%
1.10x to 1.19x 74.13
1.20x to 1.24x 74.89
1.25x to 1.29x 71.93
1.30x to 1.39x 69.58
1.40x to 1.49x 64.47
1.50x to 1.59x 58.81
1.60x to 1.69x 55.77
1.70x to 1.79x 68.31
1.80x to 2.39x 36.17
2.40x to 2.99x 30.69
3.00x to 3.59x 27.59
- ------------------------------------------
TOTAL / WEIGHTED AVERAGE 69.54%
- ------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
RANGE OF U/W NCF DSCR 1.00 - 1.10 - 1.20 - 1.25 - 1.30 - 1.40 - 1.50 - 1.60 - 1.70 - 1.80 - 2.40 - 3.00 -
1.09x 1.19x 1.24x 1.29x 1.39x 1.49x 1.59x 1.69x 1.79x 2.39x 2.99x 3.59x
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
% OF INITIAL MORTGAGE POOL BALANCE 0.63% 4.16% 14.72% 28.42% 32.41% 10.07% 5.20% 3.18% 0.78% 0.16% 0.11% 0.17%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 14
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE LOAN TO VALUE RATIO
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL WTD. AVG.
NUMBER OF OFF DATE MORTGAGE CUMULATIVE WTD. AVG. STATED WTD. AVG. WTD. AVG. CUT-
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL POOL % OF INITIAL MORTGAGE REMAINING U/W NCF OFF DATE LOAN-
LTV RATIO LOANS BALANCE BALANCE POOL BALANCE RATE TERM (MO.) DSCR TO-VALUE RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.00% to 39.99% 5 $ 3,379,383 0.46% 0.46% 8.359% 108 2.46x 31.95%
40.00% to 44.99% 4 4,496,508 0.62 1.08 9.022 119 1.68 41.45
45.00% to 49.99% 7 16,004,415 2.19 3.27 8.269 149 1.51 46.85
50.00% to 54.99% 11 21,060,383 2.89 6.16 8.034 128 1.51 52.67
55.00% to 59.99% 21 27,465,545 3.77 9.93 8.072 117 1.46 57.92
60.00% to 64.99% 33 67,273,088 9.22 19.15 8.488 122 1.39 62.55
65.00% to 69.99% 56 158,820,769 21.77 40.92 8.222 119 1.34 67.76
70.00% to 74.99% 91 308,956,451 42.36 83.28 8.197 113 1.30 72.95
75.00% to 84.99% 40 121,983,618 16.72 100.00 7.847 133 1.27 77.70
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $ 729,440,160 100.00% 8.169% 120 1.33X 69.54%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
RANGE OF CUT-OFF DATE LTV RATIO 0.00 - 40.00 - 45.00 - 50.00 - 55.00 - 60.00 - 65.00 - 70.00 - 75.00 -
39.99 44.99 49.99 54.99 59.99 64.99 69.99 74.99 84.99
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
% OF INITIAL MORTGAGE POOL BALANCE 0.46% 0.62% 2.19% 2.89% 3.77% 9.22% 21.77% 42.36% 16.72%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 15
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE LOANS BY REMAINING TERM TO SCHEDULED MATURITY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WTD. AVG.
NUMBER OF AGGREGATE CUT- % OF INITIAL CUMULATIVE % OF WTD. AVG. STATED WTD. AVG.
RANGE OF REMAINING TERM TO MORTGAGE OFF DATE PRINCIPAL MORTGAGE INITIAL MORTGAGE MORTGAGE REMAINING U/WNCF
MATURITY (MOS.) LOANS BALANCE POOL BALANCE POOL BALANCE RATE TERM (MO.) DSCR
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0 to 83 6 $ 8,158,517 1.12% 1.12% 8.778% 76 1.34x
84 to 95 8 13,965,464 1.91 3.03 8.068 91 1.45
96 to 107 76 111,751,512 15.32 18.35 7.818 104 1.41
108 to 119 155 510,222,061 69.95 88.30 8.304 112 1.32
120 to 179 7 38,335,565 5.26 93.56 7.797 160 1.24
180 to 239 12 38,080,392 5.22 98.78 7.533 215 1.26
240 to 359 4 8,926,649 1.22 100.00 8.730 287 1.52
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 268 $ 729,440,160 100.00% 8.169% 120 1.33X
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. CUT-
RANGE OF REMAINING TERM TO OFF DATE LOAN-
MATURITY (MOS.) TO-VALUE RATIO
- ----------------------------------------------
<S> <C>
0 to 83 69.06%
84 to 95 64.95
96 to 107 66.60
108 to 119 70.26
120 to 179 73.31
180 to 239 70.24
240 to 359 54.27
- ----------------------------------------------
TOTAL / WEIGHTED AVERAGE 69.54%
- ----------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
RANGE OF REMAINING TERM TO SCHEDULED MATURITY (MONTHS) 0 - 83 84 - 95 96 - 107 108 - 120 - 180 - 240 -
119 179 239 359
<S> <C> <C> <C> <C> <C> <C> <C>
% OF INITIAL MORTGAGE POOL BALANCE 1.12% 1.91% 15.32% 69.95% 5.26% 5.22% 1.22%
</TABLE>
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 16
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
TEN LARGEST LOANS
ASSET AND LOAN SUMMARIES
- --------------------------------------------------------------------------------
- ----------
Includes cross-collateralized and cross-defaulted loans.
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 17
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
6603287- Putnam Building
- --------------------------------------------------------------------------------
LOAN INFORMATION
CUT-OFF DATE PRINCIPAL $28,618,254.87
BALANCE:
% OF MORTGAGE POOL 3.92%
BALANCE:
ORIGINATION DATE: 13-Apr-99
MATURITY DATE: 01-Aug-13
MORTGAGE INTEREST
RATE: 7.57%
AMORTIZATION TERM: 351
BORROWER/ SPONSOR: The general partner of Trumbull Center Limited
Partnership is Trumbull Center Investment Corp. and
the general partner of Fairfield Mortgage Partners
L.P. is DIV Fairfield Investment Corp. Both entities
are owned by Jonathan G. Davis, his wife Margot
Davis, and Paul Marcus. Mr. Davis and Mr. Marcus are
prominent developers/managers in the greater Boston
Area. They have developed over $390 million worth of
commercial properties.
CALL PROTECTION AT The loan is locked-out to prepayment for the first 37
ORIGINATION: months of its term; subject to defeasance for the
next 130 months and open to prepayment without
penalty for the last 4 months.
LIEN TYPE: First Mortgage
OWNERSHIP INTEREST: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
BASE % OF LEASE
---- ---- -----
RENT NRSF TOTAL EXPIRATION
---- ---- ----- ----------
PSF NRSF
--- ----
<S> <C> <C> <C> <C>
Putnam $13.41 231,000 100% 7/31/13
Investments, Inc.
</TABLE>
RESERVES
There is currently not a tax and insurance escrow in place, however, lender may
require Tax and Insurance Escrows in the event of default. A replacement reserve
escrow and a TI/LC escrow are collected in the amount $2,916.67 each month as a
part of a Loan Reserve Fund Escrow. Commencing 8/1/2012, all Property Cash Flow
is to be paid into a Supplemental Reserve Account Escrow until the total of the
Loan Reserve Fund Escrow and Supplemental Reserve Account Escrow equals the sum
of nine monthly payments of principal and interest under the Loan. The Loan
Reserve Fund Escrow and Supplemental Reserve Account Escrow are released/waived
if Putnam renews its Lease for an additional 10 year term expiring July 2023.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Norwood, MA
YEAR BUILT/ RENOVATED: 1978/NAP
PROPERTY SIZE: 231,000 SF
CUT-OFF DATE PRINCIPAL
BALANCE PER SF: $123.89
GENERAL CHARACTERISTICS: The property is a one-story Class A office building
constructed in 1978. It is located 12.5 miles southwest of downtown Boston.
The building is occupied by a single tenant with a triple-net lease, Putnam
Investments, Inc. Putnam is a subsidiary of Marsh & McLennan Companies, Inc. It
has assets of $2.1 billion and revenue increases of 40% and 20% over the past
two years. Putnam signed a fifteen year lease with rent step-ups every five
years and two-ten year extension options with increasing rents.
Pursuant to the terms of the lease, Putnam is contractually obligated to spend
at least $25 million to create a state-of-the-art Investor Service Center which
will include a 100,000 sf addition to the building that will provide additional
collateral to the loan.
PROPERTY MANAGER: Glen Management Corporation is owned by one of the
principals, Jonathan Davis.
OCCUPANCY: 100%
OCCUPANCY AS OF DATE: 05-Aug-99
UNDERWRITTEN NET OPERATING
INCOME: $3,004,575
UNDERWRITTEN NET CASH FLOW: $2,969,575
UNDERWRITTEN NET CASH FLOW
DSCR: 1.21x
APPRAISED VALUE: $36,250,000
APPRAISAL DATE: 17-Jun-98
CUT-OFF DATE LTV RATIO: 78.95%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 18
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0812021a&b - Jovanna Villas Apartments & Los Cabos II Apartments
LOAN INFORMATION
Cut-off Date Principal
Balance: $23,685,052.07 (1)
% of Mortgage Pool
Balance: 3.25%
Origination Date: 22-Dec-99
Maturity Date: 01-Jan-10
Mortgage Interest
Rate: 8.30%
Amortization Term: 360
Borrower/ Sponsor: Los Cabos II LV99-002, LLC and Jovanna Villa
LV99-003, LLC are the borrowing entities. Their 1%
managing members, are structured as bankruptcy
remote, special purpose entities. The Borrowers'
managing members have independent directors on
their boards. A non-consolidation opinion was
obtained at closing.
These LLCs are effectively controlled by Aegis
Realty Trust, Inc., a Maryland REIT, based in
Southern California. The senior management of the
REIT has extensive experience in real estate
investment banking, acquisitions, asset
management, construction and development. The
limited partners of Aegis Realty, L.P., and the
owners of Aegis Realty Trust, Inc. are the
indemnitors on both loans.
Call Protection at The loans are locked-out to prepayment for the
Origination: first 29 months of their terms; subject to
defeasance for the next 87 months and open to
prepayment for the last 4 months.
Lien Type: First Mortgages
Ownership Interest: Fee Simple
RESERVES
There are tax and insurance escrows which require deposits in amounts estimated
to be sufficient to pay real estate taxes and insurance premiums when due.
There are also escrows required for future capital expenditures which are
required to be funded monthly in the total annual amount of $118,500 or
$250/unit.
PROPERTY INFORMATION
Property Type: Multifamily - Garden
Location: North Las Vegas/Las Vegas, NV
Year Built/ Renovated: 1998/NAP
Property Size: 474 Units
Cut-off Date Principal
Balance per Unit: $49,968.46
General Characteristics: Los Cabos Villas II and Jovanna Villas are
newly-developed 210-unit and 264-unit gated apartment communities that opened in
August and October of 1998, respectively. The Los Cabos Villas II is located in
North Las Vegas, approximately 20 minutes from the Las Vegas strip and Jovanna
Villas is located in south Las Vegas, within minutes of the Las Vegas strip and
McCarren Airport. Project amenities at both properties include full-size washer
and dryers in units, garages or covered parking, pool, spa and fitness center.
These two properties are cross-collateralized and cross-defaulted and the
numbers represented herein are combined numbers for both properties.
Property Manager: J&M Realty Company is a full service real estate
company that was established by its principals,
John Woolley and Michel Aimola. Woolley and Aimola
have a combined fifty-five years of real estate
experience. During the past 15 years, Woolley and
Aimola have managed more than 15,000 units in
Arizona, California, Florida, Nevada, Oklahoma and
Texas. J&M specializes in bringing newly opened
apartment communities to stabilized occupancy
levels.
Occupancy: 95%
Occupancy as of Date: 29-Nov-99
Underwritten Net Operating
Income: $2,693,932
Underwritten Net Cash Flow: $2,575,432
Underwritten Net Cash Flow
DSCR: 1.20x
Appraised Value: $31,925,000
Appraisal Date: 4-Nov/12-Nov-99
Cut-off Date LTV Ratio: 74.19%
(1) Represents a cross-collateralized and cross-defaulted loan group.
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 19
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0810209 - Sunrise Plaza Shopping Center
LOAN INFORMATION
Cut-off Date Principal
Balance: $14,887,462.50
% of Mortgage Pool 2.04%
Balance:
Origination Date: 09-Dec-99
Maturity Date: 01-Jan-10
Mortgage Interest
Rate: 8.14%
Amortization Term: 360
Borrower/ Sponsor: E P & G Properties with Elias, Pete, and Gus
Tsigaris each owning a 1/3 interest. In addition
to the subject, the brothers own approximately $16
million of land, office and retail properties.
They also own and operate a chain of restaurants
in Northern California. Their collective net
worths are represented to be $17.6 million.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 29 months of its term; subject to defeasance for
the next 87 months and open to prepayment without
penalty for the last 4 months.
Lien Type: First Mortgage
Ownership Interest: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
Base Rent % of Total Lease
PSF NRSF NRSF Expiration
--------- ------ ----- ---------
<S> <C> <C> <C> <C>
Sportmart $ 10.95 41,176 36.35% 1/31/2004
Comp USA $ 13.75 25,090 22.15% 6/30/2011
Western Appliance $ 15.00 10,000 8.8% 1/31/2005
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $23,208/year.
The tenant improvement escrow is $34,459/year and the leasing commission escrow
is $56,441/year.
PROPERTY INFORMATION
Property Type: Anchored Retail
Location: San Jose, CA
Year Built/ Renovated: 1995/NAP
Property Size: 113,266 SF
Cut-off Date Principal
Balance per SF: $131.44
General Characteristics: Sunrise Plaza is an anchored retail shopping center
located in San Jose, CA. It is located on Blossom Hill Road, 1/2 block from the
85 Freeway. The property has a full city block of frontage along the south side
of Blossom Hill Road with three traffic signals facilitating access to the
property.
The center is anchored by Sportmart and Comp USA. Blossom Hill Road is
the most active retail market in the greater San Jose area. Other retail centers
proximate to the subject include the Oakridge Mall (Macys, Sears), Tower Center
(Tower Records, Party City, Radio Shack, Babies R Us), Mainstreet at Santa
Teresa (Albertson's/Lucky, Super Crown Bookstore, Starbucks, Blockbuster Video),
Kmart Plaza (Kmart, Boston Market, Good Guys), Almaden Plaza (Costco, Barnes &
Noble, Circuit City), and Hillview Plaza (Home Depot, Office Depot).
Property Portfolio Realty Management which manages 24
Manager: properties in the Bay area with more than 300
tenants in 1 million s.f. of office, industrial
and retail space.
Occupancy: 95%
Occupancy as of Date: 26-Nov-99
Underwritten Net Operating
Income: $1,869,038
Underwritten Net Cash Flow: $1,753,600
Underwritten Net Cash Flow
DSCR: 1.32x
Appraised Value: $20,200,000
Appraisal Date: 08-Oct-99
Cut-off Date LTV Ratio: 73.70%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 20
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
HHCC0062 - Hasbrouck & Torview Apartments
LOAN INFORMATION
Cut-off Date Principal
Balance: $14,641,646.86
% of Mortgage Pool
Balance: 2.01%
Origination Date: 27-Oct-99
Maturity Date: 01-Nov-09
Mortgage Interest
Rate: 8.14%
Amortization Term: 360
Borrower/ Sponsor: Berk-Cohen Associates at Torview Village Apts,
LLC. The Property is owned by an LLC whose members
consist of Mr. Harvey Berk, 51% owner, and his
daughter, Ms. Diana Berk Cohen, 49% owner. The
borrowing entity holds the property as a single
asset entity. Mr. Berk, who has been a real estate
investment principal for over 30 years, owns or
has a majority interest in four office properties,
11 multifamily properties with a total of 3,586
units and several land investments. He is a long
term holder and does not often sell properties.
Call Protection at The loan is locked out to prepayment for the first
Origination: 31 months of its term; subject to defeasance for
the next 85 months and open to prepayment for the
last 4 months.
Lien Type: First Mortgage
Ownership Interest: Fee Simple
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
PROPERTY INFORMATION
Property Type: Multifamily - Garden
Location: Garnerville, NY
Year Built/ Renovated: 1970/NAP
Property Size: 373 Units
Cut-off Date Principal
Balance per Unit: $39,253.74
General Characteristics: The subject loan is secured by a first mortgage on a
373-unit garden apartment complex known as Hasbrouck and Torview located in
Garnerville, NY. The Property is located approximately 30 miles north of New
York City in the northeastern portion of Rockland County. Hasbrouck and Torview
is an attractive, garden apartment complex that has been maintained in good
condition with a clean appearance. The project is comprised of 9 two-story
garden apartment buildings with brick veneer, pitched roofs and in the case of
Torview, balconies and patios on some of the units. The landscaping is mature
and well-maintained.
Property Manager: Mr. Harvey Berk, one of the key principals, owns
Manhattan Management Company which provides
property management services for the property.
Mrs. Diana Berk Cohen, the daughter of Mr. Berk,
is also directly involved with the ownership and
management of the property.
Occupancy: 97%
Occupancy as of Date: 30-Sep-99
Underwritten Net Operating
Income: $1,729,701
Underwritten Net Cash Flow: $1,655,101
Underwritten Net Cash Flow
DSCR: 1.26x
Appraised Value: $20,100,000
Appraisal Date: 12-Jul-99
Cut-off Date LTV Ratio: 72.84%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 21
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
6600058 - Muncie Apartments Portfolio
LOAN INFORMATION
Cut-off Date Principal
Balance: $13,152,356.05
% of Mortgage Pool
Balance: 1.80%
Origination Date: 06-Jun-98
Maturity Date: 01-Jul-18
Mortgage Interest
Rate: 6.94%
Amortization Term: 240
Borrower/ Sponsor: The Borrowing Entity is CJB Apartments, LLC. It is
solely controlled by Charles Burnworth and his
wife Linda Burnworth. Mr. and Mrs Burnworth are
also the carvout guarantors for this loan. Mr.
Burnworth founded CJB Enterprises in 1984 to
develop quality multifamily housing that services
the specific demographic needs of the Muncie, IN
market, in particular, the student population.
Mr. Burnworth also purchased land in various
college towns across the country and constructed
HUD/FHA approved condominiums for college
students. Mr. and Mrs. Burnworth has a reported
net worth of over $6.7 million.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 119 months of its term; subject to a Yield
Maintenance Penalty for the next 114 months and
open to prepayment for the last months.
Lien Type: First Mortgage
Ownership Interest: Fee Simple
RESERVES
There is a tax and insurance escrow which require deposits in amounts estimated
to be sufficient to pay real estate taxes and insurance premiums when due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the annual amount of $442.70/unit for the life
of the loan.
PROPERTY INFORMATION
Property Type: Multifamily - Student Housing
Location: Muncie, IN
Year Built/ Renovated: 1984-1993/NAP
Property Size: 308 Units
Cut-off Date Principal
Balance per Unit: $42,702.45
General Characteristics: Muncie Apartments Portfolio consists of six multifamily
properties containing a total of 308 units. The properties were built between
1984 and 1993. They are all located less than one mile from Ball State
University and are occupied mostly by students attending the University. The
largest property in the portfolio has amenities which include a swimming pool,
clubhouse with fitness center, volleyball and basketball court. Most units are
equipped with microwaves, washers and dryers. The three-year historical vacancy
rate at these properties has averaged less than 1%.
Property Manager: The property is managed CJB Enterprises which is
owned by the principal of the borrowing entity,
Charles Burnworth. CJB Enterprises has developed
ten student condominium projects in eight states
across the country.
Occupancy: 100%
Occupancy as of Date: 04-Jan-00
Underwritten Net Operating
Income: $1,719,249
Underwritten Net Cash Flow: $1,577,884
Underwritten Net Cash Flow
DSCR: 1.24x
Appraised Value: $17,390,000
Appraisal Date: 05-Mar-98
Cut-off Date LTV Ratio: 75.63%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 22
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
6000190 - Sports Arena Village
LOAN INFORMATION
Cut-off Date Principal
Balance: $12,904,149.90
% of Mortgage Pool
Balance: 1.77%
Origination Date: 26-May-98
Maturity Date: 01-Jun-18
Mortgage Interest
Rate: 7.51%
Amortization Term: 240
Borrower/ Sponsor: The Borrowing Entity, Sports Arena Village, Ltd.,
a single-asset SPE whose principals are Douglas
Allred (30%), the Allred Family Living Trust (27%)
and Ronald G. Wheatcroft (22%). Mr. Allred and Mr.
Wheatcroft have 40 years experience in real estate
development and management. Mr.Allred has
developed over 6,595 housing units, as well as
2.16 million sf of commercial space.
The Borrowers have a combined net worth in excess
of $51 million at the time of closing.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 119 months of its term; subject to Yield
Maintenance Penalty for the next 72 months and
open to prepayment without penalty for the last 49
months.
Lien Type: First Mortgage
Ownership Interest: Leasehold
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
Base % of Total Lease
Rent PSF NRSF NRSF Expiration
-------- ------- ----- --------
<S> <C> <C> <C> <C>
SAIC $ 13.63 100,418 39.43% 12/31/03
CSC $ 14.15 37,862 14.87% 5/31/01
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $42,458 /year for the life of the
loan.
The tenant improvement and leasing commission escrow is $84,957 /year for the
life of the loan.
PROPERTY INFORMATION
Property Type: Office/Retail
Location: San Diego, CA
Year Built/ Renovated: 1981/NAP
Property Size: 254,679 SF
Cut-off Date Principal
Balance per SF: $50.67
General Characteristics: The subject property is a nine-building mixed-use
complex, located at the intersection of Sports Arena Boulevard and Hancock
Street in San Diego, California. There are six two-story class B office
buildings and three single-story class B retail buildings. The site also has two
pads which are developed with a Men's Depot store and a Red Lobster restaurant.
The property is located adjacent to the San Diego Sports Arena, home to the San
Diego Gulls hockey team. It also hosts concerts, expositions and other
recreational events.
Property Manager: The Wheatcroft Company was founded in 1981 by
Ronald Wheatcroft, who is also a general partner
in the borrowing entity. Mr. Wheatcroft entered
the commercial real estate business in 1963 with
Coldwell Banker and has been in the commercial
real estate development and management business
ever since.
Occupancy: 95%
Occupancy as of Date: 01-Oct-99
Underwritten Net Operating
Income: $2,065,702
Underwritten Net Cash Flow: $1,766,018
Underwritten Net Cash Flow
DSCR: 1.35x
Appraised Value: $19,500,000
Appraisal Date: 30-Mar-98
Cut-off Date LTV Ratio: 66.18%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 23
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
9902010037 - Holiday Inn - Somerset
LOAN INFORMATION
Cut-off Date Principal
Balance: $12,899,823.81
% of Mortgage Pool
Balance: 1.77%
Origination Date: 16-Jul-99
Maturity Date: 01-Aug-09
Mortgage Interest
Rate: 9.14%
Amortization Term: 300
Borrower/ Sponsor: Franklin Hotel Investments LP, the principal of
which is Arnold Orleans. Mr. Orleans has been
involved in real estate development since 1974. He
developed the subject as well as two other hotels.
He has also acquired and renovated hotels for a
total of in excess of 1,000 rooms. Most of Mr.
Orleans' development activity has been
concentrated in New Jersey, but he has also been
active in Maryland, Virginia, Massachusetts, and
Texas.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 34 months of its term; subject to defeasance for
the next 82 months and open to prepayment without
penalty for the last 4 months.
Lien Type: First Mortgage
Ownership Interest: Leasehold
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
FF&E reserves are escrowed on the basis of 4% of EGI and collected monthly. At
closing, $1,500,000 was escrowed for Phase I of the discretionary renovations
planned by the borrower. In addition, $500,000 was escrowed over the first 6
months of the loan term from deposits and cash flow for additional discretionary
renovations. As of January, 2000, $1,222,000 of these discretionary improvements
had been completed. See "General Characteristics."
PROPERTY INFORMATION
Property Type: Full Service Hotel
Location: Somerset, NJ
Year Built/ Renovated: 1983/NAP
Property Size: 284 Rooms
Cut-off Date Principal
Balance per Unit: $45,421.91
General Characteristics: The loan refinanced the leasehold interest in the
subject and provided funds for the borrower principal, Mr. Orleans, to buyout
his partners. The ground lease is held by a related party and runs to
12/31/2080. This 284-room Holiday Inn was developed by Mr. Orleans in 1983.
Amenities at this full-service hotel include a restaurant, lounge, outdoor pool,
fitness room, business center and more than 6,100 sf of meeting space. The
borrower had planned a $2.0 million renovation at the time of closing and, as of
January, 2000, $1.22 million had been spent. The renovation includes guestroom
case goods and soft goods, guestroom corridor refurbishment, lounge carpet and
upholstery, wallpaper, banquet equipment, computer systems upgrade, parking lot,
sidewalk, pool and laundry facility repairs.
The Holiday Inn is located on Davidson Avenue in Somerset, NJ just south of
I-287. It is in the midst of a class-A office market with AT&T, Lucent
Technologies, Bell Communications, Merrill Lynch, Bristol-Meyers Squibb, Johnson
& Johnson and Ortho Pharmaceuticals as major users. The subject is also located
across the street from the 60,000-s.f. Garden State Exhibit Center.
Property Manager: Winegardner & Hammons, Inc., a full-service
hospitality company. Founded in 1959 by Roy
Winegardner and John Hammons, they manage 28 hotels
totalling 6,374 rooms.
Occupancy: 59% (avg. for 1999)
Occupancy as of Date: 31-Dec-99
Average Daily Rate: $105.37 (up from $96.96 in 1998, $84.82 in 1997,
$78.07 in 1996)
Underwritten Net Operating
Income: $2,326,452
Underwritten Net Cash Flow: $1,873,363
Underwritten Net Cash Flow
DSCR: 1.41x
Appraised Value: $21,000,000
Appraisal Date: 18-Mar-99
Cut-off Date LTV Ratio: 61.43%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 24
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0812009 - Southridge Shopping Center
LOAN INFORMATION
Cut-off Date Principal
Balance: $11,417,665.34
% of Mortgage Pool
Balance: 1.57%
Origination Date: 05-Jan-00
Maturity Date: 01-Feb-10
Mortgage Interest
Rate: 8.67%
Amortization Term: 360
Borrower/ Sponsor: Vansouth Limited Partnership, the principal of
which is William Fine. Mr. Fine began developing
real estate in 1957. He has developed office,
industrial, retail and multifamily projects in the
Twin Cities, Chicago, Los Angeles and San
Francisco. He has developed more than 1,100
apartment units and 700,000 sf of retail space.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 28 months of its term; subject to defeasance for
the next 88 months and open to prepayment without
penalty for the last 4 months.
Lien Type: First Mortgage
Ownership Interest: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
Base % of Total Lease
---- NRSF ---------- -----
Rent PSF ---- NRSF Expiration
-------- ---- ----------
<S> <C> <C> <C> <C>
Sam's Club
(Walmart, Inc.) $ 8.61 103,928 51.37% 3/31/2007
- --------------------------------------------------------------------------------
OfficeMax $ 9.25 25,850 12.78% 1/31/2003
- --------------------------------------------------------------------------------
Pep Boys $ 8.84 25,007 12.36% 9/20/2013
- --------------------------------------------------------------------------------
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $30,348/year.
An initial deposit to the TI/LC reserve was made in the amount of $100,000.
Monthly collections are made on the basis of $60,696/year. A separate Sam's Club
escrow was established for the potential roll of this space in March, 2007.
Beginning in March, 2006, the borrower will be required to escrow $33,000 per
month for one year ($396,000), for the potential re-tenanting of the Sam's Club
space. If Sam's Club exercises its option to renew for 5 years, the money will
be returned to the borrower.
PROPERTY INFORMATION
Property Type: Anchored Retail
Location: Inver Grove Heights, MN
Year Built/ Renovated: 1986/NAP
Property Size: 202,308 SF
Cut-off Date Principal
Balance per SF: $56.44
General Characteristics: The subject center is located in Inver Grove Heights,
Minnesota, which is part of the Twin Cities MSA. The center is anchored by a
103,928-sf Sam's Club (Walmart), a 25,850-sf Office Max and a 25,007-sf Pep
Boys. Sales at the Sam's Club have steadily increased from $313/s.f. in 1995 to
$402/s.f. in 1999.
The center is well-located 1/4 mile from I-494 and MN 110. The property is at
the intersection of Mendota Road (traffic count 23,500/day) and Robert Street
South (traffic count 82,000/day) with easy access and high visibility from both
roads.
Property Manager: Fine Associates LLC, a borrower affiliate. The
firm currently manages 713,000 sf of retail space
with four centers located in Minnesota, Illinois
and North Dakota as well as a 321-unit, 32-story
luxury highrise apartment building located in
downtown Minneapolis.
Occupancy: 93%
Occupancy as of Date: 01-Sep-99
Underwritten Net Operating
Income: $1,535,275
Underwritten Net Cash Flow: $1,424,498
Underwritten Net Cash Flow
DSCR: 1.33x
Appraised Value: $16,750,000
Appraisal Date: 14-Sep-99
Cut-off Date LTV Ratio: 68.17%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 25
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
9903010048 - Stewart Plaza
LOAN INFORMATION
Cut-off Date Principal
Balance: $11,180,811.13
% of Mortgage Pool
Balance: 1.53%
Origination Date: 14-May-99
Maturity Date: 01-Jun-09
Mortgage Interest
Rate: 7.92%
Amortization Term: 360
Borrower/ Sponsor: Stewart Plaza Limited Partnership, the
principals of which are Gary V. Wild and William R.
Lee each of whom owns 26% through both GP and LP
interests. Mr. Wild and Mr. Lee developed the
subject in 1987. Mr. Wild also owns a 24-unit
Victorian Inn and numerous 2-family rental units in
Ouray, CO. Mr. Lee owns small rental properties in
Upland and Laguna, CA. The subject is the
principals' largest commercial real estate asset.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 36 months of its term; subject to defeasance for
the next 80 months and open to prepayment without
penalty for the last 4 months.
Lien Type: First Mortgage
Ownership Interest: Fee Simple
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
Base % of Total Lease
---- NRSF ---------- -----
Rent PSF ---- NRSF Expiration
-------- ---- ----------
<S> <C> <C> <C> <C>
Century 21
Beachside $18.82 9,958 8.01% 1/31/2004
- --------------------------------------------------------------------------------
Scott
Goldman,
M.D., Inc. $14.09 8,655 6.97% 3/31/2003
- --------------------------------------------------------------------------------
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $24,852/year.
The tenant improvement escrow is $69,792/year funded monthly and the leasing
commission escrow is $54,108/year funded monthly. There is a combined cap on the
TI/LC escrows of $240,000 which has been calculated as sufficient to cover the
largest tenant rollover year.
PROPERTY INFORMATION
Property Type: Office
Location: Upland, CA
Year Built/ Renovated: 1987/1990
Property Size: 124,262 SF
Cut-off Date Principal
Balance per SF: $89.98
General Characteristics: The subject is comprised of 7 buildings with 111,973 sf
of multi-tenanted office space and 12,289 sf of retail space. Two of the office
buildings are 3-stories. The remaining buildings are single story.
The subject is at the intersection of N. Mountain and Arrow Streets in Upland,
CA. It is a block away from the San Bernadino Freeway (I-10). Other development
between the I-10 and the subject includes the 200,000-s.f. Mountain Green
Shopping Center with Home Depot, Von's and T.J. Maxx. The area is fully
developed with minimal opportunity for new competition.
The property is in excellent condition and is 93% occupied with a diverse tenant
roster and staggered tenant rollover.
Property Manager: Westrend/ Mountain dba Stewart Plaza
Occupancy: 93%
Occupancy as of Date: 31-Oct-99
Underwritten Net Operating
Income: $1,482,482
Underwritten Net Cash Flow: $1,331,036
Underwritten Net Cash Flow
DSCR: 1.35x
Appraised Value: $15,300,000
Appraisal Date: 02-Apr-99
Cut-off Date LTV Ratio: 73.08%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE> 26
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
03-0810176 - The Carriage Building (Building 39)
LOAN INFORMATION
Cut-off Date Principal
Balance: $10,957,229.98
% of Mortgage Pool
Balance: 1.50%
Origination Date: 14-Oct-99
Maturity Date: 01-Nov-09
Mortgage Interest
Rate: 8.22%
Amortization Term: 360
Borrower/ Sponsor: Navy Yard Plaza Development Associates - 39 Limited
Partnership with the Navy Yard Development
Associates II, Inc., a Massachusetts corporation as
general partner. The President of the general
partner is Robert Kenney who has 31 years of
development experience.
Call Protection at The loan is locked-out to prepayment for the first
Origination: 31 months of its term; subject to defeasance for
the next 85 months and open to prepayment without
penalty for the last 4 months.
Lien Type: First Mortgage
Ownership Interest: Leasehold
PRINCIPAL TENANCIES
<TABLE>
<CAPTION>
Base % of Total Lease
---- NRSF ---------- -----
Rent PSF ---- NRSF Expiration
-------- ---- ----------
<S> <C> <C> <C> <C>
Massachusetts
Water
Resources $25.65 84,789 98.79% 9/30/2006
Authority
</TABLE>
RESERVES
There is a tax and insurance escrow which requires deposits in an amount
estimated to be sufficient to pay real estate taxes and insurance premiums when
due.
There is also an escrow required for future capital expenditures which is
required to be funded monthly in the amount of $13,572/year.
The tenant improvement and leasing commission escrow is $85,824/year.
PROPERTY INFORMATION
Property Type: Office
Location: Charlestown, MA
Year Built/ Renovated: 1886/1987
Property Size: 85,825 SF
Cut-off Date Principal
Balance per SF: $127.67
General Characteristics: Originally constructed in 1886, the subject is located
in the Charlestown Navy Yard, within the metropolitan area of Boston. It was
completely renovated in 1987 into a four-story office building. There is
approximately 1,000 sf of retail space on the first floor occupied by a
mini-market and floors 2 through 4 are occupied by the Massachusetts Water
Resources Authority (MWRA). This quasi-public agency provides water supply
services and sewage collection, treatment and disposal services to areas of
Massachusetts. The subject is on an 80-year ground lease, expiring in 2067, from
the Boston Redevelopment Authority which controls 105 acres of the 135-acre Navy
Yard. There are 350,000 sf of office space and 725,000 sf of biomedical research
space in the Navy Yard with the largest user being Massachusetts General
Hospital.
The Navy Yard is strategically located immediately north of Boston. It is within
a short drive of the Financial District, the Back Bay, Cambridge and Boston's
northern suburbs. Access to I-93 and Route 1 is excellent.
Property Manager: Fulton Properties, a borrower affiliate.
Occupancy: 100%
Occupancy as of Date: 01-Oct-99
Underwritten Net Operating
Income: $1,424,528
Underwritten Net Cash Flow: $1,281,358
Underwritten Net Cash Flow
DSCR: 1.30x
Appraised Value: $16,350,000
Appraisal Date: 30-Jun-99
Cut-off Date LTV Ratio: 67.02%
All information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
Term Sheet is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. No underwriter makes any representations regarding the reasonableness
of such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be relied
upon for such purposes. Each underwriter and its affiliates, officers,
directors, partners and employees, including persons involved in the preparation
or issuance of this material may, from time to time, have long or short
positions in, and buy and sell, the securities mentioned therein or derivatives
thereof (including options). Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
