SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: March 3, 1999
- - ---------------------------------
(Date of earliest event reported)
Asset Securitization Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-49370 13-3672337
- - ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Two World Financial Center, Building B, New York, New York 10281
----------------------------------------------------------------
Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 667-9300
<PAGE>
Item 5. Other Events.
Attached as Exhibit 99.1 to this Current Report are certain materials (the
"Structural and Collateral Term Sheet") furnished to the Registrant by Goldman,
Sachs & Co., Lehman Brothers Inc., Donaldson, Lufkin & Jenrette Securities
Corporation and Nomura Securities International, Inc. (the "Underwriters"), the
underwriters in respect of the Registrant's Commercial Mortgage Pass-Through
Certificates, Series 1999-C1 (the "Certificates"). The Certificates are being
offered pursuant to a Prospectus and related Prospectus Supplement (together,
the "Prospectus"), which will be filed with the Commission pursuant to Rule
424(b)(5) under the Securities Act of 1933, as amended (the "Act"). The
Certificates have been registered pursuant to the Act under a Registration
Statement on Form S-3 (No. 333-53859) (the "Registration Statement"). The
Registrant hereby incorporates the Structural and Collateral Term Sheet by
reference in the Registration Statement.
The Structural and Collateral Term Sheet was prepared solely by the
Underwriters, and the Registrant did not prepare or participate in the
preparation of the Structural and Collateral Term Sheet.
Any statement or information contained in the Structural and Collateral
Term Sheet shall be deemed to be modified or superseded for purposes of the
Prospectus and the Registration Statement by statements or information contained
in the Prospectus.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
----------- ------------------------------------
99.1 Structural and Collateral Term Sheet
<PAGE>
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on behalf of the Registrant by the
undersigned thereunto duly authorized.
ASSET SECURITIZATION CORPORATION
By: /s/ Michael E. Goldberg
-----------------------
Name Michael E. Goldberg
Title: Assistant Secretary
Date: March 5, 1999
<PAGE>
Exhibit Index
Exhibit No. Description Paper (P) or Electronic (E)
- - ----------- ------------------------------------ ---------------------------
99.1 Structural and Collateral Term Sheet E
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. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in the final prospectus for any securities actually sold
to you.
STRUCTURAL AND COLLATERAL TERM SHEET
FEBRUARY 26, 1999
$2,107,801,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ASSET TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C1
APPROXIMATE SECURITIES STRUCTURE:
- - ---------------------------------
EXPECTED
APPROXIMATE EXPECTED WEIGHTED
EXPECTED FACE/NOTIONAL CREDIT AVERAGE EXPECTED
CLASS RATING AMOUNT SUPPORT LIFE PAYMENT
(S&P/MOODY'S) (MM) (% OF UPB) (YEARS)(a) WINDOW
- - ---------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
A1 AAA/Aaa $350.0 28.50% 5.24 04/99-08/06
A2 AAA/Aaa 100.0 28.50 8.60 08/06-07/08
A3 AAA/Aaa 800.0 28.50 9.88 07/08-09/10
A4 AAA/Aaa 448.1 28.50 13.64 09/10-04/13
B AA/Aa2 106.9 24.00 14.22 04/13-07/13
C A/A2 130.6 18.50 14.37 07/13-08/13
D BBB/Baa2 136.6 12.75 14.48 08/13-10/13
E BBB-/Baa3 35.6 11.25 14.57 10/13-10/13
PRIVATE CLASSES (b)
- - ---------------------------------------------------------------------
X AAAr/Aaa
F BB+/Ba1 - - - -
G BB/Ba2 - - - -
H BB-/Ba3 - - - -
J NR/B1 - - - -
K NR/B2 - - - -
L NR/B3 - - - -
M1 NR/NR - - - -
M2 NR/NR - - - -
TOTAL SECURITIES: $2,375.0
- - ---------------------------------------------------------------------
(a) Calculated at 0% CPR, no balloon extension and ARD Loans pay in full on
Anticipated Repayment Dates.
(b) Not offered hereby.
KEY FEATURES:
- - -------------
Co-Lead Managers: Goldman, Sachs & Co.
Lehman Brothers Inc.
Co-Managers: Donaldson, Luftkin & Jenrette
Securities Corporation
Nomura Securities International,
Inc.
Mortgage Loan Seller: Capital Company of America LLC
Short-Term Asset Receivables Trust
Master Servicer: First Union Bank
Special Servicer: Lennar Partners, Inc.
Trustee: LaSalle National Bank
Launch: On or about March 15, 1999
Pricing: On or about March 16, 1999
Closing: On or about March 23, 1999
Cut-Off Date: March 11, 1999
Distribution Date: 17th of each month, or following
business day (commencing April 1999)
Payment Delay: 6 days
ERISA Eligible: Classes A1, A2, A3, and A4
SMMEA Eligible: Classes A1, A2, A3, A4, and B
Structure: Sequential Pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution
Date: January 17, 2032
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes: $10,000
Delivery: DTC
================================================================================
COLLATERAL FACTS:
- - -----------------
Initial Pool Balance: $2,374,987,404
Number of Mortgage Loans: 230
Number of Mortgaged Properties: 268
Average Cut-Off Date Principal Balance: $10,326,032
Weighted Average Current Mortgage Rate: 7.701%
Weighted Average U/W DSCR: 1.49x
Weighted Average Cut-Off Date LTV Ratio: 68.1%
Weighted Average Remaining Term to Maturity
(months): 150
Weighted Average Remaining Amortization Term
(months): 336
Weighted Average Seasoning (months): 8
Balloon Loans as % of Total: 16.1%
Ten Largest Loans or Related Loans as % of Total: 37.1%
TEN LARGEST LOANS OR RELATED LOANS
- - ----------------------------------
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
- - ----------------------------------------------------------------------
DDR/DRA JV $156,000,000 6.6% 64.3% 2.00x Retail
Park LaBrea 140,613,989 5.9 68.6 1.33 Multifamily
The Source 124,000,000 5.2 69.7 1.74 Retail
Prime Retail III 97,878,360 4.1 57.1 1.54 Retail
Springfield Mall 90,394,069 3.8 74.4 1.20 Retail
Atlanta Marriott 80,770,298 3.4 56.1 1.77 Hotel
Iowa Malls 65,875,608 2.8 77.8 1.28 Retail
Laurel Place Mall 53,588,156 2.3 68.6 1.27 Retail
Baldwin Complex 48,875,113 2.1 70.8 1.27 Office
Accor-M-Six
Penvest I 40,320,671 1.7 N/A N/A Hotel
---------- ----
TOTAL/
WEIGHTED
AVERAGE $882,003,204 37.1% 67.1% 1.55X
- - ------------------------------------------------------------------
SELECTED LOAN DATA:
- - -------------------
NUMBER OF CUT-OFF DATE PRINCIPAL BALANCE
GEOGRAPHIC MORTGAGED ----------------------------------------
DISTRIBUTION PROPERTIES % BY UPB WTD. AVG. DSCR
- - ----------------------------------------------------------------------
California 36 $ 456,845,900 19.2% 1.51x
Michigan 26 269,470,263 11.3 1.29
New York 11 191,456,838 8.1 1.69
Virginia 20 182,935,663 7.7 1.29
Illinois 16 152,497,140 6.4 1.68
Other 159 1,121,781,601 47.2 1.49
--- ------------- ----
TOTAL/WTD. AVG. 268 $2,374,987,404 100.0% 1.49x
- - -----------------------------------------------------------------
NUMBER OF CUT-OFF DATE PRINCIPAL BALANCE
MORTGAGED --------------------------------------
PROPERTY TYPE PROPERTIES BALANCE % BY UPB WTD. AVG. DSCR
- - --------------------------------------------------------------------
Retail (a) 93 $1,037,420,187 43.7% 1.51x
Office (b) 60 619,646,435 26.1 1.41
Multifamily 55 338,959,580 14.3 1.36
Hotel (c) 33 189,352,018 8.0 1.72
Industrial 15 98,441,003 4.1 1.43
Health Club 2 66,315,488 2.8 2.08
Mobile Home Park 8 14,828,946 0.6 1.49
Health Care (d) 2 10,023,747 0.4 1.72
--- ------------- -----
TOTAL/WTD. AVG. 268 $2,374,987,404 100.0% 1.49X
- - -----------------------------------------------------------------
(a) Includes mall, factory outlet, convenience station, anchored,
quasi-anchored, and unanchored retail properties.
(b) Includes medical office properties.
(c) Includes full and limited service hotel properties.
(d) Includes assisted living and nursing home properties.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
- - --------------------------------------------------------------------------------
|X| For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the Class A1,
A2, A3, A4, B, C, D, E, F, G, H, J, K, L, M1/M2 certificates.
-- In case the principal balance of the Class M1/M2, L, K, J, H, G, F, E,
D, C, B, in that order, have been reduced to zero due to the
allocation of principal losses, then A1, A2, A3, and A4 will be
allocated principal pro rata.
|X| Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A1, A2,
A3, and A4 Certificates each month.
|X| Each class will be subordinate to the Class A1, A2, A3, A4, and X and to
each class with an earlier alphabetical designation than such class. Each
of the Class A1, A2, A3, A4, and X Certificates will be of equal priority.
|X| All classes will pay interest on a 30/360 basis.
|X| Principal Losses will be allocated in reverse alphabetical order to Class
M1/M2, L, K, J, H, G, F, E, D, C, B, and then pro rata to Class A1, A2,
A3, and A4.
|X| The Master Servicer will cover prepayment interest shortfalls (excluding
shortfalls on specially serviced mortgage loans), provided that with
respect to any loans with due dates on or preceding the related
determination date the Master Servicer will only cover prepayment interest
shortfalls up to the Master Servicing fee equal to 5 basis points per
annum on the principal balance of all loans. Net prepayment interest
shortfalls (after application of prepayment interest excesses and other
Servicer coverage from the Master Servicing Fee) will be allocated reverse
priority (based on interest entitlements) to all regular Certificates.
|X| Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes
of outstanding regular Certificates other than to the Class X.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
AVERAGE LIFE TABLE (IN YEARS) (a)
(PREPAYMENTS LOCKED OUT THROUGH LOCK OUT PERIOD, DEFEASANCE AND YIELD
MAINTENANCE, THEN RUN AT THE INDICATED CPRS)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT ASSUMPTIONS (CPR)
0% CPR 25% CPR 50% CPR 75% CPR 100% PP (b)
- - ---------------- ---------------------- ---------------------- ----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C> <C>
A1 5.22 5.21 5.20 5.19 5.10
A2 8.60 8.58 8.56 8.54 8.48
A3 9.88 9.87 9.86 9.85 9.76
A4 13.64 13.63 13.61 13.58 13.41
B 14.22 14.19 14.16 14.13 14.04
C 14.37 14.35 14.33 14.29 14.11
D 14.48 14.46 14.45 14.43 14.21
E 14.57 14.56 14.51 14.48 14.32
- - ---------------- ---------------------- ---------------------- ----------------------- ---------------------- ----------------------
</TABLE>
(a) ARD loans are assumed to pay on the Anticipated Repayment Date.
(b) "PP" means 100% of each loan prepays when it becomes freely prepayable.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL CUT-OFF PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
PRINCIPAL BALANCES LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 500,000 - 2,499,999 67 $ 104,923,423 4.4% $ 1,566,021 1.48x 7.526% 162 66.7%
2,500,000 - 4,999,999 73 268,204,820 11.3 3,674,039 1.49 7.457 162 67.4
5,000,000 - 7,499,999 30 191,470,967 8.1 6,382,366 1.41 7.601 149 69.2
7,500,000 - 9,999,999 9 76,926,763 3.2 8,547,418 1.34 7.923 159 68.7
10,000,000 - 19,999,999 23 295,205,483 12.4 12,835,021 1.35 7.900 162 70.5
20,000,000 - 29,999,999 9 223,569,247 9.4 24,841,027 1.59 7.411 143 70.6
30,000,000 - 39,999,999 8 276,228,170 11.6 34,528,521 1.46 8.063 165 67.2
40,000,000 - 59,999,999 4 182,926,205 7.7 45,731,551 1.25 8.159 181 69.6
60,000,000 - 79,999,999 1 65,875,608 2.8 65,875,608 1.28 8.400 118 77.8
80,000,000 - 99,999,999 3 269,042,727 11.3 89,680,909 1.49 8.133 137 62.6
100,000,000 - 156,000,000 3 420,613,989 17.7 140,204,663 1.70 7.098 121 67.3
----- ------------- ----
TOTAL/WTD. AVG. 230 $2,374,987,404 100.0% $ 10,326,032 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED PRINCIPAL CUT-OFF DATE DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
STATE PROPERTIES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - --------------------- ----------- -------------- -------------- ----------------- ------------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CA 36 $ 456,845,900 19.2% $12,690,164 1.51x 7.670% 154 67.6%
MI 26 269,470,263 11.3 10,364,241 1.29 8.081 163 71.8
NY 11 191,456,838 8.1 17,405,167 1.69 7.093 125 66.3
VA 20 182,935,663 7.7 9,146,783 1.29 7.942 176 71.6
IL 16 152,497,140 6.4 9,531,071 1.68 7.758 140 61.7
OH 15 120,213,547 5.1 8,014,237 1.24 8.090 177 72.2
AZ 6 96,464,755 4.1 16,077,459 1.83 6.926 98 67.7
TX 17 85,842,981 3.6 5,049,587 1.57 7.304 137 64.6
NV 4 85,799,200 3.6 21,449,800 1.32 8.371 168 69.5
GA 1 80,770,298 3.4 80,770,298 1.77 7.400 131 56.1
IA 7 78,228,268 3.3 11,175,467 1.28 8.326 123 77.0
MN 11 62,119,639 2.6 5,647,240 1.75 7.134 97 65.3
MD 13 58,868,957 2.5 4,528,381 1.56 7.837 186 62.1
OR 6 47,596,576 2.0 7,932,763 1.72 7.348 121 63.5
NC 8 43,174,807 1.8 5,396,851 1.43 7.850 168 67.8
IN 2 40,599,626 1.7 20,299,813 1.48 8.211 132 61.1
FL 6 36,972,811 1.6 6,162,135 1.31 7.340 145 72.4
HI 1 30,343,508 1.3 30,343,508 1.35 7.070 114 79.0
PA 4 29,868,951 1.3 7,467,238 1.28 8.070 171 67.9
NJ 4 24,481,507 1.0 6,120,377 1.53 7.202 194 70.7
NM 5 24,052,645 1.0 4,810,529 1.43 8.099 115 68.2
DC 2 22,884,581 1.0 11,442,291 1.32 7.585 172 72.5
LA 7 22,674,449 1.0 3,239,207 1.40 7.748 178 72.2
CT 1 15,275,478 0.6 15,275,478 0.00 8.450 230 0.0
WI 3 12,787,628 0.5 4,262,543 1.42 7.862 161 74.8
ME 5 12,736,837 0.5 2,547,367 1.55 7.781 142 65.6
WV 2 11,612,826 0.5 5,806,413 1.39 6.890 114 79.5
NH 2 10,877,324 0.5 5,438,662 1.26 8.298 171 71.3
KY 3 9,742,198 0.4 3,247,399 1.45 7.275 175 71.8
MO 3 8,972,397 0.4 2,990,799 1.58 8.466 161 61.9
SC 5 8,914,092 0.4 1,782,818 1.51 7.256 160 62.4
DE 1 7,295,906 0.3 7,295,906 1.25 8.000 117 74.1
AL 2 6,623,089 0.3 3,311,545 1.43 6.881 132 75.6
TN 3 4,436,435 0.2 1,478,812 1.47 6.821 190 69.5
WA 2 4,351,943 0.2 2,175,972 1.40 6.780 118 64.5
SD 1 3,839,898 0.2 3,839,898 1.36 7.250 175 71.4
MA 1 3,068,325 0.1 3,068,325 1.49 9.200 176 61.4
NE 2 2,683,330 0.1 1,341,665 1.46 7.368 173 72.7
MT 1 2,682,784 0.1 2,682,784 0.00 7.030 230 0.0
CO 1 1,867,731 0.1 1,867,731 1.59 7.080 178 62.3
AR 1 1,578,108 0.1 1,578,108 0.00 7.030 230 0.0
VT 1 1,478,164 0.1 1,478,164 1.79 8.940 170 56.9
---- ------------- -----
TOTAL/WTD. AVG. 268 $2,374,987,404 100.0% $8,861,893 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- - --------------------------------------------------------------------------------
[OBJECT OMITTED]
AL 0.3%
AR 0.1
AZ 4.1
CA 19.2
CO 0.1
CT 0.6
D.C. 1.0
DE 0.3
FL 1.6
GA 3.4
HI 1.3
IA 3.3
IL 6.4
IN 1.7
KY 0.4
LA 1.0
MA 0.1
MD 2.5
ME 0.5
MI 11.3
MN 2.6
MO 0.4
MT 0.1
NC 1.8
NE 0.1
NH 0.5
NJ 1.0
NM 1.0
NV 3.6
NY 8.1
OH 5.1
OR 2.0
PA 1.3
SC 0.4
SD 0.2
TN 0.2
TX 3.6
VA 7.7
VT 0.1
WA 0.2
WI 0.5
WV 0.5
[PIE CHART OMITTED]
CALIFORNIA 19.2%
FLORIDA 1.6
GEORGIA 3.4
MICHIGAN 11.3
NEVADA 3.6
NEW YORK 8.1
TEXAS 3.6
OTHER 49.2
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY PROPERTY TYPE
- - --------------------------------------------------------------------------------
[PIE CHART OMITTED]
Health Care 0.4%
Health Club 2.8
Hotel 8.0
Industrial 4.1
Mobile Home Park 0.6
Multifamily 14.3
Office 26.1
Retail 43.7
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED PRINCIPAL CUT-OFF DATE DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retail
Anchored 51 $ 726,877,270 30.6% $14,252,495 1.55x 7.540% 134 69.0%
Mall 3 101,892,082 4.3 33,964,027 1.22 8.325 163 74.5
Factory Outlet 5 97,878,360 4.1 19,575,672 1.54 8.400 112 57.1
Unanchored 20 63,250,441 2.7 3,162,522 1.48 7.439 155 65.2
Quasi-Anchored 8 40,161,298 1.7 5,020,162 1.41 8.092 199 68.3
Convenient
Stations 6 7,360,735 0.3 1,226,789 0.00 7.520 239 0.0
TOTAL RETAIL 93 1,037,420,187 43.7 11,155,056 1.51 7.713 139 68.2
Office
Office 51 532,362,864 22.4 10,438,488 1.42 7.801 158 68.6
Medical Office 9 87,283,571 3.7 9,698,175 1.35 7.804 153 70.6
TOTAL OFFICE 60 619,646,435 26.1 10,327,441 1.41 7.802 157 68.9
MULTIFAMILY 55 338,959,580 14.3 6,162,901 1.36 7.643 158 72.1
Hotel
Full Service 5 110,487,055 4.7 22,097,411 1.75 7.553 128 55.2
Ltd. Service 28 78,864,964 3.3 2,816,606 1.63 7.422 198 62.3
TOTAL HOTEL 33 189,352,018 8.0 5,737,940 1.72 7.498 157 57.1
INDUSTRIAL 15 98,441,003 4.1 6,562,734 1.43 7.563 168 72.1
HEALTH CLUB 2 66,315,488 2.8 33,157,744 2.08 7.825 146 56.9
MOBILE HOME PARK 8 14,828,946 0.6 1,853,618 1.49 7.008 145 74.3
Health Care
Assisted Living 1 6,872,718 0.3 6,872,718 1.72 7.610 176 71.6
Nursing 1 3,151,029 0.1 3,151,029 1.72 7.610 176 71.6
TOTAL HEALTH CARE 2 10,023,747 0.4 5,011,873 1.72 7.610 176 71.6
TOTAL/WTD. AVG. 268 $2,374,987,404 100.0% $ 8,861,893 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY YEAR BUILT
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED PRINCIPAL CUT-OFF DATE DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
YEAR BUILT PROPERTIES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Before 1922 9 $ 77,981,972 3.3% $ 8,664,664 1.35x 8.150% 167 62.9%
1922 - 1931 8 85,690,176 3.6 10,711,272 1.31 7.787 150 71.4
1932 - 1941 4 22,088,428 0.9 5,522,107 1.40 7.949 194 63.2
1942 - 1951 5 167,750,767 7.1 33,550,153 1.33 8.026 168 68.3
1952 - 1961 7 51,503,821 2.2 7,357,689 1.38 8.102 174 65.5
1962 - 1971 44 238,582,489 10.0 5,422,329 1.44 7.734 150 69.7
1972 - 1981 62 464,291,655 19.5 7,488,575 1.59 7.837 161 69.9
1982 - 1991 77 746,423,667 31.4 9,693,814 1.39 7.700 147 67.7
1992 - 1998 52 520,674,427 21.9 10,012,970 1.67 7.331 129 66.7
--- -------------- -----
TOTAL/WTD. AVG. 268 $2,374,987,404 100.0% $ 8,861,893 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------------------------------------------------------------------------------
DISTRIBUTION BY UNDERWRITTEN DEBT SERVICE COVERAGE RATIO
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF UNDERWRITTEN MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
DSCR RATIOS LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00 - 1.09x 1 $ 3,781,591 0.2% 3,781,591 1.05 7.150 174 59.1
1.10 - 1.19 12 179,558,674 7.6 14,963,223 1.19 8.240 158 72.9
1.20 - 1.29 56 697,758,028 29.4 12,459,965 1.25 8.212 156 71.4
1.30 - 1.39 45 440,602,580 18.6 9,791,168 1.35 7.566 151 69.9
1.40 - 1.49 36 179,874,333 7.6 4,996,509 1.44 7.469 160 68.4
1.50 - 1.59 18 151,364,531 6.4 8,409,141 1.54 8.056 128 59.6
1.60 - 1.69 14 79,917,888 3.4 5,708,421 1.65 7.088 142 66.6
1.70 - 1.79 14 246,499,706 10.4 17,607,122 1.75 6.973 129 64.3
1.80 - 1.89 5 23,507,356 1.0 4,701,471 1.86 8.074 134 50.2
1.90 - 1.99 5 168,220,371 7.1 33,644,074 1.99 6.687 84 63.6
2.00 - 2.09 2 4,928,813 0.2 2,464,407 2.08 7.453 173 53.7
2.10 - 4.00 5 75,780,683 3.2 15,156,137 2.89 7.593 173 62.0
CTL 17 123,192,849 5.2 7,246,638 NA 7.669 231 NA
---- --------------- -----
TOTAL/WTD. AVG. 230 $2,374,987,404 100.0% $10,326,032 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY CUT-OFF DATE LOAN TO VALUE RATIO
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF AVERAGE WEIGHTED REMAINING AVERAGE
RANGE OF CUT-OFF NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
DATE LOAN TO VALUE MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
RATIOS LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
25.0 - 39.9 2 $ 6,911,112 0.3% $ 3,455,556 2.69x 7.871% 149 32.2%
40.0 - 49.9 9 61,009,467 2.6 6,778,830 2.21 8.094 166 48.6
50.0 - 59.9 27 264,614,487 11.1 9,800,537 1.64 7.894 126 56.1
60.0 - 64.9 32 374,067,532 15.8 11,689,610 1.64 7.217 125 63.4
65.0 - 69.9 49 684,620,049 28.8 13,971,838 1.41 7.752 152 68.2
70.0 - 74.9 45 506,262,990 21.3 11,250,289 1.28 8.046 164 72.6
75.0 - 79.9 42 286,241,845 12.1 6,815,282 1.32 7.480 133 77.9
80.0 - 89.9 6 42,204,861 1.8 7,034,143 1.29 7.541 143 80.9
90.0 - 99.9 1 25,862,212 1.1 25,862,212 3.70 6.510 174 90.4
CTL 17 123,192,849 5.2 7,246,638 N/A 7.669 231 N/A
----- -------------- -----
TOTAL/WTD. AVG. 230 $2,374,987,404 100.0% $10,326,032 1.49X 7.701% 150 68.1%
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------------------------------------------------------------------------------
DISTRIBUTION BY BALLOON LOAN TO VALUE RATIO
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF BALLOON MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
LOAN TO VALUE RATIOS LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.0 - 9.9% 13 $ 63,545,198 2.7% $ 4,888,092 1.37x 7.667% 220 71.2%
10.0 - 19.9 3 47,569,925 2.0 15,856,642 2.31 7.087 222 51.5
20.0 - 29.9 22 88,330,321 3.7 4,015,015 1.53 7.769 190 62.5
30.0 - 39.9 16 80,753,456 3.4 5,047,091 2.19 8.017 187 50.6
40.0 - 49.9 45 343,664,039 14.5 7,636,979 1.53 7.467 153 62.1
50.0 - 59.9 79 964,872,065 40.6 12,213,570 1.34 8.086 157 67.5
60.0 - 69.9 47 696,864,943 29.3 14,826,914 1.61 7.244 121 72.5
70.0 - 79.9 5 89,387,457 3.8 17,877,491 1.31 8.002 118 78.6
---- -------------- -----
TOTAL/WTD. AVG. 230 $2,374,987,404 100.0% $10,326,032 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY MORTGAGE INTEREST RATE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES NOTES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.250 - 6.499% 5 $ 15,150,984 0.6% $ 3,030,197 1.65x 6.424% 126 67.1%
6.500 - 6.749 13 391,267,105 16.5 30,097,470 1.90 6.633 115 69.2
6.750 - 6.999 18 91,569,901 3.9 5,087,217 1.40 6.889 129 72.4
7.000 - 7.249 53 321,221,189 13.5 6,060,777 1.48 7.080 156 69.2
7.250 - 7.499 38 248,589,900 10.5 6,541,839 1.55 7.382 150 63.3
7.500 - 7.749 23 70,891,572 3.0 3,082,242 1.54 7.590 184 66.0
7.750 - 7.999 12 91,633,797 3.9 7,636,150 1.37 7.860 148 71.9
8.000 - 8.249 12 284,885,133 12.0 23,740,428 1.32 8.054 166 69.4
8.250 - 8.499 25 385,849,005 16.2 15,433,960 1.35 8.385 150 67.3
8.500 - 8.749 24 402,709,865 17.0 16,779,578 1.37 8.501 164 67.4
8.750 - 8.999 3 46,684,508 2.0 15,561,503 1.23 8.816 161 69.8
9.000 - 9.249 1 3,068,325 0.1 3,068,325 1.49 9.200 176 61.4
9.250 - 9.499 1 12,043,639 0.5 12,043,639 1.28 9.253 171 66.9
9.500 - 10.249 1 4,127,476 0.2 4,127,476 1.50 9.500 174 60.7
10.250 - 10.499 3 3,196,848 0.1 1,065,616 1.34 10.360 142 51.6
10.500 - 10.759 2 2,098,158 0.1 1,049,079 1.18 10.631 129 54.0
---- -------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------------------------------------------------------------------------------
DISTRIBUTION BY PREMIUM LOAN TYPE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE AVERAGE WEIGHTED WEIGHTED
PERCENTAGE CUT-OFF WEIGHTED REMAINING AVERAGE AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE DATE WEIGHTED AVERAGE TERM CUT-OFF CUT-OFF
MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE TO MATURITY DATE LTV DATE PTV
LOAN TYPE NOTES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non-Premium 180 $1,451,048,320 61.1% $ 8,061,380 1.58x 7.278% 143 68.7% 68.7%
Premium 54 923,939,084 38.9 17,109,983 1.35 8.365 160 67.2 72.8
---- -------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $10,149,519 1.49X 7.701% 150 68.1% 70.4%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY ORIGINAL TERM TO MATURITY OR ANTICIPATED REPAYMENT DATE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
RANGE OF ORIGINAL TERMS OF AVERAGE WEIGHTED REMAINING AVERAGE
TO MATURITY OR NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
ANTICIPATED REPAYMENT MORTGAGE PRINCIPAL CUT-OFF PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
DATE (MONTHS) NOTES BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
72 - 95 1 $ 156,000,000 6.6% $156,000,000 2.00x 6.640% 79 64.3%
108 - 119 2 12,458,876 0.5 6,229,438 1.30 8.189 105 69.2
120 - 131 77 760,960,994 32.0 9,882,610 1.46 7.459 117 68.9
132 - 143 2 2,098,158 0.1 1,049,079 1.18 10.631 129 54.0
144 - 155 2 84,696,870 3.6 42,348,435 1.77 7.444 131 55.2
156 - 167 2 2,501,322 0.1 1,250,661 1.30 8.114 149 70.4
168 - 191 125 1,216,445,062 51.2 9,731,560 1.43 8.005 172 68.8
192 - 215 (a) 1 11,685,718 0.5 11,685,718 N/A 7.880 192 N/A
228 - 251 18 112,422,093 4.7 6,245,672 1.29 7.597 232 75.2
252 - 264 (a) 4 15,718,312 0.7% 3,929,578 N/A 7.640 255 N/A
------ --------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $ 10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Contains only CTL loans.
- - --------------------------------------------------------------------------------
DISTRIBUTION BY REMAINING TERM TO MATURITY OR ANTICIPATED REPAYMENT DATE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
RANGE OF REMAINING TERMS OF AVERAGE WEIGHTED REMAINING AVERAGE
TO MATURITY OR NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
ANTICIPATED REPAYMENT MORTGAGE PRINCIPAL CUT-OFF PRINCIPAL AVERAGE DSCR MORTGAGE MATURITY DATE LTV
DATE (MONTHS) NOTES BALANCE DATE BALANCE BALANCE RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
72 - 95 1 $ 156,000,000 6.6% $156,000,000 2.00x 6.640% 79 64.3%
96 - 107 2 12,458,876 0.5 6,229,438 1.30 8.189 105 69.2
108 - 119 76 636,960,994 26.8 8,381,066 1.40 7.616 116 68.7
120 - 131 5 210,795,028 8.9 42,159,006 1.75 7.009 124 63.7
132 - 143 3 3,196,848 0.1 1,065,616 1.34 10.360 142 51.6
144 - 155 1 1,676,949 0.1 1,676,949 1.36 7.010 153 76.2
156 - 167 5 162,595,840 6.8 32,519,168 1.25 8.454 165 70.3
168 - 191 118 1,051,476,747 44.3 8,910,820 1.45 7.930 173 68.7
192 - 215 (a) 1 11,685,718 0.5 11,685,718 N/A 7.880 192 N/A
216 - 227 1 1,330,172 0.1 1,330,172 1.14 7.290 219 78.2
228 - 251 17 111,091,921 4.7 6,534,819 1.30 7.601 233 74.9
252 - 255 (a) 4 15,718,312 0.7 3,929,578 N/A 7.640 255 N/A
--- -------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $ 10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Contains only CTL loans.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY MATURITY OR ANTICIPATED REPAYMENT YEAR
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
MATURITY / ANTICIPATED MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
REPAYMENT YEAR NOTES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2005 1 $ 156,000,000 6.6% $156,000,000 2.00x 6.640% 79 64.3%
2007 1 10,461,537 0.4 10,461,537 1.27 8.330 105 68.4
2008 41 408,678,259 17.2 9,967,762 1.42 7.693 115 66.7
2009 40 360,304,804 15.2 9,007,620 1.50 7.221 119 70.9
2010 1 80,770,298 3.4 80,770,298 1.77 7.400 131 56.1
2011 4 4,873,797 0.2 1,218,449 1.35 9.207 146 60.1
2012 3 104,715,744 4.4 34,905,248 1.24 8.494 164 71.3
2013 111 1,060,102,918 44.6 9,550,477 1.44 7.984 172 68.6
2014 9 49,253,924 2.1 5,472,658 1.43 7.302 178 68.9
2015 (a) 1 11,685,718 0.5 11,685,718 N/A 7.880 192 N/A
2017 1 1,330,172 0.1 1,330,172 1.14 7.290 219 78.2
2018 10 98,183,104 4.1 9,818,310 1.30 7.629 232 73.1
2019 7 12,908,817 0.5 1,844,117 1.29 7.383 239 78.1
2020 (a) 4 15,718,312 0.7 3,929,578 N/A 7.640 255 N/A
---- ------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Contains only CTL loans.
- - --------------------------------------------------------------------------------
DISTRIBUTION BY AMORTIZATION TYPE
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE PRINCIPAL CUT-OFF PRINCIPAL AVERAGE DSCR MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE NOTES BALANCE DATE BALANCE BALANCE RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Hyper 209 $1,955,166,469 82.3% $ 9,354,863 1.43x 7.855% 152 68.2%
Balloon 18 382,476,115 16.1 21,248,673 1.86 6.886 130 67.2
Fully 7 37,344,820 1.6 5,334,974 1.37 7.985 226 67.2
---- -------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- - --------------------------------------------------------------------------------
DISTRIBUTION BY REMAINING LOCKOUT
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
REMAINING LOCKOUT MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
PERIOD (MONTHS) NOTES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
72 - 95 1 $ 156,000,000 6.6% $156,000,000 2.00x 6.640% 79 64.3%
96 - 107 5 26,654,275 1.1 5,330,855 1.32 7.981 110 69.2
108 - 119 74 746,765,595 31.4 10,091,427 1.46 7.452 117 68.9
120 - 131 4 86,795,028 3.7 21,698,757 1.76 7.521 131 55.2
132 - 143 3 3,196,848 0.1 1,065,616 1.34 10.360 142 51.6
144 - 155 2 13,535,591 0.6 6,767,795 1.23 8.267 158 80.1
156 - 167 42 473,100,432 19.9 11,264,296 1.35 8.087 169 68.6
168 - 179 80 729,113,513 30.7 9,113,919 1.48 7.936 174 68.9
180 - 203 (a) 1 11,685,718 0.5 11,685,718 N/A 7.880 192 N/A
204 - 215 1 1,330,172 0.1 1,330,172 1.14 7.290 219 78.2
216 - 227 (a) 1 40,320,671 1.7 40,320,671 N/A 7.030 230 N/A
228 - 239 16 70,771,250 3.0 4,423,203 1.30 7.926 234 74.9
240 - 251 (a) 4 15,718,312 0.7 3,929,578 N/A 7.640 255 N/A
--- -------------- -----
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $ 10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Contains only CTL loans.
- - --------------------------------------------------------------------------------
DISTRIBUTION BY ORIGINATION YEAR
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF DATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE PRINCIPAL CUT-OFF PRINCIPAL AVERAGE MORTGAGE MATURITY DATE LTV
ORIGINATION YEAR NOTES BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1995 2 $ 2,372,476 0.1% $ 1,186,238 1.40x 10.360% 142 49.2%
1997 9 175,051,965 7.4 19,450,218 1.31 8.290 161 68.7
1998 222 2,179,832,195 91.8 9,819,064 1.50 7.649 149 68.0
1999 1 17,730,768 0.7 17,730,768 1.38 7.980 118 67.7
---- -------------- ------
TOTAL/WTD. AVG. 234 $2,374,987,404 100.0% $10,149,519 1.49X 7.701% 150 68.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
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. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in the final prospectus for any securities actually sold
to you.
- - --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
DDR/DRA POOL LOAN
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LOAN INFORMATION
- - --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $156,000,000 $156,000,000
PREMIUM: None None
ORIGINATION DATE: September 15, 1998
INTEREST RATE: 6.64%
AMORTIZATION: Interest Only
HYPERAMORITIZATION: N/A
ANTICIPATED REPAYMENT
DATE: N/A
MATURITY DATE: October 11, 2005
BORROWER/SPONSOR: DDRA Community Centers Five, L.P.,
a special purpose entity indirectly
owned and controlled by Developers
Diversified Realty Corporation
CALL PROTECTION: Prepayment lockout until the third
month preceding the Maturity Date.
US Treasury defeasance allowed on
or after March 15, 2001.
REMOVAL OF PROPERTY The lender may terminate the
MANAGER: property manager upon the event of
default under the loan. Any
replacement must be approved by the
lender.
COLLECTION ACCOUNT: Hard Lockbox
CROSS-COLLATERALIZATION/
DEFAULT: Yes
MEZZANINE LOANS/PREFERRED
EQUITY: None
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
PROPERTY INFORMATION
- - --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of 6 assets
PROPERTY TYPE: Retail - Anchored
LOCATION: Arizona (2 props.), Minnesota
(2 props.), Texas (1 prop.),
Oregon (1 prop.)
YEARS BUILT: 1994 - 1997
THE COLLATERAL: Six retail power centers
located in four states with a
total of 1,977,129 sf of GLA.
SQUARE MAJOR
FOOTAGE TENANTS
------- --------
Ahwatukee Foothills Towne
Center 546,665 Smith's Food and
Drugs, AMC Theatres,
Steinmart, HomePlace,
Barnes & Noble, Office Max
Arrowhead Crossing 346,680 Oshmans, Circuit
City, CompUSA, TJ
Maxx, Linens N Things,
Staples, Barnes & Noble
Eagan Promenade 278,510 Byerly's, HomePlace,
Barnes & Noble, Office Max,
Michael's, Old Navy, TJ Maxx
East Chase Market Shopping
Center 235,027 Toys 'R Us, MJ Design,
United Artists Theatres,
PetSmart, Old Navy
Maple Grove Crossing 250,436 HomePlace, Kohl's,
Old Navy, Pet Food
Warehouse, Barnes &
Noble
Tanasbourne Towne Center 298,041 Haggen's Foods,
HomePlace, Office
Depot, Barnes &
Noble, PetCo
PROPERTY MANAGEMENT: Developers Diversified Realty
Corp., an affiliate of the
Borrower
OCCUPANCY (1/28/99): 99.5%
TTM NET OPERATING INCOME: $20,353,809
(ENDING 9/30/98)
UNDERWRITTEN NET CASH FLOW: $20,972,080
APPRAISED VALUE: $242,500,000
APPRAISAL DATE: November 2, 1997
CUT-OFF DATE LOAN/SF (a): $78.90
CUT-OFF
DATE
-------
LTV (a) 64.3%
DSCR (a) (b): 2.00x
- - --------------------------------------------------------------------------------
(a) Based on the Cut-Off Date Principal Balance.
(b) Based on Underwritten Net Cash Flow.
<PAGE>
- - --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
PARK LABREA LOAN
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LOAN INFORMATION
- - --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $285,563,810 $281,227,978
AMOUNT INCLUDED: $142,781,905 $140,613,989
Balance is evidenced by a separate pari passu note
that is cross-collateralized and cross defaulted
with this note.
PREMIUM (A): $4,718,095 $4,718,095
ORIGINATION DATE: January 13, 1998
INTEREST RATE: 8.00%
AMORTIZATION: 360 months
HYPERAMORITIZATION: After the Anticipated Repayment
Date, interest rate increases to
10.00%. All excess flow is used to
reduce outstanding principal
balance; 2% of the additional
interest is deferred and accrues
interest at the increased rate
until the principal balance is zero.
ANTICIPATED REPAYMENT
DATE: March 11, 2013
MATURITY DATE: March 11, 2028
BORROWER/SPONSOR: Prime/Park LaBrea Holdings, L.P., a special
purpose California limited partnership.
CALL PROTECTION: Prepayment lockout up to six months
before the Anticipated Repayment
Date. U.S. Treasury defeasance
permitted after March 31, 2001.
REMOVAL OF PROPERTY The lender may terminate the
MANAGER: property manager upon the event of
default under the loan. Any
replacement must be approved by the
lender.
COLLECTION ACCOUNT: Soft Lockbox
CROSS-COLLATERALIZATION/
DEFAULT: N/A
MEZZANINE LOANS/PREFERRED $33,500,000. Currently held by
EQUITY: Starwood Financial Trust, a
publicly traded REIT.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
PROPERTY INFORMATION
- - --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Multifamily
LOCATION: 6200 West 3rd St.
Los Angeles, California
YEAR BUILT/RENOVATED: 1943/1995
THE COLLATERAL: A residential development in
Los Angeles, CA consisting of
4,226 apartment units on 166
acres. Park La Brea is the
largest apartment complex west
of the Mississippi. Total
rentable area of 4,166,929
square feet contained in 26
two-story garden apartment
building, and 18 twelve-story
apartment towers. On site
amenities include a bank,
fitness center, dry cleaner,
swimming pool, tennis courts,
and 24-hour security.
PROPERTY MANAGEMENT: PLB Management, LLC, an
affiliate of the Borrower
OCCUPANCY (12/31/98): 97.7%
TTM NET OPERATING INCOME:
(ENDING 7/31/98) $33,973,368
UNDERWRITTEN NET CASH FLOW: $33,456,352
APPRAISED VALUE: $410,000,000
APPRAISAL DATE: November 2, 1997
CUT-OFF DATE LOAN/UNIT (b): $66,547
CUT-OFF DATE AT ARD
------------ ------
LTV (b) 68.6% 55.3%
PTV (c) 70.9%
DSCR (b) (d): 1.33x
SEISMIC: PML of 6%
- - --------------------------------------------------------------------------------
(a) Premium allocated to the note owned by CMAT 1999-C1.
(b) Based on Total Cut-Off Date Principal Balance of $281,227,978.
(c) Based on Total Cut-Off Date Proceeds of $290,664,168.
(d) Based on Underwritten Net Cash Flow.
<PAGE>
- - --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
THE SOURCE
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LOAN INFORMATION
- - --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $124,000,000 $124,000,000
PREMIUM: None None
ORIGINATION DATE: November 6, 1998
INTEREST RATE: 6.65%
AMORTIZATION: Interest Only
HYPERAMORITIZATION: N/A
ANTICIPATED REPAYMENT
DATE: N/A
MATURITY DATE: March 11, 2009
BORROWER/SPONSOR: W&S Associates, L.P., a special
purpose New York limited
partnership indirectly owned and
controlled by Simon Property Group,
LP
CALL PROTECTION: Prepayment lockout until the
Maturity Date. US Treasury
defeasance permitted on or after
March 15, 2001.
REMOVAL OF PROPERTY The lender may terminate the
MANAGER: Property Manager (1) if the DSCR in
any trailing twelve-month period falls below
1.10:1.0, or (2) upon an event of default under the
loan.
CASH MANAGEMENT SYSTEM
ACCOUNT: Hard Lockbox
CROSS-COLLATERALIZATION/
DEFAULT: N/A
MEZZANINE LOANS/
PREFERRED EQUITY: None
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
PROPERTY INFORMATION
- - --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Retail - Anchored
LOCATION: 1504 Old Country Road
Westbury, New York
YEAR BUILT: 1997
THE COLLATERAL: The Source Retail Property
consists of an enclosed,
two-story retail mall with
521,486 square feet of GLA.
The anchors of the mall are
Circuit City, Nordstrom Rack,
Off Saks Fifth Avenue, Old Navy
and ABC Home. Other major
tenants include ABC Carpet,
Cheesecake Factory, Data
Vision, Loehmann's, Rainforest
Cafe and Virgin Megastore.
PROPERTY MANAGEMENT: M.S. Management Associates,
Inc., an entity controlled by
the principals of the Borrower
OCCUPANCY (12/31/1998): 97.6%
TTM NET OPERATING INCOME:
(ENDING 8/31/98) $10,291,747
UNDERWRITTEN NET CASH FLOW: $14,549,935
APPRAISED VALUE: $178,000,000
APPRAISAL DATE: September 24, 1998
CUT-OFF DATE LOAN/SF (a): $237.78
CUT-OFF DATE AT ARD
------------ ------
LTV (a) 69.7% 69.7%
DSCR (a) (b): 1.74x
- - --------------------------------------------------------------------------------
(a) Based on Cut-Off Date Principal Balance of $124,000,000.
(b) Based on Underwritten Net Cash Flow.
<PAGE>
- - --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
THE PRIME RETAIL III POOL LOAN
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LOAN INFORMATION
- - --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $163,841,167 $163,130,601
AMOUNT INCLUDED: $98,304,700 $97,878,360
Balance is evidenced by a pari passu note that is
cross-collateralized and cross defaulted with these
two notes.
PREMIUM (A): $9,695,300 $9,208,648
ORIGINATION DATE: June 15, 1998
INTEREST RATE: 8.40%
AMORTIZATION: 360 months
HYPERAMORITIZATION: After the Anticipated Repayment
Date, interest rate increases to
10.40%. All excess flow is used to
reduce outstanding principal
balance; the additional 2% interest
is deferred and accrues interest at
the increased rate until the
principal balance is zero
ANTICIPATED REPAYMENT
DATE: July 11, 2008
MATURITY DATE: July 11, 2028
BORROWER/SPONSOR: Prime Retail, Inc. (Sponsor)
CALL PROTECTION: Prepayment lockout until three
months prior to the Anticipated
Repayment Date. US Treasury
defeasance permitted on or after
March 2001.
REMOVAL OF PROPERTY
MANAGER: The lender may terminate the
Property Manager (1) if the DSCR in
any trailing twelve-month period falls below
1.15:1.0, or (2) upon an event of default
under the loan.
COLLECTION ACCOUNT: Hard Lockbox
CROSS-COLLATERALIZATION/
DEFAULT: Yes
MEZZANINE LOANS/
PREFERRED EQUITY: None
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
PROPERTY INFORMATION
- - --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of 5 assets
PROPERTY TYPE: Retail - Factory Outlets
LOCATION: Maine (1 prop.), California
(2 prop.), Indiana (1 prop.),
New York (1 prop.)
YEARS BUILT/RENOVATED: 1984-1995/1995-1997
THE COLLATERAL: Five centers in four different
states with over 380 tenants
currently operating in the
outlets.
SQUARE FOOTAGE MAJOR TENANTS
-------------- -------------
Kittery Outlet Village 131,345 Old Navy,
Lenox,
Corning/Revere,
J Crew
Outlets at Gilroy (b) 577,082 Calvin Klein,
The Gap, Nike,
Eddie Bauer,
Springmaid
Lighthouse Place 492,915 Spiegel Inc.,
Levi's, Bass
Company
Finger Lakes Outlet Center 391,830 VF Factory
Outlet, Liz
Claiborne,
Reebok
PROPERTY MANAGEMENT: Self-managed
OCCUPANCY (2/16/1999): 97.6%
TTM NET OPERATING INCOME:
(ENDING 4/30/98) (c) $25,386,362
UNDERWRITTEN NET CASH FLOW: $22,996,769
APPRAISED VALUE: $285,900,000
APPRAISAL DATE: April 1998
CUT-OFF DATE LOAN/SF (d): $102.39
CUT-OFF DATE AT ARD
------------ ------
LTV (d) 57.1% 51.8%
PLTV (e): 62.4%
DSCR (d) (f): 1.54x
SEISMIC: Borrower obtained insurance of
$50,000,000 with a $250,000
deductible for The Outlets at
Gilroy property in California.
- - --------------------------------------------------------------------------------
(a) Premium allocated to the note owned by CMAT 1999-C1.
(b) This property is split into two phases: Outlets of Gilroy I, II, and V
(271,875 SF) and Outlets of Gilroy III and IV (305,207 SF).
(c) TTM period ending 4/30/98 for all properties except Lighthouse Place for
which TTM period ends 6/15/98.
(d) Based on Total Cut-Off Date Loan Balance of $163,130,600.
(e) Based on Total Cut-Off Date Proceeds of $178,478,347.
(f) Based on Underwritten Net Cash Flow.
<PAGE>
- - --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
SPRINGFIELD MALL LOAN
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LOAN INFORMATION
- - --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $181,863,408 $180,788,138
AMOUNT INCLUDED: $90,931,704 $90,394,069
Balance is evidenced by a separate pari passu note
that is cross-collateralized and cross defaulted
with this note.
PREMIUM (a): $8,568,296 $8,224,807
ORIGINATION DATE: March 19, 1998
INTEREST RATE: 8.50%
AMORTIZATION: 360 months
HYPERAMORITIZATION: After the Anticipated Repayment
Date, interest rate increases to
10.50%. All excess cash flow is
used to reduce outstanding
principal balance; the additional
2% interest is deferred and accrues
interest at the increased rate
until the principal balance is zero.
ANTICIPATED REPAYMENT
DATE: April 11, 2013
MATURITY DATE: April 11, 2028
BORROWER/SPONSOR: Franconia Two, L.P., which is
controlled by John Reese and his
company, Fischer Reese Associates.
Fischer Reese has developed and
managed over 8 million square feet
of retail shopping centers. The
mall was developed by Arthur
Fischer. The limited partner of
the borrower is Franconia
Associates, which is controlled by
Fischer Reese, with Meshulam Riklis
its majority owner.
CALL PROTECTION: Prepayment lockout to the
Anticipated Repayment Date. U.S.
Treasury defeasance permitted on or after March 19,
2002.
REMOVAL OF PROPERTY The lender may terminate the
MANAGER: property manager upon the event of
default under the loan or if the
DSCR drops below 1.00x.
COLLECTION ACCOUNT Hard Lockbox
CROSS-COLLATERALIZATION/
DEFAULT: N/A
MEZZANINE LOANS/PREFERRED $2.5MM loan made by Chase to
EQUITY: Franconia Associates, limited
partner of the borrower, and
Meshulam Riklis, and $100MM loan
made by an affiliate of borrower
and Meshulam Riklis to Franconia
Associates.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
PROPERTY INFORMATION
- - --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Retail - Mall
LOCATION: 6500 Springfield Mall
Springfield, VA
YEAR BUILT/RENOVATED: 1973/1991
THE COLLATERAL: A 1,415,660 square foot super
regional shopping center
located in Springfield, VA.
The collateral includes the
enclosed mall, two outparcel
stores (a total of 776,714 sq.
ft.) and a parking garage. The
anchors are Macy's, Montgomery
Ward and JC Penney. The
anchors own their own stores
except the Macy's store is
built on land leased from the
borrower. The mall is well
located in the middle-income
community in the Northern
Virginia suburbs. Disposable
income in the county and the
area is among the highest in
the country.
PROPERTY MANAGEMENT: Fischer Reese Associates, Inc.
OCCUPANCY (2/10/1999): 93.7%
NET OPERATING INCOME:
(TTM ENDING 6/30/98) $20,309,860
UNDERWRITTEN NET CASH FLOW: $20,068,658
APPRAISED VALUE: $243,000,000
APPRAISAL DATE: January 5, 1998
CUT-OFF DATE LOAN/SF (b): $127.71
CUT-OFF DATE AT ARD
------------ ------
LTV (b): 74.4% 61.1%
PTV (c): 81.2%
DSCR (b) (d): 1.20x
- - --------------------------------------------------------------------------------
(a) Premium allocated to the note owned by CMAT 1999-C1.
(b) Based on Total Cut-Off Date Principal Balance of 180,788,138.
(c) Based on Total Cut-Off Date Proceeds of $197,237,752.
(d) Based on Underwritten Net Cash Flow.
<PAGE>
- - --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
ATLANTA MARRIOTT HOTEL LOAN
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LOAN INFORMATION
- - --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $164,000,000 $161,540,596
AMOUNT INCLUDED: $82,000,000 $80,770,298
Balance is evidenced by a separate pari passu note
that is cross-collateralized and cross defaulted
with this note.
PREMIUM: None None
ORIGINATION DATE: January 30, 1998
INTEREST RATE: 7.40%
AMORTIZATION: 300 months
HYPERAMORITIZATION: After the Anticipated Repayment
Date, interest rate increases to
9.40%. All excess flow is used to
reduce outstanding principal
balance; the additional 2% interest
is deferred and accrues interest at
the increased rate until the
principal balance is zero.
ANTICIPATED REPAYMENT
DATE: February 11, 2010
MATURITY DATE: February 11, 2023
BORROWER/SPONSOR: HMA Realty Limited Partnership, a special purpose
entity indirectly owned and controlled by Host
Marriott.
CALL PROTECTION: Prepayment lockout to the
Anticipated Repayment Date. U.S.
Treasury defeasance permitted on or after February
12, 2001.
REMOVAL OF PROPERTY
MANAGER: The Lender may terminate the
property manager upon an event of
default under the loan.
COLLECTION ACCOUNT Lockbox upon the occurrence of certain
trigger events.
CROSS-COLLATERALIZATION/
DEFAULT: N/A
MEZZANINE LOANS/PREFERRED
EQUITY: None
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
PROPERTY INFORMATION
- - --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Hotel
LOCATION: Marriott Marquis
265 Peachtree Center Ave
Altanta, GA
YEARS BUILT/RENOVATED: 1985/1997
THE COLLATERAL: A 51-story full-service hotel
with 1,671 rooms in downtown
Atlanta. It is the largest
convention hotel in Atlanta and
one of the largest non-casino
hotels in the U.S.
PROPERTY MANAGEMENT: A subsidiary of Marriott
International
OCCUPANCY (1/1/99): 67.3%
ADR (TTM ENDING 6/19/98): $132.50
NET OPERATING INCOME:
(TTM ENDING 6/19/98) $29,775,530
UNDERWRITTEN NET CASH FLOW: $25,453,287
APPRAISED VALUE: $288,000,000
APPRAISAL DATE: November 17, 1997
CUT-OFF DATE LOAN/ROOM (a): $96,673
CUT-OFF DATE AT ARD
------------ ------
LTV (a): 56.1% 42.8%
DSCR (a) (b): 1.77x
- - --------------------------------------------------------------------------------
(a) Based on the Total Cut-Off Date Principal Balance of $163,742,612.
(b) Based on Underwritten Net Cash Flow.
