<PAGE>
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: January 21, 1999
- ---------------------------------
(Date of earliest event reported)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
--------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-61783 3411414
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
245 Park Avenue, New York, NY 10167
-----------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (212) 272-2000
ITEM 5. OTHER EVENTS
Attached as Exhibit 99.2 to this Current Report are certain materials
(Collateral and Structural Term Sheets and Computational Materials) furnished
to the Registrant by Bear, Stearns & Co. Inc. (the "Underwriter") in connection
with the Registrant's proposed offering of certain classes of its Commercial
Mortgage Pass-Through Certificates, Series 1999-C1 (the "Certificates"). The
Certificates will be offered pursuant to a Prospectus and related Prospectus
Supplement (together, the "Prospectus") which will be filed with the Commission
pursuant to Rule 424 under the Securities Act of 1933, as amended (the "Act").
The offering of the Certificates will be registered pursuant to the Act under
the Registrant's Registration Statement on Form S-3 (No. 333-61783) (the
"Registration Statement"). These Collateral and Structural Term Sheets and
Computational Materials will be incorporated by reference in the Registration
Statement.
The Collateral and Structural Term Sheets and Computational Materials
were prepared solely by the Underwriter, and the Registrant did not prepare or
participate in the preparation thereof.
Any statement or information contained in the Collateral and
Structural Term Sheets and Computational Materials may be modified or
superseded by subsequent similar materials or, for purposes of the Prospectus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
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit 99.2 Collateral and Structural Term Sheets and Computational Materials.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
BEAR STEARNS COMMERCIAL MORTGAGE
SECURITIES INC.
By: /s/ James G. Reichek
-------------------------------------
Name: James G. Reichek
Title: Executive Vice President
Date: January 21, 1999
2
<PAGE>
EXHIBIT INDEX
Item 601(a) of Regulation S-K
Exhibit No. Description Page
- ----------- ----------- ----
99.2 Collateral and Structural Term Sheets and Computational Materials
3
<PAGE>
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER
INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer,
and although it may be based on data supplied to it by an issuer, the issuer
has not participated in its preparation and makes no representations regarding
its accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information", please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to
significant factors that may prove not to be as assumed. You should understand
the assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (econometric prepayment models, single
expected lifetime prepayments or a vector of periodic prepayments), interest
rate assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any
modelling techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested at assumptions different from those included in the
Information. The assumptions underlying the Information, including structure
and collateral, may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement or private placement memorandum
(Offering Documents) and the then current version of the Information. Offering
Documents contain data that is current as of their publication dates and after
publication may no longer be complete or current. Contact your registered
representative for Offering Documents, current Information or additional
materials, including other models for performance analysis, which are likely to
produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a
bid by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The date underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the
Information is circulating or during such period may engage in transactions
with the issuer or its affiliates. We act as principal in transactions with
you, and according, you must determine the appropriateness for you of such
transactions and address any legal, tax or accounting considerations applicable
to you. Bear Stearns shall not be a fiduciary or advisor unless we have agreed
in writing to receive compensation specifically to act in such capacities. If
you are subject to ERISA, the Information is being furnished on the condition
that it will not forma primary basis for any investment decision. The
Information is not a solicitation of any transaction in securities which may be
made only by prospectus when required by law, in which event you may obtain such
prospectus from Bear Stearns.
<PAGE>
BEAR STEARNS
COMMERCIAL MORTGAGE SECURITIES INC. 1999 - C1
$ 439.8 MM PUBLICLY OFFERED CERTIFICATES
SEQUENTIAL PAY REMIC CLASSES
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
INITIAL AGGREGATE APPROX.
CERTIFICATE APPROX. APPROX. PRINCIPAL
RATINGS CREDIT BALANCE OR DOLLAR WEIGHTED WINDOW
CLASS S&P/MOODY'S SUPPORT NOTIONAL AMOUNT PRICE AVERAGE LIFE* (YRS.)*
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 AAA/Aaa 22.50% $89,632,000 101.50% 5.5 03/99 - 05/08
- ------------------------------------------------------------------------------------------------------
A-2 AAA/Aaa 22.50% $280,821,086 101.50% 9.75 05/08 - 02/09
- ------------------------------------------------------------------------------------------------------
B AA/Aa2 17.50% $23,900,199 101.50% 11.10 02/09 - 07/12
- ------------------------------------------------------------------------------------------------------
C A/A2 13.75% $17,925,149 101.00% 14.34 07/12 - 09/13
- ------------------------------------------------------------------------------------------------------
D ***/Baa 9.25% $21,510,179 93.10% 14.67 09/13 - 10/13
- ------------------------------------------------------------------------------------------------------
E ***/Baa3 8.00% $5,975,050 86.40% 14.68 10/13 - 10/13
- ------------------------------------------------------------------------------------------------------
X**, F-K Not Offered
- ------------------------------------------------------------------------------------------------------
</TABLE>
* ASSUMING NO PREPAYMENTS (OTHER THAN ON THE ANTICIPATED REPAYMENT DATE, IF
ANY), MODIFICATIONS, LOSSES, EXTENSIONS, CLEAN-UP CALLS AND THAT ALL LOANS
BALLOON AT MATURITY OR ANTICIPATED REPAYMENT DATE.
** THE PASS-THROUGH RATE ON THE CLASS X CERTIFICATES IS EQUAL TO THE EXCESS,
IF ANY, OF (I) THE WEIGHTED AVERAGE OF THE NET MORTGAGE RATES ON THE
MORTGAGE LOANS AS OF THE CUT-OFF DATE OVER (II) THE WEIGHTED AVERAGE OF
THE PASS-THROUGH RATES OF THE OTHER CLASSES.
*** NOT RATED BY S&P.
Note: ALL PUBLICLY OFFERED CLASSES WILL BE PRICED OFF OF THE INTERPOLATED
TREASURY CURVE.
SETTLEMENT DATE: On or about February 10, 1999.
COLLATERAL: 113 Mortgage Loans with an aggregate Cut-Off Date
balance of $478,003,982; approximately 26.37%
multifamily, 21.72% office, 21.30% retail, 8.99%
mixed-use, 8.97% hotel, 7.18% industrial, 5.47%
various other asset classes.
LOAN SELLER: Bear, Stearns Funding, Inc.
WA DSCR / LTV: 1.71x / 61.58% at the Cut-Off Date (47.94% at
Maturity).
CALL PROTECTION: 100% of the Mortgage Loans are protected by
Lockout and/or Yield Maintenance.
SERVICER: GE Capital Loan Services, Inc.
SPECIAL SERVICER: GE Capital Realty Group, Inc.
UNDERWRITER: Bear, Stearns & Co. Inc.
TRADING: COMMERCIAL MORTGAGE:
JIM HIGGINS/KEITH FLOOD/CRAIG SEDMAK JIM REICHEK/RANDY REIFF
(212) 272-5451 (212) 272-2345/(212) 272-3049
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
TABLE OF CONTENTS
PAGE
I CREDIT SUPPORT STRUCTURE 1
II TRANSACTION SUMMARY 2
III CERTIFICATE STRUCTURE SUMMARY 3-5
IV MORTGAGE LOAN/COLLATERAL SUMMARY 7-10
V TEN LARGEST LOANS 11-13
VI PREPAYMENT PREMIUMS & YIELD MAINTENANCE 14-16
VII INDIVIDUAL MORTGAGE LOAN INFORMATION 17-22
VIII PRICE/YIELD TABLES 23-27
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
1
CREDIT SUPPORT STRUCTURE
<TABLE>
<CAPTION>
INITIAL PRINCIPAL AND INITIAL CLASS SIZE AS A
CREDIT INTEREST CERTIFICATE INITIAL RATINGS PERCENT OF AGGREGATE
SUPPORT INTEREST-ONLY CERTIFICATES CERTIFICATES BALANCE S&P/MOODY'S CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C> <C>
22.50% Class A-1 $89,632,000 ("AAA"/"Aaa") 18.75%
22.50% Class A-2 $280,821,086 ("AAA"/"Aaa") 58.75%
17.50% Class B $23,900,199 ("AA"/"Aa2") 5.00%
13.75% Class X Class C $17,925,149 ("A"/"A2") 3.75%
9.25% $478,003,982 Class D $21,510,179 (NR/"Baa2") 4.50%
8.00% (Initial Notional Amount) Class E $5,975,050 (NR/"Baa3") 1.25%
5.25% NOT OFFERED Class F $13,145,110 Not Offered 2.75%
4.25% Class G $4,780,040 Not Offered 1.00%
3.50% Class H $3,585,030 Not Offered 0.75%
1.50% Class I $9,560,080 Not Offered 2.00%
1.00% Class J $2,390,020 Not Offered 0.50%
N/A Class K $4,780,040 Not Offered 1.00%
</TABLE>
BEAR, STEARNS & CO. INC.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
2
TRANSACTION SUMMARY
DEPOSITOR: Bear Stearns Commercial Mortgage
Securities Inc.
OFFERED CERTIFICATES: Class A-1 and Class A-2 (together the
"Class A Certificates"), Class B, Class C,
Class D, Class E.
LOAN SELLER: Bear, Stearns Funding, Inc.
RATING AGENCIES: Standard & Poor's Ratings Services, a
division of the McGraw-Hill Companies,
Inc. ("S&P") / Moody's Investor Services
("Moodys").
LEGAL STRUCTURE: Sequential pay REMIC classes rated AAA/Aaa
through NR/Baa3 offered.
CUT-OFF DATE: February 1, 1999.
SETTLEMENT DATE: On or about February 10, 1999.
DISTRIBUTION DATE: Monthly on the 14th or the next business
day. The first Distribution Date will
occur in March 1999.
DELAY DAYS: 13.
SERVICER: GE Capital Loan Services, Inc.
SPECIAL SERVICER: GE Capital Realty Group, Inc.
TRUSTEE: LaSalle National Bank.
ERISA: Classes A-1, and A-2 may qualify for
certain exemptions from the plan asset
rules of ERISA.
SMMEA ELIGIBILITY: Classes A-1, A-2 and B will constitute
"mortgage related securities" within the
meaning of the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA").
OPTIONAL TERMINATION: 1% Clean-Up Call.
CERTIFICATE REGISTRATION: Each Class of Offered Certificates will be
represented by one or more global
Certificates registered in the name of
Cede & Co., as nominee of the DTC.
PRICING SPEED: 0% CPR (assuming the Anticipated
Repayment Date ("ARD") Loan prepays on its
Anticipated Repayment Date).
UNDERWRITER: Bear, Stearns & Co. Inc.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
3
CERTIFICATE STRUCTURE SUMMARY
DISTRIBUTION OF The Available Distribution Amount will be
PRINCIPAL AND INTEREST: applied as follows: (i) accrued and unpaid
interest to the Class A-1, A-2 and Class X
Certificates, pro rata; (ii) principal to the
Class A Certificates in reduction of their
Certificate Balances: first to the Class A-1
Certificates, then to the Class A-2
Certificates in each case until their
respective principal balances have been
reduced to zero (provided that the Class B
Certificates remain outstanding, otherwise,
pro rata); (iii) Collateral Support Deficit
payments to the class A certificates, pro
rata, until all unreimbursed amounts thereof
allocated to such certificates have been
reimbursed in full; (iv) accrued and unpaid
interest to the Class B Certificates; (v)
principal to the Class B Certificates until
the Class B Certificate Balance has been
reduced to zero; (vi) Collateral Support
Deficit to the Class B certificates, pro rata,
until all unreimbursed amounts thereof
allocated to such certificates have been
reimbursed in full; and (vii) distributions of
interest and then principal sequentially to
the Class C through K Certificates in the same
manner as the Class B Certificates described
above. See page S-10 of the preliminary
Prospectus Supplement.
ALLOCATION OF LOSSES: Losses from any Mortgage Loan will generally
be allocated in reverse alphabetical order
starting with Class K. Any losses allocable
to the Class A Certificates will be
allocated pro rata. See page S-78 of the
preliminary Prospectus Supplement.
REPORTS TO The Paying Agent will furnish each
CERTIFICATEHOLDERS: Certificateholder, Bloomberg, L.P., the
Trepp Group and Charter Research Corporation
with information regarding: (i) distributions
of principal, interest and prepayment premiums
on each Class of Certificates; (ii) the amount
of P & I Advances, (iii) outstanding Mortgage
Loan and Certificate Balances; (iv)
delinquency and prepayment data; (v) and the
amount of any Appraisal Reductions.
The Servicer will provide a financial market
publisher quarterly with certain current
information with respect to the Mortgaged
Properties, including current and original net
operating income, debt service coverage ratios
based upon borrowers' annual operating
statements and occupancy rates, to the extent
the Servicer has received such information
from the borrowers pursuant to the related
Mortgage Loan documents. Certificateholders
may, at their own expense, obtain the same
information from the Servicer by request. See
page S-82 of the preliminary Prospectus
Supplement.
REPRESENTATIONS AND The Mortgage Loan Seller will make certain
WARRANTIES: representations and warranties with respect
to each Mortgage Loan. See page S-58 of the
preliminary Prospectus Supplement.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
4
CERTIFICATE STRUCTURE SUMMARY (CONTINUED)
SERVICER ADVANCING: The Servicer will be required to make (i)
P & I Advances (excluding principal Balloon
Payments and any excess interest from the ARD
Loan) and (ii) Servicing Advances through
liquidation of the related Mortgage Loan,
unless such Advances are determined by the
Servicer to be Nonrecoverable Advances, and,
in the case of P & I Advances, subject to the
effect of any Appraisal Reductions that may
occur. See page S-79 of the preliminary
Prospectus Supplement.
SPECIAL SERVICER When a Mortgage Loan is more than 60 days
RESPONSIBILITIES: delinquent, or upon the occurrence of certain
other events, the Servicer will transfer its
servicing responsibilities to the Special
Servicer. Material loan extensions and
modifications will be carried out by the
Special Servicer prior to servicing transfer.
The Special Servicer has the flexibility to
modify Loans, subject to the Servicing
Standards set forth in the Pooling and
Servicing Agreement and subject to certain
other limitations described therein. See page
S-95 of the preliminary Prospectus Supplement.
APPRAISAL An appraisal will be obtained by
REDUCTIONS: the Special Servicer if a Mortgage Loan
becomes 120 days delinquent, or upon the
occurrence of certain other events. An
Appraisal Reduction may result, which would
have the effect of reducing the amount of P &
I Advances made by the Servicer and the voting
rights of the most subordinate Class of
Certificates then outstanding. See page S-81
of the preliminary Prospectus Supplement.
PREPAYMENT 100% of the Mortgage Loans generally have
RESTRICTIONS: protection against voluntary prepayment
during their terms. 91.3% are locked out until
their respective maturity dates (or, with
respect to the ARD Loan, Anticipated Repayment
Date), 1.3% require the payment of Yield
Maintenance Charges until maturity. 5.3% are
locked out until one to six months prior to
maturity during which there are no
restrictions on voluntary prepayment, the
remaining 2.2% have Yield Maintenance until
one to three months prior to maturity during
which there are no restrictions on voluntary
prepayment. See page S-40 of the preliminary
Prospectus Supplement.
LOCKOUT/ DEFEASANCE: Loans representing 91.3% of the Initial Pool
Balance prohibit all voluntary prepayments
during the loan term. 5.3% of the Initial Pool
Balance is located out until one to six months
prior to maturity during which there are no
restrictions on voluntary prepayment The terms
of these loans representing, in the aggregate,
96.6% of the Initial Pool Balance grant the
related borrower the option at any time,
commencing generally three to four years after
the date of origination, to substitute
non-callable U.S. Treasury obligations for the
Mortgaged Property and to obtain the release
of the related Mortgage on the Mortgaged
Property. Such U.S. Treasury obligations must
provide for payments on or before each Due
date and the Maturity Date in an amount at
least equal to the amounts payable on each
such date under the terms of the related
Mortgaged Loan. No Yield Maintenance Charge or
Prepayment Premium will be payable in
connection with the release of a Mortgaged
Property as described above. See page S-41 of
the preliminary Prospectus Supplement.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
5
CERTIFICATE STRUCTURE SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF CALL PROTECTION
- ------------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE OF
NUMBER OF AGGREGATE CUT-OFF INITIAL POOL
CALL PROTECTION LOANS DATE BALANCE BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Locked-out through Maturity Date 104 $436,231,516 91.26%
Locked-out through 1-3 months prior to Maturity Date 6 21,134,775 4.42
Locked-out through 4-6 months prior to Maturity Date 1 4,184,392 0.88
Lock-out/yield maintenance through Maturity Date 1 5,986,157 1.25
Lock-out/yield maintenance through 1-3 months prior to Maturity Date 1 10,467,142 2.19
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
6
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL IN THE PROSPECTUS SUPPLEMENT
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
7
MORTGAGE LOAN/COLLATERAL SUMMARY
MORTGAGE POOL: The Mortgage Pool will consist of 83
commercial, 27 multifamily and three
manufactured housing community fixed-rate
Mortgage Loans with an Initial Pool Balance of
approximately $478,003,982 See pages S-36
through S-68 for more information on the
Mortgage Loans. All statistics presented below
and on the following pages are approximate and
are based on the assumed composition of the
Mortgage Pool.
CUT-OFF BALANCE: $478,003,982.
AVERAGE LOAN SIZE: $4,230,124.
WA COUPON: 7.1383%.
WA DSC: 1.71x.
WA LTV AT CUT-OFF: 61.58%.
WA LTV AT MATURITY: 47.94%.
PROPERTY LOCATIONS: Properties are located in 27 states with the
largest concentrations in California (27.06%),
New York (13.79%), and Connecticut (9.48%).
LARGEST LOANS: The largest Mortgage Loan represents
approximately 4.36% of the Initial Pool
Balance; the three largest Mortgage Loans
represent 11.06%; the ten largest Mortgage
Loans represent 25.54%.
SPONSOR CONCENTRATIONS: Two groups of Mortgage Loans made to
affiliated borrowers each represent 6.7% of the
Initial Pool Balance. There are no other
sponsor concentrations in excess of 5% of the
Initial Pool Balance.
REMAINING TERMS TO MATURITY: Approximately 1.31% of the Mortgage Loans have
remaining terms to maturity/ARD varying
between 71-100 months, 72.56% of the Mortgage
Loans have remaining terms to maturity/ARD
varying between 101-120 months, 22.28% of the
Mortgage Loans have remaining terms to
maturity/ARD varying between 161-180, and the
remaining 3.84% of the mortgage Loans have
remaining terms to maturity/ARD varying
between 181-240 months. There is one ARD loan
which represents 0.94% of the Initial Pool
Balance.
WA LOAN MATURITY: Approximately 134 months.
BALLOON PAYMENTS: Approximately 92.01% of the Mortgage Loans
require balloon payments at maturity or, in
the case of one loan representing
approximately 0.94% of the Initial Pool
balance, the Anticipated Repayment Date; the
remaining 7.04% of the Mortgage Loans are
fully amortizing.
INTEREST ACCRUAL PERIOD: Approximately 98.96% of the Mortgage Loans
accrue interest on a Actual/360 basis; the
remaining 1.04% of the Mortgage Loans accrue
interest on an 30/360 basis;
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
8
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
TYPE OF MORTGAGED PROPERTIES
-----------------------------------------------------------------------------------------------------------
AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
PROPERTY TYPE NUMBER OF LOANS BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Multifamily 27 $126,035,635 26.37%
Office 19 103,834,592 21.72
Retail, Anchored 16 72,431,441 15.15
Mixed-Use 11 42,949,005 8.99
Hotel 11 42,856,126 8.97
Industrial/Warehouse 11 34,338,418 7.18
Retail, Unanchored 10 29,404,871 6.15
Manufactured Housing 3 7,006,375 1.47
Theater 1 6,373,243 1.33
Ministorage 2 5,386,065 1.13
Multiple Property Type 1 3,896,489 0.82
Congregate Care 1 3,491,722 0.73
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
MORTGAGE LOANS BY STATE
-----------------------------------------------------------------------------------------------------------
NUMBER OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
STATE PROPERTIES BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California 33 $129,356,158 27.06%
New York 16 65,927,878 13.79
Connecticut 6 45,301,636 9.48
Pennsylvania 12 37,070,587 7.76
New Jersey 8 31,960,986 6.69
22 Other States 48 168,386,737 35.23
-----------------------------------------------------------------------------------------------------------
TOTAL 123 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE RATES AS OF THE CUT-OFF DATE
-----------------------------------------------------------------------------------------------------------
RANGE OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
MORTGAGE RATES NUMBER OF LOANS BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
5.7500% to 6.2500% 8 $34,074,930 7.13%
6.2501% to 6.5000% 9 30,021,274 6.28
6.5001% to 6.7500% 11 47,806,225 10.00
6.7501% to 7.0000% 25 114,450,520 23.94
7.0001% to 7.2500% 21 82,695,929 17.30
7.2501% to 7.5000% 11 60,447,198 12.65
7.5001% to 7.7500% 8 37,734,208 7.89
7.7501% to 8.0000% 6 28,840,397 6.03
8.0001% to 8.2500% 5 21,123,640 4.42
8.2501% to 8.7500% 8 17,786,670 3.72
8.7501% to 9.2500% 1 3,022,991 0.63
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
THE WEIGHTED AVERAGE MORTGAGE RATE AS OF THE CUT-OFF DATE IS 7.1383%.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
9
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
RANGE OF CUT-OFF DATE BALANCES
-----------------------------------------------------------------------------------------------------------
RANGE OF
CUT-OFF DATE AGGREGATE PERCENTAGE OF INITIAL
BALANCES NUMBER OF LOANS CUT-OFF DATE BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0 to $999,999 1 $737,992 0.15%
$1,000,000 to $1,9999,999 23 36,846,086 7.71
$2,000,000 to $3,999,999 42 125,339,541 26.22
$4,000,000 to $5,999,999 27 127,707,288 26.72
$6,000,000 to $7,999,999 11 73,269,841 15.33
$8,000,000 to $9,999,999 3 28,348,930 5.93
$10,000,000 to $11,999,999 3 32,873,415 6.88
$14,000,000 to $15,999,999 1 14,100,000 2.95
$16,000,000 to $17,999,999 1 17,947,055 3.75
$20,000,000 to $24,999,999 1 20,833,835 4.36
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
THE AVERAGE CUT-OFF DATE BALANCE IS $4,230,124.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
RANGE OF DEBT SERVICE COVERAGE RATIOS AS OF THE CUT-OFF DATE
-----------------------------------------------------------------------------------------------------------
RANGE OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
DSCRS NUMBER OF LOANS BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.25x to 1.29x 1 $6,965,929 1.46%
1.30x to 1.34x 6 45,034,634 9.42
1.35x to 1.39x 10 36,940,495 7.73
1.40x to 1.44x 11 43,835,382 9.17
1.45x to 1.49x 13 53,251,355 11.14
1.50x to 1.59x 12 64,790,803 13.55
1.60x to 1.69x 17 71,081,878 14.87
1.70x to 1.79x 7 30,997,261 6.48
1,80x to 1.89x 11 33,306,123 6.97
1.90x to 1.99x 3 10,958,628 2.29
2.00x to 2.49x 13 46,877,893 9.81
2.50x to 2.99x 7 28,678,443 6.00
3.00x to 6.49x 2 5,285,158 1.11
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
THE WEIGHTED AVERAGE DSCR AS OF THE CUT-OFF DATE IS 1.71X.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
10
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
RANGE OF LTV RATIOS AS OF THE CUT-OFF DATE
-----------------------------------------------------------------------------------------------------------
RANGE OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
LTV RATIOS NUMBER OF LOANS BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
10.01% to 30.00% 3 $4,647,278 0.97%
30.01% to 40.00% 9 34,471,169 7.21
40.01% to 45.00% 5 19,154,963 4.01
45.01% to 50.00% 3 13,421,489 2.81
50.01% to 55.00% 12 37,293,000 7.80
55.01% to 60.00% 14 79,801,169 16.69
60.01% to 65.00% 19 71,869,653 15.04
65.01% to 70.00% 17 89,316,200 18.69
70.01% to 75.00% 23 97,394,957 20.38
75.01% to 80.00% 8 30,634,104 6.41
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
THE WEIGHTED AVERAGE LTV AS OF THE CUT-OFF DATE IS 61.58%.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
RANGE OF LTV RATIOS AS OF THE MORTGAGE LOAN MATURITY DATES
-----------------------------------------------------------------------------------------------------------
RANGE OF MATURITY AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
LTV RATIOS NUMBER OF LOANS BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00% to 10.00% 10 $33,673,613 7.04%
10.01% to 20.00% 2 7,813,268 1.63
20.01% to 30.00% 4 9,319,668 1.95
30.01% to 35.00% 5 18,144,607 3.80
35.01% to 40.00% 7 35,194,734 7.36
40.01% to 45.00% 9 32,823,134 6.87
45.01% to 50.00% 13 51,184,079 10.71
50.01% to 55.00% 18 90,689,373 18.97
55.01% to 60.00% 28 123,631,284 25.86
60.01% to 65.00% 11 40,828,565 8.54
65.01% to 70.00% 6 34,701,658 7.26
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
THE WEIGHTED AVERAGE LTV AS OF THE MATURITY DATE IS 47.94%.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
RANGE OF REMAINING TERM IN MONTHS*
-----------------------------------------------------------------------------------------------------------
RANGE OF REMAINING TERMS AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
(MOS.) NUMBER OF LOANS BALANCE POOL BALANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
71 to 100 3 $6,283,988 1.31%
101 to 120 79 346,859,756 72.56
161 to 180 29 106,505,753 22.28
181 to 240 2 18,354,485 3.84
-----------------------------------------------------------------------------------------------------------
TOTAL 113 $478,003,982 100.00%
-----------------------------------------------------------------------------------------------------------
</TABLE>
* Calculated with respect to the Anticipated Repayment Date for the ARD
Loan.
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY AS OF THE CUT-OFF DATE IS 134
MONTHS.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
11
TEN LARGEST MORTGAGE LOANS
<TABLE>
<CAPTION>
WEIGHTED AVERAGES
---------------------------------------------------------------------------
AGGREGATE PERCENTAGE STATED REMAINING CUT-OFF LTV RATIO
CUT-OFF OF INITIAL MORTGAGE REMAINING AMORT. TERM DATE LTV AT
PROPERTY NAME DATE BALANCE POOL BALANCE RATE TERM (MO.)* (MOS.) DSCR RATIO MATURITY*
- ------------------------ ------------- ------------- ----------- -------------- -------------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Founders Plaza & Tower 14 $20,833,835 4.36% 7.4550% 115 355 1.33x 67.64% 59.88%
Stonecrest 17,947,055 3.75 6.7050% 116 356 1.55x 59.82% 51.92%
Clemens Place Apartments 14,100,000 2.95 7.6050% 120 360 1.46x 67.14% 59.46%
South Bay Marketplace 11,567,888 2.42 6.9350% 116 356 1.40x 74.63% 65.16%
Eden Center 10,838,385 2.27 7.0000% 232 232 2.65x 33.87% 1.12%
Clarendon Apartments 10,467,142 2.19 6.8125% 116 356 1.68x 62.30% 53.52%
Best Western Seven Seas 9,500,000 1.99 7.9400% 120 240 1.53x 56.21% 39.55%
Hamilton Station Apts 9,466,781 1.98 6.0150% 176 356 1.70x 67.62% 49.55%
Washington Commons 9,382,149 1.96 7.3500% 117 357 1.32x 75.66% 66.72%
240 West 35th Street 7,996,605 1.67 8.1500% 119 359 1.42x 57.12% 51.28%
- ------------------------ ------------- ------------- ----------- -------------- -------------- --------- ----------- -----------
TOTAL/WEIGHTED AVERAGE $122,099,839 25.54% 7.1809% 132 337 1.58X 62.68% 50.98%
</TABLE>
* Calculated with respect to the Anticipated Repayment Date for the ARD Loan.
FOUNDERS PLAZA AND TOWER 14 ($20,833,834.70). This Mortgage Loan is secured by
two cross-collateralized and cross-defaulted mortgages. One such mortgage was in
the original amount of $15,000,000 and is secured by Founders Plaza, two
adjacent office buildings built on 20.2 acres of land in 1972 in East Hartford,
Connecticut (the "Founders Property"). The other mortgage was in the original
amount of $5,900,000, and is secured by Tower 14, a 251,683 square foot office
building built on 3.8 acres of land in 1973 in the Northfield Center in
Southfield, Michigan (the "Tower 14 Property"). The Cut-Off Date LTV is 67.64%
based on a July 1998 appraised value of $30,800,000, of which amount $21,500,000
was attributable to the Founders Property and $9,300,000 to the Tower 14
Property. DSCR based on Underwritten Net Cash Flow is 1.33x. The borrower has
the right to uncross the mortgages after February 1, 1999, provided, among other
requirements, that the loan maintains a 75% LTV and a 1.38x DSCR. Additional
debt is secured by these properties on a pari passu basis with the Mortgage
Loan.
The Founders Property is comprised of two buildings. 111 Founders Plaza
is a 19 story, 242,106 square foot building whose major tenants are
Phoenix Home Life Mutual Insurance Company leasing 44,882 square feet
of net rentable area ("NRA") under a lease expiring May 2002 and Sprint
Corporation (13,958 NRA) under a lease expiring September 2008. 111
Founders Plaza was 92% occupied as of December 11, 1998. 99 Founders
Plaza, a 3 story, 148,000 square foot building, is occupied 100% by
Fleet National Bank under a lease expiring December 2006 and is used as
a regional lock box facility.
The Tower 14 Property is a 14 story, 251,683 square foot building whose
major tenants are Health Alliance Plan ("HAP"), the managed health care
provider for General Motors, Ford and Chrysler, (60,626 NRA) under a
lease expiring January 1999, Lutheran Social Service (37,201 NRA) under
a lease expiring December 2007 and DAC of the United Methodist Church
(9,736 NRA) under a lease expiring September 2000. The borrower has
provided the mortgagee with a $1,000,000 irrevocable site draft letter
of credit issued by Bank of America until HAP either renews its lease
or the HAP space is leased to a tenant, and pursuant to terms approved
by lender. The letter of credit may be drawn upon by Lender to make
principal and interest payments due under the Loan Agreement after a
default by Borrower. The Tower 14 Property was 80.6% occupied as of
November 30, 1998.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
12
STONECREST ($17,947,054.90). This Mortgage Loan is secured by three low rise
office buildings totaling 215,503 square feet built in 1991 on 10.3 acres of
land in the Kearney Mesa section of San Diego, California. The buildings are 2,
3 and 6 stories. Stonecrest was 99.7% occupied as of November 2, 1998. Major
tenants are Lucent Technologies Inc. (16,345 NRA) under a lease expiring October
1999, Well Point Health Network, Inc. (Blue Cross of California) (26,521 NRA)
under a lease expiring September 2001, Paychex, Inc. (23,329 NRA) under a lease
expiring March 2001 and ITT Educational Services (39,534 NRA) under a lease
expiring February 2009. The Cut-Off Date LTV is 59.82% based on a September 1998
appraised value of $30,000,000. DSCR based on Underwritten Net Cash Flow is
1.55x.
CLEMENS PLACE APARTMENTS ($14,100,000.00). This Mortgage Loan is secured by 41
three and four story multifamily apartment buildings with 584 residential units
and two commercial units built between 1915 and 1971 and renovated in the early
1980s ("the Property"). The Property is located in the West End of Hartford,
Connecticut on 17.4 acres of land most of which is leased from the City of
Hartford pursuant to a ground lease expiring in 2079 and a portion of which is
held in fee simple. Clemens Place was 98.1% occupied as of October 1, 1998. The
Property benefits from two Section 8 HUD contracts covering 173 units (29.7% of
the total number of units). The Cut-Off Date LTV is 67.14% based on a July 1998
appraised value of $21,000,000. DSCR based on Underwritten Net Cash Flow is
1.46x.
SOUTH BAY MARKETPLACE ($11,567,888.28). This Mortgage Loan is secured by a strip
center consisting of seven one story buildings totaling 154,668 square feet
built in 1997 on 12.6 acres of land in San Diego, California. South Bay
Marketplace was 100% occupied as of January 6, 1999. The major tenants are Auto
Parts Club (42,560 NRA) under a lease expiring August 2008, Office Depot (30,686
NRA) under a lease expiring April 2012, Ross Stores (27,125 NRA) under a lease
expiring January 2008 and Family Bargain Center (15,024 NRA) under a lease
expiring May 2002. The Cut-Off Date LTV is 74.63% based on a October 1998
appraised value of $15,500,000. DSCR based on Underwritten Net Cash Flow is
1.40x.
EDEN CENTER ($10,838,384.65). This Mortgage Loan is secured by a shopping center
and mini-mall consisting of 206,647 square feet built in stages between 1961 and
1996 on 16.0 acres of land in Falls Church, Virginia. The major tenants are Ames
Department Stores (77,120 NRA) under a lease expiring July 2001 (subject to
three remaining options held by the tenant to extend for five years each at
below current market rates) and Olympus Gym (20,000 NRA) under a lease expiring
in February 2002. Eden Center was 89.6% occupied as of September 30, 1998. The
Cut-Off Date LTV is 33.87% based on a March 1998 appraised value of $32,000,000.
DSCR based on Underwritten Net Cash Flow is 2.65x.
CLARENDON APARTMENTS ($10,467,141.83). This Mortgage Loan is secured by a
17-story, 128 residential unit, apartment building located at 247 East 28th
Street on 0.319 acres of land in the Kipps Bay area of Manhattan. The borrower
completed construction of the property in 1979. In addition to the multifamily
rental units, the property contains a ground floor retail store currently leased
and occupied by a Duane Reade drug store (3,850 NRA). As of November 1998, the
property was 100% occupied. The Cut-Off date LTV is 62.3% based on an April 1998
appraised value of $16,800,000. The DSCR based on Underwritten Net Cashflow is
1.68x.
BEST WESTERN SEVEN SEAS LODGE ($9,500,000.00). This Mortgage Loan is secured by
a 307 room, full service Best Western hotel situated in the Mission Valley
section of San Diego, California (the "Property"). The property was originally
constructed in 1967 and was substantially upgraded in 1995-1997. The six
building development encompasses 91,335 square feet on 12.0 acres of land, and
includes a 140 seat restaurant/coffee shop, a 50 seat cocktail lounge and an
outdoor pool. The borrower's leasehold interest in the property exists by virtue
of a ground lease which matures in August 2048. The property was 83.12% occupied
during the 12 month period ending October 31, 1998. The Cut-Off Date LTV is
56.2% based on an appraised value of $16,900,000 as of September 15, 1998. DSCR
based on Underwritten Net Cash Flow is 1.53x.
HAMILTON STATION APARTMENTS ($9,466,781.34). This Mortgage Loan is secured by 17
two and three story multifamily apartment buildings with 284 residential units
built in three stages in 1985, 1986 and 1987 (the "Property"). The Property is
located in Columbus, Georgia on 27.5 acres of land. Hamilton Station was 95.1%
occupied as of December 22, 1998. The Cut-Off Date LTV is 67.62% based on a June
1998 appraised value of $14,000,000. DSCR based on Underwritten Net Cash Flow is
1.70x.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
13
WASHINGTON COMMONS ($9,382,148.57). This Mortgage Loan is secured by a
neighborhood shopping center and a 26 unit apartment building (23,000 NRA) built
in 1997 on 6.6 acres of land in Dumont, New Jersey (the "Property"). The major
tenants are Grand Union (44,282 NRA) under a lease expiring October 2017, Health
Net (4,275 NRA) under a lease expiring June 2002 and Pet Valu (2,860 NRA) under
a lease expiring October 2002. The property was 100% occupied as of September 1,
1998. The Cut-Off Date LTV is 75.66% based on a July 1998 appraised value of
$12,400,000. DSCR based on Underwritten Net Cash Flow is 1.32x.
240 WEST 35TH STREET ($7,996,604.59). This Mortgage Loan is secured by a 160,279
square foot, 17 story office building situated on a 0.23 acres of land in New
York City (the "Property"). The Property was originally developed in 1925 as a
loft building catering to the garment industry and was subsequently converted to
office use. As of December 1, 1998, the Property was 92.0% occupied. Major
tenants include Mary McFadden (15,100 NRA) under a lease expiring June 2002, One
Notch Up (8,500 NRA) under a lease expiring May 2004 and Emuna (8,100 NRA) under
a lease expiring November 2000. The Cut-Off Date LTV is 57.12% based on an
appraised value of $14,000,000. DSCR based on Underwritten Net Cash Flow is
1.42x.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
14
PREPAYMENT PREMIUMS AND YIELD MAINTENANCE CHARGES
RESTRICTIONS: 100% of the Mortgage Loans generally have
protection against voluntary prepayment during
their terms. 91.26% are locked out until their
respective maturity dates (or, with respect to
the ARD Loan, Anticipated Repayment Date),
1.25% require the payment of Yield Maintenance
Charges until maturity. 5.30% are locked out
until one to six months prior to maturity
during which there are no restrictions on
voluntary prepayment, the remaining 2.19% have
Yield Maintenance until one to three months
prior to maturity during which there are no
restrictions on voluntary prepayment.
ALLOCATION OF YIELD On any Distribution Date, Yield Maintenance
MAINTENANCE CHARGES: Charges collected during the related Due Period
will be distributed by the Paying Agent on the
classes of Offered Certificates as follows: to
each of the Class A, Class B, Class C, Class D
and Class E Certificates, for each such Class
an amount equal to the product of (a) a
fraction, the numerator of which is the amount
distributed as principal to such Class on such
Distribution Date, and the denominator of which
is the total amount distributed as principal to
all classes of Certificates on such
Distribution Date, (b) the Base Interest
Fraction for the related principal prepayment
and such class of Offered Certificates and (c)
the aggregate amount of Yield Maintenance
Charges collected on such principal prepayment
during the related Due Period. Any Yield
Maintenance Charges collected during the
related Due Period remaining after such
distributions will be distributed to the
holders of the Class X Certificates.
The "Base Interest Fraction" with respect to
any principal prepayment on any Mortgage Loan
and with respect to any class of Offered
Certificates is a fraction (A) whose numerator
is the greater of (x) zero and (y) the
difference between (i) the Pass-Through Rate on
such class of Offered Certificates and (ii) the
Yield Rate used in calculating the Yield
Maintenance Charge with respect to such
principal prepayment and (B) whose denominator
is the difference between (i) the Mortgage Rate
on the related Mortgage Loan and (ii) the Yield
Rate used in calculating the Yield Maintenance
Charge with respect to such principal
prepayment; provided, however, that under no
circumstances shall the Base Interest Fraction
be greater than one. If such Yield Rate is
greater than the Mortgage Rate on the related
Mortgage Loan, then the Base Interest Fraction
shall equal zero.
No Yield Maintenance Charges will be
distributed to holders of the Class F, Class G,
Class H, Class I, Class J, Class K or Residual
Certificates; instead, after the Certificate
Principal Balances of the Class A, Class B,
Class C, Class D and Class E Certificates have
been reduced to zero, all Yield Maintenance
Charges will be distributed to holders of the
Class X Certificates.
The following table and graph summarizes the amounts and percentages of the Pool
Balance which are subject to a Lockout Period, Yield Maintenance Charge or
Prepayment Premium on an annual basis over the life of the Trust (assuming no
loan prepayments, modifications, defaults or extensions).
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
15
PERCENTAGE OF REMAINING POOL BALANCE SUBJECT TO PREPAYMENT RESTRICTIONS
(DOLLAR AMOUNTS EXPRESSED IN MILLIONS)
REMAINING POOL BALANCE SUBJECT TO PREPAYMENT RESTRICTIONS
<TABLE>
<CAPTION>
LOCKOUT - NOT
PERIOD PREPAYABLE > 1% OR YM PREPAYABLE WITHOUT PENALTY TOTALS
--------------------------------------------------------------------------------------------------
$ (MM) % $ (MM) % $ (MM) % $ (MM) % % OF IPB
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT
PERIOD 2/1/99 478.0 100.0 - 0.0 - 0.0 478.0 100.0 100.0
YEAR 1 2/1/00 471.7 100.0 - 0.0 - 0.0 471.7 100.0 98.7
YEAR 2 2/1/01 465.0 100.0 - 0.0 - 0.0 465.0 100.0 97.3
YEAR 3 2/1/02 457.7 100.0 - 0.0 - 0.0 457.7 100.0 95.7
YEAR 4 2/1/03 444.1 98.7 5.7 1.3 - 0.0 449.8 100.0 94.1
YEAR 5 2/1/04 425.9 96.5 15.5 3.5 - 0.0 441.4 100.0 92.3
YEAR 6 2/1/05 417.2 96.5 15.2 3.5 - 0.0 432.4 100.0 90.5
YEAR 7 2/1/06 405.7 96.4 15.0 3.6 - 0.0 420.6 100.0 88.0
YEAR 8 2/1/07 392.4 96.4 14.7 3.6 - 0.0 407.1 100.0 85.2
YEAR 9 2/1/08 381.7 96.4 14.4 3.6 - 0.0 396.1 100.0 82.9
YEAR 10 2/1/09 92.9 94.8 5.1 5.2 - 0.0 98.1 100.0 20.5
YEAR 11 2/1/10 89.2 94.7 5.0 5.3 - 0.0 94.2 100.0 19.7
YEAR 12 2/1/11 85.1 94.6 4.9 5.4 - 0.0 90.0 100.0 18.8
YEAR 13 2/1/12 80.8 94.4 4.8 5.6 - 0.0 85.5 100.0 17.9
YEAR 14 2/1/13 76.1 94.3 4.6 5.7 - 0.0 80.7 100.0 16.9
YEAR 15 2/1/14 7.0 100.0 - 0.0 - 0.0 7.0 100.0 1.5
YEAR 16 2/1/15 5.7 100.0 - 0.0 - 0.0 5.7 100.0 1.2
YEAR 17 2/1/16 4.3 100.0 - 0.0 - 0.0 4.3 100.0 0.9
YEAR 18 2/1/17 2.8 100.0 - 0.0 - 0.0 2.8 100.0 0.6
YEAR 19 2/1/18 1.3 100.0 - 0.0 - 0.0 1.3 100.0 0.3
YEAR 20 2/1/19 - 0.0 - 0.0 - 0.0 - 100.0 0.0
</TABLE>
As used above, "IPB" means Initial Pool Balance.
As used above, "UPB" means aggregate unpaid principal balance of all Mortgage
Loans. As used above, "YM" means Yield Maintenance.
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
16
PREPAYMENT PROTECTION ON THE MORTGAGE LOANS
(DOLLAR AMOUNTS EXPRESSED IN MILLIONS)
[PLOT POINTS]
<TABLE>
<CAPTION>
Lockout > 1% or YM Prepayable Without Penalty Totals
<S> <C> <C> <C> <C>
2/1/99 478 0 0 478
2/1/00 471.7 0 0 471.7
2/1/01 465 0 0 465
2/1/02 457.7 0 0 457.7
2/1/03 444.1 5.7 0 449.8
2/1/04 425.9 15.5 0 441.4
2/1/05 417.2 15.2 0 432.4
2/1/06 405.7 15 0 420.6
2/1/07 392.4 14.7 0 407
2/1/08 381.7 14.4 0 396
2/1/09 92.9 5.1 0 98.1
2/1/10 89.2 5 0 94.2
2/1/11 85.1 4.9 0 90
2/1/12 80.8 4.8 0 85.5
2/1/13 76.1 4.6 0 80.7
2/1/14 7 0 0 7
2/1/15 5.7 0 0 5.7
2/1/16 4.3 0 0 4.3
2/1/17 2.8 0 0 2.8
2/1/18 1.3 0 0 1.3
2/1/19 0 0 0 0
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
17
<TABLE>
<CAPTION>
PROPERTY NO. OF
LOAN # LOAN NAME PROPERTY NAME CITY STATE TYPE PROPERTIES OCCUPANCY
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
11969 FOUNDERS PLAZA & TOWER 14 OFFICE 2
11969A Founders Plaza East Hartford CT Office 1 95.1%
11969B Tower 14 Southfield MI Office 1 80.6%
16464 Stonecrest Stonecrest San Diego CA Office 1 99.7%
9691 Clemens Place Clemens Place Hartford CT Multifamily 1 98.1%
Apartments Apartments
16462 South Bay Marketplace South Bay San Diego CA Retail, 1 100.0%
Marketplace Anchored
8484 Eden Center Eden Center Falls Church VA Retail, 1 89.6%
Anchored
16363 Clarendon Apartments Claredon Apartments New York NY Multifamily 1 100.0%
17918 Best Western Seven Seas Best Western Seven San Diego CA Hotel 1 83.1%
Seas
8747 Hamilton Station Hamilton Station Columbus GA Multifamily 1 95.1%
Apartments Apartments
9529 Washington Commons Washington Commons Dumont NJ Mixed-Use 1 100.0%
17820 240 West 35th Street 240 West 35th New York NY Office 1 92.0%
Street
9144 Regent Place Apartments Regent Place Los Angeles CA Multifamily 1 100.0%
Apartments
9100 PATIDAR HOTEL PORTFOLIO HOTEL 4
9100A Comfort Inn West West PA Hotel 1 68.0%
Middlesex Middlesex
9100B Comfort Inn Elyria Elyria OH Hotel 1 68.5%
9100C Days Inn Georgetown Georgetown KY Hotel 1 63.9%
9100D Holiday Inn Medina Medina OH Hotel 1 61.7%
16771 Central Park Mews Central Park Mews New York NY Multifamily 1 97.0%
9586 Gateway West Shopping Gateway West Dover DE Retail, 1 82.8%
Center Shopping Center Anchored
11853 1380 University Avenue 1380 University Bronx NY Multifamily 1 97.8%
Avenue
8722 The Lakes Apartment The Lakes Columbus GA Multifamily 1 98.8%
Complex Apartment Complex
9412 Crown Theater Crown Theater Trumbull CT Theater 1 100.0%
16718 Gateway Inn Gateway Inn Orlando FL Hotel 1 89.3%
8548 Hyde Park Office Hyde Park Office Doylestown PA Office 1 100.0%
Condominiums Condominiums
11931 580 Broadway 580 Broadway New York NY Office 1 99.3%
12073 Stoneridge Corporate Stoneridge Uwchlan PA Office 1 96.6%
Park Corporate Park
</TABLE>
(TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CUT-OFF % OF INITIAL POOL GROSS MORTGAGE MATURITY CUT-OFF MATURITY
BALANCE BALANCE RATE DATE DSCR LTV LTV
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$20,833,834.70 4.36% 7.4550% 09/01/08 1.33X 67.64% 59.88%
17,947,054.90 3.75% 6.7050% 10/01/08 1.55 59.82% 51.92%
14,100,000.00 2.95% 7.6050% 02/01/09 1.46 67.14% 59.46%
11,567,888.28 2.42% 6.9350% 10/01/08 1.40 74.63% 65.16%
10,838,384.65 2.27% 7.0000% 06/01/18 2.65 33.87% 1.12%
10,467,141.83 2.19% 6.8125% 10/01/08 1.68 62.30% 53.52%
9,500,000.00 1.99% 7.9400% 02/01/09 1.53 56.21% 39.55%
9,466,781.34 1.98% 6.0150% 10/01/13 1.70 67.62% 49.55%
9,382,148.57 1.96% 7.3500% 11/01/08 1.32 75.66% 66.72%
7,996,604.59 1.67% 8.1500% 01/01/09 1.42 57.12% 51.28%
7,516,100.56 1.57% 6.9100% 08/01/18 1.51 58.26% 1.87%
6,080,000.00 1.27% 7.6200% 02/01/09 2.18 58.13% 40.44%
6,978,073.89 1.46% 6.4600% 10/01/08 2.42 43.61% 37.60%
6,965,929.20 1.46% 7.1900% 09/01/08 1.28 64.26% 51.98%
6,479,346.66 1.36% 7.2500% 11/01/08 1.37 69.19% 55.95%
6,377,621.11 1.33% 6.0150% 10/01/13 1.63 73.73% 54.03%
6,373,242.79 1.33% 7.2500% 10/01/08 1.38 74.54% 60.35%
6,400,000.00 1.34% 8.2500% 02/01/09 1.76 53.33% 44.26%
6,083,091.08 1.27% 6.9300% 10/01/13 1.60 73.29% 56.05%
6,019,831.38 1.26% 7.1500% 01/01/14 2.27 37.62% 15.72%
5,986,156.80 1.25% 6.6000% 11/01/13 2.16 46.77% 35.20%
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
18
<TABLE>
<CAPTION>
PROPERTY NO. OF
LOAN # LOAN NAME PROPERTY NAME CITY STATE TYPE PROPERTIES OCCUPANCY
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
9291 Airport Thruway Plaza Airport Thruway Columbus GA Retail, 1 93.9%
Plaza Unanchored
16814 Timonium Crossing S.C. Timonium Crossing Timonium MD Retail, 1 94.8%
S.C. Unanchored
5193 Encino Medical Tower Encino Medical Encino CA Office 1 87.2%
Tower
17735 42 W. 48th Street 42 W. 48th Street New York NY Office 1 100.0%
6073 155 Spring Street 155 Spring Street New York NY Mixed-Use 1 84.6%
11472 Ramada Inn & Holiday Ramada Inn/Holiday Brownsville TX Hotel 1 67.7%
Inn Inn
16823 Simi Commerce Center Simi Commerce Simi Valley CA Industrial/ 1 97.8%
Center Warehouse
11423 Tropicana Royale Tropicana Royale Las Vegas NV Multifamily 1 93.5%
Apartments Apartments
11516 Kingsbury Square Kingsbury Square Kingstown MA Retail, 1 100.0%
Anchored
11721 Strathmore/Orkney Strathmore/Orkney Boston MA Multifamily 1 97.0%
Realty Trust Realty Trust
9056 Highlander Shopping Highlander Arcadia CA Retail, 1 100.0%
Center Shopping Center Anchored
16561 Landmark West Landmark West Newton NJ Multifamily 1 98.2%
Apartments Apartments
16496 Hancock Plaza Hancock Plaza Phoenix AZ Retail, 1 100.0%
Anchored
11839 Pitney Bowes Pitney Bowes Danbury CT Industrial/ 1 100.0%
Warehouse
9565 Washington Tower Washington Tower Dallas TX Office 1 93.2%
9513 Cohas Brook Shopping Cohas Brook Manchester NH Retail, 1 100.0%
Center Shopping Center Anchored
8939 Sutter Square Galleria Sutter Square Sacramento CA Mixed-Use 1 96.5%
Galleria
17637 HIGHLAND CHATEAU & MULTIFAMILY 2
SEWARD FLATS
17637A Highland Chateau Duluth MN Multifamily 1 100.0%
17637B Seward Flats Minneapolis MN Multifamily 1 100.0%
9709 Evergreen Valley Plaza Evergreen Valley San Jose CA Retail, 1 96.7%
Plaza Anchored
9424 Brookwood Mobile Home Brookwood Mobile West Fargo ND Manufactured 1 99.2%
Park Home Park Housing
9556 Victoria Inn Apartments Victoria Inn Longmont CO Multifamily 1 99.1%
Apartments
16936 Mobius Management Mobius Management Rye NY Office 1 100.0%
Systems Systems
12147 Kingman Square Kingman Square Kingman AZ Retail, 1 97.8%
Anchored
</TABLE>
(TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CUT-OFF % OF INITIAL POOL GROSS MORTGAGE MATURITY CUT-OFF MATURITY
BALANCE BALANCE RATE DATE DSCR LTV LTV
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
5,784,051.28 1.21% 6.9600% 10/01/13 1.83 59.32% 45.43%
5,596,985.92 1.17% 7.4750% 01/01/09 1.63 58.30% 51.50%
5,550,946.67 1.16% 7.9700% 05/01/08 1.45 65.31% 57.53%
5,496,817.11 1.15% 7.2500% 01/01/09 2.26 45.81% 40.23%
5,478,561.51 1.15% 7.1250% 08/01/13 1.94 58.91% 45.47%
5,354,937.81 1.12% 7.8000% 10/01/08 1.71 61.55% 50.64%
5,039,855.62 1.05% 7.1400% 11/01/13 1.43 74.66% 57.59%
4,987,126.66 1.04% 6.1500% 11/01/08 2.93 37.50% 32.02%
4,977,854.14 1.04% 6.9600% 10/01/13 1.89 53.53% 33.93%
4,972,654.50 1.04% 6.4000% 10/01/08 1.56 61.39% 47.71%
4,679,984.89 0.98% 6.9500% 08/01/13 1.85 62.40% 47.84%
4,596,973.85 0.96% 6.8300% 01/01/09 1.65 64.75% 56.25%
4,501,162.50 0.94% 8.1500% 12/01/08 1.33 71.45% 64.19%
4,394,971.78 0.92% 7.3000% 12/01/08 2.07 43.95% 38.68%
4,284,147.62 0.90% 6.8600% 09/01/08 1.68 68.00% 59.30%
4,275,391.78 0.89% 6.9600% 10/01/08 1.38 71.26% 57.00%
4,240,876.43 0.89% 6.8850% 11/01/08 1.69 70.68% 61.59%
4,222,597.28 0.88% 7.3050% 01/01/09 1.48 74.74% 65.73%
4,220,657.19 0.88% 7.2300% 07/01/08 1.47 60.99% 53.78%
4,211,360.45 0.88% 6.3400% 10/01/08 1.71 64.79% 55.68%
4,184,392.31 0.88% 5.7600% 10/01/08 1.98 70.92% 59.95%
4,176,695.99 0.87% 7.6600% 12/01/13 1.30 58.83% 1.28%
4,146,242.00 0.87% 7.9850% 12/01/08 1.33 73.06% 65.38%
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
19
<TABLE>
<CAPTION>
PROPERTY NO. OF
LOAN # LOAN NAME PROPERTY NAME CITY STATE TYPE PROPERTIES OCCUPANCY
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
16826 Ventura Business Park Ventura Business Ventura CA Industrial/ 1 87.2%
II Park II Warehouse
11506 Woodstream Apartments Woodstream Marlton NJ Multifamily 1 95.3%
Apartments
11997 Kittridge Apartments Kittridge Van Nuys CA Multifamily 1 100.0%
Apartments
12022 North Village North Village St. Cloud MN Multifamily 1 100.0%
Apartments Apartments
6561 Aborn Shopping Center Aborn Shopping San Jose CA Retail, 1 96.1%
Center Unanchored
11868 144 East 44th Street 144 East 44th New York NY Office 1 100.0%
Street
9491 Main Street Commons Main Street Commons Bethlehem PA Mixed-Use 1 97.3%
11895 DIXON LANDING & MULTIPLE 2
BRANHAM SELF STORAGE PROPERTY
TYPE
11895A Dixon Landing Milpitas CA Retail, 1 96.4%
Center Unanchored
11895B Branham San Jose CA Ministorage 1 100.0%
Self-Storage
16830 Newbury Park Commerce Newbury Park Newbury Park CA Industrial/ 1 98.6%
Center Commerce Center Warehouse
12074 325 East Main Street 325 East Main Newark DE Mixed-Use 1 92.9%
Street
11102 1509 Glen Avenue 1509 Glen Avenue Moorestown NJ Industrial/ 1 100.0%
Associates Associates Warehouse
11552 Lake Hills Shopping Lake Hills Fairfield CT Mixed-Use 1 98.8%
Center Shopping Center
8487 World Gym Plaza World Gym Plaza Northfield NJ Retail, 1 100.0%
Unanchored
12075 123 East Main Street 123 East Main Newark DE Mixed-Use 1 92.3%
Street
11279 The Springs of The Springs of Scottsdale AZ Congregate 1 98.5%
Scottsdale Scottsdale Care
17138 Holiday Inn Express Holiday Inn Express Allentown PA Hotel 1 74.5%
6019 525 Broadway 525 Broadway Santa Monica CA Office 1 100.0%
17702 Camino Encinitas Plaza Camino Encinitas Encinitas CA Retail, 1 97.7%
Plaza Unanchored
11978 Timber Creek Apartments Timber Creek Niles OH Multifamily 1 97.7%
Apartments
12252 Narberth Hall Narberth Hall Narberth PA Multifamily 1 100.0%
Apartments Apartments
9125 Wyndmoor Garden Wyndmoor Gardens Chestnut Hill PA Multifamily 1 97.7%
Apartments
11207 Encanto Plaza Encanto Plaza Phoenix AZ Industrial/ 1 100.0%
Warehouse
</TABLE>
(TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CUT-OFF % OF INITIAL POOL GROSS MORTGAGE MATURITY CUT-OFF MATURITY
BALANCE BALANCE RATE DATE DSCR LTV LTV
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4,141,663.53 0.87% 7.1400% 11/01/13 1.45 67.90% 52.37%
4,116,455.03 0.86% 6.8200% 07/01/08 1.46 77.67% 62.30%
4,087,766.98 0.86% 6.6500% 10/01/08 1.57 78.01% 67.60%
3,991,112.42 0.83% 6.7500% 11/01/08 1.61 66.52% 57.75%
3,986,631.56 0.83% 6.9900% 11/01/08 1.83 50.79% 40.75%
3,986,333.66 0.83% 6.8750% 11/01/08 1.53 53.15% 42.49%
3,929,207.95 0.82% 7.3800% 09/01/13 1.56 72.76% 47.19%
3,896,488.98 0.82% 7.6500% 01/01/09 1.61 60.32% 49.25%
3,892,165.73 0.81% 7.1400% 11/01/13 1.45 71.42% 55.09%
3,891,331.65 0.81% 6.7000% 12/01/08 1.37 79.41% 63.07%
3,734,276.13 0.78% 7.0100% 08/01/08 1.66 70.46% 61.73%
3,687,541.57 0.77% 6.1700% 10/01/08 2.73 40.97% 35.04%
3,494,612.54 0.73% 8.3200% 12/01/08 1.44 68.52% 57.09%
3,492,381.60 0.73% 6.8000% 12/01/08 1.39 79.83% 63.60%
3,491,722.06 0.73% 6.5000% 11/01/08 3.70 34.74% 29.96%
3,457,382.85 0.72% 8.3750% 01/01/09 1.61 62.86% 52.40%
3,446,735.31 0.72% 6.7400% 06/01/08 1.65 50.03% 34.26%
3,296,925.79 0.69% 7.5000% 01/01/09 1.53 64.02% 52.04%
3,347,989.69 0.70% 7.1340% 01/01/14 1.86 51.51% 39.66%
3,237,860.97 0.68% 6.4000% 11/01/08 1.46 74.61% 58.76%
3,138,435.59 0.66% 6.7606% 09/01/08 1.38 73.85% 64.22%
3,080,120.88 0.64% 7.2500% 08/01/08 1.37 71.63% 58.13%
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
20
<TABLE>
<CAPTION>
PROPERTY NO. OF
LOAN # LOAN NAME PROPERTY NAME CITY STATE TYPE PROPERTIES OCCUPANCY
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
17027 Budwey's Plaza Budwey's Plaza North NY Retail, 1 86.4%
Shopping Center Shopping Center Tonawanda Anchored
16820 Simi Business Park West Simi Business Park Simi Valley CA Industrial/ 1 97.0%
West Warehouse
12178 The Drexel Building The Drexel Building Philadelphia PA Office 1 100.0%
16609 Simi Lock-up Simi Lock-up Simi Valley CA Ministorage 1 96.9%
11162 PINE BEIL PORTFOLIO MULTIFAMILY 3
11162A 37 Charles Street New York NY Multifamily 1 100.0%
11162B 234 East 81 Street New York NY Multifamily 1 100.0%
11162C 105 East 37 Street New York NY Multifamily 1 100.0%
12203 REX HAVEN & REX MULTIFAMILY 2
TERRACE APARTMENTS
12203A Rex Haven Village of FL Multifamily 1 100.0%
Apartments Palm Springs
12203B Rex Terrace Village of FL Multifamily 1 100.0%
Apartments Palm Springs
11999 Holiday Inn Express Holiday Inn Express Lathrop CA Hotel 1 78.9%
11116 Madison Plaza Madison Plaza Madison NJ Retail, 1 97.7%
Anchored
11411 People's Storage People's Self Everett WA Ministorage 1 92.0%
Storage
16393 Lomas Santa Fe Center Lomas Santa Fe San Diego CA Retail, 1 97.6%
Center County Anchored
16498 Engine Supply Co Engine Supply Co Phoenix AZ Industrial/ 1 100.0%
Warehouse
9327 Green Countrie Green Countrie Philadelphia PA Multifamily 1 97.3%
Apartments Apartments
9382 Colonial Grand Pacific Colonial Grand Seattle WA Mixed-Use 1 100.0%
Building Pacific Building
11687 Windom Gables Townhomes Windom Gables Minneapolis MN Multifamily 1 99.4%
Townhomes
9422 Houma Kmart Houma Kmart Houma LA Retail, 1 100.0%
Anchored
11845 Midtown Mall Midtown Mall Sanford ME Mixed-Use 1 98.7%
16829 Ventura Business Park Ventura Business Ventura CA Industrial/ 1 94.0%
III Park III Warehouse
12033 Montclair Arms Montclair Arms Montclair NJ Multifamily 1 100.0%
Apartments Apartments
9280 The Arbor Plaza The Arbor Plaza Saginaw MI Retail, 1 100.0%
Anchored
12253 Merion Court Apartments Merion Court Bala Cynwyd PA Multifamily 1 98.0%
Apartments
16957 200-204 Santa Monica 200-204 Santa Santa Monica CA Mixed-Use 1 100.0%
Blvd. Monica Blvd.
</TABLE>
(TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CUT-OFF % OF INITIAL POOL GROSS MORTGAGE MATURITY CUT-OFF MATURITY
BALANCE BALANCE RATE DATE DSCR LTV LTV
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
3,022,990.88 0.63% 8.8750% 01/01/09 1.41 58.13% 49.13%
2,969,023.86 0.62% 7.1400% 11/01/13 1.42 74.23% 57.25%
2,891,635.54 0.60% 6.7800% 10/01/08 1.64 68.85% 59.87%
2,794,375.39 0.58% 7.1400% 11/01/13 2.76 43.66% 33.68%
2,731,669.14 0.57% 7.0500% 08/01/08 1.50 71.32% 57.54%
2,698,582.43 0.56% 7.5500% 01/01/09 1.47 72.93% 64.55%
2,645,267.70 0.55% 7.7000% 12/01/08 1.80 68.71% 56.25%
2,633,702.98 0.55% 6.5500% 09/01/08 2.57 30.27% 24.02%
2,591,689.94 0.54% 7.2200% 11/01/08 1.59 64.79% 52.35%
2,483,822.90 0.52% 6.9340% 05/01/13 1.49 66.64% 51.19%
2,465,191.42 0.52% 7.7000% 11/01/05 1.38 73.37% 62.50%
2,430,143.29 0.51% 6.8060% 07/01/06 2.44 55.42% 47.39%
2,383,684.49 0.50% 7.4000% 01/01/09 1.61 63.56% 56.04%
2,343,498.13 0.49% 6.4000% 10/01/08 1.69 39.32% 0.32%
2,332,820.79 0.49% 7.3350% 07/01/08 1.50 68.61% 55.88%
2,293,720.33 0.48% 8.0000% 11/01/08 1.41 66.48% 54.95%
2,270,430.01 0.47% 7.1400% 11/01/13 1.42 72.08% 55.60%
2,235,631.52 0.47% 7.3100% 12/01/08 1.37 72.12% 58.36%
2,192,375.45 0.46% 6.8000% 11/01/13 1.40 78.30% 49.15%
2,176,629.82 0.46% 6.5900% 09/01/08 1.45 77.05% 61.21%
2,175,000.00 0.46% 7.1250% 02/01/09 2.03 51.79% 45.30%
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
21
<TABLE>
<CAPTION>
PROPERTY NO. OF CUT-OFF
LOAN # LOAN NAME PROPERTY NAME CITY STATE TYPE PROPERTIES OCCUPANCY BALANCE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
17417 Holiday Inn Express Holiday Inn Express St. OH Hotel 1 70.0% 2,098,397.56
Clairsville
17137 Comfort Inn - Black Mt. Comfort Inn - Black NC Hotel 1 63.8% 1,898,579.04
Black Mt. Mountain
17140 Comfort Inn - Concord Comfort Inn - Concord CA Hotel 1 78.2% 2,000,000.00
Concord
11647 3344 Castle Heights 3344 Castle Los Angeles CA Multifamily 1 100.0% 1,995,211.18
Apartments Heights Apartments
17194 101 Broadway 101 Broadway Santa Monica CA Mixed-Use 1 100.0% 1,994,550.49
11260 1630-38 12th Street Radical Media Santa Monica CA Office 1 100.0% 1,938,515.04
9072 Tully Road Shopping Tully Road San Jose CA Retail, 1 100.0% 1,838,389.58
Center Shopping Center Unanchored
17704 Holiday Inn Express Holiday Inn Express Chattanooga TN Hotel 1 67.0% 1,828,277.20
12257 Yellowstone Shopping Yellowstone Forest Hills NY Retail, 1 100.0% 1,798,796.56
Center Shopping Center (Queens) Anchored
11851 Turnpike Shopping Turnpike Shopping Fairfield CT Retail, 1 100.0% 1,793,436.42
Center Center Anchored
11098 Lowden Gardens Lowden Gardens Long Branch NJ Multifamily 1 97.5% 1,767,185.64
11599 Sandy Plaza Sandy Plaza Portland OR Retail, 1 91.5% 1,671,981.15
Unanchored
11265 Multi-Media Office Multi-Media Office Santa Monica CA Office 1 100.0% 1,639,515.29
5296 Comfort Inn Comfort Inn Holland MI Hotel 1 50.2% 1,593,283.73
17741 Silent Valley MHP Silent Valley MHP Lockhart TX Manufactured 1 93.2% 1,500,000.00
Housing
12050 Hilltop Shopping Center Hilltop Shopping Baltimore MD Retail, 1 100.0% 1,487,880.56
Center Unanchored
11639 MAI Chaimson MAI Chaimson Columbia MD Office 1 100.0% 1,465,783.38
Headquarters Headquarters
17187 North La Cienega North La Cienega West CA Retail, 1 100.0% 1,509,420.92
Retail Center Retail Center Hollywood Unanchored
11272 Fox Hill Park Offices Fox Hills Park Culver City CA Office 1 97.1% 1,395,446.43
Offices
11384 Fox Hill Garden Offices Fox Hill Garden Culver City CA Office 1 89.5% 1,395,446.43
Offices
9328 Abbey House Abbey House Philadelphia PA Multifamily 1 96.5% 1,388,653.31
16956 Silicon Graphics Silicon Graphics Santa Monica CA Office 1 100.0% 1,300,000.00
6129 Santa Fe Center Santa Fe Center Phoenix AZ Industrial/ 1 96.6% 1,295,673.80
Warehouse
</TABLE>
(TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
% OF
INITIAL
POOL GROSS MORTGAGE MATURITY CUT-OFF MATURITY
BALANCE RATE DATE DSCR LTV LTV
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.44% 8.3400% 01/01/09 1.79 63.59% 52.96%
0.40% 8.4200% 01/01/09 1.57 60.27% 50.31%
0.42% 8.2700% 02/01/09 1.73 53.33% 44.29%
0.42% 6.4500% 11/01/08 1.61 67.63% 58.25%
0.42% 7.8000% 01/01/14 1.33 53.91% 1.19%
0.41% 6.2100% 10/01/13 2.57 47.28% 34.98%
0.38% 7.3600% 08/01/08 1.86 54.07% 44.02%
0.38% 8.5000% 01/01/09 1.84 63.04% 50.25%
0.38% 6.7750% 01/01/09 2.80 28.78% 24.96%
0.38% 5.8400% 10/01/08 6.34 18.30% 15.50%
0.37% 6.8200% 08/01/13 1.85 60.94% 46.45%
0.35% 7.6600% 12/01/08 1.46 64.31% 52.58%
0.34% 6.2100% 10/01/13 2.32 54.65% 40.43%
0.33% 7.2300% 10/01/08 2.28 68.68% 55.57%
0.31% 8.6200% 02/01/14 1.41 52.63% 1.39%
0.31% 8.2500% 11/01/13 1.40 59.52% 1.48%
0.31% 6.9400% 10/01/08 1.72 35.75% 0.33%
0.32% 8.4100% 01/01/09 1.38 62.89% 56.80%
0.29% 6.3100% 10/01/13 1.82 56.96% 42.33%
0.29% 6.3100% 10/01/13 2.27 39.87% 29.63%
0.29% 6.8060% 07/01/06 2.22 58.22% 49.79%
0.27% 7.1250% 02/01/09 2.35 43.33% 37.91%
0.27% 6.6900% 07/01/13 1.94 34.10% 0.60%
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 1999-C1
22
<TABLE>
<CAPTION>
PROPERTY NO. OF
LOAN # LOAN NAME PROPERTY NAME CITY STATE TYPE PROPERTIES
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
8673 MEADOW VALLEY & VALLEY MEADOW VALLEY & VALLEY STREAM MHP MANUFACTURED 2
STREAM MHP HOUSING
8673A Meadow Valley Unadilla NY Manufactured 1
Housing
8673B Valley Stream Laurens NY Manufactured 1
Housing
6131 Southwest Industrial Southwest Phoenix AZ Industrial/ 1
Center Industrial Center Warehouse
9436 3424 Simpson Ferry Road 3424 Simpson Ferry Camp Allen PA Retail, 1
Road Unanchored
=================================================================================================
</TABLE>
(TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
% OF INITIAL POOL GROSS MATURITY DSCR CUT-OFF MATURITY
OCCUPANCY CUT-OFF BALANCE BALANCE MORTGAGE RATE DATE LTV LTV
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.27% 6.7000% 09/01/08 1.63 76.18% 66.16%
1,295,014.83
97.4%
97.4%
94.0% 0.22% 6.7050% 7/1/08 1.84 26.38% 0.24%
1,055,045.28
100.0% 0.15% 8.0300% 11/1/08 1.47 67.09% 55.50%
737,992.20
============================================================================================================
</TABLE>
- -------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT
REGARDING ASUMPTIONS AS TO SECURITIES, PRICING ESTIMAMTES, AND OTHER INFORMATION
("THE STATEMENT") WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS
INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THE STATEMENT. YOU MAY OBTAIN
A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. The Underwriters make no
representations as to the accuracy or completeness of the information contained
herein. The information contained herein is qualified in its entirety by the
information in the Prospectus and Prospectus Supplement for this transaction.
The information contained herein is preliminary as of the date hereof and will
be superseded by the applicable final Prospectus and Prospectus Supplement and
any other information subsequently filed with the Securities and Exchange
Commission. These materials are subject to change, completion, or amendment from
time to time without notice, and the Underwriters are under no obligation to
keep you advised of such changes. These materials are not intended as an offer
or solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement and Prospectus
relating to the securities. You should consult your own counsel, accountant, and
other advisors as to the legal, tax, business, financial and related aspects of
a purchase of these securities.
