<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) January 24, 2000
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
Exhibit Index located on Page 4
<PAGE>
Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
Item 5. Other Events.
Attached as Exhibit 99.1 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 2000-WF1 (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Term Sheets and Computational Materials may be modified or superseded by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.
Sequentially
Numbered
Exhibit Exhibit
Number Page
- ------- -------
99.1 Collateral and Structural Term Sheets and Computational Materials.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BEAR STEARNS COMMERCIAL
MORTGAGE SECURITIES INC.
By: /s/ Michael A Forastiere
---------------------------------
Name: Michael A. Forastiere
Title: Vice President
Dated: January 24, 2000
3
<PAGE>
EXHIBIT INDEX
Item 601(a) of Regulation S-K
Exhibit No. Description Page
- ----------- ----------- ----
99.1 Collateral and Structural Term Sheets and
Computational Materials.
4
<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. 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 (economic 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 modeling
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 as 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 (collectively, the
"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. The Information is provided
solely by the Underwriters 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. 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 the Underwriters have 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 the
Underwriters assign 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 data 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. The Underwriters, 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
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. The
Underwriters 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 form a 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 the Underwriters.
<PAGE>
BEAR STEARNS
COMMERCIAL MORTGAGE SECURITIES INC. 2000 - WF1
$826,089,000 PUBLICLY OFFERED CERTIFICATES
SEQUENTIAL PAY REMIC CLASSES
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
INITIAL AGGREGATE APPROX. APPROX.
INITIAL CERTIFICATE APPROX. PASS-THROUGH WEIGHTED PRINCIPAL
RATINGS CREDIT BALANCE OR DOLLAR DESCRIPTION (1) AVERAGE WINDOW
CLASS DCR/FITCH SUPPORT NOTIONAL AMOUNT PRICE LIFE (2) (YRS.) (2)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA/AAA 19.50% $260,078,000 100.5 FIXED 5.6 1 - 108
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 AAA/AAA 19.50% $454,979,000 100.5 FIXED 9.6 108 - 120
- ------------------------------------------------------------------------------------------------------------------------------------
B AA/AA 16.00% $31,089,000 100.5 VARIABLE 10.0 120 - 120
- ------------------------------------------------------------------------------------------------------------------------------------
C A/A 12.00% $35,531,000 99.6 VARIABLE 10.0 120 - 120
- ------------------------------------------------------------------------------------------------------------------------------------
D A-/A- 11.00% 8,882,000 98.8 VARIABLE 10.0 120 - 120
- ------------------------------------------------------------------------------------------------------------------------------------
E BBB/BBB 8.00% $26,648,000 96.7 VARIABLE 10.0 120 - 120
- ------------------------------------------------------------------------------------------------------------------------------------
F BBB-/BBB- 7.00% $8,882,000 92.6 VARIABLE 10.0 120 - 120
- ------------------------------------------------------------------------------------------------------------------------------------
X AAA / AAA N/A $888,269,752 1.8 VARIABLE 8.7 1 - 237
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Pass-Through Rates of the Class A-1 and Class A-2 Certificates shall be
a fixed rate per annum or, if a lower rate, the weighted average of the Net
Mortgage Rates of the Mortgage Loans (such Net Mortgage Rates determined
without taking into account any reductions thereto resulting from
modifications of the Mortgage Loans or otherwise following the Cut-Off
Date) (the "NWAC Rate"). The pass-through rate of the Class B Certificates
will be a per annum rate equal to the NWAC Rate for such Distribution Date
minus ___%, and the Pass-Through Rate of the Class C, Class D, Class E and
Class F Certificates will be a per annum rate equal to the NWAC Rate for
such Distribution Date. The Class X pass-through rate with respect to any
Distribution Date will be equal to the excess, if any, of (i) the weighted
average of the non-default interest rates specified in the notes relating
to each mortgage loan in the trust fund, net of the related Administrative
Cost Rate, over (ii) the weighted average of the pass-through rates of the
other classes of certificates, as more fully described in the Prospectus
Supplement.
(2) Assuming no prepayments (other than on the Anticipated Repayment Date, if
any), modifications, defaults, losses, extensions, clean-up calls and that
all Mortgage Loans balloon at maturity/Anticipated Repayment Date where
applicable.
SETTLEMENT DATE: On or about February 10, 2000.
COLLATERAL: 181 mortgage loans with an aggregate Cut-Off
Date balance of $888,269,752; approximately
25.1% office, 20.7% retail, 15.1% multifamily,
14.1% industrial/warehouse, 10.5% self-storage,
7.7% hospitality and 6.7% various other asset
classes.
LOAN SELLERS: Wells Fargo Bank, National Association
($415,715,489, or 46.8% of the Initial Pool
Balance); Bear, Stearns Funding, Inc.
($363,558,833, or 40.9% of the Initial Pool
Balance) and Morgan Stanley Mortgage Capital
Inc. ($108,995,430, or 12.3% of the Initial Pool
Balance).
WA DSCR / LTV: 1.59x / 59.9% as of the Cut-Off Date (48.3% at
Maturity/ARD).
CALL PROTECTION: 100% of the mortgage loans are protected by
Lockout, Defeasance and/or Yield Maintenance for
substantially the terms of the Mortgage Loans
(other than, in certain cases, during the free
prepayment window beginning generally one to six
months prior to the maturity of the related
mortgage loan).
SERVICER: Wells Fargo Bank, National Association.
SPECIAL SERVICER: GMAC Commercial Mortgage Corporation.
CO-LEAD AND BOOK-RUNNING
MANAGERS: Bear, Stearns & Co. Inc. and Morgan Stanley Dean
Witter.
UNDERWRITERS: Bear, Stearns & Co. Inc., Morgan Stanley Dean
Witter and Norwest Investment Services, Inc.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
PAGE
----
I CREDIT SUPPORT STRUCTURE 1
II TRANSACTION SUMMARY 2
III CERTIFICATE STRUCTURE SUMMARY 3-5
IV PREPAYMENT PROVISIONS 6-11
V MORTGAGE LOAN/COLLATERAL SUMMARY 12-15
VI TEN LARGEST MORTGAGE LOANS 16-39
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
1
CREDIT SUPPORT STRUCTURE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
INITIAL PRINCIPAL AND INITIAL CERTIFICATE CLASS SIZE AS A
CREDIT SUPPORT INTEREST BALANCE/NOTIONAL AMOUNT INITIAL RATINGS PERCENT OF
CERTIFICATES DCR/FITCH AGGREGATE CUT-OFF
DATE BALANCE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
19.50% Class A-1 $260,078,000 ("AAA"/"AAA") 29.3%
- ----------------------------------------------------------------------------------------------------------
19.50% Class A-2 $454,979,000 ("AAA"/"AAA") 51.2%
- ----------------------------------------------------------------------------------------------------------
N/A Class X $888,269,752 ("AAA"/"AAA") N/A
- ----------------------------------------------------------------------------------------------------------
16.00% Class B $31,089,000 ("AA"/"AA") 3.5%
- ----------------------------------------------------------------------------------------------------------
12.00% Class C $35,531,000 ("A"/"A") 4.0%
- ----------------------------------------------------------------------------------------------------------
11.00% Class D $8,882,000 ("A-"/"A-") 1.0%
- ----------------------------------------------------------------------------------------------------------
8.00% Class E $26,648,000 ("BBB"/"BBB") 3.0%
- ----------------------------------------------------------------------------------------------------------
7.00% Class F $8,882,000 ("BBB-"/"BBB-") 1.0%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
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,
Class F and Class X.
LOAN SELLERS: Wells Fargo Bank, National Association
($415,715,489, or 46.8% of the Initial Pool
Balance); Bear, Stearns Funding, Inc.
($363,558,833, or 40.9% of the Initial Pool
Balance) and Morgan Stanley Mortgage Capital Inc.
($108,995,430, or 12.3% of the Initial Pool
Balance).
RATING AGENCIES: Duff & Phelps Credit Rating Co. ("DCR") / Fitch
IBCA, Inc. ("Fitch").
LEGAL STRUCTURE: Sequential pay REMIC classes rated AAA/AAA through
BBB-/BBB- offered.
CUT-OFF DATE: February 1, 2000.
SETTLEMENT DATE: On or about February 10, 1999.
DISTRIBUTION DATE: Monthly on the 15th or the next business day
commencing March 15, 2000.
DELAY DAYS: 14.
SERVICER: Wells Fargo Bank, National Association.
SPECIAL SERVICER: GMAC Commercial Mortgage Corporation.
PAYING AGENT: Norwest Bank Minnesota, National Association.
TRUSTEE: LaSalle Bank National Association.
FISCAL AGENT: ABN AMRO Bank N.V.
ERISA: The Class A-1, A-2 and Class X Certificates may be
acquired by plans subject to ERISA.
SMMEA ELIGIBILITY: The Offered Certificates will not 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 issued
initially as a global security registered in the
name of the Depository Trust Company ("DTC") or its
nominee. Certificates may be held through (i) DTC
in the United States, or (ii) Cedelbank, S.A.
("CEDEL") or the Euroclear System ("Euroclear") in
Europe.
MINIMUM DENOMINATIONS: The Class A-1 and Class A-2 Certificates may be
held in minimum denominations of $25,000. The Class
X may be held in minimum denominations of
$1,000,000 (Notional Amount). The remaining classes
of Offered Certificates will be offered in minimum
denominations of $100,000.
PRICING SPEED: 0% CPR (assuming the Anticipated Repayment Date
Loans ("ARD Loans") prepay on their respective
Anticipated Repayment Date).
CO-LEAD AND BOOK-
RUNNING MANAGERS: Bear, Stearns & Co. Inc. and Morgan Stanley Dean
Witter.
UNDERWRITERS: Bear, Stearns & Co. Inc., Morgan Stanley Dean
Witter and Norwest Investment Services, Inc.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
3
CERTIFICATE STRUCTURE SUMMARY
DISTRIBUTION OF PRINCIPAL AND Distributions of interest accrued on the
INTEREST: certificates and principal thereof will be
made on each distribution date to each class of
certificates in sequential order based on their
alphabetical designations. In general, each
class of certificates will receive an interest
distribution on any distribution date only
after each class with an earlier alphabetical
designation has received all amounts of
interest distributable thereto on such date.
The Class A-1, Class A-2 and Class X
certificates will receive interest
distributions on a pro rata basis before any
other class receives interest. In general, each
class of certificates, other than the Class X
Certificates, will receive a principal
distribution on any distribution date only
after each class with an earlier alphabetical
designation has received all amounts
distributable thereto on such date, and the
certificate balance of each class with an
earlier alphabetical designation has been
reduced to zero. See "Description of the
Certificates - Distributions" in the
preliminary Prospectus Supplement.
ALLOCATION OF LOSSES: Realized Losses (as defined in the Pooling and
Servicing Agreement) of principal and interest
on the mortgage loans will generally be
allocated in reverse alphabetical order
starting with Class M. Losses allocable to the
Class A-1 and Class A-2 Certificates and,
solely with respect to Realized Losses that
reduce the amount of interest otherwise
distributable, to the Class X Certificates,
will be allocated pro rata. However, certain
interest shortfalls as a result of the timing
of prepayments and certain balloon payments
will be allocated to each class of certificates
pro rata based on their respective interest
entitlements. See "Description of the
Certificates - Subordination; Allocation of
Losses, Shortfalls and Expenses" in the
preliminary Prospectus Supplement.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
4
CERTIFICATE STRUCTURE SUMMARY (CONTINUED)
REPORTS TO CERTIFICATEHOLDERS: The Paying Agent will provide or make available
each month to any Privileged Person as defined
in the Pooling and Servicing Agreement, via
website, and to any interested party, via the
Paying Agent's fax on demand service,
information including, but not limited to: (i)
distributions of principal, interest, and Yield
Maintenance Charges 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) the aggregate amount of
servicing fees paid to servicer; (vi) the
amount of Realized Losses; and (vii) the amount
of any Appraisal Reductions.
On an annual basis, the servicer will provide
the trustee and the Paying Agent a report for
each mortgage loan, based on the most recently
available year-end financial statements and
rent rolls, containing such information and
analyses required by the Pooling and Servicing
Agreement, including, without limitation, debt
service coverage ratios, to the extent
available. The Paying Agent will provide the
most recent annual reports to Privileged
Persons via its website. See "Description of
the Certificates Reports to Certificateholders;
Certain Available Information" and Annex C of
the preliminary Prospectus Supplement.
REPRESENTATIONS AND WARRANTIES: Each Mortgage Loan Seller will make certain
representations and warranties with respect to
its mortgage loans. In general, in the event
that a Material Breach or Material Document
Defect (as such terms are defined in the
Pooling and Servicing Agreement) cannot be
cured by a Mortgage Loan Seller within the
applicable cure period, the Mortgage Loan
Seller has the obligation to either (i)
repurchase the affected mortgage loan at the
Purchase Price (as defined in the Pooling and
Servicing Agreement) or (ii) replace such
mortgage loan with a comparable mortgage loan
acceptable to each Rating Agency. See
"Description of the Mortgage Pool -
Representations and Warranties; Repurchases" in
the preliminary Prospectus Supplement.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
5
CERTIFICATE STRUCTURE SUMMARY (CONTINUED)
SERVICER ADVANCING: The servicer will be required to make (i)
P & I Advances (as described in the
Pooling and Servicing Agreement) and (ii)
Servicing Advances (defined as customary,
reasonable and necessary "out-of-pocket"
costs and expenses in connection with the
servicing of a mortgage loan after a
default (whether or not a payment
default), delinquency or other
unanticipated event, or in connection
with the administration of a REO
property). The servicer will be obligated
to make such P&I Advances and Servicing
Advances only to the extent that the
servicer determines that the amount so
advanced will be recoverable from
subsequent payments or collections
(including Insurance Proceeds,
Liquidation Proceeds and REO Income) in
respect of such mortgage loan or REO
Property. See "Description of the
Certificates - Advances" in the
preliminary Prospectus Supplement. The
servicer will not be required to advance
Yield Maintenance Charges.
SPECIAL SERVICER RESPONSIBILITIES: When a mortgage loan is more than 60 days
delinquent, or upon the occurrence of
certain other events, the servicer will
transfer its servicing responsibilities
to the special servicer. Subject to the
Servicing Standards set forth in the
Pooling and Servicing Agreement and
subject to certain other limitations
described therein, the special servicer
may agree to certain loan extensions,
amendments and modifications following a
Servicing Transfer Event (as defined in
the Pooling and Servicing Agreement). The
special servicer also generally has the
right to grant or withhold consent to
material modifications, waivers,
amendments and consents recommended by
the servicer with respect to mortgage
loans, other than a modification of a
Money Term (as defined in the Pooling and
Servicing Agreement). See "Servicing of
the Mortgage Loans" in the preliminary
Prospectus Supplement.
APPRAISAL REDUCTIONS: An appraisal will be obtained by the
special servicer if a mortgage loan
becomes 120 days delinquent, or upon the
occurrence of certain other Appraisal
Events (as defined in the Pooling and
Servicing Agreement). An Appraisal
Reduction (as defined in the Pooling and
Servicing Agreement) would have the
effect of reducing the amount of P & I
Advances made by the servicer, trustee or
the fiscal agent, as the case may be. See
"Descriptions of the Certificates -
Appraisal Reductions" in the preliminary
Prospectus Supplement.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
6
PREPAYMENT PROVISIONS
PREPAYMENT RESTRICTIONS: As of the Cut-Off Date, 100% of the mortgage loans
have protection against voluntary prepayment.
o 33.6% are locked out until their respective
maturity dates (or, with respect to the ARD
Loans, Anticipated Repayment Date);
o 62.0% are locked out until generally one to
six months before their respective maturity
dates, after which time there are no
restrictions on voluntary prepayments;
o 2.9% are locked out for three to five years,
after which time, at the borrower's option,
either (i) voluntary prepayment is allowed
with the payment of a Yield Maintenance
Charge or (ii) defeasance of the mortgage
loan is permitted (as described below).
Generally, these loans may be prepaid without
restriction during a period which is between
3 and 6 months prior to maturity;
o 1.5% are locked out for generally two to five
years, after which time prepayment is allowed
with the payment of a Yield Maintenance
Charge
See "Description of the Mortgage Pool - Yield
Maintenance, Prepayment and Lockout Provisions" in
the preliminary Prospectus Supplement.
LOCKOUT/ DEFEASANCE: The terms of 98.5% of the mortgage loans generally
permit the related borrower at any time,
commencing approximately three to five years after
the date of origination, but in no event before
the second anniversary of the issuance of the
certificates, 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/ARD Date in an
amount at least equal to the amounts payable on
each such date under the terms of the related
mortgaged loan. In the case of 163 of the mortgage
loans representing 95.6% of the Initial Pool
Balance, such collateral substitution is the only
method of obtaining a release of the mortgage on
the related mortgaged property and all voluntary
prepayments are prohibited during the loan term.
ALLOCATION OF YIELD On any Distribution Date, Yield Maintenance
MAINTENANCE CHARGES: Charges collected during the related Collection
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,
Class E and Class F 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 Collection Period.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
7
PREPAYMENT PROVISIONS (CONTINUED)
ALLOCATION OF YIELD The "Base Interest Fraction" with respect to any
MAINTENANCE principal prepayment on any mortgage loan that
CHARGES: (CONTINUED) provides for payment of a Yield Maintenance
Charge and with respect to each of the Class A-1,
Class A-2, Class B, Class C, Class D, Class E and
Class F 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. Any
remaining Yield Maintenance Charges will be
distributed to the Class X Certificates.
PARTIAL RELEASE PROVISIONS: 6 of the mortgage loans representing 3.9% of the
Initial Pool Balance are cross-collateralized
with other mortgage loans and may be released
from such loan group by substitution of U.S.
Treasury securities (as previously described) in
amounts equal to not less than 110% and in some
cases 125% of the amounts payable on all
remaining due dates and the Maturity Date under
the terms of the related Mortgage Note subject to
certain DSCR and/or LTV tests.
4 mortgage loans representing 2.6% of the Initial
Pool Balance are secured by two or more mortgaged
properties and allow for the release of the
mortgage on one or more of the related mortgaged
properties through substitution of U.S. Treasury
securities generally in an amount equal to 125%
of the remaining monthly payments and balloon
payment allocable to the property or properties
being released. See "Description of the Mortgage
Pool - Defeasance" in the preliminary Prospectus
Supplement.
3 mortgage loans, representing 1.9% of the
Initial Pool Balance, allow for the release of
certain parcels of real estate that secure such
mortgages but were not ascribed value or cash
flow for purposes of determining the related
Underwritten Cash Flow. Such real estate is
generally subject to release without reduction of
the principal balance of the related Mortgage
Note or substitution of additional collateral.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
8
<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>
Lockout through Maturity Date 62 $298,646,895 33.6%
Lockout to six (6) months or less prior to Maturity Date 101 $550,426,885 62.0%
YM/Flex to six (6) months or less prior to Maturity Date 18 $39,195,971 4.4%
TOTAL 181 $888,269,752 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
As used above, "Flex" refers to the borrower's option to prepay with a YM charge
or defease the related mortgage loan.
As used above, "YM" means yield maintenance.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
9
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 THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
10
PERCENTAGE OF REMAINING POOL BALANCE SUBJECT TO PREPAYMENT RESTRICTIONS
(DOLLAR AMOUNTS EXPRESSED IN MILLIONS)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
LOCKOUT / DEFEASANCE FLEX >1% OR YM (1) FREE WINDOW TOTALS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Period $(mm) % $(mm) % $(mm) % $(mm) % $(mm) % % of IPB
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Current 2/1/00 888.3 100.0 0.0 0.0 0.0 0.0 0.0 0.0 888.3 100.0% 100.0
- -----------------------------------------------------------------------------------------------------------------------------------
Year 1 2/1/01 878.5 100.0 0.0 0.0 0.0 0.0 0.0 0.0 878.5 100.0% 98.9
- -----------------------------------------------------------------------------------------------------------------------------------
Year 2 2/1/02 867.7 100.0 0.0 0.0 0.0 0.0 0.0 0.0 867.7 100.0% 97.7
- -----------------------------------------------------------------------------------------------------------------------------------
Year 3 2/1/03 829.7 97.0 22.2 2.6 3.4 0.4 0.0 0.0 855.3 100.0% 96.3
- -----------------------------------------------------------------------------------------------------------------------------------
Year 4 2/1/04 811.9 96.5 21.8 2.6 7.9 0.9 0.0 0.0 841.6 100.0% 94.7
- -----------------------------------------------------------------------------------------------------------------------------------
Year 5 2/1/05 713.4 95.2 23.1 3.1 12.7 1.7 0.0 0.0 749.2 100.0% 84.3
- -----------------------------------------------------------------------------------------------------------------------------------
Year 6 2/1/06 699.1 95.2 22.5 3.1 12.5 1.7 0.0 0.0 734.2 100.0% 82.7
- -----------------------------------------------------------------------------------------------------------------------------------
Year 7 2/1/07 668.9 95.1 21.8 3.1 12.3 1.8 0.0 0.0 703.1 100.0% 79.1
- -----------------------------------------------------------------------------------------------------------------------------------
Year 8 2/1/08 652.4 95.2 21.1 3.1 12.1 1.8 0.0 0.0 685.6 100.0% 77.2
- -----------------------------------------------------------------------------------------------------------------------------------
Year 9 2/1/09 541.8 86.3 11.0 1.8 11.8 1.9 63.2 10.1 627.8 100.0% 70.7
- -----------------------------------------------------------------------------------------------------------------------------------
Year 10 2/1/10 52.0 96.6 1.8 3.4 0.0 0.0 0.0 0.0 53.9 100.0% 6.1
- -----------------------------------------------------------------------------------------------------------------------------------
Year 11 2/1/11 30.7 95.4 1.5 4.6 0.0 0.0 0.0 0.0 32.1 100.0% 3.6
- -----------------------------------------------------------------------------------------------------------------------------------
Year 12 2/1/12 24.4 95.6 1.1 4.4 0.0 0.0 0.0 0.0 25.5 100.0% 2.9
- -----------------------------------------------------------------------------------------------------------------------------------
Year 13 2/1/13 17.7 96.2 0.7 3.8 0.0 0.0 0.0 0.0 18.4 100.0% 2.1
- -----------------------------------------------------------------------------------------------------------------------------------
Year 14 2/1/14 7.6 71.8 0.3 2.4 0.0 0.0 2.7 25.7 10.6 100.0% 1.2
- -----------------------------------------------------------------------------------------------------------------------------------
Year 15 2/1/15 1.6 100.0 0.0 0.0 0.0 0.0 0.0 0.0 1.6 100.0% 0.2
- -----------------------------------------------------------------------------------------------------------------------------------
Year 16 2/1/16 1.3 100.0 0.0 0.0 0.0 0.0 0.0 0.0 1.3 100.0% 0.1
- -----------------------------------------------------------------------------------------------------------------------------------
Year 17 2/1/17 1.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 100.0% 0.1
- -----------------------------------------------------------------------------------------------------------------------------------
Year 18 2/1/18 0.7 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 100.0% 0.1
- -----------------------------------------------------------------------------------------------------------------------------------
Year 19 2/1/19 0.4 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 100.0% 0.0
- -----------------------------------------------------------------------------------------------------------------------------------
Year 20 2/1/20 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0% 0.0
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
As used above, "IPB" means Initial Pool Balance.
As used above, "YM" means Yield Maintenance.
(1) In the case of one Mortage Loan, representing 0.4% of the Initial Pool
Balance, the Yield rate for determining the YM charge will be equal to the
corresponding treasury yield plus 0.50%.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
11
PREPAYMENT PROTECTION ON THE MORTGAGE LOANS
(DOLLAR AMOUNTS EXPRESSED IN MILLIONS)
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
12
MORTGAGE LOAN/COLLATERAL SUMMARY
MORTGAGE POOL: The Mortgage Pool will consist of 181
mortgage loans secured in the aggregate by
165 commercial, 37 multifamily and 9
manufactured housing community properties
with an Initial Pool Balance of
approximately $888,269,752. 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: $888,269,752
AVERAGE LOAN SIZE: $4,907,568.
WA COUPON: 7.9581%
WA DSCR: 1.59x.
WA LTV AS OF CUT-OFF DATE: 59.9%.
WA LTV AS OF MATURITY: 48.3%.
PROPERTY LOCATIONS: The mortgaged properties are located in 33
states with the largest concentrations in
California (34.5%), Texas (10.0%), North
Carolina (9.1%), New York (7.2%) and
Florida (5.9%). (Percentages based on
aggregate Cut-Off Date Balance).
LARGEST LOANS: The largest mortgage loan represents
approximately 6.6% of the Initial Pool
Balance; the three largest mortgage loans
(including groups of cross-collateralized
loans) represent 16.9%; the ten largest
mortgage loans represent 32.4%.
SPONSOR CONCENTRATIONS: With the exception of Loan No. 310900043
and Loan No. 310900024, which represent
6.6% and 5.3% of the Initial Pool Balance
respectively, there are no sponsor
concentrations in excess of 5% of the
Initial Pool Balance.
REMAINING TERMS TO MATURITY/ARD: Approximately 78.1% of the mortgage loans
have remaining terms to maturity/ARD
between 7 to 10 years. Approximately 10.9%
of the mortgage loans have remaining terms
to maturity/ARD of less than 7 years and
approximately 11.0% have remaining terms to
maturity/ARD over 10 years.
WA REMAINING TERM TO MATURITY/ARD: Approximately 115 months.
BALLOON PAYMENTS: Approximately 87.2% of the mortgage loans
require balloon payments at maturity or, in
the case of two loans representing
approximately 4.7% of the Initial Pool
Balance, the Anticipated Repayment Date;
the remaining 8.1% of the mortgage loans
are fully amortizing.
INTEREST ACCRUAL PERIOD: Approximately 96.8% of the mortgage loans
accrue interest on an Actual/360 basis; the
remaining 3.2% of the mortgage loans accrue
interest on a 30/360 basis.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
13
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
TYPE OF MORTGAGED PROPERTIES
----------------------------
NUMBER OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
PROPERTY TYPE PROPERTIES BALANCE POOL BALANCE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Office 20 $223,173,574 25.1%
Retail 45 $184,076,092 20.7%
Multifamily 37 $134,375,373 15.1%
Industrial/Warehouse 44 $125,432,750 14.1%
Self-Storage 34 $92,965,037 10.5%
Hospitality 9 $68,543,517 7.7%
Manufactured Housing Comm. 9 $27,501,934 3.1%
Mixed Use 9 $19,437,067 2.2%
Land Subject to Ground Lease 3 $8,690,788 1.0%
Other 1 $4,073,620 0.5%
- --------------------------------------------------------------------------------------------------------------
TOTAL 211 $888,269,752 100.0%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
MORTGAGE LOANS BY STATE
-----------------------
NUMBER OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
STATE PROPERTIES BALANCE POOL BALANCE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California (Northern) 33 $182,266,272 20.5%
California (Southern) 42 $124,084,597 14.0%
Texas 31 $88,774,156 10.0%
North Carolina 4 $80,918,917 9.1%
New York 14 $64,291,251 7.2%
Florida 17 $52,689,302 5.9%
28 Other States 70 $295,245,256 33.2%
- --------------------------------------------------------------------------------------------------------------
TOTAL 211 $888,269,752 100.0%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
RANGE OF MORTGAGE RATES AS OF THE CUT-OFF DATE
----------------------------------------------
RANGE OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
MORTGAGE RATES (1) NUMBER OF LOANS BALANCE POOL BALANCE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
6.1500% to 6.2500% 1 $3,155,764 0.4%
6.5001% to 6.7500% 1 $2,958,882 0.3%
6.7501% to 7.0000% 3 $5,981,900 0.7%
7.0001% to 7.2500% 7 $18,552,993 2.1%
7.2501% to 7.5000% 20 $117,626,681 13.2%
7.5001% to 7.7500% 19 $121,558,752 13.7%
7.7501% to 8.0000% 37 $204,707,847 23.0%
8.0001% to 8.5000% 73 $325,375,024 36.6%
8.5001% to 9.0000% 17 $75,041,339 8.4%
9.0001% to 9.4550% 3 $13,310,568 1.5%
- --------------------------------------------------------------------------------------------------------------
TOTAL 181 $888,269,752 100.0%
============================== ======================== ========================= ===========================
</TABLE>
(1) WEIGHTED AVERAGE - 7.9581%
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
14
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RANGE OF CUT-OFF DATE BALANCES
------------------------------
RANGE OF AGGREGATE
CUT-OFF DATE NUMBER OF LOANS CUT-OFF DATE BALANCE PERCENTAGE OF INITIAL
BALANCES (1) POOL BALANCE
<S> <C> <C> <C>
$888,571 to $999,999 6 $5,633,023 0.6%
$1,000,000 to $1,999,999 48 $76,626,416 8.6%
$2,000,000 to $3,999,999 66 $191,192,741 21.5%
$4,000,000 to $5,999,999 29 $140,789,245 15.8%
$6,000,000 to $7,999,999 12 $80,040,920 9.0%
$8,000,000 to $9,999,999 3 $25,754,407 2.9%
$10,000,000 to $11,999,999 4 $41,442,203 4.7%
$12,000,000 to $13,999,999 2 $27,659,993 3.1%
$14,000,000 to $15,999,999 1 $15,722,584 1.8%
$16,000,000 to $17,999,999 2 $33,000,000 3.7%
$18,000,000 to $19,999,999 2 $38,451,881 4.3%
$20,000,000 to $24,999,999 3 $61,808,104 7.0%
$27,000,000 to $58,500,000 3 $150,148,233 16.9%
- -------------------------------------------------------------------------------------------------------------
TOTAL 181 $888,269,752 100.0%
- -------------------------------------------------------------------------------------------------------------
(1) AVERAGE - $4,907,568.
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RANGE OF DEBT SERVICE COVERAGE RATIOS AS OF THE CUT-OFF DATE
------------------------------------------------------------
RANGE OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
DSCRS (1) NUMBER OF LOANS BALANCE POOL BALANCE
<S> <C> <C> <C>
1.15x to 1.19x 3 $9,942,577 1.1%
1.20x to 1.24x 4 $11,533,493 1.3%
1.25x to 1.29x 23 $90,541,323 10.2%
1.30x to 1.34x 19 $67,402,186 7.6%
1.35x to 1.39x 12 $32,413,883 3.6%
1.40x to 1.44x 21 $112,579,939 12.7%
1.45x to 1.49x 14 $55,791,015 6.3%
1.50x to 1.59x 25 $134,716,778 15.2%
1.60x to 1.69x 20 $147,476,503 16.6%
1.70x to 1.79x 15 $125,362,794 14.1%
1.80x to 1.89x 3 $10,401,932 1.2%
1.90x to 1.99x 4 $27,639,589 3.1%
2.00x to 2.49x 10 $45,481,303 5.1%
2.50x to 2.99x 4 $9,907,563 1.1%
3.00x to 6.48x 4 $7,078,874 0.8%
- -------------------------------------------------------------------------------------------------------------
TOTAL 181 $888,269,752 100.0%
============================== ========================= ========================= ==========================
(1) WEIGHTED AVERAGE - 1.59X.
</TABLE>
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
15
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 (1) NUMBER OF LOANS BALANCE POOL BALANCE
<S> <C> <C> <C>
10.89% to 30.00% 2 $3,414,157 0.4%
30.01% to 40.00% 15 $43,312,924 4.9%
40.01% to 45.00% 6 $13,766,921 1.5%
45.01% to 50.00% 13 $148,088,071 16.7%
50.01% to 55.00% 14 $73,521,773 8.3%
55.01% to 60.00% 26 $142,582,137 16.1%
60.01% to 65.00% 31 $140,452,214 15.8%
65.01% to 70.00% 35 $119,936,339 13.5%
70.01% to 75.00% 32 $178,179,201 20.1%
75.01% to 79.11% 7 $25,016,015 2.8%
- -------------------------------------------------------------------------------------------------------------
TOTAL 181 888,269,752 100.0%
- -------------------------------------------------------------------------------------------------------------
(1) WEIGHTED AVERAGE - 59.9%.
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RANGE OF LTV RATIOS AS OF THE MORTGAGE LOAN MATURITY/ARD DATES
--------------------------------------------------------------
RANGE OF MATURITY AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
LTV RATIOS (1) NUMBER OF LOANS BALANCE POOL BALANCE
<S> <C> <C> <C>
0.00% to 10.00% 24 $73,440,404 8.3%
10.01% to 20.00% 1 $2,216,031 0.2%
20.01% to 30.00% 5 $12,564,490 1.4%
30.01% to 35.00% 15 $48,957,315 5.5%
35.01% to 40.00% 6 $17,039,911 1.9%
40.01% to 45.00% 11 $127,454,806 14.3%
45.01% to 50.00% 18 $77,760,197 8.8%
50.01% to 55.00% 29 $162,356,040 18.3%
55.01% to 60.00% 30 $169,580,222 19.1%
60.01% to 65.00% 22 $125,549,343 14.1%
65.01% to 70.00% 19 $69,056,876 7.8%
70.01% to 71.32% 1 $2,294,116 0.3%
- -------------------------------------------------------------------------------------------------------------
TOTAL 181 $888,269,752 100.0%
- -------------------------------------------------------------------------------------------------------------
(1) WEIGHTED AVERAGE - 48.3%.
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RANGE OF REMAINING TERMS IN MONTHS*
-----------------------------------
RANGE OF REMAINING TERMS AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
(MOS.) (1) NUMBER OF LOANS BALANCE POOL BALANCE
56 to 70 4 $80,671,510 9.1%
71 to 100 3 $15,829,597 1.8%
101 to 120 147 $693,793,086 78.1%
121 to 140 1 $19,182,572 2.2%
161 to 180 24 $75,080,852 8.5%
181 to 237 2 $3,712,134 0.4%
- -------------------------------------------------------------------------------------------------------------
TOTAL 181 $888,269,752 100.0%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Calculated with respect to the Anticipated Repayment Date for the ARD Loan.
(1) WEIGHTED AVERAGE - 115 MONTHS.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
16
TEN LARGEST MORTGAGE LOANS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGES
PERCENTAGE STATED REMAINING CUT-OFF
AGGREGATE OF INITIAL REMAINING AMORT. DATE LTV
CUT-OFF DATE POOL BALANCE MORTGAGE TERMS TERM (MOS.) RATIO MATURITY
LOAN NAME BALANCE RATE (MOS.) DSCR LTV
<S> <C> <C> <C> <C> <C> <C> <C> <C>
650 Townsend Center $58,500,000 6.59% 7.8500% 120 360 1.75 47.56% 43.76%
First Union Capitol Center $47,000,000 5.29% 7.6960% 56 356 1.61 59.27% 58.32%
Private Mini Storage Portfolio $44,648,233 5.03% 8.1700% 115 295 1.42 72.56% 60.38%
Holiday Inn-Mission Bay $21,633,104 2.44% 7.4000% 101 281 1.70 61.81% 51.15%
Entertainment Properties Trust $20,175,000 2.27% 8.1800% 60 300 1.93 49.69% 46.30%
The Mercer Hotel $20,000,000 2.25% 8.5800% 120 300 2.12 48.19% 40.37%
Seattle Gift & Design Centers $19,961,344 2.25% 8.1700% 116 356 1.69 56.05% 50.44%
International Airport Center $19,269,309 2.17% 7.9800% 117 357 1.27 71.63% 64.14%
Orchard Business Centre $19,182,572 2.16% 7.6140% 131 299 1.68 54.81% 43.19%
Circuit City Corporate Headquarters $17,000,000 1.91% 8.1000% 120 360 1.53 54.84% 49.15%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGES $287,369,562 32.35% 7.9446% 103 330 1.66X 57.74% 51.33%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
17
LOAN NO. 310900043 - 650 TOWNSEND CENTER
- -----------------------------------------
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee
interest in a 612,848 square foot office building located in San Francisco,
California. The loan was originated by Wells Fargo Bank, National Association on
January 13, 2000.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $58,500,000 PROPERTY TYPE: Urban Office
GROSS MORTGAGE RATE: 7.8500% LOCATION: San Francisco, CA
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1998
FIRST PAYMENT DATE: 3/1/2000 SQUARE FEET 612,848
MATURITY DATE: 2/1/2010 CUT-OFF DATE BALANCE/SQ.FT. $95.46
ORIGINAL AMORTIZATION: 360
ANNUAL DEBT SERVICE: $5,077,811 OCCUPANCY: 98.2%
LOCKOUT END DATE: 11/30/2009 OCCUPANCY DATE: 10/13/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 11/30/2009 APPRAISED VALUE: $123,000,000
ESCROWS CUT-OFF DATE LTV: 47.6%
REAL ESTATE TAXES: Yes BALLOON LTV: 43.8%
INSURANCE: Yes
REPLACEMENT RESERVES: Springing UNDERWRITTEN CASH FLOW: $8,887,940
DSCR: 1.75x
- --------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The property is a six-story office building located at the corner of
Townsend and 8th Street in the San Francisco South of Market (SOMA)/Multimedia
Gulch office district. The building was constructed in 1989 and substantially
renovated in 1998. The building is the 10th largest office building in San
Francisco and offers one of the largest floor plates in that market. The
SOMA/Multimedia Gulch office district contains many high-tech and Internet
related companies and a variety of other technology firms. Major tenants at the
property include Sega (160,977 square feet) under a lease expiring December
2009, Ziff-Davis (139,947 square feet) under a lease expiring September 2005,
Macromedia (74,140 square feet) under a lease expiring December 2004 and
Linuxcare (41,769 square feet) under a lease expiring January 2005.
THE BORROWER
The borrower is Zoro LLC, a California limited liability company, with
Bernard Osher, Irving Rabin and Martin Zankel as managers and principals of
members of the borrower, Realstein, Inc., a California corporation, as a member
and Robert Friend as a principal of a member of the borrower. The borrower and
Realstein, Inc. are single purpose entities whose organization documents do not
permit them to engage in any business unrelated to the mortgaged property, nor
have any assets other than the mortgaged property or any indebtedness (subject
to certain limited exceptions such as trade payables incurred in the ordinary
course of business) other than the mortgaged loan. Additionally, Realstein,
Inc.'s organizational documents require an independent director and the
unanimous vote of directors of Realstein, Inc. in connection with the filing of
a petition of bankruptcy related to the borrower or Realstein, Inc. The lender
received an opinion from borrower's counsel that, among other things, the assets
of the borrower would not be consolidated with the assets of any party
considered having a principal interest in the borrower in the event of a
bankruptcy or insolvency of such party.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
18
MANAGEMENT
The property is managed by Kennedy-Wilson Properties, Inc. which is
unaffiliated with the borrower.
ESCROWS
The loan documents require the borrower to fund monthly escrow deposits in
amounts sufficient to pay real estate taxes and insurance premiums when due. If
the borrower fails to maintain the property in accordance with the loan
documents, the loan documents require the borrower to fund an escrow to provide
for future capital expenditures. In addition, if certain tenants notify the
borrower of their intent not to exercise their renewal option, the borrower is
required to obtain a letter of credit for the benefit of the lender or deposit
cash with the lender in an amount equal to $22.50 per square foot of vacated
property to cover the rollover costs of such tenant.
ADDITIONAL DEBT/TRANSFERS
The mortgage loan documents provide that the mortgage loan will become
immediately due and payable upon (i) any transfer of the borrower's interest in
the property or, except as described below, any transfer of an interest in the
borrower or (ii) any additional encumbrance of the property, in each case
without the prior written consent of the lender. The mortgage loan documents
permit transfers of interest in the borrower provided that certain conditions
are satisfied, including among other conditions, that certain principals
continue to own at least 50% of their original ownership interest in the
borrower, at least one of such principals continues to control the management of
the borrower and the lender receives confirmation from DCR and Fitch that the
transfer would not result in a downgrade, qualification or withdrawal of the
then current ratings assigned to any class of certificates.
See Loan No. 310900043 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
19
LOAN NO. 310900024 FIRST UNION CAPITOL CENTER
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee
interest in a 544,482 square foot high-rise office building located in Raleigh,
North Carolina. The loan was originated by Wells Fargo Bank, National
Association on September 27, 1999.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $47,000,000 PROPERTY TYPE: Urban Office
GROSS MORTGAGE RATE: 7.6960% LOCATION: Raleigh, NC
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1991
FIRST PAYMENT DATE: 11/1/1999 SQUARE FEET 544,482
MATURITY DATE: 10/1/2004 CUT-OFF DATE BALANCE/SQ.FT. $86.32
ORIGINAL AMORTIZATION: 360
ANNUAL DEBT SERVICE: $4,019,539 OCCUPANCY: 92.0%
LOCKOUT END DATE: 7/31/2004 OCCUPANCY DATE: 9/20/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 7/31/2004 APPRAISED VALUE: $79,300,000
ESCROWS CUT-OFF DATE LTV: 59.3%
REAL ESTATE TAXES: Yes BALLOON LTV: 58.3%
INSURANCE: No
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $6,467,686
DSCR: 1.61x
- --------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The property is a 29-story office building located at the 150 Fayetteville
Street Mall in downtown Raleigh, North Carolina. The Fayetteville Street Mall
contains a pedestrian walkway and is buttressed by the historical State Capitol
Building and the Raleigh Convention Center with the Wake County Courthouse in
between. The First Union Capitol Center offers panoramic views and some of the
largest floor plates in the market. Major tenants include First Union National
Bank (157,469 square feet) under leases expiring between June 2002 and June
2024; Smith, Anderson, et al (55,698 square feet) under a lease expiring
September 2011; and Womble, Carlyle (34,754 square feet) under a lease expiring
April 2003. Smith, Anderson et al is permitted to terminate their lease upon 180
days notice if the tenant dissolves or ceases to operate as a law firm. Upon any
such termination, the tenant is obligated to pay one year of rent and
unamortized tenant improvements in excess of $15 per square foot.
THE BORROWER
The borrower is Capitol Center Acquisition LLC, a Delaware limited
liability company, with G&I II Investment Capitol Center LLC as the managing
member and DRA Growth and Income Fund II, LLC as the non-managing member. The
managing member of G&I II Investment Capitol Center LLC is G&I Investment
Capitol Center Corp. Both the borrower and its managing member are single
purpose entities whose organizational documents do not permit them to engage in
any business unrelated to the mortgaged property, nor have any assets other than
the mortgaged property or ownership interest in the borrower, as the case may
be, or any indebtedness (subject to certain limited exceptions such as trade
payables incurred in the ordinary course of business) other than the mortgage
loan. Additionally, the managing member's organizational documents require an
independent director and the unanimous vote of directors of the managing member
of the borrower in connection with the filing of a petition in bankruptcy
related to the borrower, its managing member or G&I Investment Capitol Center
Corp. The lender received an opinion from borrower's counsel that, among other
things, the assets of the
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
20
borrower would not be consolidated with the assets of any partner considered
having a principal interest in the borrower in the event of a bankruptcy or
insolvency of such party.
MANAGEMENT
The property is managed by Spectrum Properties Management Company, a North
Carolina corporation, which is unaffiliated with the borrower.
ESCROWS
The loan documents require the borrower to fund the following monthly
escrow deposits: (a) an amount sufficient to pay real estate taxes when due; (b)
$14,323 for future capital expenditures; and (c) $60,644 to cover any expenses
associated with re-leasing the property in the future. In addition, the borrower
funded $500,000 at the closing of the loan to offset future re-leasing expenses.
AMORTIZATION
The mortgage loan requires monthly payments of interest only for the first
three years after origination and thereafter amortizes on a 30 year schedule
until its maturity date on 10/01/2004 when all outstanding principal, together
with accrued and unpaid interest is due.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or, except as described below, any transfer of an interest in the borrower or
(ii) any additional encumbrance of the property, in each case without the prior
written consent of the lender. The loan documents permit transfers of interest
in the borrower to affiliates of the borrower and transfers up to an aggregate
of 49% of the original ownership interests in the borrower provided that certain
conditions are satisfied, including among other conditions, that the proposed
transfer will not result in a change of control or management of the borrower
and the lender receives confirmation from DCR and Fitch that the transfer would
not result in a downgrade, qualification (if applicable) or withdrawal of the
then current ratings assigned to any class of certificates.
See Loan No. 310900024 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
21
LOAN NO. 310851624 PRIVATE MINI STORAGE
OVERVIEW
This mortgage loan is secured by thirteen first mortgages on the borrower's
fee interests in twelve self-storage facilities and one RV park. All of the
mortgages are cross-collateralized and cross-defaulted. Nine properties are
located in Texas and the remaining four are located in Florida. The twelve
self-storage facilities include 8,088 units totaling 942,166 square feet,
excluding outside parking and carport space which accounts for an additional
191,125 square feet. The RV park includes 115 pads. The mortgage loan was
originated by Wells Fargo Bank, National Association on August 24, 1999. The
information in the box immediately below is presented on a combined basis for
all 13 properties.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $44,648,233 PROPERTY TYPE: Self-Storage
GROSS MORTGAGE RATE: 8.1700% LOCATION: Various, TX/FL
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: See below
FIRST PAYMENT DATE: 10/1/1999 NO. OF UNITS 8,088
MATURITY DATE: 9/1/2009 CUT-OFF DATE BALANCE/UNIT 5,520.31
ORIGINAL AMORTIZATION: 300
ANNUAL DEBT SERVICE: $4,214,706 W/A OCCUPANCY: 83.0%
LOCKOUT END DATE: 6/30/2009
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 6/30/2009 APPRAISED VALUE: $61,530,000
ESCROWS CUT-OFF DATE LTV: 72.6%
REAL ESTATE TAXES: Yes BALLOON LTV: 60.4%
INSURANCE: No
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $5,981,276
DSCR: 1.42x
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTIES
<TABLE>
<CAPTION>
LOAN NO. PROPERTY NAME LOCATION PROPERTY TYPE NUMBER OF UNITS SQUARE FEET
-------- ------------- -------- ------------- --------------- -----------
<S> <C> <C> <C> <C> <C>
310851624A Private Mini Storage La Marque La Marque, TX Self-Storage 589 87,600
310851624B Private Mini Storage Katy Houston, TX Self-Storage 676 67,502
310851624C Private Mini Storage League City League City, TX Self-Storage 1,017 145,374
310851624D Private Mini Storage Eastlake Oldsmar, FL Self-Storage 571 68,383
310851624E Private Mini Storage Florida Avenue Tampa, FL Self-Storage 666 60,952
310851624F Private Mini Storage Cutten Houston, TX Self-Storage 583 67,317
310851624G Private Mini Storage Fountainview Houston, TX Self-Storage 718 92,461
310851624H Private Mini Storage Clearlake Webster, TX Self-Storage 641 69,352
310851624I Private Mini Storage Voss Houston, TX Self-Storage 542 53,587
310851624J Private Mini Storage Palm Harbor Palm Harbor, FL Self-Storage 651 62,952
310851624K Private Mini Storage Jacksonville Jacksonville, FL Self-Storage 539 63,537
310851624L Private Mini Storage Westbelt Houston, TX Self-Storage 780 103,149
310851624M Private Mini Storage Westbelt RV Houston. TX RV Park 115 N/A
TOTAL 8,088 942,166
</TABLE>
Private Mini Storage - La Marque consists of seven single-story warehouse
storage buildings and one single-story office/manager's residence situated on
two parcels of land comprising 9.1 acres. The improvements were developed in
1989 and include 589 self-storage units and 102 outside parking/carport spaces,
58 of which are covered. The storage buildings contain 278 climate-controlled
units, 223 non climate-controlled units, 7 office/warehouse units, 57 indoor
boat storage units
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
22
and 24 indoor RV storage units. The property was 77.3% occupied as of
September 30, 1999.
Private Mini Storage - Katy consists of three two-story warehouse storage
buildings and one rental office/manager's residence situated on 2.1 acres. The
improvements were developed in 1989 and include 676 self-storage units; 407 of
the storage units are climate-controlled. The property was 96.0% occupied as of
September 30, 1999.
Private Mini Storage - League City consists of nine single-story warehouse
storage buildings and one RV park office situated on three parcels of land
comprising 20.1 acres. The improvements were developed in 1992 and include 766
self-storage units and 251 outside parking/carport spaces. The storage buildings
include 273 climate-controlled units, 305 non-climate-controlled units, 18
office/warehouse units, 115 indoor boat storage units and 55 indoor RV storage
units. The property was 78.4% occupied as of September 30, 1999.
Private Mini Storage - Eastlake consists of seven single-story self-storage
buildings, a single-story office/apartment building and 17 enclosed RV/boat
storage spaces situated on 4.8 acres. The improvements were developed in 1991
and include 571 self-storage units; 249 of the storage units are
climate-controlled. The property was 88.8% occupied as of September 30, 1999.
Private Mini Storage - Florida Avenue consists of one single-story storage
building, one three-story storage building and one two-story rental
office/manager's residence situated on 2.0 acres. The improvements were
developed in 1990 and include 666 self-storage units; 401 of the storage units
are climate-controlled. The property was 76.8% occupied as of September 30,
1999.
Private Mini Storage - Cutten consists of three two-story
climate-controlled self-storage buildings, a single-story rental
office/manager's residence and two RV/boat storage buildings situated on 3.0
acres. The improvements were developed in 1992 and include 332
climate-controlled units, 219 non-climate-controlled units, 8 office/warehouse
units and 24 RV/boat storage units. The property was 91.3% occupied as of
September 30, 1999.
Private Mini Storage - Fountainview consists of one two-story self-storage
building, four single-story self-storage warehouse buildings, three RV/boat
storage buildings and a single-story office/manager's residence situated on 4.8
acres. The improvements were developed in 1992 and include 270
climate-controlled units, 428 non-climate-controlled units and 20 outside
parking/carport spaces. The property was 83.8% occupied as of September 30,
1999.
Private Mini Storage - Clearlake consists of five single-story and one
two-story self-storage buildings, eight outside RV/boat storage spaces and a
property manager's apartment situated on 3.5 acres. The improvements were
developed in 1990 and include 641 storage units, of which 359 are
climate-controlled. The property was 86.5% occupied as of September 30, 1999.
Private Mini Storage - Voss consists of two two-to-three-story self-storage
buildings and a single-story office/manager's residence building situated on 1.5
acres. The improvements were developed in 1989 and include 542 units, of which
436 are climate-controlled. The property was 90.5% occupied as of June 30, 1999.
Private Mini Storage - Palm Harbor consists of one single-story storage
building, one two-story storage building, one three-story storage building and a
single-story office/manager's residence building situated on 2.2 acres. The
improvements were developed in 1991 and include 651 storage units, of which 432
are climate-controlled. The property was 92.3% occupied as of September 30,
1999.
Private Mini Storage - Jacksonville consists of six one-to-two-story
storage buildings, an office building and two
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
23
covered parking structures situated on 5.2 acres. The improvements were
developed in 1991 and include 260 climate-controlled storage units, 265
non-climate-controlled units and 32 covered parking spaces. The property was
84.1% occupied as of September 30, 1999.
Private Mini Storage - Westbelt consists of four single-story storage
buildings, one two-story storage building, four RV/boat storage buildings and
one rental office/manager's residence situated on 7.8 acres. The improvements
were developed in 1992 with 646 self-storage units including 302
climate-controlled units, 15 office units, 85 RV/boat storage units, and 244
non-climate-controlled units. Additionally, there are 134 outdoor RV/boat
storage spaces, of which 96 are covered. The property was 84.5% leased as of
September 30, 1999.
Private Mini Storage - Westbelt RV is a 115-pad recreational vehicle park
known as an All-Star RV Resort situated on 8 acres. The property was developed
in 1992 with an additional 25 pads added in 1999. Each pad site is equipped with
electrical, water, phone, cable television and sewer hookups for overnight
camping. There are also two single-story buildings containing
office/laundry/bathroom facilities, and clubhouse/exercise/bathroom facilities.
The property was 94.3% leased as of March 31, 1999.
THE BORROWER
The borrower is PM Partners, L.P., a Texas limited partnership that is
99.5% owned by Private Mini Storage Realty L.P., as sole limited partner, and
0.5% owned by Mini Partners, Inc., the sole general partner. The borrower is
partially and indirectly owned by U-Haul International and its parent, Amerco.
The borrower is a single purpose entity whose organizational documents do not
permit it to engage in any business unrelated to the mortgaged properties, nor
have any assets other than the mortgaged properties or any indebtedness (subject
to certain limited exceptions such as trade payables incurred in the ordinary
course of business) other than the mortgage loan. Additionally, the borrower's
organizational documents require an independent director and the unanimous vote
of directors of the general partner and the borrower in connection with the
filing of a petition in bankruptcy. The lender received an opinion from
borrower's counsel that, among other things, the assets of the borrower would
not be consolidated with the assets of any party considered having a principal
interest in the borrower in the event of a bankruptcy or insolvency of such
party.
MANAGEMENT
The mortgaged properties are managed by Private Mini Storage Inc., an
affiliate of the borrower.
ESCROWS
The mortgage loan documents require the borrower to fund escrow deposits
for future capital expenditures.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or any transfer of an interest in the borrower or (ii) any additional
encumbrance of the property, in each case without the prior written consent of
the lender.
See Loan No. 310851624 (A - M) in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
24
LOAN NO. 9905426 - HOLIDAY INN - MISSION BAY
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee and
leasehold interest in a 316-room Holiday Inn hotel located in San Diego,
California, featuring a full service, free standing restaurant and a pool/spa.
The loan was originated on June 26, 1998 and acquired by Morgan Stanley Mortgage
Capital Inc. in June of 1999.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $21,633,104 PROPERTY TYPE: Full Service Hospitality
GROSS MORTGAGE RATE: 7.4000% LOCATION: San Diego, CA
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1997
FIRST PAYMENT DATE: 8/1/1998 NO. OF UNITS 316
MATURITY DATE: 7/1/2008 CUT-OFF DATE BALANCE/UNIT $68,459.19
ORIGINAL AMORTIZATION: 300
ANNUAL DEBT SERVICE: $1,942,587 OCCUPANCY: 78.7%
LOCKOUT END DATE: 3/31/2008 OCCUPANCY DATE: 7/31/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 3/31/2008 APPRAISED VALUE: $35,000,000
ESCROWS CUT-OFF DATE LTV: 61.8%
REAL ESTATE TAXES: Yes BALLOON LTV: 51.2%
INSURANCE: No
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $3,305,962
DSCR: 1.70x
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The property is a 316-room Holiday Inn hotel consisting of eight wood frame
and stucco buildings. The property features a 6,498 square foot full service
restaurant in a free standing building, operating on a lease with Bakers Square.
In addition, the property has a meeting room and a pool/spa. The property is
located near the San Diego Convention Center, Sea World, the San Diego Sports
Arena, Balboa Park, the San Diego Zoo, and Old Town San Diego.
The property was constructed in two phases (1982 and 1987). The borrower
purchased the property in phases between 1995 and 1997, and, during these two
years, performed an extensive property renovation. The renovation included the
conversion of 192 rooms into suites. This work included all new insulation,
bathroom fixtures, flooring, furniture, and case goods. The exterior was
restuccoed, repainted, and re-roofed.
The property is divided into eight parcels, of which one approximately
0.60-acre parcel is encumbered by an unsubordinated ground lease expiring on
March 15, 2035. 42 of the property's 316 rooms are located on such parcel. The
fee owner includes, MTB, LLC, the borrower (50%), and Palmer Hughes,
unaffiliated to the borrower (50%), as tenants in common. The ground lessee
("Lease 1") is Midway Group, which pays current annual ground rent of $69,194.
Midway Group subleases the parcel to Sarika Group ("Lease 2"), an entity related
to the borrower, for current annual ground rent of $181,187. Sarkia Group
sub-subleases the parcel to MTB, LLC ("Lease 3") for a current annual ground
rent of $204,096, with a CPI-based increase every three years. Lease 1 provides
notice to the lender of default, but does not provide to the lender an
opportunity to cure any default thereunder; however, a 50% interest in the fee
estate of the 0.60-acre parcel is security for this loan. Additionally, Lease 2
and Lease 3 provide the lender with notice of default, an opportunity to cure
and the right to a new lease on the same terms.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
25
THE BORROWER
The borrower is MTB, LLC, a California limited liability company with MTB
Management LLC as its manager. The members of the borrower are B.U. Patel and
his son Mayur Patel. The borrower is a single purpose entity whose
organizational documents do not permit it to engage in any business unrelated to
the mortgaged property, nor have any assets other than the mortgaged property or
any indebtedness (subject to certain limited exceptions such as trade payables
incurred in the ordinary course of business) other than the mortgage loan. The
lender received an opinion from borrower's counsel that, among other things, the
assets of the borrower would not be consolidated with the assets of any other
affiliate (including Sarika Corporation, B.U. Patel or Mayur Patel) in the event
of a bankruptcy or insolvency of such parties.
MANAGEMENT
The property is managed by Tarsadia Hotels, a California corporation, which
is affiliated with the borrower.
ESCROWS
The borrower deposited $312,000 in a FF&E escrow at closing. The mortgage
loan documents require the borrower to make $26,000 monthly contributions to the
FF&E escrow if the balance falls below $312,000.
The lender also holds a $50,000 (original balance) interest accruing escrow
to ensure monthly equipment lease payments of $22,735.07. There are six separate
leases, five of which will be paid in full during 2000, and one of which extends
thorough July 2001.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or any transfer of an interest in the borrower or (ii) any additional
encumbrance of the property, in each case without the prior written consent of
the lender, except as described below.
The loan documents permit equipment lease financing for certain items used
on the premises, including the telephone system, furniture, televisions,
carpeting, wallcovering, artwork and millwork. The last equipment lease is
scheduled to be paid off in July 2001.
The mortgage loan documents permit the borrower the right to two transfers
of the mortgaged property upon payment of a transfer fee equal to 1% of the
outstanding principal balance of the mortgage loan and compliance with other
conditions specified in the loan documents.
See Loan No. 9905426 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
26
LOAN NO. 26287 - ENTERTAINMENT PROPERTIES TRUST
OVERVIEW
This mortgage loan consists of 3 properties, each of which is secured by a
first mortgage on the borrower's fee or leasehold interest in a megaplex theater
situated in North Carolina, Idaho, and Florida. The mortgages are
cross-collateralized and cross-defaulted. The mortgage loan was originated by
Bear, Stearns Funding, Inc. on January 11, 2000. The information in the box
immediately below is presented on a combined basis.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $20,175,000 PROPERTY TYPE: Retail - Theatre
GROSS MORTGAGE RATE: 8.1800% LOCATION: Various, NC/ID/FL
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1997,1998
FIRST PAYMENT DATE: 3/1/2000 SQUARE FEET 265,750
MATURITY DATE: 2/1/2005 CUT-OFF DATE BALANCE/SQ.FT. $75.92
ORIGINAL AMORTIZATION: 300
ANNUAL DEBT SERVICE: $1,897,527 OCCUPANCY: 100.0%
LOCKOUT END DATE: 1/31/2005 OCCUPANCY DATE: 12/24/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 1/31/2005 APPRAISED VALUE: $40,600,000
ESCROWS CUT-OFF DATE LTV: 49.7%
REAL ESTATE TAXES: No BALLOON LTV: 46.3%
INSURANCE: No
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $3,655,177
DSCR: 1.93x
- -----------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTIES
<TABLE>
<CAPTION>
LOAN NO. PROPERTY NAME LOCATION PROPERTY TYPE SQ. FT. SCREENS
- -------- ------------- -------- ------------- ------- -------
<S> <C> <C> <C> <C> <C>
26287A Raleigh Grand 16 Raleigh, NC Theater 51,450 16
26287B Boise Stadium 21 Boise, ID Theater 140,300 21
26287C Muvico Pompano 18 Pompano Beach, FL Theater 74,000 18
TOTAL 265,750 55
</TABLE>
Raleigh Grand 16 is a 51,450 square foot, 16-screen two-story megaplex
theater. The property, which was constructed in 1998, seats 2,596 and includes
stadium seating throughout. Raleigh Grand 16 is 100% leased to Raleigh 16, LLC
(whose obligations are guaranteed by Consolidated Theaters) under a lease
expiring May 2022.
Boise Stadium 21 is a 140,300 square foot, 21-screen two-story megaplex
theater. The property, which was constructed in late 1997, seats 4,734 and
includes stadium seating throughout. The theater is part of the Boise Spectrum
entertainment/retail complex. Boise Stadium 21 is 100% leased to Edwards
Theatres under a lease expiring December 2018. The property is secured by the
borrower's interest as a tenant under a ground lease that expires (including
options) on November 30, 2047.
Muvico Pompano 18 is a 74,000 square foot, 18-screen two-story megaplex
theater. The property, which was
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
27
constructed in 1998, seats 3,484 and includes stadium seating throughout. Muvico
Pompano 18 is 100% leased to Muvico Theaters under a lease expiring August 2019.
THE BORROWER
The borrower is 3 Theaters, Inc., is a wholly owned subsidiary of
Entertainment Properties Trust, a Maryland real estate investment trust. The
borrower is a single purpose entity whose organizational documents do not permit
it to engage in any business unrelated to the mortgaged properties, nor have any
assets other than the mortgaged properties or any indebtedness (subject to
certain limited exceptions such as trade payables incurred in the ordinary
course of business) other than the mortgage loan. Additionally, the borrower's
organizational documents require an independent director and the unanimous vote
of directors of the borrower in connection with the filing of a petition in
bankruptcy. The lender received an opinion from borrower's counsel that, among
other things, the assets of the borrower would not be consolidated with the
assets of any party considered having a principal interest in the borrower in
the event of a bankruptcy or insolvency of such party.
MANAGEMENT
The properties are managed by the borrower.
ESCROWS
If the borrower fails to provide to the lender satisfactory evidence of
payment of real estate taxes and property insurance premiums (and in the case of
the Boise Stadium 21 property, ground rents) in accordance with the loan
documents, the mortgage loan documents require the borrower to fund escrows for
such items. If the properties are not maintained in accordance with the loan
documents, the mortgage loan documents require the borrower to fund an
additional escrow for future capital expenditures.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or any transfer of more than 49% of the shares in the borrower or (ii) any
additional encumbrance of the property, in each case without the prior written
consent of the lender, except as described below.
The borrower has the right to transfer simultaneously all three properties
subject to the mortgages upon the payment of a 1% assumption fee, confirmation
from DCR and Fitch that the transfer would not result in a downgrade,
qualification (if applicable) or withdrawal of the then current ratings assigned
to any class of certificates and satisfaction of other conditions specified in
the mortgage loan documents.
See Loan No. 26287 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
28
LOAN NO. 27657 - THE MERCER HOTEL
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee
interest in the Mercer Hotel, a hotel situated in the SoHo area of Manhattan,
New York City, New York. The loan was originated by Bear, Stearns Funding, Inc.
on January 7, 2000.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $20,000,000 PROPERTY TYPE: Boutique Hospitality
GROSS MORTGAGE RATE: 8.5800% LOCATION: New York, NY
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1997
FIRST PAYMENT DATE: 3/1/2000 NO. OF ROOMS 75
MATURITY DATE: 2/1/2010 CUT-OFF DATE BALANCE/ROOM: $266,666.67
ORIGINAL AMORTIZATION: 300
ANNUAL DEBT SERVICE: $1,945,501 OCCUPANCY: 88.0%
LOCKOUT END DATE: 10/31/2009 OCCUPANCY DATE: 9/30/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 10/31/2009 APPRAISED VALUE: $41,500,000
ESCROWS CUT-OFF DATE LTV: 48.2%
REAL ESTATE TAXES: Yes BALLOON LTV: 40.4%
INSURANCE: Yes
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $4,123,121
DSCR: 2.12x
- --------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The Mercer Hotel is a six-story Romanesque-style building originally
developed in 1888 as a commercial building and fully renovated and converted to
hotel use in 1994; the building was designated as an historical landmark by New
York City in 1973. The property is comprised of 75 guest rooms, ranging from 210
to 620 square feet. In addition, the property has retail space currently
occupied by two tenants, J. Crew and the Mercer Kitchen restaurant. The property
is situated in the SoHo section of lower Manhattan, at the northwest corner of
Prince and Mercer Streets. For the trailing twelve months ending September 1999,
the property operated at 88.0% occupancy at an average daily rate of $423.28.
THE BORROWER
The borrower is The Mercer I, LLC, a Delaware limited liability company
with Mercer Management, LLC and BDL Prince, LLC as managing members. Mercer
Management, LLC is wholly owned by Andre Balazs and his wife, Katie Ford Balazs;
the ownership of BDL Prince is more widely distributed. The borrower is a single
purpose entity whose organizational documents do not permit it to engage in any
business unrelated to the mortgaged property, nor have any assets other than the
mortgaged property or any indebtedness (subject to certain limited exceptions
such as trade payables incurred in the ordinary course of business) other than
the mortgage loan. Additionally, the lender received an opinion from borrower's
counsel that, among other things, the assets of the borrower would not be
consolidated with the assets of any party having an ownership interest in the
borrower in the event of a bankruptcy or insolvency of such party.
MANAGEMENT
The hotel is managed by an individual, Klaus Ortlieb, who is affiliated
with the borrower.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
29
ESCROWS
The loan documents require the borrower to fund monthly escrow deposits in
amounts sufficient to pay real estate taxes and property insurance premiums when
due. The loan documents also require the borrower to fund an escrow reserve for
capital expenditure in an amount equal to the lesser of (a) 5% of total hotel
revenues or (b) $250,000 (but in no event less than the amount required to be
funded into the escrow account during the first year after origination of the
loan); provided that the unused balance of such escrow reserve shall never be
required to exceed $1,250,000.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or any unauthorized transfer of an interest in the borrower or (ii) any
additional encumbrance of the property, in each case without the prior written
consent of the lender.
See Loan No. 27657 in Annex A.
<PAGE>
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC. 2000-WF1
- --------------------------------------------------------------------------------
30
LOAN NO. 26511 - SEATTLE DESIGN CENTER
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee
interest in a 362,438 square foot full service design center facility located in
Seattle, WA. The mortgage loan is cross-collateralized and cross-defaulted with
Loan No. 27018 - Seattle Gift Center. On a combined basis, the overall debt
service coverage ratio is 1.69x and the overall loan to value ratio is 56.05%.
The mortgage loan was originated by Bear, Stearns Funding, Inc. on September 2,
1999. The information in the box immediately below is presented for the Seattle
Design Center mortgage loan only.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $13,748,376 PROPERTY TYPE: Urban Office
GROSS MORTGAGE RATE: 8.1700% LOCATION: Seattle, WA
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1983
FIRST PAYMENT DATE: 11/1/1999 SQUARE FEET 362,438
MATURITY DATE: 10/1/2009 CUT-OFF DATE BALANCE/SQ.FT. $37.93
ORIGINAL AMORTIZATION: 360
ANNUAL DEBT SERVICE: $1,232,559 OCCUPANCY: 88.4%
LOCKOUT END DATE: 9/30/2009 OCCUPANCY DATE: 11/04/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 9/30/2009 APPRAISED VALUE: $23,000,000
ESCROWS CUT-OFF DATE LTV: 59.8%
REAL ESTATE TAXES: Yes BALLOON LTV: 53.8%
INSURANCE: Yes
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $2,084,377
DSCR: 1.69x
- --------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The Seattle Design Center is a 362,438 square foot design center facility
comprised of 3 buildings which were constructed between 1973 and 1983. The
Seattle Design Center is a full service design center which has over 60
showrooms representing over 1,500 manufacturers of residential and commercial
furniture, fabrics, wall and floor coverings, millwork and lighting. The major
tenants at the center include Baker, Knapp & Tubbs (18,223 square feet) under a
lease expiring July 2009 and Michael Folks Showroom (16,810 square feet) under a
lease expiring November 2006.
THE BORROWER
The borrower is Bay West Design Center, LLC, a Delaware limited liability
company with BW Seattle Corp., a Washington corporation, as the managing member.
Both the borrower and the managing member are single purpose entities whose
organizational documents do not permit them to engage in any business unrelated
to the mortgaged property (or the mortgaged property securing Loan No. 27018 -
the Seattle Gift Center loan), nor have any assets other than the mortgaged
property or any indebtedness (subject to certain limited exceptions such as
trade payables incurred in the course of ordinary business) other than the
mortgage loan (or Loan No. 27018 - the Seattle Gift Center loan). In addition,
the lender received an opinion from borrower's counsel that, among other things,
the assets of the borrower would not be consolidated with the assets of any
party considered having a principal interest in the borrower in the event of a
bankruptcy or insolvency of such party.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
31
MANAGEMENT
The property is managed by Market Center Management, Inc. which is a wholly
owned affiliate of the borrower.
ESCROWS
The loan documents require the borrower to fund monthly escrow deposits in
amounts sufficient to pay real estate taxes and insurance premiums when due. The
borrower is also required to escrow $4,541 monthly for future capital
expenditures. In addition, the borrower escrowed $344,375 at closing and is
required to escrow $25,143 monthly for expenses associated with lease rollover.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or any transfer of a controlling interest in the borrower or (ii) any additional
encumbrance of the property, in each case without the prior written consent of
the lender, subject to the exceptions described below.
RIGHT TO TRANSFER AND UNCROSS
The loan documents permit the borrower and the immediate transferee of the
borrower a one-time only right to transfer the mortgaged property upon payment
of a transfer fee equal to 1% of the outstanding principal balance of the
mortgage loan, confirmation from DCR and Fitch that the transfer would not
result in a downgrade, qualification (if applicable) or withdrawal of the then
current ratings assigned to any class of certificates and compliance with other
conditions specified in the loan documents. Such transfer may not occur prior to
three months after the issuance of the certificates.
The loan documents also permit the borrower to unwind the
cross-collateralization/cross-default features of Loan No. 26511 and Loan No.
27018 upon a transfer of one or the other of the properties subject to
satisfaction of certain underwriting criteria.
See Loan No. 26511 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
32
LOAN NO. 27018 - SEATTLE GIFT CENTER
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee and
leasehold interest in a 182,419 square foot gift mart facility located in
Seattle, Washington. The mortgage loan is cross-collateralized and
cross-defaulted with Loan No. 26511 - Seattle Design Center. On a combined
basis, the overall debt service coverage ratio is 1.69x and the overall loan to
value ratio is 56.05%. The mortgage loan was originated by Bear, Stearns
Funding, Inc. on September 2, 1999. The information in the box immediately below
is presented for the Seattle Gift Center mortgage loan only.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $6,212,968 PROPERTY TYPE: Urban Office
GROSS MORTGAGE RATE: 8.1700% LOCATION: Seattle, WA
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1983
FIRST PAYMENT DATE: 11/1/1999 SQUARE FEET 182,419
MATURITY DATE: 10/1/2009 CUT-OFF DATE BALANCE/SQ.FT. $34.06
ORIGINAL AMORTIZATION: 360
ANNUAL DEBT SERVICE: $557,001 OCCUPANCY: 99.0%
LOCKOUT END DATE: 9/30/2009 OCCUPANCY DATE: 11/4/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 9/30/2009 APPRAISED VALUE: $13,000,000
ESCROWS CUT-OFF DATE LTV: 47.8%
REAL ESTATE TAXES: Yes BALLOON LTV: 43.0%
INSURANCE: Yes
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $938,696
DSCR: 1.69x
- --------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The Seattle Gift Center is a 182,419 square foot gift mart facility which
was constructed in 1976 as a two-story office building. After conversion to a
gift mart, it was expanded twice; three new stories were added in 1978 and a
five-story tower was added in 1983. There are approximately 120 showrooms in
which wholesale gift products are sold to Pacific Northwest retailers. The major
tenants at the center include Pacific Rim (8,375 square feet) under a lease
expiring November 2002 and Enesco Corp. (6,288 square feet) under a lease
expiring April 2000.
GROUND LEASE
A portion of the Seattle Gift Center property is constructed on the
borrower's interest as a tenant under a ground lease. The ground lease expires
December 31, 2019. Notwithstanding the above, the ground lease is subject to the
borrower's option to purchase the ground lessor's fee interest which may be
exercised in 2004. The fee interest when purchased will become subject to a
first mortgage lien securing the mortgage loan. The borrower has escrowed
$715,000 with the lender, which, together with the accrued interest thereon, is
expected to be sufficient to purchase the fee at the negotiated price of
$850,000. The purchase option is required to be consummated immediately upon
exercise of the option. If the ground lessor is unable to comply with the terms
of the purchase option, the time period for exercising the option will be
extended for the duration of such inability.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
33
THE BORROWER
The borrower is Bay West Gift Center, LLC, a Delaware limited liability company
with BW Seattle Corp., a Washington corporation, as the managing member. Both
the borrower and the managing member are single purpose entities whose
organizational documents do not permit them to engage in any business unrelated
to the mortgaged property (or the mortgaged property securing Loan No. 26511 -
the Seattle Design Center loan), nor have any assets other than the mortgaged
property or any indebtedness (subject to certain limited exceptions such as
trade payables incurred in the ordinary course of business) other than the
mortgaged loan (or Loan No. 26511 - the Seattle Design Center loan). In
addition, the lender received an opinion from borrower's counsel that, among
other things, the assets of the borrower shall not be consolidated with the
assets of any party considered having a principal interest in the borrower in
the event of a bankruptcy or insolvency of such party.
MANAGEMENT
The property is managed by Market Center Management, Inc. which is a wholly
owned affiliate of the borrower.
ESCROWS
The loan documents require the borrower to fund monthly escrow deposits in
amounts sufficient to pay real estate taxes and insurance premiums when due. The
borrower is also required to escrow $2,277 monthly for future capital
expenditures. In addition, the borrower escrowed $155,625 at closing and is
required to escrow $14,674 monthly for expenses associated with lease rollover.
ADDITIONAL DEBT/TRANSFERS
The loan documents provide that the mortgage loan will become immediately
due and payable upon (i) any transfer of the borrower's interest in the property
or any transfer of a controlling interest in the borrower or (ii) any additional
encumbrance of the property, in each case without the prior written consent of
the lender, subject to the exceptions described below.
RIGHT TO TRANSFER AND UNCROSS
The loan documents permit the borrower and the immediate transferee of the
borrower a one-time only right to transfer the mortgaged property upon payment
of a transfer fee equal to 1% of the outstanding principal balance of the
mortgage loan, confirmation from DCR and Fitch that the transfer would not
result in a downgrade, qualification (if applicable) or withdrawal of the then
current ratings assigned to any class of certificates and compliance with other
conditions specified in the loan documents. Such transfer may not occur prior to
three months after the issuance of the certificates.
The mortgage loan documents also permit the borrower to unwind the
cross-collateralization/cross-default features of the Loan No. 26511 and Loan
No. 27018 upon a of one or the other of the properties subject to satisfaction
of certain underwriting criteria.
See Loan No. 27018 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
34
LOAN NO. 310900004 - INTERNATIONAL AIRPORT CENTER
OVERVIEW
This mortgage loan is secured by a first mortgage on the borrower's fee
interest in 10 office/distribution warehouse facilities situated just south of
the Charlotte-Douglas Airport in Charlotte, North Carolina. The mortgage loan
was originated by Wells Fargo Bank, National Association on October 7, 1999.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $19,269,309 PROPERTY TYPE: Warehouse Distribution
GROSS MORTGAGE RATE: 7.9800% LOCATION: Charlotte, NC
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1998
FIRST PAYMENT DATE: 12/1/1999 SQUARE FEET 395,153
MATURITY DATE: 11/1/2009 CUT-OFF DATE BALANCE/SQ.FT. $48.76
ORIGINAL AMORTIZATION: 360
ANNUAL DEBT SERVICE: $1,696,171 OCCUPANCY: 96.8%
LOCKOUT END DATE: 8/31/2009 OCCUPANCY DATE: 10/1/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 8/31/2009 APPRAISED VALUE: $26,900,000
ESCROWS CUT-OFF DATE LTV: 71.6%
REAL ESTATE TAXES: Yes BALLOON LTV: 64.1%
INSURANCE: Yes
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $2,149,307
DSCR: 1.27x
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The properties securing the loan include 10 single-story office/distribution
warehouse facilities containing 395,153 square feet; all buildings were
constructed between 1981 and 1999. The properties consist of approximately 34.9
acres divided into 2 parcels. Tenant sizes range from 1,229 to 40,920 square
feet. The properties are located in the southwestern part of the City of
Charlotte, just south of the Charlotte-Douglas Airport.
<TABLE>
<CAPTION>
PROPERTY NAME YEAR BUILT TOTAL SQ. FT. OFFICE SPACE AS A % OF TOTAL SQ. FT
------------- ---------- ------------- -----------------------------------
<S> <C> <C> <C>
3401 International Airport Dr., Bldg A 1996 43,345 80.6%
3400 International Airport Dr., Bldg B 1997 42,088 39.4%
3301 International Airport Dr., Bldg C 1996 40,920 10.9%
3300 International Airport Dr., Bldg D 1997 46,921 72.2%
3201 International Airport Dr., Bldg E 1998 31,813 0.0%
3200 International Airport Dr., Bldg F 1998 41,143 12.7%
3101 International Airport Dr., Bldg G 1998 28,238 0.0%
3100 International Airport Dr., Bldg H 1998 50,083 31.2%
3140 Yorkmont Road, Bldg A 1999 43,340 35.5%
3401 Yorkmont Road, Bldg B 1981 27,262 10.9%
TOTAL 395,153
</TABLE>
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
35
Major tenants at the properties include Corporate Express (40,920 square feet)
under a lease expiring July 2006, Nextlink North Carolina, Inc. (31,813 square
feet) under a lease expiring January 2015, Expeditors International of
Washington (31,122 square feet) under a lease expiring March 2001, and Federal
Express (30,514 square feet) under a lease expiring April 2001.
THE BORROWER
The borrower is IAC Charlotte LLC, a Delaware limited liability company,
with International Airport Centers LLC as the managing member and IAC Charlotte
Inc. and IAC Investors LLC as the non-managing members. The borrower is managed
by International Airport Centers LLC, a privately-held, investment and
development company which focuses on the construction, ownership and management
of air-cargo distribution warehouse facilities located in close proximity to
airports. Both the borrower and IAC Charlotte Inc. are single purpose entities
whose organizational documents do not permit them to engage in any business
unrelated to the mortgaged property, nor have any assets other than the
mortgaged property or any indebtedness (subject to certain limited exceptions
such as trade payables incurred in the ordinary course of business) other than
the mortgaged loan. Additionally, the IAC Charlotte Inc.'s organizational
documents require an independent director.
MANAGEMENT
The property is managed by International Airport Centers LLC which is
affiliated with the borrower.
ESCROWS
The mortgage loan documents require the borrower to fund monthly escrow
deposits in amounts sufficient to pay real estate taxes and insurance premiums
when due. The borrower is also required to escrow $3,282 monthly for future
capital expenditures. In addition, the borrower is required to escrow $9,522
monthly for future tenant improvements and leasing commissions.
ADDITIONAL DEBT/TRANSFERS
The mortgage loan documents provide that the mortgage loan will become
immediately due and payable upon (i) any transfer of the borrower's interest in
the property or, except as described below, any transfer of an interest in the
borrower or its managing member or (ii) any additional encumbrance of the
property, in each case without the prior written consent of the lender. The
mortgage loan documents permit transfers of up to an aggregate of 49% of the
original ownership interests in the borrower's managing member provided that
certain conditions are satisfied, including among other conditions, that the
proposed transfer will not result in a change of control or management of the
managing member or the borrower and the net worth of such managing member
following the transfer will not be less than it was prior to the transfer. The
mortgage loan documents also permit transfers of more than 49% of the original
ownership interests in the managing member provided that certain additional
conditions are satisfied, including, among other conditions, the lender's
reasonable determination that the debt to asset ratio of any proposed transferee
is seventy percent (70%) or less.
See Loan No. 310900004 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
36
LOAN NO. 310900032 - ORCHARD BUSINESS CENTRE
OVERVIEW
This mortgage loan is secured by a first mortgage on 3 research and
development/office buildings situated in Santa Clara, California. The Loan was
originated by Wells Fargo Bank, National Association on November 15, 1999.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $19,182,572 PROPERTY TYPE: Suburban Office
GROSS MORTGAGE RATE: 7.6140% LOCATION: Santa Clara, CA
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1999
FIRST PAYMENT DATE: 2/1/2000 SQUARE FEET 142,552
MATURITY DATE: 1/1/2011 CUT-OFF DATE BALANCE/SQ.FT. $134.57
ORIGINAL AMORTIZATION: 300
ANNUAL DEBT SERVICE: $1,719,757 OCCUPANCY: 100.0%
LOCKOUT END DATE: 7/31/2010 OCCUPANCY DATE: 9/1/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 7/31/2010 APPRAISED VALUE: $35,000,000
ESCROWS CUT-OFF DATE LTV: 54.8%
REAL ESTATE TAXES: Yes BALLOON LTV: 43.2%
INSURANCE: No
REPLACEMENT RESERVES: Yes UNDERWRITTEN CASH FLOW: $2,889,427
DSCR: 1.68x
- -------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The property consists of three 2-story buildings constructed in 1999
containing a total of 142,522 square feet on 7.07 acres. The properties are
located in the San Tomas Business Park, an R&D office campus facility located in
Santa Clara, California, in the heart of Silicon Valley.
Major tenants at the properties include Cylink Corporation (117,927 square
feet) under three leases expiring in August and September of 2009, and
Tollbridge Technologies, Inc, (24,625 square feet) under a lease expiring August
2004.
THE BORROWER
The borrowing entity is Orchard Jay Properties, LLC, a California limited
liability company, with DJB-MJB Jay Inc, as the managing member. Both the
borrower and its managing member are single purpose entities whose
organizational documents do not permit them to engage in any business unrelated
to the mortgaged property, nor have any assets other than the mortgaged property
or any indebtedness (subject to certain limited exceptions such as trade
payables incurred in the ordinary course of business) other than the mortgage
loan.
MANAGEMENT
The property is managed by Orchard Properties, Inc., a California
corporation, which is affiliated with the borrower.
ESCROWS
The mortgage loan documents require the borrower to fund monthly escrow
deposits in amounts sufficient to pay real estate taxes when due. If the
borrower fails to provide lender with evidence satisfactory to lender of payment
of property
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
37
insurance premiums in accordance with the loan documents, the
mortgage loan documents require the borrower to fund an escrow for insurance
premiums. The mortgage loan documents also require the borrower to escrow $2,376
monthly for future capital expenditures. In addition, a reserve in the amount of
$1,847,884 is being held by the lender as additional security until Cylink
Corporation, the largest single tenant, achieves certain operating results and
complies with certain financial covenants.
ADDITIONAL DEBT
The mortgage loan documents provide that the mortgage loan will become
immediately due and payable upon (i) any transfer of the borrower's interest in
the property or any transfer of an interest in the borrower or (ii) any
additional encumbrance of the property, in each case without the prior written
consent of the lender.
See Loan No. 310900032 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
38
LOAN NO. 9905921 - CIRCUIT CITY CORPORATE HEADQUARTERS
OVERVIEW
This mortgage loan is secured by a first leasehold deed of trust on a
288,562 square foot office building located in Richmond, Virginia. The loan was
originated by Morgan Stanley Mortgage Capital Inc. on January 10, 2000.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CUT-OFF DATE BALANCE: $17,000,000 PROPERTY TYPE: Suburban Office
GROSS MORTGAGE RATE: 8.1000% LOCATION: Richmond, VA
INTEREST ACCRUAL METHOD: Actual/360 YEAR BUILT/RENOVATED: 1989
FIRST PAYMENT DATE: 3/1/2000 SQUARE FEET 288,562
MATURITY DATE: 2/1/2010 CUT-OFF DATE BALANCE/SQ.FT. $58.91
ORIGINAL AMORTIZATION: 360
ANNUAL DEBT SERVICE: $1,511,125 OCCUPANCY: 100.0%
LOCKOUT END DATE: 10/31/2009 OCCUPANCY DATE: 10/1/1999
CALL PROTECTION Defeasance
CALL PROTECTION END DATE: 10/31/2009 APPRAISED VALUE: $31,000,000
ESCROWS CUT-OFF DATE LTV: 54.8%
REAL ESTATE TAXES: No BALLOON LTV: 49.2%
INSURANCE: No
REPLACEMENT RESERVES: No UNDERWRITTEN CASH FLOW: $2,311,596
DSCR: 1.53x
- -------------------------------------------------------------------------------------------------------------
</TABLE>
THE PROPERTY
The property is a 5-story office building located in the northwest quadrant
of the Richmond, Virginia suburban office market. The building houses the
executive offices of Circuit City Stores, Inc.
The property has been ground leased to the borrower pursuant to a ground
lease with Circuit City Stores, Inc. as fee owner/lessor and the borrower as
lessee. The ground lease has an initial term expiration date of February 28,
2010 followed by four (4) options to extend for ten (10) years each and one (1)
final option to extend for five (5) years. The borrower has leased 100% of the
property back to Circuit City Stores, Inc. pursuant to a triple net lease. The
expiration date and extension options in the triple net lease are identical to
those in the ground lease.
THE BORROWER
The borrowing entity is Lexington Richmond, LLC, a Delaware limited
liability company with Lexington Richmond Manager, Inc., a Delaware corporation,
as the managing member. Both the borrower and the managing member are single
purpose entities whose organizational documents do not permit them to engage in
any business unrelated to the mortgage property, nor have any assets other than
the mortgaged property or any indebtedness (subject to certain limited
exceptions such as trade payables incurred in the ordinary course of business)
other than the mortgage loan.
MANAGEMENT
Circuit City Stores, Inc. as lessee under the triple net lease, is
responsible for all operating expenses and maintenance of the building. There is
no separate manager of the property.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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. 2000-WF1
- --------------------------------------------------------------------------------
39
ESCROWS
If Circuit City Stores, Inc. does not renew its lease at least one year
prior to the current expiration, the mortgage loan documents provide for a cash
sweep of rents to become effective, and all excess rents after operating
expenses and debt service will be placed in a tenant improvement and leasing
commission escrow account.
ADDITIONAL DEBT/ TRANSFERS
The mortgage loan documents provide that the mortgage loan will become
immediately due and payable upon (i) any transfer of the borrower's interest in
the property or any transfer of an interest in the borrower or (ii) any
additional encumbrance of the property, in each case without the prior written
consent of the lender.
The loan documents give the borrower the right to transfer the mortgaged
property up to two times. The first transfer is subject to receipt by the lender
of a transfer fee of $10,000 plus all out-of-pocket costs and expenses incurred
in connection with such transfer. The second transfer is subject to receipt by
the lender of a transfer fee equal to 1% of the outstanding principal balance of
the mortgage loan. Both transfers are subject to compliance with other
conditions specified in loan documents.
See Loan No. 9905921 in Annex A.
- --------------------------------------------------------------------------------
THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING THE UNDERWRITERS'
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, 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 & Co. Inc. COMB-2000 January 21, 2000
caputo Sensitivity 11:15 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: A1
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 5.600 5.598 5.597 5.595 5.593 5.591 5.527 AVG. LIFE
3/15/2000 3/15/2000 3/15/2000 3/15/2000 3/15/2000 3/15/2000 3/15/2000 PRIN. START DATE
2/15/2009 2/15/2009 1/15/2009 1/15/2009 12/15/2008 12/15/2008 10/15/2008 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.742 7.742 7.741 7.741 7.741 7.741 7.741 Yield
99:24 4.288 4.287 4.286 4.285 4.284 4.283 4.245 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.712 7.712 7.712 7.712 7.712 7.712 7.712 Yield
99:28 4.290 4.289 4.288 4.287 4.286 4.285 4.248 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.683 7.683 7.683 7.683 7.683 7.683 7.683 Yield
100:0 4.292 4.291 4.290 4.289 4.288 4.287 4.250 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.654 7.654 7.654 7.654 7.654 7.654 7.653 Yield
100:4 4.294 4.293 4.293 4.292 4.291 4.289 4.252 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.625 7.625 7.625 7.625 7.625 7.625 7.624 Yield
100:8 4.297 4.296 4.295 4.294 4.293 4.292 4.254 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.596 7.596 7.596 7.596 7.596 7.596 7.595 Yield
100:12 4.299 4.298 4.297 4.296 4.295 4.294 4.256 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.567 7.567 7.567 7.567 7.567 7.567 7.566 Yield
100:16 4.301 4.300 4.299 4.298 4.297 4.296 4.258 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.539 7.539 7.538 7.538 7.538 7.538 7.536 Yield
100:20 4.303 4.302 4.301 4.300 4.299 4.298 4.261 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.510 7.510 7.510 7.510 7.510 7.510 7.507 Yield
100:24 4.305 4.304 4.304 4.303 4.302 4.300 4.263 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.481 7.481 7.481 7.481 7.481 7.481 7.478 Yield
100:28 4.308 4.307 4.306 4.305 4.304 4.303 4.265 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.452 7.452 7.452 7.452 7.452 7.452 7.449 Yield
101:0 4.310 4.309 4.308 4.307 4.306 4.305 4.267 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.424 7.424 7.424 7.424 7.423 7.423 7.420 Yield
101:4 4.312 4.311 4.310 4.309 4.308 4.307 4.269 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.395 7.395 7.395 7.395 7.395 7.395 7.392 Yield
101:8 4.314 4.313 4.312 4.311 4.310 4.309 4.271 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
caputo Sensitivity 11:15 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: A2
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 9.620 9.617 9.614 9.610 9.606 9.602 9.475 AVG. LIFE
2/15/2009 2/15/2009 1/15/2009 1/15/2009 12/15/2008 12/15/2008 10/15/2008 PRIN. START DATE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 1/15/2010 1/15/2010 12/15/2009 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.961 7.961 7.961 7.961 7.961 7.961 7.961 Yield
99:24 6.532 6.531 6.529 6.527 6.526 6.524 6.465 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.942 7.942 7.942 7.942 7.942 7.942 7.941 Yield
99:28 6.534 6.533 6.532 6.530 6.528 6.526 6.467 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.923 7.923 7.923 7.923 7.923 7.923 7.922 Yield
100:0 6.537 6.536 6.534 6.532 6.531 6.529 6.470 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.904 7.904 7.903 7.903 7.903 7.903 7.903 Yield
100:4 6.540 6.538 6.537 6.535 6.533 6.531 6.472 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.884 7.884 7.884 7.884 7.884 7.884 7.884 Yield
100:8 6.542 6.541 6.539 6.538 6.536 6.534 6.475 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.865 7.865 7.865 7.865 7.865 7.865 7.864 Yield
100:12 6.545 6.543 6.542 6.540 6.538 6.536 6.477 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.847 7.846 7.846 7.846 7.846 7.846 7.845 Yield
100:16 6.547 6.546 6.544 6.543 6.541 6.539 6.480 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.828 7.828 7.827 7.827 7.827 7.827 7.826 Yield
100:20 6.550 6.548 6.547 6.545 6.543 6.542 6.482 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.809 7.809 7.809 7.809 7.808 7.808 7.807 Yield
100:24 6.552 6.551 6.549 6.548 6.546 6.544 6.485 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.790 7.790 7.790 7.790 7.790 7.790 7.788 Yield
100:28 6.555 6.553 6.552 6.550 6.549 6.547 6.487 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.771 7.771 7.771 7.771 7.771 7.771 7.769 Yield
101:0 6.557 6.556 6.554 6.553 6.551 6.549 6.490 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.752 7.752 7.752 7.752 7.752 7.752 7.750 Yield
101:4 6.560 6.559 6.557 6.555 6.554 6.552 6.492 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.733 7.733 7.733 7.733 7.733 7.733 7.731 Yield
101:8 6.562 6.561 6.559 6.558 6.556 6.554 6.495 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
caputo Sensitivity 11:15 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: B
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 10.014 10.014 10.014 10.014 10.007 9.998 9.847 AVG. LIFE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 1/15/2010 1/15/2010 12/15/2009 PRIN. START DATE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 12/15/2009 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8.113 8.113 8.113 8.113 8.113 8.113 8.115 Yield
99:24 6.666 6.666 6.666 6.666 6.663 6.659 6.592 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.095 8.095 8.095 8.095 8.095 8.095 8.096 Yield
99:28 6.668 6.668 6.668 6.668 6.665 6.661 6.595 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.076 8.076 8.076 8.076 8.076 8.076 8.077 Yield
100:0 6.671 6.671 6.671 6.671 6.668 6.664 6.598 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.057 8.057 8.057 8.057 8.057 8.057 8.058 Yield
100:4 6.674 6.674 6.674 6.674 6.671 6.667 6.600 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.038 8.039 8.039 8.039 8.039 8.039 8.039 Yield
100:8 6.676 6.676 6.676 6.676 6.674 6.670 6.603 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.020 8.020 8.020 8.020 8.020 8.020 8.020 Yield
100:12 6.679 6.679 6.679 6.679 6.676 6.672 6.606 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.001 8.001 8.001 8.001 8.001 8.001 8.001 Yield
100:16 6.682 6.682 6.682 6.682 6.679 6.675 6.608 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.983 7.983 7.983 7.983 7.983 7.983 7.983 Yield
100:20 6.685 6.685 6.685 6.685 6.682 6.678 6.611 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.964 7.964 7.964 7.964 7.964 7.964 7.964 Yield
100:24 6.687 6.687 6.687 6.687 6.684 6.680 6.614 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.946 7.946 7.946 7.946 7.946 7.946 7.945 Yield
100:28 6.690 6.690 6.690 6.690 6.687 6.683 6.616 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.927 7.927 7.927 7.927 7.927 7.927 7.926 Yield
101:0 6.693 6.693 6.693 6.693 6.690 6.686 6.619 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.909 7.909 7.909 7.909 7.909 7.909 7.908 Yield
101:4 6.695 6.695 6.695 6.695 6.692 6.688 6.621 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
7.890 7.890 7.890 7.890 7.890 7.890 7.889 Yield
101:8 6.698 6.698 6.698 6.698 6.695 6.691 6.624 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
dhouse Sensitivity 11:15 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: C
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 10.014 10.014 10.014 10.014 10.014 10.014 9.859 AVG. LIFE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 12/15/2009 PRIN. START DATE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 1/15/2010 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8.291 8.292 8.292 8.292 8.292 8.292 8.294 Yield
98:27 6.633 6.633 6.633 6.633 6.633 6.633 6.566 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.272 8.273 8.273 8.273 8.273 8.273 8.275 Yield
98:31 6.636 6.636 6.636 6.636 6.636 6.636 6.569 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.253 8.254 8.254 8.254 8.254 8.254 8.256 Yield
99:3 6.639 6.639 6.639 6.639 6.639 6.639 6.571 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.235 8.235 8.235 8.235 8.235 8.235 8.237 Yield
99:7 6.641 6.641 6.641 6.641 6.641 6.641 6.574 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.216 8.216 8.216 8.216 8.216 8.216 8.218 Yield
99:11 6.644 6.644 6.644 6.644 6.644 6.644 6.577 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.197 8.197 8.197 8.197 8.197 8.197 8.199 Yield
99:15 6.647 6.647 6.647 6.647 6.647 6.647 6.579 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.178 8.178 8.178 8.178 8.178 8.178 8.179 Yield
99:19 6.650 6.650 6.650 6.650 6.650 6.650 6.582 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.159 8.159 8.159 8.159 8.159 8.159 8.160 Yield
99:23 6.652 6.652 6.652 6.652 6.652 6.652 6.585 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.140 8.140 8.140 8.140 8.140 8.140 8.141 Yield
99:27 6.655 6.655 6.655 6.655 6.655 6.655 6.587 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.122 8.122 8.122 8.122 8.122 8.122 8.123 Yield
99:31 6.658 6.658 6.658 6.658 6.658 6.658 6.590 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.103 8.103 8.103 8.103 8.103 8.103 8.104 Yield
100:3 6.660 6.660 6.660 6.660 6.660 6.660 6.593 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.084 8.084 8.084 8.084 8.084 8.084 8.085 Yield
100:7 6.663 6.663 6.663 6.663 6.663 6.663 6.595 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.065 8.065 8.066 8.066 8.066 8.066 8.066 Yield
100:11 6.666 6.666 6.666 6.666 6.666 6.666 6.598 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
dhouse Sensitivity 11:15 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: D
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 10.014 10.014 10.014 10.014 10.014 10.014 9.931 AVG. LIFE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 1/15/2010 PRIN. START DATE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 1/15/2010 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8.445 8.445 8.445 8.445 8.445 8.445 8.448 Yield
97:27 6.611 6.611 6.611 6.611 6.611 6.611 6.575 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.425 8.426 8.426 8.426 8.426 8.426 8.429 Yield
97:31 6.614 6.614 6.614 6.614 6.614 6.614 6.578 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.406 8.406 8.406 8.406 8.406 8.406 8.409 Yield
98:3 6.616 6.616 6.616 6.616 6.616 6.616 6.580 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.387 8.387 8.387 8.387 8.387 8.387 8.390 Yield
98:7 6.619 6.619 6.619 6.619 6.619 6.619 6.583 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.368 8.368 8.368 8.368 8.368 8.368 8.371 Yield
98:11 6.622 6.622 6.622 6.622 6.622 6.622 6.586 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.349 8.349 8.349 8.349 8.349 8.349 8.352 Yield
98:15 6.625 6.625 6.625 6.625 6.625 6.625 6.589 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.330 8.330 8.330 8.330 8.330 8.330 8.332 Yield
98:19 6.628 6.628 6.628 6.628 6.628 6.628 6.591 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.311 8.311 8.311 8.311 8.311 8.311 8.313 Yield
98:23 6.630 6.630 6.630 6.630 6.630 6.630 6.594 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.291 8.292 8.292 8.292 8.292 8.292 8.294 Yield
98:27 6.633 6.633 6.633 6.633 6.633 6.633 6.597 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.272 8.273 8.273 8.273 8.273 8.273 8.275 Yield
98:31 6.636 6.636 6.636 6.636 6.636 6.636 6.600 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.253 8.254 8.254 8.254 8.254 8.254 8.256 Yield
99:3 6.639 6.639 6.639 6.639 6.639 6.639 6.602 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.235 8.235 8.235 8.235 8.235 8.235 8.237 Yield
99:7 6.641 6.641 6.641 6.641 6.641 6.641 6.605 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.216 8.216 8.216 8.216 8.216 8.216 8.218 Yield
99:11 6.644 6.644 6.644 6.644 6.644 6.644 6.608 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
dhouse Sensitivity 11:15 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: E
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 10.014 10.014 10.014 10.014 10.014 10.014 9.954 AVG. LIFE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 1/15/2010 PRIN. START DATE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8.748 8.748 8.748 8.748 8.748 8.748 8.752 Yield
95:29 6.567 6.567 6.567 6.567 6.567 6.567 6.541 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.728 8.728 8.728 8.728 8.728 8.728 8.732 Yield
96:1 6.570 6.570 6.570 6.570 6.570 6.570 6.544 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.708 8.708 8.708 8.708 8.708 8.708 8.712 Yield
96:5 6.573 6.573 6.573 6.573 6.573 6.573 6.547 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.688 8.688 8.688 8.689 8.689 8.689 8.692 Yield
96:9 6.575 6.575 6.575 6.575 6.575 6.575 6.550 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.669 8.669 8.669 8.669 8.669 8.669 8.673 Yield
96:13 6.578 6.578 6.578 6.578 6.578 6.578 6.553 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.649 8.649 8.649 8.649 8.649 8.649 8.653 Yield
96:17 6.581 6.581 6.581 6.581 6.581 6.581 6.556 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.629 8.629 8.630 8.630 8.630 8.630 8.633 Yield
96:21 6.584 6.584 6.584 6.584 6.584 6.584 6.559 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.610 8.610 8.610 8.610 8.610 8.610 8.614 Yield
96:25 6.587 6.587 6.587 6.587 6.587 6.587 6.561 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.590 8.590 8.590 8.590 8.590 8.591 8.594 Yield
96:29 6.590 6.590 6.590 6.590 6.590 6.590 6.564 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.571 8.571 8.571 8.571 8.571 8.571 8.574 Yield
97:1 6.593 6.593 6.593 6.593 6.593 6.593 6.567 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.551 8.551 8.551 8.551 8.551 8.552 8.555 Yield
97:5 6.595 6.595 6.595 6.595 6.595 6.595 6.570 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.532 8.532 8.532 8.532 8.532 8.532 8.535 Yield
97:9 6.598 6.598 6.598 6.598 6.598 6.598 6.573 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
8.512 8.512 8.513 8.513 8.513 8.513 8.516 Yield
97:13 6.601 6.601 6.601 6.601 6.601 6.601 6.575 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
dhouse Sensitivity 11:16 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: F
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 10.014 10.014 10.014 10.014 10.014 10.014 10.014 AVG. LIFE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 PRIN. START DATE
2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 2/15/2010 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9.405 9.405 9.405 9.405 9.405 9.405 9.407 Yield
91:28 6.471 6.471 6.471 6.471 6.471 6.471 6.471 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.384 9.384 9.384 9.384 9.384 9.384 9.386 Yield
92:0 6.474 6.474 6.474 6.474 6.474 6.474 6.474 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.363 9.363 9.363 9.363 9.363 9.363 9.365 Yield
92:4 6.477 6.477 6.477 6.477 6.477 6.477 6.477 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.342 9.342 9.342 9.342 9.342 9.342 9.344 Yield
92:8 6.481 6.481 6.481 6.481 6.481 6.481 6.480 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.321 9.321 9.321 9.322 9.322 9.322 9.324 Yield
92:12 6.484 6.484 6.484 6.484 6.484 6.484 6.483 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.301 9.301 9.301 9.301 9.301 9.301 9.303 Yield
92:16 6.487 6.487 6.487 6.487 6.487 6.487 6.486 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.280 9.280 9.280 9.280 9.280 9.280 9.282 Yield
92:20 6.490 6.490 6.490 6.490 6.490 6.490 6.490 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.259 9.259 9.259 9.259 9.259 9.259 9.261 Yield
92:24 6.493 6.493 6.493 6.493 6.493 6.493 6.493 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.238 9.238 9.238 9.238 9.239 9.239 9.241 Yield
92:28 6.496 6.496 6.496 6.496 6.496 6.496 6.496 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.218 9.218 9.218 9.218 9.218 9.218 9.220 Yield
93:0 6.499 6.499 6.499 6.499 6.499 6.499 6.499 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.197 9.197 9.197 9.197 9.197 9.197 9.199 Yield
93:4 6.502 6.502 6.502 6.502 6.502 6.502 6.502 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.177 9.177 9.177 9.177 9.177 9.177 9.179 Yield
93:8 6.505 6.505 6.505 6.505 6.505 6.505 6.505 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.156 9.156 9.156 9.156 9.156 9.156 9.158 Yield
93:12 6.508 6.508 6.508 6.508 6.508 6.508 6.507 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
<PAGE>
Bear, Stearns & Co. Inc. COMB-2000 January 21, 2000
caputo Sensitivity 11:30 AM EST
Page 1 of 1
Settle Date: 2/10/2000 Curve Date: 1/20/2000
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Tranche: X
- -----------------------------------------------------------------------------------------------------------------------------------
.00% CPR 10.00% CPR 20.00% CPR 30.00% CPR 40.00% CPR 50.00% CPR 100.00% CPR PREPAY
PRICE 8.661 8.659 8.657 8.654 8.651 8.648 8.543 AVG. LIFE
3/15/2000 3/15/2000 3/15/2000 3/15/2000 3/15/2000 3/15/2000 3/15/2000 PRIN. START DATE
11/15/2019 11/15/2019 11/15/2011 11/15/2019 11/15/2019 11/15/2019 9/15/2019 PRIN. END DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11.802 11.799 11.796 11.792 11.788 11.784 11.644 Yield
1:22 3.834 3.834 3.833 3.833 3.832 3.832 3.817 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
11.563 11.560 11.557 11.553 11.549 11.545 11.404 Yield
1:22+ 3.858 3.857 3.857 3.856 3.856 3.855 3.840 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
11.328 11.324 11.321 11.318 11.314 11.309 11.168 Yield
1:23 3.881 3.880 3.880 3.880 3.879 3.879 3.863 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
11.096 11.093 11.089 11.086 11.082 11.078 10.935 Yield
1:23+ 3.904 3.904 3.903 3.903 3.902 3.902 3.886 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
10.867 10.864 10.861 10.857 10.853 10.849 10.706 Yield
1:24 3.927 3.926 3.926 3.926 3.925 3.925 3.909 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
10.642 10.639 10.636 10.632 10.628 10.624 10.480 Yield
1:24+ 3.950 3.949 3.949 3.948 3.948 3.947 3.931 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
10.421 10.417 10.414 10.410 10.406 10.402 10.257 Yield
1:25 3.972 3.972 3.971 3.971 3.970 3.970 3.954 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
10.202 10.199 10.195 10.192 10.188 10.183 10.037 Yield
1:25+ 3.995 3.994 3.994 3.993 3.993 3.992 3.976 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.987 9.983 9.980 9.976 9.972 9.968 9.821 Yield
1:26 4.017 4.016 4.016 4.015 4.015 4.014 3.998 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.774 9.771 9.767 9.763 9.759 9.755 9.607 Yield
1:26+ 4.039 4.038 4.038 4.037 4.037 4.036 4.020 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.564 9.561 9.558 9.554 9.550 9.545 9.397 Yield
1:27 4.061 4.060 4.060 4.059 4.059 4.058 4.042 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.358 9.354 9.351 9.347 9.343 9.338 9.189 Yield
1:27+ 4.082 4.082 4.082 4.081 4.081 4.080 4.063 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
9.154 9.151 9.147 9.143 9.139 9.134 8.984 Yield
1:28 4.104 4.104 4.103 4.103 4.102 4.101 4.085 Duration
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, 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.
