<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) April 24, 1998
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (as depositor under the Pooling and
Servicing Agreement, dated as of May 1, 1998 providing for the issuance of
Chase Commercial Mortgage Securities Corp.'s Commercial Mortgage Pass- Through
Certificates, Series 1998-1)
Chase Commercial Mortgage Securities Corp.
(Exact name of registrant as specified in its charter)
New York 333-48395 13-3728743
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File No.) Identification No.)
380 Madison Avenue
New York, New York
(Address of Principal 10017-2951
Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 622-3510
<PAGE>
Item 5. Other Events
The Registrant registered issuances of Commercial Mortgage
Pass-Through Certificates on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933, as amended (the "Act"), by a Registration
Statement on Form S-3 (Registration File No. 333- 48395). Pursuant to a base
prospectus, dated April 23, 1998 and a prospectus supplement, subject to
completion, dated April 23, 1998, the Registrant plans to issue approximately
$736,074,976 in aggregate principal amount of its Commercial Mortgage
Pass-Through Certificates, Series 1998-1 (the "Certificates") on or about May
15, 1998. This Current Report on Form 8-K discloses the use of Computational
Materials (as defined in the Kidder Peabody Acceptance Corporation I, SEC
No-Action Letter, available May 24, 1994), Structural Term Sheets (as defined
in the Public Securities Association, SEC No-Action Letter, available February
17, 1995 (the "PSA Letter")) and Collateral Term Sheets (as defined in the PSA
Letter) by the underwriters in connection with the offering of the
Certificates. A copy of such Computational Materials, Structural Term Sheets
and Collateral Term Sheets is attached hereto as Exhibit 99.
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CHASE COMMERCIAL MORTGAGE
SECURITIES CORP.
By: /s/ Michael J. Malter
------------------------------
Name: Michael J. Malter
Title: President
Dated: April 27, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
99 Computational Materials, Structural Term Sheets and 5
Collateral Term Sheets, each as prepared by the under
writers in connection with the offering of the
Certificates
<PAGE>
New Issue - April, 1998 4/20/98
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
1998-1
$736.1MM Publicly Offered Certificates
Sequential Pay REMIC Classes
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Initial Aggregate Approx. Approx.
Certificate Approx. Approx. Weighted Principal Expected
Ratings Balance or Dollar Pass-Through Average Window Final
Class S&P/Moody's Notional Amount Price Rate Life* (yrs.)* Maturity
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA/Aaa $132,600,000 100-15 6.31% 5.09 0.09 - 8.51 8.51
- --------------------------------------------------------------------------------------------------------------------------------
A-2 AAA/Aaa 463,697,739 100-30+ 6.56% 9.66 8.51 - 10.01 10.01
- --------------------------------------------------------------------------------------------------------------------------------
P AAAr/Aaa 740,853 52-11 n/a** 10.01 10.01 - 10.01 10.01
- --------------------------------------------------------------------------------------------------------------------------------
X AAA/Aaa 817,120,231 4-28+ Variable*** 9.62 0.09 - 24.93 24.93
(Interest Only)
- --------------------------------------------------------------------------------------------------------------------------------
B AA/Aa2 32,714,443 100-07+ 6.56% 10.01 10.01 - 10.01 10.01
- --------------------------------------------------------------------------------------------------------------------------------
C A/A2 49,071,665 99-05+ 6.56% 10.01 10.01 - 10.01 10.01
- --------------------------------------------------------------------------------------------------------------------------------
D BBB/Baa2 44,982,360 96-23+ 6.56% 10.01 10.01 - 10.01 10.01
- --------------------------------------------------------------------------------------------------------------------------------
E BBB-/Baa3 12,267,916 94-11+ 6.56% 10.01 10.01 - 10.01 10.01
- --------------------------------------------------------------------------------------------------------------------------------
F Not Offered 36,803,749 N/A 6.56% 12.78 10.01 - 14.84 14.84
- --------------------------------------------------------------------------------------------------------------------------------
G Not Offered 8,178,611 N/A 6.56% 15.81 14.84 - 16.68 16.68
- --------------------------------------------------------------------------------------------------------------------------------
H Not Offered 18,401,874 N/A 6.56% 18.45 16.68 - 19.51 19.51
- --------------------------------------------------------------------------------------------------------------------------------
I Not Offered 4,089,305 N/A 6.56% 19.51 19.51 - 19.51 19.51
- --------------------------------------------------------------------------------------------------------------------------------
J Not Offered 14,312,569 N/A 6.56% 20.80 19.51 - 24.93 24.93
- --------------------------------------------------------------------------------------------------------------------------------
* Assuming no prepayments (other than on the Anticipated Repayment Date, if any), modifications, losses, extensions,
clean-up calls and that all Loans balloon at maturity or Anticipated Repayment Date.
- --------------------------------------------------------------------------------------------------------------------------------
** The Class P Certificates will not have a Pass-Through Rate and their holders will not be entitled to distributions of
interest.
- --------------------------------------------------------------------------------------------------------------------------------
*** The Pass-Through Rate on the Class X is equal to the excess, if any, of (i) the weighted average of the Net Mortgage Rates
of the Mortgage Loans (weighted on the basis of the aggregated Stated Principal Balances of the Mortgage Loans, less the
portion of the Discount Mortgage Loan allocated to the Class P Certificates), over (ii) the weighted average of the
Pass-Through Rates of the other Certificate (other than the Class P Certificates and the Residual Certificates).
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLOSING DATE: On or about May 15, 1998.
COLLATERAL: 78 Loans: approximately 28.32% retail, 21.28% office, 19.14%
hotel, 17.67% multifamily, 7.33% credit lease, 4.51% mixed
use, 1.46% industrial, 0.28% mobile home community.
LOAN SELLER: The Chase Manhattan Bank.
WA DSCR / LTV: 1.65x / 68.87% at the Cut-off Date (53.53% at Maturity).
CALL PROTECTION: 100% of the mortgages are protected by Lockout, Yield
Maintenance, and/or Prepayment Premiums to the extent
described herein.
SERVICER: The Chase Manhattan Bank.
SPECIAL SERVICER: CRIIMI MAE Services Limited Partnership.
UNDERWRITER: Chase Securities Inc.
CHASE SECURITIES INC.
Greg Murphy
(212) 834-3813
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITER LISTED ABOVE AND
NOT BY CHASE COMMERCIAL MORTGAGE SECURITIES CORP. ("CHASE") OR ANY OF ITS
AFFILIATES (OTHER THAN CHASE SECURITIES INC.). THE INFORMATION CONTAINED HEREIN
WILL BE SUPERSEDED IN ITS ENTIRETY BY THE DESCRIPTIONS OF THE MORTGAGE LOANS
AND THE OTHER INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND
PROSPECTUS.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
Table of Contents
PAGE
I SUBORDINATION LEVELS 1
II TRANSACTION SUMMARY 2
III CERTIFICATE STRUCTURE SUMMARY 3-5
IV MORTGAGE LOAN/COLLATERAL SUMMARY 6-9
V TEN LARGEST LOANS 10-11
VI PREPAYMENT PREMIUMS & YIELD MAINTENANCE 12-15
VII INDIVIDUAL MORTGAGE LOAN INFORMATION 16-18
VIII GEOGRAPHIC OVERVIEW MAP 19
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
1
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
SUBORDINATION LEVELS
Initial Initial Initial
Credit WA WA
Support(1) DSCR(1) LTV(1)
---------------------------------------
Class A-1 Class X
27.0% 2.26x 50.3% $132.6MM(1) $817.1MM
AAA/Aaa(2) (notional)
------------- ------- AAAr/Aaa
--------------------
Class A-2
27.0% 2.26x 50.3% $463.7MM(1)
AAA/Aaa(2)
--------------------
-------------------- ------------- ---
Class P
27.0% 2.26x 50.3% $0.7MM(1) n/a
AAAr/Aaa(2)
-------------------- ------------- ---
--------------------
Class B
23.0% 2.14x 53.1% $32.7MM(1)
AA/Aa2(2)
--------------------
--------------------
Class C
17.0% 1.99x 57.2% $49.1MM(1)
A/A2(2)
--------------------
--------------------
Class D
11.5% 1.86x 61.0% $45.0MM(1)
BBB/Baa2(2)
--------------------
--------------------
Class E
10.0% 1.83x 62.0% $12.3MM(1)
BBB-/Baa3(2)
--------------------
--------------------
Non-Offered
- 1.65x 68.9% Certificates
$81.8MM(1)
(not offered by
the Prospectus)
-------------------- -----------------
(1)-All percentages, ratios and class sizes are approximate.
(2)-S&P/Moody's
CHASE SECURITIES INC.
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITER LISTED ABOVE,
AND NOT BY CHASE COMMERCIAL MORTGAGE SECURITIES CORP. ("CHASE") OR ANY OF ITS
AFFILIATES (OTHER THAN CHASE SECURITIES INC.). THE INFORMATION CONTAINED HEREIN
WILL BE SUPERSEDED IN ITS ENTIRETY BY THE DESCRIPTIONS OF THE MORTGAGE LOANS
AND THE OTHER INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND
PROSPECTUS.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
2
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
TRANSACTION SUMMARY
DEPOSITOR: Chase Commercial Mortgage Securities Corp.
OFFERED CERTIFICATES: Class A-1 and Class A-2 (together the "Class A
Certificates"), Class P, Class X, Class B, Class
C, Class D, Class E.
LOAN SELLER: The Chase Manhattan Bank.
RATING AGENCIES: Standard & Poor's Ratings Services ("S&P") /
Moody's Investors Service ("Moody's").
LEGAL STRUCTURE: Sequential pay REMIC classes rated AAA through
BBB- offered.
CUT-OFF DATE: May 1, 1998 (or with respect to 18 Mortgage
Loans, May 10, 1998).
CLOSING DATE: On or about May 15, 1998.
DISTRIBUTION DATE: Monthly on the 18th or the next business day.
The first Distribution Date will occur on June
18, 1998.
DELAY DAYS: 17.
SERVICER: The Chase Manhattan Bank.
SPECIAL SERVICER: CRIIMI MAE Services Limited Partnership.
TRUSTEE: State Street Bank and Trust Company.
ERISA: Classes A-1, A-2, P and X may qualify for
certain exemptions from the plan asset rules of
ERISA.
SMMEA ELIGIBILITY: The Class A-1, A-2, P, X, and B Certificates are
SMMEA eligible, for so long as the Mortgage
Loans are secured by liens on real property.
OPTIONAL TERMINATION: 1% Clean-Up Call.
CERTIFICATE REGISTRATION: Holders of Offered Certificates may hold their
certificates through the DTC in the United
States and Cedel Bank, S.A and the Euroclear
system in Europe.
PRICING SPEED: 0% CPR (assuming the Anticipated Repayment Date
("ARD") Loan prepays on its Anticipated
Repayment Date).
UNDERWRITER: Chase Securities Inc.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
3
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY
CLASS P CERTIFICATES: Mortgage Loans that have a Net Mortgage Rate below
the highest Pass-Through Rate are referred to as
Discount Mortgage Loans. Class P Certificateholders
will generally be entitled to receive principal
payments in an amount equal to the principal
payments from Discount Mortgage Loans according to
the Class P Principal Distribution Amount. Class P
Certificateholders are not entitled to distributions
of interest.
See pages S-38 and S-74 of the preliminary
Prospectus Supplement.
PREPAYMENT PREMIUMS 100% of the Mortgage Loans generally have some form
AND CHARGES: of protection against voluntary prepayment during
their terms. 46.16% are locked out until within one
month of their respective maturity dates (or, with
respect to the ARD Loan, the Anticipated Repayment
Date). The remaining 53.84% have varying periods of
Lockout, Yield Maintenance and/or Prepayment
Premiums until a specified period of time (generally
between three and 12 months) immediately prior to
their respective maturity dates during which there
are no restrictions on voluntary prepayment.
See page S-47 of the preliminary Prospectus
Supplement.
DEFEASANCE: The terms of 46.16% of the Mortgage Loans grant the
related borrower the option at any time after the
greater of a specified period, which is generally
the greater of three years after origination or two
years from the Closing Date, to obtain the release
of the lien of the Mortgage on the related Mortgaged
Property by substituting for such Mortgaged
Property, as collateral for the related Mortgage
Note, U.S. Treasury securities which provide for
payments on or prior to each Due Date and the
maturity date or Anticipated Repayment Date, as the
case may be, of amounts at least equal to the
amounts which would have been payable on each such
date under the terms of the related Mortgage Loan.
See page S-52 of the preliminary Prospectus
Supplement.
REPRESENTATIONS AND The Mortgage Loan Seller will make certain
WARRANTIES: representations and warranties with respect to each
Mortgage Loan.
See page S-63 of the preliminary Prospectus
Supplement.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
4
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY (CONTINUED)
DISTRIBUTION OF The Available Distribution Amount will be applied as
PRINCIPAL AND follows: (first) pro rata, accrued and unpaid
INTEREST: interest to the Class A-1, A-2 and Class X
Certificates; (second) pro rata, (i) principal to
the Class P Certificates, in amount equal to the
Class P Principal Distribution Amount until the
Certificate Balance of such Class is reduced to
zero, (ii) principal to the Class A Certificates in
reduction of their Certificate Balances an amount
equal to the Principal Distribution Amount less the
Class P Principal Distribution Amount: first to the
Class A-1 Certificates, then to the Class A-2
Certificates in each case until their respective
principal balances have been reduced to zero
(provided that the Class B Certificates remain
outstanding, otherwise, pro rata); (third) pro rata,
Collateral Support Deficit payments to the Class P,
Class A-1 and Class A-2 Certificates, until all
unreimbursed amounts thereof allocated to such
certificates have been reimbursed in full; (fourth)
accrued and unpaid interest to the Class B
Certificates; (fifth) principal to the Class B
Certificates until the Class B Certificate Balance
has been reduced to zero; (sixth) pro rata,
Collateral Support Deficit to the Class B
Certificates, until all unreimbursed amounts thereof
allocated to such certificates have been reimbursed
in full; and (seventh) distributions of interest and
then principal sequentially to the Class C through J
Certificates in the same manner as the Class B
Certificates described above.
See page S-70 of the preliminary Prospectus
Supplement.
ALLOCATION OF LOSSES: Losses from any Mortgage Loan will generally be
allocated in reverse alphabetical order starting
with Class J. Any losses allocable to the Class A-1,
A-2 and P Certificates will be allocated pro rata.
See page S-77 of the preliminary Prospectus
Supplement.
SERVICER ADVANCING: The Servicer will be required to make (i) P & I
Advances (excluding principal Balloon Payments and
any excess interest from ARD Loans) and (ii)
Servicing Advances through liquidation of a Mortgage
Loan, unless such Advances are determined by the
Servicer to be Nonrecoverable Advances, and, in the
case of P & I Advances, subject to the effect of any
Appraisal Reductions that may occur.
See page S-81 of 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
events. An Appraisal Reduction may result, which
would have the effect of reducing the amount of P &
I Advances made by the Servicer and the voting
rights of the most subordinate Class of Certificates
then outstanding.
See page S-82 of the preliminary Prospectus
Supplement.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
5
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY (CONTINUED)
REPORTS TO On each Distribution Date, the Paying Agent will
CERTIFICATEHOLDERS: furnish to each holder of a Certificate, the
Trustee, the Underwriter, the Special Servicer and a
certain financial market publisher (which is
anticipated to initially be Bloomberg, L.P.), if
any, a statement setting forth, among other things:
(i) distributions of principal, interest and
prepayment premiums on each Class of Certificates;
(ii) the amount of P & I Advances, (iii) outstanding
Mortgage Loan and Certificate Balances; (iv)
delinquency and prepayment data; and (v) the amount
of any Appraisal Reductions.
The Servicer will provide quarterly to a financial
market publisher, which is initially anticipated to
be Bloomberg, L.P., with certain current information
with respect to the Mortgaged Properties, including
current and original net operating income, debt
service coverage ratios based upon borrowers' annual
operating statements and occupancy rates, to the
extent the Servicer has received such information
from the borrowers pursuant to the related Mortgage
Loan documents. Certificateholders may, at their own
expense, obtain the same information from the
Servicer by request.
See page S-84 of the preliminary Prospectus
Supplement.
SPECIAL SERVICER When a Mortgage Loan is more than 60 days
RESPONSIBILITIES: delinquent, or upon the occurrence of certain other
events, the Servicer will transfer its servicing
responsibilities to the Special Servicer. Material
loan extensions and modifications will be carried
out by the Special Servicer regardless of the
occurrence of a servicing transfer event. The
Special Servicer has the flexibility to modify
Loans, subject to the Servicing Standards set forth
in the Pooling and Servicing Agreement and subject
to certain other limitations described therein.
See page S-88 of the preliminary Prospectus
Supplement.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
6
MORTGAGE LOAN/COLLATERAL SUMMARY
MORTGAGE POOL: The Mortgage Pool will consist of 56 commercial,
21 multifamily and 1 mobile-home community
fixed-rate Mortgage Loans with an Initial Pool
Balance of approximately $817,861,084. See pages
6 through 8 for more information on the Mortgage
Loans. All statistics presented below and on the
following pages are approximate and are based on
the assumed composition of the mortgage pool.
CUT-OFF BALANCE: $817,861,084.
AVERAGE LOAN SIZE: $10,485,399.
WA COUPON: 7.31%.
WA DSC: 1.65X.
WA LTV AT CUT-OFF: 68.87%.
WA LTV AT MATURITY: 53.53%.
PROPERTY LOCATIONS: 106 properties located in 23 states with the
largest concentrations in New York (18.58%),
California (15.66%), Texas (14.14%) and
Massachusetts (12.47%).
LARGEST LOANS: The largest mortgage loan represents
approximately 13.87% of the Initial Pool
Balance; the three largest Mortgage Loans
represent 24.86%; the ten largest Mortgage Loans
represent 43.39%.
SPONSOR CONCENTRATIONS: There are no sponsor concentrations in excess of
5% of the Initial Pool Balance.
REMAINING TERMS TO Approximately 12.41% of the Mortgage Loans have
MATURITY: remaining terms to maturity/ARD varying between
57-112 months, 27.27% of the Mortgage Loans have
remaining terms to maturity/ARD varying between
113-116 months, 47.37% of the Mortgage Loans have
remaining terms to maturity/ARD varying between
117-120 months, 2.86% of the Mortgage Loans have
remaining terms to maturity/ARD varying between
121-180 months, and the remaining 10.10% of the
Mortgage Loans have remaining terms to
maturity/ARD varying between 181-299 months.
WA REMAINING Approximately 130 months.
LOAN MATURITY:
BALLOON PAYMENTS: Approximately 93.67% of the Mortgage Loans
require balloon payments at maturity or on
the Anticipated Repayment Date; the remaining
6.33% of the Mortgage Loans are fully amortizing.
INTEREST ACCRUAL PERIOD: Approximately 49.26% of the Mortgage Loans
accrue interest on an actual/360 basis; the
remaining 50.74% of the Mortgage Loans accrue
interest on a 30/360 basis.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
7
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
TYPE OF MORTGAGED PROPERTIES
----------------------------
<TABLE>
<CAPTION>
PROPERTY NUMBER OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
TYPE PROPERTIES BALANCE POOL BALANCE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Anchored Retail 21 $198,757,438 24.30%
Office 12 174,024,190 21.28
Hotel 12 156,514,567 19.14
Multifamily 24 144,538,757 17.67
Credit Lease 23 59,957,322 7.33
Mixed Use 2 36,882,443 4.51
Unanchored Retail 4 17,763,796 2.17
Single Tenant Retail 5 15,166,285 1.85
Industrial 2 11,958,171 1.46
Mobile Home 1 2,298,115 0.28
- ---------------------------------------------------------------------------------------------------
TOTAL 106 $817,861,084 100%
</TABLE>
MORTGAGE PROPERTIES BY STATE
----------------------------
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
STATE PROPERTIES BALANCE POOL BALANCE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York 8 $151,951,118 18.58%
California 18 128,048,578 15.66
Texas 24 115,654,761 14.14
Massachusetts 10 102,006,302 12.47
Ohio 5 63,693,910 7.79
New Jersey 3 36,787,081 4.50
Pennsylvania 4 25,096,552 3.07
Illinois 3 24,450,893 2.99
Georgia 4 24,185,692 2.96
14 Other States 27 145,986,197 17.84
- ---------------------------------------------------------------------------------------------------
TOTAL 106 $817,861,084 100%
</TABLE>
RANGE OF MORTGAGE RATES AS OF THE CUT-OFF DATE
----------------------------------------------
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
MORTGAGE RATES LOANS / PROPERTIES BALANCE POOL BALANCE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
6.430% to 6.749% 1 / 1 $60,000,000 7.34%
6.750% to 6.999% 8 / 16 201,465,985 24.63
7.000% to 7.249% 29 / 49 247,727,915 30.29
7.250% to 7.499% 15 / 15 97,344,790 11.90
7.500% to 7.999% 11 / 11 109,711,103 13.41
8.000% to 8.499% 9 / 9 42,685,620 5.22
8.500% to 9.500% 5 / 5 58,925,671 7.20
- ---------------------------------------------------------------------------------------------------
TOTAL 78 / 106 $817,861,084 100%
</TABLE>
THE WEIGHTED AVERAGE MORTGAGE RATE AS OF THE CUT-OFF DATE IS 7.31%.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
8
RANGE OF CUT-OFF DATE BALANCES
------------------------------
<TABLE>
<CAPTION>
RANGE OF NUMBER AGGREGATE PERCENTAGE OF
CUT-OFF DATE OF LOANS/ CUT-OFF DATE INITIAL POOL
BALANCES PROPERTIES BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------
<C> <C> <C> <C>
$ 887,919 to $ 4,000,000 20 / 21 $51,322,083 6.28%
4,000,001 to 8,000,000 28 / 28 176,042,299 21.52
8,000,001 to 12,000,000 11 / 20 111,001,726 13.57
12,000,001 to 18,000,000 10 / 17 142,342,674 17.40
18,000,001 to 30,000,000 7 / 10 163,721,244 20.02
30,000,001 to 60,000,000 1 / 1 60,000,000 7.34
60,000,001 to 113,431,059 1 / 9 113,431,059 13.87
- ---------------------------------------------------------------------------------------------------
TOTAL 78 / 106 $817,861,084 100%
</TABLE>
THE AVERAGE CUT-OFF DATE BALANCE IS $10,485,399.
RANGE OF DEBT SERVICE COVERAGE RATIOS AS OF THE CUT-OFF DATE
------------------------------------------------------------
<TABLE>
<CAPTION>
RANGE OF NUMBER OF LOANS/ AGGREGATE CUT-OFF DATE PERCENTAGE OF
DSCR'S PROPERTIES BALANCE INITIAL POOL BALANCE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.0000x to 1.1999x* 9 / 25 $66,840,593 8.17%
1.2000x to 1.2999x 11 / 11 109,226,204 13.36
1.3000x to 1.3999x 27 / 31 210,513,603 25.74
1.4000x to 1.4999x 18 / 18 131,580,282 16.09
1.5000x to 1.9999x 10 / 10 120,773,740 14.77
2.0000x to 2.9450x 3 / 11 178,926,661 21.88
- ---------------------------------------------------------------------------------------------------
TOTAL 78 / 106 $817,861,084 100%
</TABLE>
* 7 of such Mortgage Loans are Credit Lease loans.
THE WEIGHTED AVERAGE DSCR AS OF THE CUT-OFF DATE IS 1.65X.
RANGE OF LTV RATIOS AS OF THE CUT-OFF DATE
------------------------------------------
<TABLE>
<CAPTION>
RANGE OF NUMBER OF LOANS/ AGGREGATE CUT-OFF DATE PERCENTAGE OF
LTV RATIOS PROPERTIES BALANCE INITIAL POOL BALANCE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
47.90% to 49.99% 1 / 9 $113,431,059 13.87%
50.00% to 59.99% 5 / 5 72,792,496 8.90
60.00% to 69.99% 13 / 13 151,836,870 18.57
70.00% to 73.33% 12 / 12 128,982,218 15.77
73.34% to 76.66% 26 / 27 185,312,820 22.66
76.67% to 79.99% 14 / 17 105,548,298 12.91
80.00% to 99.48% 7 / 23 59,957,322 7.33
- ---------------------------------------------------------------------------------------------------
TOTAL 78 / 106 $817,861,084 100%
</TABLE>
THE WEIGHTED AVERAGE LTV AS OF THE CUT-OFF DATE IS 68.87%.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
9
MORTGAGE LOAN/COLLATERAL SUMMARY (CONTINUED)
RANGE OF LTV RATIOS AS OF THE MORTGAGE LOAN MATURITY DATES
----------------------------------------------------------
<TABLE>
<CAPTION>
RANGE OF MATURITY NUMBER OF LOANS/ AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
LTV RATIOS PROPERTIES BALANCE POOL BALANCE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00% to 39.99% 10 / 19 $178,079,632 21.77%
40.00% to 49.99% 4 / 20 43,858,812 5.36
50.00% to 59.99% 14 / 14 141,202,818 17.26
60.00% to 63.33% 11 / 11 159,558,798 19.51
63.34% to 66.66% 20 / 20 122,591,239 14.99
66.67% to 69.99% 12 / 15 135,041,453 16.51
70.00% to 73.04% 7 / 7 37,528,333 4.59
- --------------------------------------------------------------------------------------------------------
TOTAL 78 / 106 $817,861,084 100%
</TABLE>
THE WEIGHTED AVERAGE LTV AS OF THE MATURITY DATE IS 53.53%.
RANGE OF REMAINING TERM IN MONTHS*
----------------------------------
<TABLE>
<CAPTION>
RANGE OF REMAINING NUMBER OF MORTGAGE LOANS AGGREGATE CUT-OFF DATE PERCENTAGE OF INITIAL
TERMS (MOS.) / PROPERTIES BALANCE POOL BALANCE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
57 to 72 1 / 1 $7,730,831 0.95%
73 to 108 4 / 4 41,013,128 5.01
109 to 112 8 / 8 52,749,874 6.45
113 to 116 13 / 21 222,994,375 27.27
117 to 120 39 / 42 387,382,342 47.37
121 to 180 2 / 2 23,385,846 2.86
181 to 299 11 / 28 82,604,688 10.10
- --------------------------------------------------------------------------------------------------------
TOTAL 78 / 106 $817,861,084 100%
</TABLE>
* Calculated with respect to the Anticipated Repayment Date for the ARD Loan.
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY AS
OF THE CUT-OFF DATE IS 130 MONTHS.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
10
<TABLE>
<CAPTION>
TEN LARGEST MORTGAGE LOANS
WEIGHTED AVERAGES
-----------------------------------------------------------------
AGGREGATE PERCENTAGE OF STATED CUT-OFF LTV RATIO AT
CUT-OFF DATE INITIAL POOL MORTGAGE REMAINING DATE LTV MATURITY*
PROPERTY NAME BALANCE BALANCE RATE TERM (MO.)* DSCR RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Embassy Suites $113,431,059 13.87% 6.99% 116 2.40x 47.90% 38.59%
330 Madison Avenue 60,000,000 7.34 6.52 120 2.90 60.00 60.00
Franklin Village Shopping Center 29,889,497 3.65 7.60 115 1.23 76.64 67.03
G & K Portfolio I 27,000,000 3.30 7.14 120 1.31 78.15 68.55
Hamptons Apartments 25,978,049 3.18 6.85 119 1.77 72.56 62.22
55 West 47th Street 22,969,516 2.81 7.36 118 1.46 57.42 50.73
740-744 Broadway 21,000,000 2.57 6.94 120 1.95 58.17 50.77
Ingram Festival Shopping Center 18,798,584 2.30 7.74 114 1.25 79.66 69.92
Waterfront I & II 18,085,597 2.21 7.15 120 1.26 71.91 63.03
Delco Plaza 17,700,000 2.16 6.83 120 1.36 73.29 63.77
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE $354,852,303 43.39% 7.02% 118 2.00x 61.87% 54.28%
</TABLE>
* Calculated with respect to the Anticipated Repayment Date for the Embassy
Suites Loan.
DESCRIPTION:
Embassy Suites (13.87% of Initial Pool Balance) The Embassy Suites loan is
secured by nine Embassy Suites hotels located in seven states (CA, GA, IL, KS,
TX, NJ, NC) with a total of 2,173 suites in all. The opening dates of the
various hotels range from 1979 - 1990. The principals of the Borrower are
FelCor Suites Hotel, Inc. and Promus Hotel Inc., a wholly-owned subsidiary of
Promus Hotel Corporation, both of whose stock is listed on the New York Stock
Exchange. All of the hotels are operated under the Embassy Suites Flag.
330 Madison Avenue (7.34% of IPB) 330 Madison Avenue is a 41-story, class
A-office building built in 1963 which occupies the entire block front on the
west side of Madison Avenue between 42nd and 43rd Streets, one block west of
Grand Central Terminal in midtown Manhattan, New York. The building contains
771,016 gross rentable square feet, including 55,843 rentable square feet of
retail. Major tenants include Citibank, BDO Seidman, Bank Julius Baer,
Continental Grain and NY Marine Insurance. 330 Madison Avenue was 97% occupied
as of February 2, 1998.
Franklin Village Shopping Center (3.65% of IPB) Franklin Village Shopping
Center was built in 1987 and contains 280,301 net rentable square feet
consisting of: a two-story community shopping center with ground floor retail
space and second floor office space; and a three-story office building. The
property is located on the south side of Route 140 in the town of Franklin, MA
at the intersection of Routes 140 and I-495. Franklin Village Shopping Center
was 99% occupied as of August 14, 1997.
G & K Portfolio I (3.30% of IPB) The G&K Portfolio I consists of four
multifamily properties built between 1972 and 1975 and all renovated in 1997.
All four of the properties are located in California. The portfolio contains
500 units situated in one- to three-story buildings as follows: South San
Francisco, CA (160 units, 97% occupied as of December 31, 1997); Santa Fe
Springs, CA (134 units, 93% occupied as of December 31, 1997); Los Angeles, CA
(120 units, 94% occupied as of December 31, 1997); and Santa Clara, CA (86
units, 95% occupied as of September 30, 1997).
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
11
TEN LARGEST MORTGAGE LOANS (CONTINUED)
Hamptons Apartments (3.18% of IPB) Hampton Apartments is a 634-unit multifamily
complex consisting of five buildings, tennis court, fitness facility,
clubhouse, indoor and outdoor swimming pool, covered parking, and laundry
facilities. The property is situated on a 19.83 acre site in Beachwood, Ohio
approximately 12 miles east of Cleveland. The property was originally
constructed in 1969 and has undergone extensive periodic remodeling, with the
most recent renovations taking place from 1996 to 1998. Hampton Apartments was
92% occupied as of December 31, 1997.
55 West 47th Street (2.81% of IPB) 55 West 47th Street is a 13-story (including
basement and mezzanine) office/showroom building located on West 47th Street
between Fifth and Sixth Avenues in midtown Manhattan, New York. The building
contains 93,138 net rentable square feet and is comprised of a 3-level retail
"Diamond Exchange" (23,573 net rentable square feet), office space (58,772 net
rentable square feet) and 12 residential apartments. The property was
originally constructed in 1963 for mixed use retail, office and residential and
was renovated in 1988. 55 West 47th Street was 97% occupied as of December 1,
1997.
740-744 Broadway (2.57% of IPB) 740-744 Broadway is an office complex
consisting of four buildings, all of which are physically contiguous and
operates as a single economic entity. The four buildings combined contain
313,073 of net rentable square feet which includes 1,000 net rentable square
feet of basement storage space, 6,132 net rentable square feet of below-grade
retail space, 61,800 net rentable square feet of ground floor retail space and
244,141 net rentable square feet of office and loft space on the upper levels.
The property has frontage on Astor Place and Lafayette Street in downtown
Manhattan, New York. The largest tenant is Barnes & Noble with 32,000sf or
10.2% of the building. The building was originally constructed in the early
1900's as industrial lofts and was later renovated for office use in the late
1970's. 740-744 Broadway was 99.5% occupied as of March 1, 1998.
Ingram Festival Shopping Center (2.30% of IPB) Ingram Festival Shopping Center
is a community shopping center situated on a 22.44 acre site in San Antonio,
Texas. The property contains 219,544 net rentable square feet in the aggregate,
consisting of one building containing 202,579 net rentable square feet and
three outparcels containing 16,975 net rentable square feet in total. The
property was built in 1995. The property contains 15 tenants including such
anchors as Barnes & Noble, Best Buy, J.C. Penney's and Marshalls. Ingram
Festival Shopping Center was 95% occupied as of August, 1997.
Waterfront I & II (2.21% of IPB) Waterfront I & II is an office property
comprised of two office buildings located in the Old Town section of
Alexandria, Virginia. Waterfront I & II are adjacent buildings containing
146,044 net rentable square feet in the aggregate and share a common parking
garage. Waterfront I contains 55,989 net rentable square feet, was built in
1972 and later renovated in 1989. Waterfront II contains 90,055 net rentable
square feet, was built in 1986 and later renovated in 1997. Waterfront I & II
were both 100% occupied as of February 2, 1998.
Delco Plaza (2.16% of IPB) Delco Plaza is a one-story community center
containing 141,588 net rentable square feet located in Hicksville, NY. The
property was built in 1984 and renovated in 1989. The facility is anchored by
Annie Sez, CVS Pharmacy, Ethan Allen and King Kullen. Delco Plaza was 97%
occupied as of October 14, 1997.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
12
PREPAYMENT PREMIUMS AND YIELD MAINTENANCE CHARGES
RESTRICTIONS:
100% of the Mortgage Loans generally have protection against voluntary
prepayment during their terms. 46.16% are locked out until their respective
maturity dates (or, with respect to ARD Loans, the Anticipated Repayment Date).
The remaining 53.84% have varying periods of Lockout, Yield Maintenance and/or
Prepayment Premiums until a specified period of time (generally between three
and twelve months) immediately prior to their respective maturity dates during
which there are no restrictions on voluntary prepayment.
ALLOCATION OF PREMIUMS AND CHARGES:
Prepayment Premiums: 25% of Prepayment Premiums will be allocated on any
Distribution Date, to the Class A, B, C, D and E Certificateholders based
on principal distributed to such Class on such Distribution Date. Only
Classes A, B, C, D and E will receive this distribution. All remaining
amounts of Prepayment Premiums will be distributed to Class X. Please see
page S-78 of the preliminary Prospectus Supplement for a description of the
allocation of Prepayment Premiums.
Yield Maintenance Charges: Substantially all Yield Maintenance Charges are
calculated flat to Treasuries. The fraction of Yield Maintenance Charges
distributed to each eligible principal paying bond class (Class A, B, C, D
and E Certificates) is defined by:
(a) The principal distributed to each such class divided by the total
principal distributed to all classes of Certificates
multiplied by
(b) (Bond Coupon - Treasury Rate) / (Mortgage Rate-Treasury Rate),
where (b) is not to exceed 1.0, and where the Treasury Rate is the
appropriate Treasury yield used to calculate the Yield Maintenance Charge.
This fraction is multiplied by the Yield Maintenance Charge, to determine
the amount allocated among the Class A, B, C, D, and E Certificates,
whichever are currently receiving principal on the Distribution Date. Class
X will receive the remainder of any Yield Maintenance Charges.
Please see page S-77 of the preliminary Prospectus Supplement for a
description of the allocation of Yield Maintenance Charges.
The following table and graph summarizes the amounts and percentages of the
Pool Balance which are subject to a Lockout Period, Yield Maintenance Charge or
Prepayment Premium on an annual basis over the life of the Trust (assuming no
loan prepayments, modifications, defaults or extensions).
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
13
PERCENTAGE OF REMAINING POOL BALANCE SUBJECT TO PREPAYMENT RESTRICTIONS
(AMOUNTS EXPRESSED IN MILLIONS OF DOLLARS)
<TABLE>
<CAPTION>
IPB Outstanding Prepayment Restrictions Applicable to UPB Outstanding
on Each Anniversary of the Cut-off Date
- --------------------------------------------------------------------------------------------------------------------------------
Yield Maintenance Prepayment Prepayable Without
Initial Amount of IPB Outstanding Lockout Charges Premiums Premium or Charge
Pool IPB
Date Balance Matured Amount % IPB Amount % UPB Amount % UPB Amount % UPB Amount % UPB
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5/10/98 817.9 0.0 817.9 100% 817.9 100.0% 0.0 0.0% 0.0 0.0% 0 0.0%
5/10/99 817.9 8.9 809.0 99% 809.0 100.0% 0.0 0.0% 0.0 0.0% 0 0.0%
5/10/00 817.9 18.5 799.4 98% 760.5 95.1% 36.6 4.6% 2.3 0.3% 0 0.0%
5/10/01 817.9 28.8 789.0 96% 445.8 56.5% 341.0 43.2% 2.3 0.3% 0 0.0%
5/10/02 817.9 40.0 777.9 95% 419.4 53.9% 356.3 45.8% 2.2 0.3% 0 0.0%
5/10/03 817.9 59.3 758.6 93% 389.2 51.3% 367.2 48.4% 2.2 0.3% 0 0.0%
5/10/04 817.9 72.0 745.8 91% 368.2 49.4% 375.5 50.3% 2.2 0.3% 0 0.0%
5/10/05 817.9 109.9 708.0 87% 361.9 51.1% 344.0 48.6% 2.1 0.3% 0 0.0%
5/10/06 817.9 124.3 693.6 85% 343.8 49.6% 347.6 50.1% 2.1 0.3% 0 0.0%
5/10/07 817.9 152.6 665.3 81% 336.7 50.6% 278.5 41.9% 0.0 0.0% 50.1 7.5%
5/10/08 817.9 739.8 78.1 10% 36.7 47.0% 41.3 53.0% 0.0 0.0% 0 0.0%
5/10/09 817.9 744.4 73.4 9% 35.1 47.9% 38.3 52.1% 0.0 0.0% 0 0.0%
5/10/10 817.9 749.4 68.4 8% 33.5 48.9% 35.0 51.1% 0.0 0.0% 0 0.0%
5/10/11 817.9 754.8 63.1 8% 31.6 50.1% 31.5 49.9% 0.0 0.0% 0 0.0%
5/10/12 817.9 760.5 57.3 7% 29.7 51.8% 27.7 48.2% 0.0 0.0% 0 0.0%
5/10/13 817.9 773.6 44.2 5% 20.2 45.6% 24.1 54.4% 0.0 0.0% 0 0.0%
5/10/14 817.9 778.4 39.4 5% 18.4 46.7% 21.0 53.3% 0.0 0.0% 0 0.0%
5/10/15 817.9 783.6 34.3 4% 16.5 48.2% 17.7 51.8% 0.0 0.0% 0 0.0%
5/10/16 817.9 788.6 29.2 4% 14.5 49.5% 14.8 50.5% 0.0 0.0% 0 0.0%
5/10/17 817.9 791.4 26.4 3% 13.8 52.2% 12.3 46.4% 0.0 0.0% 0.4 1.4%
5/10/18 817.9 811.9 6.0 1% 0.0 0.0% 6.0 100.0% 0.0 0.0% 0 0.0%
5/10/19 817.9 813.0 4.9 1% 0.0 0.0% 4.9 100.0% 0.0 0.0% 0 0.0%
5/10/20 817.9 814.2 3.7 0% 0.0 0.0% 3.7 100.0% 0.0 0.0% 0 0.0%
5/10/21 817.9 815.4 2.4 0% 0.0 0.0% 2.4 100.0% 0.0 0.0% 0 0.0%
5/10/22 817.9 816.8 1.0 0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 1 100.0%
5/10/23 817.9 817.9 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, "UPB" means aggregate unpaid principal balance of all Mortgage
Loans.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
14
PREPAYMENT PROTECTION ON THE MORTGAGE LOANS
(DOLLAR AMOUNTS EXPRESSED IN MILLIONS)
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
[CHART]
* 5/2008 represents the approximate close of the principal window for the
Class E Certificates.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
15
PREPAYMENT RESTRICTIONS IN EFFECT AS OF THE CUT-OFF DATE
--------------------------------------------------------
<TABLE>
<CAPTION>
ORIGINAL PERCENTAGE
TERM TO NUMBER AGGREGATE OF LOCKOUT
MATURITY/ OF CUT-OFF DATE INITIAL PERIOD YIELD MAINTENANCE CHARGE OR PREPAYMENT
ARD (MOS.) LOANS BALANCE POOL BALANCE (MOS.) PREMIUM DESCRIPTION
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
60 1 $7,730,831 0.95% 56 Defeasance
84 3 26,481,474 3.24% 23-35 > of (i) 1% OF UPB or (ii) Yield Maintenance
120 1 2,340,993 0.29% 23 5%,5%,4%,4%,3%,2% and 1% of UPB
120 1 8,000,000 0.98% 23 > of (i) 2% OF UPB or (ii) Yield Maintenance
120 13 319,864,004 39.11% 113-116 Defeasance
121 1 18,085,597 2.21% 114 Defeasance
120-130 45 329,367,651 40.27% 35-47 > of (i) 1% OF UPB or (ii) Yield Maintenance
180 2 23,385,846 2.86% 47-71 > of (i) 1% OF UPB or (ii) Yield Maintenance
216 2 16,226,547 1.98% 95 > of (i) 1% OF UPB or (ii) Yield Maintenance
240 3 17,894,240 2.19% 59 > of (i) 1% OF UPB or (ii) Yield Maintenance
240 3 31,869,043 3.90% 239 Defeasance
300 1 4,753,127 0.58% 71 > of (i) 1% OF UPB or (ii) Yield Maintenance
300 2 11,861,733 1.45% 179 > of (i) 1% OF UPB or (ii) Yield Maintenance
---------------------------------------
TOTALS: 78 $817,861,084 100.00%
</TABLE>
[TABLE RESTUBBED FROM ABOVE]
<TABLE>
<CAPTION>
YIELD
MAINTENANCE PREPAYMENT
CHARGES PREMIUMS
ORIGINAL ------------- -----------
TERM TO FREELY
MATURITY/ BEGIN END AND/OR BEGIN END PREPAYABLE
ARD (MOS.) MONTH MONTH MONTH MONTH DURING LAST(1)
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
60 N/A N/A N/A N/A 4 mos.
84 24-36 80 N/A N/A 4 mos.
120 N/A N/A 24 107 13 mos.
120 24 114 N/A N/A 6 mos.
120 N/A N/A N/A N/A 1-7 mos.
121 N/A N/A N/A N/A 7 mos.
120-130 36-48 113-126 N/A N/A 4 mos.
180 48-72 176 N/A N/A 4 mos.
216 96 212 N/A N/A 4 mos.
240 60 227-236 N/A N/A 4-13 mos.
240 N/A N/A N/A N/A 1 mos.
300 72 287 N/A N/A 13 mos.
300 180 288 N/A N/A 12 mos.
</TABLE>
As used above, "Lockout Period", "Begin Month" and "End Month" are
measured in monthly payments.
As used above, "N/A" means not applicable.
As used above, "ARD" means Anticipated Repayment Date.
As used above, "UPB" means Unpaid Principal Balance.
(1) Number of months prior to maturity date or Anticipated
Repayment Date, as applicable.
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
16
INDIVIDUAL MORTGAGE LOAN INFORMATION
<TABLE>
<CAPTION>
# of
ID Deal Name City St. Property Type Prop Occ
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 1900 Northern Boulevard Manhasset NY Anchored Retail 1 100%
2 299 Broadway New York NY Office 1 89%
3 330 Madison Avenue New York NY Office 1 97%
4 3937 Campus Drive Pontiac MI Office 1 100%
5 460 Ward Drive Santa Barbara CA Office 1 86%
6 55 West 47th Street New York NY Mixed-Use 1 97%
7 560 Broadway New York NY Office 1 100%
8 7 - 11 Audubon Road Wakefield MA Office 1 100%
9 740- 744 Broadway New York NY Office 1 100%
10 801 and 949 East Erie Avenue Philadelphia PA Industrial 1 97%
11 905 East Golf Road Schaumburg IL Anchored Retail 1 100%
12 Alum Rock Plaza San Jose CA Unanchored Retail 1 100%
13 Baymeadows Festival Shopping Ctr. Jacksonville FL Unanchored Retail 1 95%
14 Beachwestern Commons Fort Worth TX Anchored Retail 1 100%
15 Berlin Circle Plaza Berlin NJ Anchored Retail 1 98%
16 Blockbuster & Frazee Paint Henderson NV Single Tenant Retail 2 100%
17 Brazos Park Apartments Waco TX Multifamily 1 92%
18 Builder's Square Saginaw MI Single Tenant Retail 1 100%
19 Canton Shopping Center Canton MI Anchored Retail 1 99%
20 Centre Structured Trust 10 Multiple Multiple Credit Lease 8 100%
21 Centre Structured Trust 3 Multiple Multiple Credit Lease 6 100%
22 Centre Structured Trust 6 Multiple Multiple Credit Lease 5 100%
23 Cobblestone Grove Apartments Fairfield OH Multifamily 1 90%
24 Columbia Wellness Center Framingham MA Office 1 100%
25 Coppertree Apartments Austin TX Multifamily 1 95%
26 Cortland Estates Cortlandville NY Mobile Home 1 94%
27 Delco Plaza Hicksville NY Anchored Retail 1 97%
28 Depotech Corp. Building San Diego CA Mixed-Use 1 100%
29 Drum Hill Shopping Center Chelmsford MA Anchored Retail 1 100%
30 El Paseo Elegante Palm Desert CA Unanchored Retail 1 100%
</TABLE>
[TABLE RESTUBBED FROM ABOVE]
<TABLE>
<CAPTION>
Cut-Off % of Maturity Cut-Off Maturity
ID Balance Pool Coupon Date DSCR LTV LTV
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 2,920,285 0.4% 7.100% 3/1/05 1.43 58.4% 53.5%
2 12,913,203 1.6% 7.750% 11/1/17 1.40 68.0% 26.0%
3 60,000,000 7.3% 6.520% 5/10/08 2.90 60.0% 60.0%
4 3,195,353 0.4% 7.625% 3/1/08 1.28 74.3% 64.9%
5 3,739,040 0.5% 7.625% 1/1/08 1.28 69.2% 60.5%
6 22,969,516 2.8% 7.360% 3/10/08 1.46 57.4% 50.7%
7 12,150,000 1.5% 7.120% 5/10/08 1.46 75.0% 65.8%
8 6,000,000 0.7% 7.250% 5/1/08 1.43 64.5% 51.2%
9 21,000,000 2.6% 6.945% 5/10/08 1.95 58.2% 50.8%
10 4,494,058 0.5% 7.375% 3/10/08 1.41 72.5% 64.1%
11 7,150,000 0.9% 7.250% 5/10/08 1.38 76.1% 66.9%
12 3,460,000 0.4% 7.250% 5/10/08 1.51 69.5% 56.2%
13 4,811,281 0.6% 7.300% 4/10/08 1.41 75.2% 66.2%
14 6,986,299 0.9% 7.154% 3/1/08 1.33 78.7% 65.6%
15 11,989,769 1.5% 6.800% 4/10/05 1.96 53.3% 48.5%
16 1,195,449 0.1% 7.125% 3/1/18 1.38 74.3% 0.0%
17 3,260,163 0.4% 8.126% 8/1/07 1.33 79.5% 70.5%
18 5,737,367 0.7% 7.750% 3/1/08 1.32 74.5% 60.1%
19 5,088,369 0.6% 7.000% 3/10/08 1.35 75.9% 61.1%
20 13,958,108 1.7% 7.156% 11/1/17 1.00 98.0% 42.6%
21 9,325,484 1.1% 7.156% 11/1/17 1.00 98.6% 42.6%
22 8,585,451 1.0% 7.156% 11/1/17 1.00 99.5% 42.6%
23 11,571,421 1.4% 7.020% 2/1/05 1.33 74.5% 68.2%
24 9,472,919 1.2% 7.750% 1/1/13 1.31 74.6% 57.1%
25 6,257,519 0.8% 8.126% 7/1/07 1.49 71.9% 63.8%
26 2,298,115 0.3% 7.000% 4/10/08 1.54 74.1% 64.8%
27 17,700,000 2.2% 6.830% 5/10/08 1.36 73.3% 63.8%
28 13,912,926 1.7% 7.200% 3/1/13 1.45 55.7% 0.0%
29 9,165,086 1.1% 8.375% 12/1/07 1.32 79.0% 70.1%
30 1,998,440 0.2% 7.250% 4/10/08 1.42 74.0% 65.1%
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
17
INDIVIDUAL MORTGAGE LOAN INFORMATION (CONTINUED)
<TABLE>
<CAPTION>
# of
ID Deal Name City St. Property Type Prop Occ
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
31 Embassy Suites Multiple Multiple Hotel 9
32 Ensign Apartments Olympia WA Multifamily 1 98%
33 Fairview Green Apartments Santa Ana CA Multifamily 1 96%
34 Franklin Village Shopping Center Franklin MA Anchored Retail 1 99%
35 G&K Portfolio I Multiple CA Multifamily 4 0%
36 Gables Apartments College Station TX Multifamily 1 95%
37 Great Woods Marketplace Norton MA Anchored Retail 1 96%
38 Guess? Store, South Beach Miami Beach FL Single Tenant Retail 1 100%
39 H.E. Butt Grocery Store #24 Castle Hills TX Credit Lease 1 100%
40 H.E. Butt Grocery Store #34 San Antonio TX Credit Lease 1 100%
41 Hamptons Apartments Beachwood OH Multifamily 1 92%
42 Harbor Court Hotel San Francisco CA Hotel 1 87%
43 Harbor Plaza Rockland ME Anchored Retail 1 97%
44 HD Computer Buildings Santa Clara CA Office 1 100%
45 Hechingers Home Project Center Deptford NJ Anchored Retail 1 100%
46 Holiday Inn Brookline Brookline MA Hotel 1 80%
47 Hollister Business Park Goleta CA Office 1 100%
48 Hotel Vintage Plaza Portland OR Hotel 1 79%
49 Ingram Festival Shopping Center San Antonio TX Anchored Retail 1 95%
50 Livermore Gardens Apartments Livermore CA Multifamily 1 98%
51 MacArthur Park Apartments Loveland OH Multifamily 1 98%
52 North Point at Marsh Creek, Phase III Exton PA Office 1 93%
53 Northshore Plaza Las Vegas NV Anchored Retail 1 98%
54 Oaks Apartments Huntsville TX Multifamily 1 84%
55 Paper Moon Apartments Huntsville TX Multifamily 1 86%
56 Park Roseville Roseville CA Multifamily 1 97%
57 Pine Tree Mall Marinette WI Anchored Retail 1 78%
58 Port Richmond Plaza Philadelphia PA Anchored Retail 1 96%
59 Redstone Apartments College Station TX Multifamily 1 94%
60 Royal Palm Apartments Orlando FL Multifamily 1 89%
</TABLE>
[TABLE RESTUBBED FROM ABOVE]
<TABLE>
<CAPTION>
% of Maturity Cut-Off Maturity
ID Cut-Off Balance Pool Coupon Date DSCR LTV LTV
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
31 113,431,059 13.9% 6.988% 1/10/08 2.40 47.9% 38.6%
32 1,343,660 0.2% 8.100% 10/1/07 1.39 74.6% 66.0%
33 5,920,000 0.7% 7.143% 5/10/08 1.32 75.0% 70.2%
34 29,889,497 3.7% 7.600% 12/1/07 1.23 76.6% 67.0%
35 27,000,000 3.3% 7.143% 5/10/08 1.31 78.1% 68.6%
36 2,552,670 0.3% 8.126% 7/1/07 1.23 79.8% 70.8%
37 8,387,832 1.0% 7.000% 3/1/08 1.41 76.3% 66.8%
38 3,000,000 0.4% 7.180% 5/10/08 1.36 75.0% 65.9%
39 7,793,299 1.0% 7.000% 1/1/16 1.03 88.6% 0.0%
40 8,433,247 1.0% 7.000% 1/1/16 1.03 88.8% 0.0%
41 25,978,049 3.2% 6.850% 4/10/08 1.77 72.6% 62.2%
42 14,672,480 1.8% 8.750% 8/1/07 1.57 62.7% 52.2%
43 8,000,000 1.0% 7.000% 5/10/08 1.41 75.5% 60.6%
44 5,495,602 0.7% 7.125% 4/10/08 2.02 61.1% 53.6%
45 7,832,404 1.0% 7.625% 3/1/08 1.42 74.6% 60.0%
46 14,531,654 1.8% 9.125% 1/1/07 1.58 66.1% 55.8%
47 15,701,473 1.9% 7.360% 1/1/08 1.35 71.0% 62.8%
48 13,879,373 1.7% 8.750% 8/1/07 1.81 60.3% 50.2%
49 18,798,584 2.3% 7.740% 11/1/07 1.25 79.7% 69.9%
50 5,315,000 0.6% 7.143% 5/10/08 1.31 74.3% 65.2%
51 2,230,000 0.3% 6.880% 5/10/08 1.35 77.6% 67.6%
52 6,271,004 0.8% 7.500% 1/1/08 1.37 62.7% 50.4%
53 7,978,854 1.0% 8.125% 1/1/08 1.42 72.5% 64.1%
54 887,919 0.1% 7.285% 2/1/08 1.23 69.9% 60.6%
55 1,637,545 0.2% 7.490% 11/1/07 1.36 76.2% 66.5%
56 5,195,984 0.6% 7.300% 4/10/08 1.41 73.2% 64.5%
57 11,089,037 1.4% 9.500% 4/1/08 1.22 76.0% 68.6%
58 11,990,497 1.5% 7.174% 4/10/08 1.34 78.9% 69.3%
59 5,244,397 0.6% 8.126% 7/1/07 1.24 79.5% 70.5%
60 4,753,127 0.6% 8.650% 7/1/22 1.28 65.1% 0.0%
</TABLE>
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
18
INDIVIDUAL MORTGAGE LOAN INFORMATION (CONTINUED)
<TABLE>
<CAPTION>
# of
ID Deal Name City St. Property Type Prop Occ
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
61 Ruffe Snow Village North Richland Hills TX Anchored Retail 1 89%
62 Rykoff-Sexton Norwood MA Industrial 1 100%
63 San Gabriel Square Austin TX Multifamily 1 97%
64 Scandia Apartments College Station TX Multifamily 1 93%
65 Seventh Avenue Shopping Center North Miami FL Anchored Retail 1 100%
66 Sierra Oaks Shopping Center Granite Bay CA Anchored Retail 1 94%
67 Squire Hill Apartments Branford CT Multifamily 1 100%
68 Star Market - Hyde Park Hyde Park MA Credit Lease 1 100%
69 Star Market - Somerville Somerville MA Credit Lease 1 100%
70 Steeplechase Apartments Centerville OH Multifamily 1 91%
71 Tara Shopping Plaza Jonesboro GA Anchored Retail 1 92%
72 Vineyards Broadview Heights OH Multifamily 1 91%
73 Vista Plaza Shopping Center Las Vegas NV Anchored Retail 1 96%
74 Wadsworth Plaza Philadelphia PA Anchored Retail 1 100%
75 Walden Pond Apartments College Station TX Multifamily 1 92%
76 Warm Springs Plaza Las Vegas NV Unanchored Retail 1 95%
77 Waterfront I & II Alexandria VA Office 1 100%
78 Wild Harvest Supermarket Andover MA Single Tenant Retail 1 100%
</TABLE>
[TABLE RESTUBBED FROM ABOVE]
<TABLE>
<CAPTION>
% of Maturity Cut-Off Maturity
ID Cut-Off Balance Pool Coupon Date DSCR LTV LTV
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
61 5,350,000 0.7% 7.154% 3/1/08 1.34 73.3% 63.3%
62 7,464,112 0.9% 7.255% 1/1/08 1.35 72.5% 57.8%
63 2,040,000 0.2% 7.122% 5/1/08 1.40 78.2% 68.5%
64 3,655,186 0.4% 8.126% 7/1/07 1.16 79.5% 70.5%
65 8,000,000 1.0% 7.375% 5/10/08 1.34 75.5% 66.6%
66 6,583,514 0.8% 6.950% 2/1/08 1.41 75.7% 65.1%
67 2,553,593 0.3% 6.940% 2/1/08 1.43 79.8% 68.7%
68 7,666,425 0.9% 7.625% 4/1/23 1.20 89.1% 0.0%
69 4,195,308 0.5% 7.625% 4/1/23 1.20 89.3% 0.0%
70 12,923,457 1.6% 7.080% 2/1/08 1.31 74.3% 64.2%
71 7,730,831 0.9% 7.000% 2/1/03 1.93 77.3% 73.0%
72 10,990,983 1.3% 7.000% 4/10/08 1.21 70.5% 60.6%
73 3,785,588 0.5% 7.125% 3/1/18 1.36 72.7% 0.0%
74 2,340,993 0.3% 7.400% 12/1/07 1.32 78.0% 68.0%
75 3,228,085 0.4% 8.126% 7/1/07 1.13 75.1% 66.6%
76 7,494,076 0.9% 7.187% 4/10/08 1.45 74.9% 64.8%
77 18,085,597 2.2% 7.150% 5/10/08 1.26 71.9% 63.0%
78 5,233,469 0.6% 7.250% 1/1/08 1.66 68.9% 59.7%
</TABLE>
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1998-1
-------------------------------------------------
19
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
------------------------------------------
COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 1998-1
MAP OF UNITED STATES
New York Florida Oregon
8 properties 4 properties 1 property
$151,951,118 $20,564,408 $13,879,373
18.58% of total 2.51% of total 1.70% of total
Maine Tennessee Washington
1 property 2 properties 1 property
$8,000,000 $3,070,099 $1,343,660
0.98% of total 0.38% of total 0.16% of total
Massachusetts Louisiana Illinois
10 properties 1 property 3 properties
$102,006,302 $2,327,921 $24,450,893
12.47% of total 0.28% of total 2.99% of total
Connecticut Kansas Wisconsin
1 property 1 property 1 property
$2,553,593 $10,348,097 $11,089,037
0.31% of total 1.27% of total 1.36% of total
New Jersey Texas Michigan
3 properties 24 properties 4 properties
$36,787,081 $115,654,761 $15,642,676
4.50% of total 14.14% of total 1.91% of total
Virginia Colorado Ohio
1 property 1 property 5 properties
$18,085,597 $1,478,358 $63,693,910
2.21% of total 0.18% of total 7.79% of total
North Carolina Nevada Pennsylvania
3 properties 5 properties 4 properties
$17,149,412 $20,453,967 $25,096,552
2.10% of total 2.50% of total 3.07% of total
Georgia California
4 properties 18 properties
$24,185,692 $128,048,578
2.96% of total 15.66% of total
GEOGRAPHIC OVERVIEW OF MORTGAGE POOL
- -------------------------------------------------------------------------------
The Underwriter makes 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 Underwriter
is 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.
