<PAGE>
UNITED STATES
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): March 8, 2000
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (as depositor under the Pooling and
Servicing Agreement, dated as of March 10, 2000, providing for the issuance of
Chase Commercial Mortgage Securities Corp.'s Commercial Mortgage Pass-Through
Certificates, Series 2000-1).
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
New York 333-30082 13-3728743
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
270 Park Avenue
New York, New York 10017-2070
(Address of principal executive offices) (Zip Code)
(212) 270-5723
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS
Filing of Collateral/Structural Term Sheets
On or about March 27, 2000, the Registrant will cause the sale of
approximately $633,813,982 principal amount of Commercial Mortgage Pass-Through
Certificates, Series 2000-1, in several classes (collectively, the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
March 10, 2000 among the Registrant, The Chase Manhattan Bank, as master
servicer, Lennar Partners, Inc., as special servicer and State Street Bank and
Trust Company, as trustee (the "Pooling and Servicing Agreement").
In connection with the sale of certain classes of the Certificates
(collectively, the "Underwritten Certificates") pursuant to a Prospectus
Supplement relating to certain classes of the Certificates, the Registrant has
been advised by Chase Securities Inc. (as lead manager and bookrunner), Goldman,
Sachs & Co. and Salomon Smith Barney Inc. (collectively, the "Underwriters")
that the Underwriters have, following the effective date of Registration
Statement No. 333-30082, furnished to one or more prospective investors on March
8, 2000 one of two Collateral/Structural Term Sheets (collectively, the "Term
Sheets") each dated as of March 6, 2000. The term "Collateral/Structural Term
Sheet" shall mean those materials which constitute "structural term sheets" and
"collateral term sheets" within the meaning of the no-action letter dated
February 17, 1995 issued by the Division of Corporation Finance to the Public
Securities Association. The Term Sheets are being filed as exhibits to this
report.
The Term Sheets have been provided by the Underwriters. The information in
the Term Sheets is preliminary and will be superseded by the Prospectus
Supplement relating to the Underwritten Certificates and by any other
information subsequently filed with the Securities and Exchange Commission.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements: Not applicable.
(b) Pro Forma Financial Information: Not applicable.
(c) Exhibit:
- --------------------------------------------------------------------------------
EXHIBIT NO. DOCUMENT
- --------------------------------------------------------------------------------
99.1 Term Sheets dated as of March 6, 2000
- --------------------------------------------------------------------------------
99.2 Term Sheet dated as of March 6, 2000
- --------------------------------------------------------------------------------
-2-
<PAGE>
SIGNATURE
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 hereunto duly authorized.
CHASE COMMERCIAL MORTGAGE
SECURITIES CORP.
By: /s/ Marty Friedman
Name: Marty Friedman
Title: Assistant Vice President
Dated: March 8, 2000
-3-
<PAGE>
EXHIBIT INDEX
- --------------------------------------------------------------------------------
EXHIBIT NO. DOCUMENT PAGE
- --------------------------------------------------------------------------------
99.1 Term Sheet dated as of March 6, 2000 5
- --------------------------------------------------------------------------------
99.2 Term Sheet dated as of March 6, 2000 6
- --------------------------------------------------------------------------------
-4-
<PAGE>
[CHASE LOGO]
NEW ISSUE TERM SHEET
-------------------------
$633,813,982
(APPROXIMATE)
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-1
-------------------------
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.-DEPOSITOR
THE CHASE MANHATTAN BANK-MASTER SERVICER
LENNAR PARTNERS, INC.-SPECIAL SERVICER
GENERAL ELECTRIC CAPITAL CORPORATION-MORTGAGE LOAN SELLER
THE CHASE MANHATTAN BANK-MORTGAGE LOAN SELLER
-------------------------
FOR FURTHER INFORMATION CONTACT:
Scott Davidson
Managing Director
Chase Securities Inc.
212-834-3813
CHASE SECURITIES INC. GOLDMAN, SACHS & CO. SALOMON SMITH BARNEY
Book Running Manager
The analyses in this report are based upon information provided by The Chase
Manhattan Bank and General Electric Capital Corporation (the "Sellers"). Chase
Securities Inc., Goldman, Sachs & Co. and Salomon Smith Barney (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 the securities referred to herein (the "Securities"). The information
contained herein is preliminary as of the date hereof, supersedes any previous
information delivered to you by the Underwriters 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
the Securities.
The attached information contains certain tables and other statistical analyses
(the "Computational Materials") which have been prepared in reliance upon
information furnished by the Sellers. They may not be provided to any third
party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material. Numerous assumptions were
used in preparing the Computational Materials which may or may not be reflected
therein. As such, no assurance can be given as to the Computational Materials'
accuracy, appropriateness or completeness in any particular context; nor as to
whether the Computational Materials and/or the assumptions upon which they are
based reflect present market conditions or future market performance. These
Computational Materials should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice. Any weighted
average lives, yields and principal payment periods shown in the Computational
Materials are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such weighted average lives, yields and
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfalls. The specific characteristics of the Securities may differ
from those shown in the Computational Materials due to differences between the
actual underlying assets and the hypothetical underlying assets used in
preparing the Computational Materials. The principal amount and designation of
any Security described in the Computational Materials are subject to change
prior to issuance. Neither the Underwriters nor any of their affiliates make any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. THIS
INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER
OF THE SECURITIES OR ANY OF ITS AFFILIATES (OTHER THAN CHASE SECURITIES INC.).
THE UNDERWRITERS ARE NOT ACTING AS AGENTS FOR THE ISSUER OR ITS AFFILIATES IN
CONNECTION WITH THE PROPOSED TRANSACTION.
MARCH 6, 2000
<PAGE>
[CHASE LOGO]
COLLATERAL OVERVIEW:
- --------------------
Aggregate Principal Balance: $704,237,759
Number of Mortgage Loans: 91
Number of Mortgaged Properties: 101
Average Cut-Off Date Balance: $7,738,876
Weighted Average Current Mortgage Rate: 8.36%
Weighted Average Underwritten DSCR: 1.29x
Weighted Average Loan to Value Ratio: 71.14%
Weighted Average Original Term to Maturity (months): 116
Weighted Average Remaining Term to Maturity (months): 114
Weighted Average Remaining Amortization Term (months): 351
Balloon Loans as a % of Total: 98.7%
Single Largest Loan as a % of Total: 6.03%
Three Largest Loans as a % of Total: 18.02%
Ten Largest Loans as a % of Total: 39.01%
<TABLE>
<CAPTION>
AGGREGATE
CUT-OFF LOAN
TEN LARGEST LOAN DATE % OF PER SF CUT-OFF PROPERTY
SUMMARY BALANCE IPB /UNIT LTV DSCR TYPE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Regency Plaza One $42,500,000 6.03% 189.45 61.15% 1.27x Office
Westfork Plaza 42,478,452 6.03 107.26 78.96% 1.20x Retail
Greendale Mall 41,928,574 5.95 97.33 65.82% 1.34x Retail
40 Worth Street 39,815,471 5.65 71.05 69.00% 1.23x Office
Orange County Port. III (1) 24,687,115 3.51 79.31 73.69% 1.38x Ind./Office
Orange County Port. IV (1) 21,005,193 2.98 98.66 78.00% 1.27x Ind./Office
Media Works 16,535,024 2.35 168.72 73.82% 1.24x Office
Timber Ridge Apt. 16,485,748 2.34 53,008.84 67.29% 1.24x Multi.
Northpark I, II, III 15,175,000 2.15 62.99 65.13% 1.34x Office
AEC II Bradford at Easton Apt. 14,085,917 2.00 43,475.05 77.40% 1.20x Multi.
---------- ---- ----- ----
TOTAL $274,696,493 39.01% 70.35% 1.27X
- --------------------------------------------------------------------------------------------
</TABLE>
(1) These mortgage loans are cross-collateralized and cross-defaulted with each
other.
NUMBER OF AGGREGATE
MORTGAGED PRINCIPAL % OF INITIAL
CURRENT USE PROPERTIES BALANCE POOL BALANCE
- ------------------------------------------------------------------------
Multifamily 32 $211,483,427 30.03%
Office 20 185,643,514 26.36
Anchored Retail 21 172,162,085 24.45
Hotel 5 43,613,888 6.19
Industrial 10 43,274,474 6.14
Unanchored Retail 5 29,528,346 4.19
Self Storage 8 18,532,024 2.63
--- ---------- ----
TOTAL 101 $704,237,759 100.00%
- ------------------------------------------------------------------------
NUMBER OF AGGREGATE
MORTGAGED PRINCIPAL % OF INITIAL
STATE PROPERTIES BALANCE POOL BALANCE
- ------------------------------------------------------------------------
California 22 $172,546,457 24.50%
Ohio 18 100,801,499 14.31
New York 7 75,263,123 10.69
Florida 6 64,102,088 9.10
Texas 10 45,665,660 6.48
Other States 38 245,858,932 34.91
----------- -----
TOTAL 101 $704,237,759 100.00%
- ------------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL % OF INITIAL
RANGE OF DSCR MORTGAGE LOANS BALANCE POOL BALANCE
- ------------------------------------------------------------------------
1.1600x to 1.2000x 3 $16,351,910 2.32%
1.2000x to 1.2300x 25 182,009,508 25.84
1.2300x to 1.2600x 12 132,401,322 18.80
1.2600x to 1.3000x 13 135,941,957 19.30
1.3000x to 1.3700x 17 114,025,069 16.19
1.3700x to 1.5000x 14 81,570,387 11.58
1.5000x to 2.2500x 7 41,937,607 5.96
-- ---------- ----
TOTAL 91 $704,237,759 100.00%
- ------------------------------------------------------------------------
AGGREGATE
RANGE OF LTV AS OF NUMBER OF PRINCIPAL % OF INITIAL
THE CUT-OFF DATE MORTGAGE LOANS BALANCE POOL BALANCE
- ------------------------------------------------------------------------
44.31% to 59.99% 7 $45,139,961 6.41%
60.00% to 64.99% 11 93,479,661 13.27
65.00% to 68.99% 12 116,376,964 16.53
69.00% to 72.99% 12 91,144,851 12.94
73.00% to 76.99% 27 156,855,426 22.27
77.00% to 79.99% 17 176,248,807 25.03
80.00% to 83.19% 5 24,992,089 3.55
-- ---------- ----
TOTAL 91 $704,237,759 100.00%
- ------------------------------------------------------------------------
KEY CHARACTERISTICS:
- --------------------
Lead Manager: Chase Securities Inc.
Co-Managers: Goldman, Sachs & Co., Salomon Smith Barney Inc.
Master Servicer: The Chase Manhattan Bank
Special Servicer: Lennar Partners, Inc.
Trustee: State Street Bank and Trust Company
Paying Agent: The Chase Manhattan Bank
Mortgage Loan Sellers: General Electric Capital Corporation (50.53%)
The Chase Manhattan Bank (49.47%)
Closing: On or about March 27, 2000
Cut-Off Date: March 10, 2000
Distribution Date: 15th day of each month or following business day
Payment Delay: 14 days
ERISA Eligible: Classes A1, A2 and X are expected to be ERISA eligible
SMMEA Eligible: No classes are eligible
Structure: Sequential Pay
Day Count: 30/360, payable monthly
Tax Treatment: REMIC Rated Final
Distribution Date: April 15, 2032
Minimum Denominations: $10,000 initial principal amount for the publicly
offered certificates and $1,000,000 initial notional
amount for the Class X certificates. Each certificate
will be offered in multiples of $1 in excess of the
minimum denomination.
Delivery: DTC, Clearstream Banking, Euroclear
% OF
AGGREGATE INITIAL
RANGE OF PRINCIPAL NUMBER OF PRINCIPAL POOL
CUT-OFF DATE BALANCES MORTGAGE LOANS BALANCE BALANCE
- --------------------------------------------------------------------------
$1,073,695 to $3,000,000 29 $63,622,414 9.03%
$3,000,001 to $5,000,000 19 79,030,917 11.22
$5,000,001 to $9,000,000 18 122,152,567 17.35
$9,000,001 to $15,000,000 16 178,821,285 25.39
$15,000,001 to $30,000,000 5 93,888,079 13.33
$30,000,001 to $42,000,000 2 81,744,045 11.61
$42,000,001 to $42,500,000 2 84,978,452 12.07
- ---------- -----
TOTAL 91 $704,237,759 100.00%
- --------------------------------------------------------------------------
% OF
AGGREGATE INITIAL
NUMBER OF PRINCIPAL POOL
RATES OF MORTGAGE RATES MORTGAGE LOANS BALANCE BALANCE
- --------------------------------------------------------------------------
6.970% to 7.499% 1 $9,095,565 1.29%
7.500% to 7.899% 19 120,028,728 17.04
7.900% to 8.199% 18 125,447,767 17.81
8.200% to 8.499% 24 169,951,110 24.13
8.500% to 8.749% 19 177,430,111 25.19
8.750% to 8.999% 6 38,429,067 5.46
9.000% to 9.350% 4 63,855,410 9.07
- ---------- ----
TOTAL 91 $704,237,759 100.00%
- --------------------------------------------------------------------------
% OF
RANGE OF REMAINING TERM AGGREGATE INITIAL
TO MATURITY OR APD NUMBER OF PRINCIPAL POOL
(MONTHS) MORTGAGE LOANS BALANCE BALANCE
- --------------------------------------------------------------------------
60 to 79 2 $19,260,157 2.73%
80 to 99 10 84,104,718 11.94
100 to 116 12 107,102,810 15.21
117 to 118 34 238,543,323 33.87
119 to 120 25 199,099,438 28.27
121 to 129 7 42,041,396 5.97
130 to 147 1 14,085,917 2.00
- ---------- ----
TOTAL 91 $704,237,759 100.00%
- --------------------------------------------------------------------------
% OF
NUMBER OF AGGREGATE INITIAL
MORTGAGE PRINCIPAL POOL
AMORTIZATION TYPES LOANS BALANCE BALANCE
- --------------------------------------------------------------------------
Balloon Loans 90 $695,142,193 98.71%
Loans with an Anticipated Prepayment Date 1 9,095,565 1.29
- --------- ----
TOTAL 91 $704,237,759 100.00%
- --------------------------------------------------------------------------
% OF
NUMBER OF AGGREGATE INITIAL
MORTGAGE PRINCIPAL POOL
BASIS FOR ACCRUAL OF INTEREST LOANS BALANCE BALANCE
- --------------------------------------------------------------------------
Actual/360 91 $704,237,759 100.00%
-- ------------ ------
TOTAL 91 $704,237,759 100.00%
- --------------------------------------------------------------------------
% OF
NUMBER OF AGGREGATE INITIAL
MORTGAGE PRINCIPAL POOL
PREPAYMENT PROVISIONS LOANS BALANCE BALANCE
- --------------------------------------------------------------------------
Lockout/Defeasance 91 $704,237,759 100.00%
-- ------------ ------
TOTAL 91 $704,237,759 100.00%
- --------------------------------------------------------------------------
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 2 of 10
<PAGE>
[CHASE LOGO]
SUMMARY OF CERTIFICATES
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
INITIAL CLASS PASS- ASSUMED WEIGHTED PRINCIPAL OR
CERTIFICATE THROUGH FINAL AVERAGE EXPECTED NOTIONAL
BALANCE OR APPROXIMATE RATE DISTRIBUTION LIFE RATINGS PRINCIPAL
CLASS NOTIONAL AMOUNT (1) CREDIT SUPPORT DESCRIPTION DATE (5) (YEARS) (6) (S&P/DCR) WINDOW (6)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $125,175,000 26.50% Fixed 6/15/08 5.70 AAA/AAA 4/00-6/08
- ---------------------------------------------------------------------------------------------------------------------------------
A-2 $392,439,752 26.50% Fixed 2/15/10 9.57 AAA/AAA 6/08-2/10
- ---------------------------------------------------------------------------------------------------------------------------------
X $704,237,758 N/A WAC (I/O) (2) 6/15/12 9.04 AAAr/AAA 4/00-6/12
- ---------------------------------------------------------------------------------------------------------------------------------
B $36,972,481 21.25% Fixed (3) 3/15/10 9.89 AA/AA 2/10-3/10
- ---------------------------------------------------------------------------------------------------------------------------------
C $33,451,295 16.50% Fixed (3) 3/15/10 9.97 A/A 3/10-3/10
- ---------------------------------------------------------------------------------------------------------------------------------
D $10,563,566 15.00% Fixed (3) 3/15/10 9.97 A-/A- 3/10-3/10
- ---------------------------------------------------------------------------------------------------------------------------------
E $24,648,322 11.50% Variable (4) 4/15/10 9.99 BBB/BBB 3/10-4/10
- ---------------------------------------------------------------------------------------------------------------------------------
F $10,563,566 10.00% Variable (4) 4/15/10 10.05 BBB-/BBB- 4/10-4/10
- ---------------------------------------------------------------------------------------------------------------------------------
G $24,648,321 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
H $5,281,784 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
I $6,162,080 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
J $11,443,864 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
K $3,521,189 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
L $3,521,189 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
M $15,845,349 N/A Fixed N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Approximate, subject to a permitted variance of plus or minus 10%.
(2) The pass-through rate on the Class X certificates will be equal to the
excess, if any, of (1) the weighted average of the net interest rates on
the mortgage loans (in each case adjusted to accrue on the basis of a
360-day year consisting of twelve 30-day months), over (2) the weighted
average of the pass-through rates of the other certificates (other than the
residual certificates and the Class S certificate) as described in the
prospectus supplement.
(3) For any distribution date, if the weighted average of the net interest
rates on the mortgage loans (in each case adjusted to accrue on the basis
of a 360-day year consisting of twelve 30-day months) as of the first day
of the related due period is less than the rate specified for the Class B,
Class C or Class D certificates with respect to the distribution date, then
the pass through rate for that class of certificates on that distribution
date will equal the weighted average net mortgage interest rate.
(4) The pass-through rate applicable to the Class E and Class F certificates on
each distribution date will be equal to the weighted average of the net
interest rates on the mortgage loans (in each case adjusted to accrue on
the basis of a 360-day year consisting of twelve 30-day months) less __%
per annum.
(5) The assumed final distribution dates set forth in the prospectus supplement
have been determined on the basis of the assumptions described in
"Description of the Certificates-Assumed Final Distribution Date; Rated
Final Distribution Date" in the prospectus supplement. The rated final
distribution date for each class of certificates is April 15, 2032. See
"Description of the Certificates-Assumed Final Distribution Date; Rated
Final Distribution Date" in the prospectus supplement.
(6) The weighted average life and period during which distributions of
principal would be received (or applied in the case of the notional amount
of Class X certificates) set forth in the foregoing table with respect to
each class of certificates is based on the assumptions set forth under
"Yield and Maturity Considerations-Weighted Average Life" in the prospectus
supplement and on the assumptions that there are no prepayments (other than
on each anticipated prepayments (other than on each anticipated prepayment
date, if any), or losses on the mortgage loans and that there are no
extensions of maturity dates of mortgage loans.
The Class S, Class R and Class LR certificates are not offered by the
prospectus supplement or represented in this table.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 3 of 10
<PAGE>
[CHASE LOGO]
SUMMARY OF ISSUE
ISSUE TYPE: Sequential pay multi-class commercial mortgage REMIC
OFFERED SECURITIES: Classes A-1, A-2, X, B, C, D, E and F
COLLATERAL: Approximately $704,237,759 pool of 91 fixed-rate
commercial and multifamily mortgage loans
LOAN SELLERS: General Electric Capital Corporation and The Chase
Manhattan Bank
DEPOSITOR: Chase Commercial Mortgage Securities Corp.
UNDERWRITERS: Chase Securities Inc.-Book Running Manager Goldman,
Sachs & Co. and Salomon Smith Barney
Inc.-Co-Managers
MASTER SERVICER: The Chase Manhattan Bank
PRIMARY SERVICERS: The Chase Manhattan Bank and GE Capital Loan
Services, Inc.
SPECIAL SERVICER: Lennar Partners, Inc.
TRUSTEE: State Street Bank & Trust Company
RATING AGENCIES: Standard & Poor's Ratings Services and Duff & Phelps
Credit Rating Co.
CUT-OFF DATE: March 10, 1999
CLOSING DATE: On or about March 27, 1999
DISTRIBUTION DATE: The 15th day of the month or the next business day,
beginning April 2000 provided that no distribution
date will be less than 4 business days after the
related determination date
DETERMINATION DATE: The 11th day of the month or the next business day
DENOMINATIONS: The offered certificates (other than the Class X
certificates) will be offered in minimum
denominations of $10,000 initial principal amount;
the Class X certificates will be offered in minimum
denominations of $1,000,000 initial notional amount
ERISA CONSIDERATIONS: Class A-1, Class A-2 and Class X certificates are
expected to be ERISA eligible, subject to certain
conditions
SMMEA ELIGIBILITY: No certificates are eligible
CERTIFICATE REGISTRATION: Certificate owners may hold their certificates
through DTC (in the United States) or Clearstream
Banking societe anonym or The Euroclear System (in
Europe) if they are participants of that system, or
indirectly through organizations that are
participants in those systems
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 4 of 10
<PAGE>
[CHASE LOGO]
STRUCTURAL CHARACTERISTICS
INTEREST ACCRUAL PERIOD: Interest will accrue on the offered certificates
during the calendar month prior to the related
distribution date and will be calculated assuming
that each month has 30 days and each year has 360
days.
PASS-THROUGH RATES: Certificates will accrue interest at an annual rate
called a pass-through rate which is set forth below
for each class other than the Class X, Class E and
Class F certificates:
Class A-1 [__]%
Class A-2 [__]%
Class B [__]% (1)
Class C [__]% (1)
Class D [__]% (1)
(1) For any distribution date, if the weighted
average of the net interest rates on the
mortgage loans (in each case adjusted to
accrue on the basis of a 360-day year
consisting of twelve 30-day months and the
net of all servicing fees) as of the first
day of the related due period is less than
the rate specified for the Class B, Class C
or Class D certificates with respect to the
distribution date, then the pass-through rate
for that class of certificates on that
distribution date will equal the weighted
average net mortgage rate.
If you invest in the Class E or Class F
certificates, your pass-through rate will be equal
to the weighted average interest rate of the
mortgage loans (in each case adjusted to accrue on
the basis of a 360-day year consisting of twelve
30-day months and net of all servicing and trustee
fees), less __% per annum.
If you invest in the Class X certificates, your
pass-through rate will be equal to the excess, if
any, of (1) the weighted average interest rate of
the mortgage loans (in each case adjusted to accrue
on the basis of a 360-day year consisting of twelve
30-day months and net of all servicing and trustee
fees) over (2) the weighted average of the
pass-through rates of the other certificates (other
than the Class S, Class R and Class LR
certificates) as described in the prospectus
supplement.
PRINCIPAL DISTRIBUTIONS: On each distribution date, funds available for
distribution from the mortgage loans, net of
specified trust expenses, will be distributed to
the class of certificates outstanding, with the
earliest alphabetical/numerical Class designation,
until its certificate balance is reduced to zero.
If each class of certificates other than Class A
has been reduced to zero, funds available for
principal will be distributed to Class A-1 and
Class A-2, pro rata, rather than sequentially.
INTEREST DISTRIBUTIONS: Each class of offered certificates (other than the
Class X certificates) will be entitled on each
distribution date to interest accrued at its
pass-through rate on the outstanding certificate
balance of such class during the prior calendar
month. The Class X certificates will be entitled on
each distribution date to the aggregate interest
accrued on its notional amount during the prior
calendar month.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 5 of 10
<PAGE>
[CHASE LOGO]
STRUCTURAL CHARACTERISTICS (continued)
PREPAYMENT PROVISIONS: Each mortgage loan prohibits prepayments (including
defeasance) for a specified period of time after
its date of origination (a "Lockout Period"). All
of the mortgage loans permit only defeasance after
the expiration of the Lockout Period.
REPRESENTATIONS The applicable Loan Seller will make certain
AND WARRANTIES: representations and warranties with respect to each
mortgage loan sold by the Loan Seller.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 6 of 10
<PAGE>
[CHASE LOGO]
COLLATERAL CHARACTERISTICS
<TABLE>
<CAPTION>
<S> <C>
AGGREGATE PRINCIPAL BALANCE(1) $704,237,759
NUMBER OF MORTGAGE LOANS 91
NUMBER OF MORTGAGED PROPERTIES 101
NUMBER OF "BALLOON" MORTGAGE LOANS(2) 90
NUMBER OF MORTGAGE LOANS WITH ANTICIPATED PREPAYMENT DATES 1
RANGE OF MORTGAGE LOAN PRINCIPAL BALANCES(3) $1,073,695 to $42,500,000
AVERAGE MORTGAGE LOAN PRINCIPAL BALANCE $7,738,876
RANGE OF MORTGAGE RATES 6.97% to 9.35%
WEIGHTED AVERAGE MORTGAGE RATE 8.36%
RANGE OF ORIGINAL TERMS TO MATURITY(4) 60 to 150 months
WEIGHTED AVERAGE ORIGINAL TERM TO MATURITY(4) 116 months
RANGE OF REMAINING TERMS TO MATURITY DATE(4) 60 to 147 months
WEIGHTED AVERAGE REMAINING TERM TO MATURITY DATE(4) 114 months
RANGE OF ORIGINAL AMORTIZATION TERMS 300 months to 360 months
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM 353 months
RANGE OF AMORTIZATION TERMS REMAINING 296 to 360 months
WEIGHTED AVERAGE REMAINING AMORTIZATION TERM 351 months
RANGE OF LOAN TO VALUE RATIOS 44.31% to 83.19%
WEIGHTED AVERAGE LOAN TO VALUE RATIO 71.14%
RANGE OF LOAN TO VALUE RATIOS AS OF THE MATURITY DATE(4) 36.80% to 74.58%
WEIGHTED AVERAGE LOAN TO VALUE RATIO AS OF THE MATURITY DATE(4) 64.10%
RANGE OF OCCUPANCY RATES(5) 72.80 to 100.00%
WEIGHTED AVERAGE OCCUPANCY RATE 95.00%
RANGE OF DEBT SERVICE COVERAGE RATIOS 1.16x to 2.24x
WEIGHTED AVERAGE DEBT SERVICE COVERAGE RATIO 1.29x
</TABLE>
(1) Subject to a permitted variance of plus or minus 10%.
(2) Excludes 1 mortgage loan with an anticipated prepayment date.
(3) 2 cross-collateralized and cross-defaulted mortgage loans have an aggregate
principal balance of $45,692,308.
(4) In the case of 1 mortgage loan, the anticipated prepayment date.
(5) Includes 5 hotel properties, representing approximately 6.19% of the
aggregate principal balance of the pool of mortgage loans as of the cut-off
date, which have occupancy rates that generally range from 72.80% to
88.20%; if the mortgage loans secured by hotel properties are excluded, the
range of occupancy rates of all other mortgaged properties is 75.00% to
100.00% and the weighted average occupancy rate of all other mortgaged
properties is 95.92%.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 7 of 10
<PAGE>
[CHASE LOGO]
<TABLE>
<CAPTION>
TEN LARGEST LOANS
- ------------------------------------------------------------------------------------------------------------------------------------
% OF STATED CUT-OFF
NUMBER OF INITIAL REMAINING DATE LTV
MORTGAGED CUT-OFF DATE POOL MORTGAGE TERM UNDERWRITTEN LTV RATIO AT
PROPERTY NAME PROPERTIES BALANCE BALANCE PROPERTY TYPE RATE (MONTHS) DSCR RATIO MATURITY
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Regency Plaza One 1 $42,500,000 6.03% Office 8.62% 120 1.27x 61.15% 55.59%
Westfork Plaza 1 $42,478,452 6.03 Anchored Retail 9.00 118 1.20x 78.96% 72.39%
Greendale Mall 1 $41,928,574 5.95 Anchored Retail 8.23 81 1.34x 65.82% 61.96%
40 Worth Street 1 $39,815,471 5.65 Office 8.67 118 1.23x 69.00% 62.82%
Orange County Portfolio III (1) 5 $24,687,115 3.51 Office/Industrial 8.17 113 1.38x 73.69% 66.54%
Orange County Portfolio IV (1) 4 $21,005,193 2.98 Office/Industrial 8.17 113 1.27x 78.00% 70.42%
Media Works 1 $16,535,024 2.35 Office 8.53 118 1.24x 73.82% 66.99%
Timber Ridge Apt. 1 $16,485,748 2.34 Multifamily 8.28 119 1.24x 67.29% 60.69%
Northpark I, II & III 1 $15,175,000 2.15 Office 8.47 120 1.34x 65.13% 58.95%
AEC II Bradford at Easton Apt. 1 $14,085,917 2.00 Multifamily 7.89 147 1.20x 77.40% 65.93%
TOTAL 17 $274,696,493 39.01% 8.48% 113 1.27X 70.35% 64.03%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) These mortgage loans are cross-collateralized are cross-defaulted with each
other.
REGENCY PLAZA ONE: The Regency Plaza One loan is secured by a first lien on a
13-story multi-tenant office building located in Santa Clara, California. The
building contains approximately 224,334 square feet of net leasable area. The
building was constructed in 1986. As of January 1, 2000, the mortgaged property
was approximately 100% occupied. The sponsor of the borrower is Maskatiya, Suri
& Company. Maskatiya, Suri & Company owns 2 other commercial properties in the
San Francisco bay area.
WESTFORK PLAZA: The Westfork Plaza loan is secured by a first lien on an
anchored community shopping center in Pembroke Pines, Florida. Westfork Plaza
contains approximately 396,022 square feet of net leasable area and is anchored
by K-Mart, Winn-Dixie and Regal Cinemas. Westfork Plaza contains additional
outparcels, including a Walgreens, which are owned by third parties, and are not
part of the collateral. The center was constructed in 1999, and as of January
31, 2000, the mortgaged property was approximately 97.47% occupied. The sponsor
of the borrower is Swedlow Real Estate Group, Inc., a private REIT. The REIT
owns 13 commercial properties containing over 3,400,000 square feet of net
leasable area, primarily in South Florida.
GREENDALE MALL: The Greendale Mall loan is secured by a first lien on a one and
two-story enclosed regional mall and a four-story office building located in
Worcester, Massachusetts. The mall contains approximately 310,909 square feet of
net leasable area and is anchored by Marshall's, T.J. Maxx and Best Buy. The
office building contains approximately 119,860 square feet of net leasable area
leased to a single tenant. The mall and office buildings were completed in 1987
and the mall was expanded in 1997. The mall was approximately 81.68% occupied as
of January 25, 2000, and the office building was approximately 100% occupied as
of January 25, 2000. The sponsor of the borrower is Simon Property Group, Inc.
As of December 1999, Simon Property Group, Inc. had an ownership interest in 259
properties in 36 states.
40 WORTH STREET: The 40 Worth Street loan is secured by a first lien on a
16-story multi-tenant office building located in New York, New York. The
building contains approximately 560,387 square feet of net leasable area. As of
November 17, 1999, the building was approximately 96.48% occupied. The buiilding
was constructed in 1927 and renovated in 1993. The sponsors of the borrower are
Jeffrey and Aaron Gural, Barry Gosin and Newmark and Company. Newmark and
Company manages 25 million square feet of commercial space.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 8 of 10
<PAGE>
[CHASE LOGO]
TEN LARGEST LOANS (continued)
ORANGE COUNTY INDUSTRIAL/OFFICE PORTFOLIO III: The Orange County
Industrial/Office Portfolio III loan is secured by first liens on 3 industrial
properties and 2 office properties located throughout Orange County, California.
The portfolio contains approximately 311,263 square feet of net leasable area in
the aggregate and, as of December 27, 1999, had a weighted average occupancy of
approximately 99.22%. The 3 industrial properties contain approximately 210,517
square feet of net leasable area and, as of December 27, 1999, had a weighted
average occupancy rate of approximately 98.68%. The industrial properties are
located in Irvine, California (2) and Brea, California. The 2 office properties
contain approximately 100,746 square feet of net leasable area in the aggregate
and, as of December 27, 1999, were approximately 100% occupied. The office
properties are located in Newport Beach, California and Tustin, California. The
Orange County Industrial/Office Portfolio III loan is cross-collateralized and
cross-defaulted with the Orange County Industrial/Office Portfolio IV loan. The
sponsor of the borrower is Olen Properties Corp. As of November 1999, Olen
Properties Corp.'s portfolio included over 3.5 million square feet of commercial
space and 6,400 multifamily units located throughout Southern California, Nevada
and Florida.
ORANGE COUNTY INDUSTRIAL/OFFICE PORTFOLIO IV: The Orange County
Industrial/Office Portfolio IV loan is secured by first liens on 2 industrial
properties and 2 office properties located throughout Orange County, California.
The portfolio contains approximately 212,905 square feet of net leasable area in
the aggregate and had a weighted average occupancy of approximately 98.66% based
on rent rolls dated from December 27, 1999 to February 25, 2000. The 2
industrial properties contain a total of 137,341 square feet of net leasable
area and had a weighted average occupancy rate of approximately 97.42% based on
rent rolls dated from December 27, 1999 to February 25, 2000. The industrial
properties are located in Costa Mesa, California and Laguna Hills, California.
The 2 office properties contain approximately 75,564 square feet of net leasable
area in the aggregate and, as of December 27, 1999, had a weighted average
occupancy rate of approximately 100%. The office properties are located in
Newport Beach, California. The Orange County Industrial/Office Portfolio IV loan
is cross-collateralized and cross-defaulted with the Orange County
Industrial/Office Portfolio III loan. The sponsor of the borrower is Olen
Properties Corp. As of November 1999, Olen Properties Corp.'s portfolio included
over 3.5 million square feet of commercial space and 6,400 multifamily units
located throughout Southern California, Nevada and Florida.
MEDIA WORKS: The Media Works loan is secured by a first lien on a 2-story
multi-tenant office building located in Marina Del Rey, California. The building
contains approximately 98,005 square feet of net leasable area and was 100%
occupied as of October 1, 1999. The building was originally constructed in 1971
and was completely renovated in 1999. The sponsor of the borrower is Steaven K.
Jones. Mr. Jones is a principal of Steaven Jones Development Company.
TIMBER RIDGE APARTMENTS: The Timber Ridge Apartments loan is secured by a first
lien on a 311-unit, garden apartment complex consisting of 7 two-story buildings
and 2 one-story buildings located in Boulder, Colorado. The property contains
approximately 217 one-bedroom units, 91 two-bedroom units and 3 three-bedroom
units. Amenities available to residents include a fitness center, a pool and 9
laundry rooms. The complex was constructed in 1958 and renovated between 1998
and 1999. As of January 25, 2000, the mortgaged property was approximately
99.36% occupied. The general partner of the borrower is Mathew C. Dyroff. Mathew
C. Dyroff owns 10 apartment buildings in Boulder, Colorado.
TEN LARGEST LOANS (continued)
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 9 of 10
<PAGE>
[CHASE LOGO]
NORTH PARK I, II, & III: The North Park I, II & III loan is secured by a first
lien on an office development in Dallas, Texas. The mortgaged property is
comprised of three contiguous buildings, which are two, four and eight stories
in height. The three buildings contain approximately 240,897 square feet of net
leasable area. The mortgaged property was completed in 1974 and extensively
renovated in 1999. As of November 15, 1999, the subject was approximately 84.46%
occupied. The principal of the borrower is Kolter Holdings Texas, Inc. Kolter
Holdings is a privately owned development company that currently owns or manages
over 5.5 million square feet of commercial space.
AEC II BRADFORD AT EASTON APARTMENTS: The AEC II Bradford at Easton Apartments
loan is secured by a first lien on a 324-unit garden and townhouse apartment
complex consisting of 37 two-story buildings located in Columbus, Ohio. The
property contains approximately 88 one-bedroom units, 214 two-bedroom units and
22 three-bedroom units. Amenities available to residents include an outdoor
pool, a clubhouse/fitness center and a gazebo overlooking a wooded lake. The
complex was constructed in 1996. As of October 31, 1999, the complex was
approximately 97.53% occupied. The sponsor of the borrower is Associated Estates
Realty Corporation, a NYSE listed company that manages 143 multifamily
properties in the United States.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 10 of 10
<PAGE>
CHASE SECURITIES INC.
NEW ISSUE TERMS
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2000-1
$633,813,982
General Electric Capital Corporation - Mortgage Loan Seller
The Chase Manhattan Bank - Mortgage Loan Seller
Chase Commercial Mortgage Securities Corp. - Depositor
The Chase Manhattan Bank - Master Servicer
Lennar Partners, Inc. - Special Servicer
State Street Bank and Trust Company - Trustee
<TABLE>
<CAPTION>
SUMMARY OF TRANCHES
- ------------------------------------------------------------------------------------------------------------------------------------
INITIAL CLASS PASS- ASSUMED WEIGHTED PRINCIPAL OR
CERTIFICATE THROUGH FINAL AVERAGE NOTIONAL EXPECTED
BALANCE OR APPROX. CREDIT RATE DISTRIBUTION LIFE PRINCIPAL RATINGS
CLASS NOTIONAL AMOUNT (1) SUPPORT DESCRIPTION DATE (5) (APPROX.)(6) WINDOW (6) (S&P/DCR)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $125,175,000 26.50% Fixed 6/15/08 5.70 4/00-6/08 AAA/AAA
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 $392,439,752 26.50% Fixed 2/15/10 9.57 6/08-2/10 AAA/AAA
- ------------------------------------------------------------------------------------------------------------------------------------
X $704,237,758 N/A WAC (Interest only) 6/15/12 9.04 4/00-6/12 AAAr/AAA
(2)
- ------------------------------------------------------------------------------------------------------------------------------------
B $36,972,481 21.25% Fixed (3) 3/15/10 9.89 2/10-3/10 AA/AA
- ------------------------------------------------------------------------------------------------------------------------------------
C $33,451,295 16.50% Fixed (3) 3/15/10 9.97 3/10-3/10 A/A
- ------------------------------------------------------------------------------------------------------------------------------------
D $10,563,566 15.00% Fixed (3) 3/15/10 9.97 3/10-3/10 A-/A-
- ------------------------------------------------------------------------------------------------------------------------------------
E $24,648,322 11.50% Variable (4) 4/15/10 9.99 3/10-4/10 BBB/BBB
- ------------------------------------------------------------------------------------------------------------------------------------
F $10,563,566 10.00% Variable (4) 4/15/10 10.05 4/10-4/10 BBB-/BBB-
- ------------------------------------------------------------------------------------------------------------------------------------
G $24,648,321 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
H $5,281,784 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
I $6,162,080 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
J $11,443,864 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
K $3,521,189 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
L $3,521,189 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
M $15,845,349 N/A Fixed N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Shaded rows are tranches not part of this offering, and are shown for
informational purposes only.
The Class S, Class R and Class LR certificates are not offered by the prospectus
supplement or represented in this table.
(1) Approximate, subject to a permitted variance of plus or minus 10%.
(2) The pass-through rate on the Class X certificates will be equal to the
excess, if any, of (1) the weighted average of the net interest rates on
the mortgage loans (in each case adjusted to accrue on the basis of a
360-day year consisting of twelve 30-day months), over (2) the weighted
average of the pass-through rates of the other certificates (other than the
residual certificates and the Class S certificate) as described in the
prospectus supplement.
1
<PAGE>
(3) For any distribution date, if the weighted average of the net interest
rates on the mortgage loans (in each case adjusted to accrue on the basis
of a 360-day year consisting of twelve 30-day months) as of the first day
of the related due period is less than the rate specified for the Class B,
Class C or Class D certificates with respect to the distribution date, then
the pass through rate for that class of certificates on that distribution
date will equal the weighted average net mortgage interest rate.
(4) The pass-through rate applicable to the Class E and Class F certificates on
each distribution date will be equal to the weighted average of the net
interest rates on the mortgage loans (in each case adjusted to accrue on
the basis of a 360-day year consisting of twelve 30-day months) less __%
per annum.
(5) The assumed final distribution dates set forth in the prospectus supplement
have been determined on the basis of the assumptions described in
"Description of the Certificates--Assumed Final Distribution Date; Rated
Final Distribution Date" in the prospectus supplement. The rated final
distribution date for each class of certificates is April 15, 2032. See
"Description of the Certificates--Assumed Final Distribution Date; Rated
Final Distribution Date" in the prospectus supplement.
(6) The weighted average life and period during which distributions of
principal would be received (or applied in the case of the notional amount
of Class X certificates) set forth in the foregoing table with respect to
each class of certificates is based on the assumptions set forth under
"Yield and Maturity Considerations--Weighted Average Life" in the
prospectus supplement and on the assumptions that there are no prepayments
(other than on each anticipated prepayment date, if any), or losses on the
mortgage loans and that there are no extensions of maturity dates of
mortgage loans.
<TABLE>
<CAPTION>
COLLATERAL CHARACTERISTICS*
<S> <C>
AGGREGATE PRINCIPAL BALANCE(1) $704,237,759
NO. OF MORTGAGE LOANS 91
NO. OF MORTGAGED PROPERTIES 101
NO. OF "BALLOON" MORTGAGE LOANS(2) 90
NO. OF MORTGAGE LOANS WITH ANTICIPATED PREPAYMENT DATES 1
RANGE OF MORTGAGE LOAN PRINCIPAL BALANCES(3) $1,073,695 to $42,500,000
AVERAGE MORTGAGE LOAN PRINCIPAL BALANCE $7,738,876
RANGE OF MORTGAGE RATES 6.97% to 9.35%
WEIGHTED AVERAGE MORTGAGE RATE 8.36%
WEIGHTED AVERAGE ORIGINAL TERM TO MATURITY DATE(4) 116 months
RANGE OF REMAINING TERMS TO MATURITY DATE (4) 60 to 147 months
WEIGHTED AVERAGE REMAINING TERM TO MATURITY DATE (4) 114 months
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM 353 months
WEIGHTED AVERAGE REMAINING AMORTIZATION TERM 351 months
WEIGHTED AVERAGE LOAN TO VALUE RATIO (LTV) 71.14%
WEIGHTED AVERAGE LTV AS OF THE MATURITY DATE(4) 64.10%
WEIGHTED AVERAGE OCCUPANCY RATE(5) 95.00%
WEIGHTED AVERAGE DEBT SERVICE COVERAGE RATIO 1.29x
</TABLE>
*The collateral information contained herein will be superseded by the
description of the collateral contained in the final prospectus.
(1) Subject to a permitted variance of plus or minus 10%.
(2) Excludes 1 mortgage loan with an anticipated prepayment date.
(3) 2 cross-collateralized and cross-defaulted mortgage loans have an aggregate
principal balance of $45,692,308.
2
<PAGE>
(4) In the case of 1 mortgage loan, the anticipated prepayment date.
(5) Includes 5 hotel properties, representing approximately 6.19% of the
aggregate principal balance of the pool of mortgage loans as of the cut-off
date, which have occupancy rates that generally range from 72.80% to
88.20%; if the mortgage loans secured by hotel properties are excluded, the
range of occupancy rates of all other mortgaged properties is 75.00% to
100.00% and the weighted average occupancy rate of all other mortgaged
properties is 95.92%.
3
