<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 1998
GMAC Commercial Mortgage Securities, Inc.
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-37717 23-2811925
- -------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION) (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
650 Dresher Road, Horsham, Pennsylvania 19044
- -------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code (215) 328-3480
Not Applicable
- -------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE>
ITEM 5. OTHER EVENTS.
On or about May 18, 1998, the Registrant will cause the
issuance and sale of approximately $1,438,000,263 initial principal amount of
Mortgage Pass-Through Certificates, Series 1998-C1, Class X, Class A-1, Class
A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J,
Class K, Class L, Class M, Class N, Class R-I, Class R-II and Class R-III (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
May 1, 1998, among the Registrant, GMAC Commercial Mortgage Corporation, as
Servicer, LaSalle National Bank, as Trustee and ABN AMRO Bank N.V., as Fiscal
Agent. In connection with the sale of the Class X, Class A-1, Class A-2, Class
B, Class C, Class D, Class E and Class F Certificates (the "Publicly Offered
Certificates"), the Registrant has been advised by Deutsche Morgan Grenfell
Inc. and Lehman Brothers Inc. (together, the "Underwriters"), that the
Underwriters have furnished to prospective investors certain written
descriptions of the securities to be offered that set forth the name of the
issuer, the size of the potential offering, the structure of the offering (e.g.
the number of classes, seniority, interest rate) and miscellaneous similar
items (the "Structural Term Sheets") with respect to the Publicly Offered
Certificates following the effective date of Registration Statement No. 333-
37717 but prior to the availability of a final Prospectus relating to the
Publicly Offered Certificates. In connection with the sale of the Publicly
Offered Certificates, the Registrant also has been informed by the Underwriters
that the Underwriters have furnished to prospective investors certain
descriptive information regarding the mortgage loans (the "Mortgage Loans")
underlying the Certificates that set forth the number of Mortgage Loans, the
principal balance of the Mortgage Loans, information regarding the mortgage
rates thereon and miscellaneous similar items (the "Collateral Term Sheets")
following the effective date of Registration Statement No. 333-37717 but prior
to the availability of a final Prospectus relating to the Publicly Offered
Certificates. The Structural Term Sheets and Collateral Term Sheets are being
filed as an exhibit to this report.
The Structural Term Sheets and Collateral Term Sheets attached hereto
have been provided by the Underwriters. The information in the Structural Term
Sheets and Collateral Term Sheets is preliminary and may be superseded by the
Prospectus Supplement relating to the Publicly Offered Certificates and by any
other information subsequently filed with the Securities and Exchange
Commission.
2
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
List below the financial statements, pro forma financial information
and exhibits, if any, filed as part of this report.
(a) Financial Statements of Businesses Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits.
99.1 Structural Term Sheets and Collateral Term
Sheets prepared by the Underwriters in
connection with the sale of the Publicly
Offered Certificates of the Registrant.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.,
Registrant
By: /s/ Elisa George
------------------------------------------
Name: Elisa George
Title: Vice President
Dated: May 1, 1998
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
99.1 Structural Term Sheets and Collateral Term Sheets
prepared by the Underwriters in connection with the
sale of the Publicly Offered Certificates of the
Registrant.
<PAGE>
DEUTSCHE MORGAN GRENFELL [LOGO] LEHMAN BROTHERS
CMBS NEW ISSUE
----------------------------------
PRICING DATE: APRIL 28, 1998
----------------------------------
$1,301,390,000
(APPROXIMATE)
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
AS DEPOSITOR
GERMAN AMERICAN CAPITAL CORPORATION
GMAC COMMERCIAL MORTGAGE CORPORATION
AS MORTGAGE LOAN SELLERS
GMAC COMMERCIAL MORTGAGE CORPORATION
AS MASTER SERVICER AND SPECIAL SERVICER
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C1
DEUTSCHE MORGAN GRENFELL LEHMAN BROTHERS
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET [LOGO]
$1,301,390,000 (APPROXIMATE) APRIL 28, 1998
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C1
I. ISSUE CHARACTERISTICS
Issue Type: Class A-1, A-2, B, C, D, E, F and X
Certificates (the "Public Securities") will
be offered pursuant to the related Prospectus
Supplement and accompanying Prospectus and
the Class G, H, J, K, L, M and N Certificates
(the "Non-Investment Grade Private
Securities") and will be offered privately
(including pursuant to Rule 144A under the
Securities Act of 1933, as amended) pursuant
to a Private Placement Memorandum.
Securities Offered: $1,301,390,000 fixed-rate, monthly pay,
multi-class, sequential pay commercial
mortgage REMIC Pass-Through Certificates.
Only the Public Securities are being offered
to investors who receive this term sheet.
Collateral: The collateral consists of an approximately
$1,438,000,264 pool of generally newly
originated, fixed rate, call protected, and
balloon or fully amortizing first lien,
commercial and multifamily Mortgage Loans.
Co-Lead Managers: Deutsche Morgan Grenfell and Lehman Brothers
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: LaSalle National Bank
Pricing: On or about April 28th
Closing: On or about May 18th
Settlement: All classes will settle plus accrued interest
from May 1
Cut-Off Date: May 1, 1998
Distribution Date: 15th of each month, or following business day
(commencing June 1998)
ERISA Eligible: Classes A-1, A-2 and X are ERISA eligible
pursuant to the Underwriter's exemption
subject to certain conditions for eligibility
Representations & Warranties: Provided by applicable Mortgage Loan Sellers
Structure: Sequential pay
Rated Final Distribution Date: May 15, 2030
Clean up Call: 1.0%
Minimum Denominations: Classes A-1, A-2, B, C, D, E and F: $25,000 &
$1 increments Class X: $1,000,000 Notional
Amount & $1 increments
Rating Agencies: Fitch IBCA Inc. and Moody's Investors Service
(except Fitch will rate Class F and Moody's
will not)
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET [LOGO]
II. ORIGINATORS:
GMAC Commercial
Mortgage Corporation: 152 of the Mortgage Loans (the "GMACCM
Loans"), which represent 83.3% of the Initial
Pool Balance, were originated or acquired by
GMAC Commercial Mortgage Corporation, a
California corporation and an affiliate of
the Depositor. GMACCM is a wholly-owned
subsidiary of GMAC Mortgage Group, Inc. GMAC
Mortgage Group, Inc. is a wholly-owned
subsidiary of General Motors Acceptance
Corporation, which is a wholly-owned
subsidiary of General Motors Corporation
("GM").
German American
Capital Corporation: 29 of the Mortgage Loans (the "GACC Loans"),
which represent 16.7% of the Initial Pool
Balance, were originated or acquired by GACC,
a wholly owned subsidiary of Deutsche Bank
North America Holding Corp., which in turn is
a wholly-owned subsidiary of Deutsche Bank
AG, a German corporation. GACC is also an
affiliate of Deutsche Morgan Grenfell Inc.,
one of the Underwriters. GACC engages
primarily in the business of purchasing and
holding mortgage loans pending
securitization, repackaging or other
disposition. GACC also acts from time to time
as the originator of mortgage loans. Although
GACC purchases and sells mortgage loans for
its own account, it does not act as a broker
or dealer in connection with any such loans.
[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.]
[PIE CHART]
GMACCM 83.3%
GACC 16.7%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
APPROXIMATE SECURITIES STRUCTURE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PUBLICLY OFFERED CLASSES:
- -----------------------------------------------------------------------------------------------------------------------------------
EXPECTED APPROX. EXPECTED CREDIT EXPECTED
RATING SIZE SUPPORT COUPON WEIGHTED AVERAGE
CLASS (FITCH/MOODY'S) ($MM) DESCRIPTION DELIVERY (E) LIFE (YRS.) (A) PRINCIPAL WINDOW
(A)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 AAA/Aaa 333,587,000 29.00% (g) DTC 5.5 6/98 - 11/07
A2 AAA/Aaa 687,393,000 29.00% (g) DTC 9.7 11/07 - 3/08
B AA+/Aaa 28,760,000 27.00% (f) DTC 9.9 3/08 - 4/08
C AA/ Aa2 64,710,000 22.50% (f) DTC 9.9 4/08 - 4/08
D A/A2 75,495,000 17.25% (f) DTC 10.0 4/08 - 7/08
E BBB/ Baa2 68,305,000 12.50% (c) DTC 11.1 7/08 - 3/11
F BBB-/ - 43,140,000 9.50% (c) DTC 14.2 3/11 - 1/13
X AAA/Aaa 1,438,000,263(b) IO (d) DTC 9.5 6/98 - 3/18
<CAPTION>
PRIVATELY PLACED CLASSES (NOT OFFERED):
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
G BB+/ - 32,355,000 7.25% (c) DTC 14.7 1/13 -2/13
H BB/ - 25,165,000 5.50% (c) DTC 14.8 2/13 - 3/13
J BB-/ - 14,380,000 4.50% (c) Physical 14.9 3/13 - 4/13
K B/ - 25,165,000 2.75% (f) Physical 15.2 4/13 - 4/14
L B-/ - 14,380,000 1.75% (f) Physical 16.6 4/14 - 9/15
M CCC/ - 10,785,000 1.00% (f) Physical 17.8 9/15 - 9/16
N Not Rated 14,380,263 (f) Physical 19.0 9/16 - 3/18
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
(a) Calculated at 0% CPR and no balloon extension.
(b) Notional amount.
(c) Weighted Average Net Mortgage Rate.
(d) The Class X coupon is calculated as the Weighted Average Net Mortgage
Rate less the Weighted Average Pass-Through Rate. (e) Delivery shall be
DTC, Euroclear and Cedel.
(f) Lesser of fixed rate or Weighted Average Net Mortgage Rate.
(g) Fixed Rate.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
MORTGAGE POOL OVERVIEW
- -------------------------------------------------------------------------------
The Mortgage Pool is comprised of 181 multifamily and commercial loans
with an aggregate Cut-Off Date Balance of approximately $1,438,000,264
All of the Mortgage Loans are secured by first liens on multifamily and
commercial properties
The Pool's average Cut-Off Date Principal Balance is approximately
$7,944,753
The Pool's weighted average Mortgage Interest Rate is approximately
7.20%
Approximately 100% of the Pool Balance has prepayment protection as of
the Cut-Off Date
Approximately 51.72% of the Pool Balance is locked out as of the
Cut-Off Date
Weighted Average Current Debt Service Coverage Ratio: 1.49x
96.84% of the Portfolio has Debt Service Coverage Ratio greater than
1.20x
Weighted Average Current Loan to Value Ratio: 70.5%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- ------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
- ------------------------------------------------------------------------------
[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.]
[MAP]
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF CUT-OFF DATE AGGREGATE CUT-OFF AVERAGE CUT-OFF WEIGHTED AVERAGE
MORTGAGE PRINCIPAL DATE PRINCIPAL DATE PRINCIPAL DEBT SERVICE
PROPERTY STATE PROPERTIES BALANCE (B) BALANCE BALANCE COVERAGE RATIO
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Texas 85 $ 310,782,395 21.61% $ 3,656,263 1.51x
New York 13 152,293,306 10.59 11,714,870 1.58
California 25 134,299,281 9.34 5,371,971 1.38
Arizona 23 102,987,628 7.16 4,477,723 1.59
Illinois 34 100,578,286 6.99 2,958,185 1.59
District of Columbia 3 64,920,483 4.51 21,640,161 1.59
Washington 4 63,033,903 4.38 15,758,476 1.67
Florida 11 54,445,035 3.79 4,949,549 1.52
Minnesota 3 51,567,186 3.59 17,189,062 1.40
Maryland 8 37,396,229 2.60 4,674,529 1.26
Michigan 8 36,604,997 2.55 4,575,625 1.49
Louisiana 5 36,191,152 2.52 7,238,230 1.50
Other 72 292,900,382 20.37 4,068,061 1.41
-- ----------- ----- --------- ----
TOTAL 294 $ 1,438,000,264 100% $ 4,891,157 1.49X
<CAPTION>
WEIGHTED
WEIGHTED AVERAGE AVERAGE WEIGHTED AVERAGE
MORTGAGE INTEREST REMAINING TERM CURRENT
PROPERTY STATE RATE TO MATURITY LTV
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Texas 7.00% 123.8 79.28%
New York 7.21 145.6 59.24
California 7.41 124.6 72.01
Arizona 7.11 186.3 63.91
Illinois 6.86 124.9 83.96
District of Columbia 7.50 119.0 50.67
Washington 7.41 118.4 57.64
Florida 7.42 131.0 65.59
Minnesota 7.08 116.1 71.22
Maryland 7.47 141.4 77.29
Michigan 6.95 138.7 70.26
Louisiana 6.98 114.0 62.93
Other 7.37 134.4 71.85
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not sum due to rounding.
(b) For purposes of describing geographic concentration, loans secured by
multiple properties are allocated a Cut-off Date Principal Balance based
on the allocated loan amount.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
- -------------------------------------------------------------------------------
[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.]
[PIE CHART]
<TABLE>
<CAPTION>
NUMBER CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE WEIGHTED AVERAGE
OF MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL CUT-OFF DATE DEBT SERVICE
PROPERTY TYPE PROPERTIES BALANCE BALANCE PRINCIPAL BALANCE COVERAGE RATIO
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Multifamily 90 $ 375,985,582 26.15% $ 4,177,618 1.50x
Retail 40 273,969,673 19.05 6,849,242 1.35
Skilled Nursing 91 252,018,942 17.53 2,769,439 1.64
Hospitality 10 168,104,507 11.69 16,810,451 1.61
Office 25 155,984,444 10.85 6,239,378 1.45
Assisted Living 12 67,372,430 4.69 5,614,369 1.39
Mixed Use 8 60,001,740 4.17 7,500,217 1.68
Industrial 13 46,583,219 3.24 3,583,325 1.25
Other 5 37,979,725 2.64 7,595,945 1.46
- ---------- ---- --------- ----
TOTAL 294 $ 1,438,000,264 100% $ 4,891,157 1.49X
<CAPTION>
WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED
MORTGAGE INTEREST REMAINING TERM TO AVERAGE CURRENT
PROPERTY TYPE RATE MATURITY LTV
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
Multifamily 7.09% 150.9 67.86%
Retail 7.30 128.9 72.98
Skilled Nursing 6.96 117.2 85.47
Hospitality 7.55 126.8 54.32
Office 7.16 136.2 65.27
Assisted Living 7.07 116.2 76.66
Mixed Use 7.42 152.1 58.44
Industrial 7.30 122.9 73.16
Other 7.61 117.5 75.52
---- ----- -----
TOTAL 7.20% 133.0 70.45
<FN>
(a) Column totals may not sum due to rounding.
(b) Other property type includes special purpose properties, mobile home
parks, and a hospital.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PREPAYMENT PROVISIONS
- -------------------------------------------------------------------------------
OVERVIEW OF PREPAYMENT RESTRICTIONS
PREPAYMENT RESTRICTION % OF INITIAL POOL BALANCE
- -------------------------------------------------------------------------------
Lockout Period with Defeasance 47.12%
Yield Maintenance 29.54
Lockout Period with Yield Maintenance 22.30
Lockout Period with Fixed Percentage 0.49
Other 0.55
------
Total 100%
ALLOCATION OF PREPAYMENT PREMIUMS
All Prepayment Premiums are distributed to Certificate holders on the
Distribution Date following the one-month collection period in which the
prepayment occurred.
Prepayment premiums will be allocated between the Offered Certificates
as follows:
A percentage of all Prepayment Premiums (either fixed Prepayment
Premiums or Yield Maintenance amount) will be allocated to each class
of Offered Certificates (other than the Class X Certificates) (the "P &
I Certificates) in an amount equal to the product of (a) such
Prepayment Premium (b) the percentage of the total principal
distribution that such Class receives, and (c) the Discount Rate
Fraction. The "Discount Ratio Fraction" is a percentage (which can be
no greater that 100% or less than 0%), the numerator of which is the
excess of the Pass-Through Rate for such Class of Certificates over the
relevant Discount Rate, and the denominator of which is the excess of
the Mortgage Rate of the related Mortgage Loan over the Discount Rate.
Discount = (Pass- Through Rate - Discount Rate)
Rate -----------------------------------
Fraction (Mortgage Rate - Discount Rate)
The remaining percentage of the Prepayment Premiums will be allocated
to the Class X Certificates
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Pass-Through Rate = 7%
Treasury Rate (monthly) = 6%
P & I CERTIFICATE ALLOCATION CLASS X CERTIFICATE ALLOCATION
---------------------------- -------------------------------
7% - 6% = 33 1/3% Receives excess premiums = 66 2/3%
- -------
9% - 6%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- ------------------------------------------------------------------------------
PREPAYMENT RESTRICTIONS
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PREPAYMENT LOCK-OUT / PREMIUM ANALYSIS
PERCENTAGE OF MORTGAGE POOL BY PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT
PREPAYMENT JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE
RESTRICTIONS 1998 1999 2000 2001 2002 2003 2004 2005 2006
- ----------------------------------- ---------- --------- ---------- --------- ---------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 51.72% 50.87% 47.77% 17.98% 11.24% 0.37% 0.09% 0.00% 0.00%
Defeasance 0.00 0.00 2.51 32.07 38.63 46.63 46.46 47.40 47.32
Greater of 1% and Yield
Maintenance 48.28 49.13 49.24 49.01 49.20 52.03 52.49 51.62 51.70
----- ----- ----- ----- ----- ----- ----- ----- -----
Subtotal 100.00 100.00 99.52 99.06 99.06 99.03 99.03 99.02 99.02
5.00% or Greater 0.00 0.00 0.48 0.48 0.00 0.00 0.00 0.00 0.00
4.00 - 4.99% 0.00 0.00 0.00 0.00 0.47 0.00 0.00 0.00 0.00
3.00 - 3.99% 0.00 0.00 0.00 0.00 0.00 0.97 0.50 0.52 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.46 0.00 0.52
1.00 - 1.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.46 0.45
<1.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Open 0.00 0.00 0.00 0.46 0.46 0.00 0.00 0.00 0.00
---- ---- ---- ---- ---- ---- ---- ---- ----
Totals 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Mortgage Pool Balance
($ million) $1,438.0 $1,415.6 $1,391.6 $1,365.4 $1,337.0 $1,300.3 $1,267.6 $1,207.1 $1,172.9
% of Cut-Off Pool Balance 100.00% 98.44% 96.77% 94.95% 92.98% 90.43% 88.15% 83.94% 81.56%
<CAPTION>
PREPAYMENT JUNE JUNE JUNE JUNE
RESTRICTIONS 2007 2008 2009 2010
- ----------------------------------- ---------- --------- ---------- --------
<S> <C> <C> <C> <C>
Locked Out 0.00% 0.00% 0.00% 0.00%
Defeasance 47.24 17.45 21.92 20.73
Greater of 1% and Yield
Maintenance 47.23 69.71 75.08 75.38
----- ----- ----- -----
Subtotal 94.47 87.16 97.00 96.12
5.00% or Greater 0.00 0.00 0.00 0.00
4.00 - 4.99% 0.00 0.00 0.00 0.00
3.00 - 3.99% 0.00 0.00 0.00 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00
1.00 - 1.99% 0.97 1.75 2.11 2.06
<1.00% 0.00 0.00 0.00 0.00
Open 4.56 11.09 0.89 1.82
---- ----- ---- ----
Totals 100.00% 100.00% 100.00% 100.00%
Mortgage Pool Balance
($ million) $1,136.1 $269.1 $206.7 $193.3
% of Cut-Off Pool Balance 79.01% 18.71% 14.37% 13.44%
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE PRINCIPAL BALANCE
- -------------------------------------------------------------------------------
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE AVERAGE
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL DEBT SERVICE
RANGE OF CUT-OFF DATE PRINCIPAL BALANCE LOANS BALANCE BALANCE BALANCE COVERAGE RATIO
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
< $499,999 1 $ 411,898 0.03% $ 411,898 1.66x
500,000 - 999,999 6 5,283,241 0.37 880,540 2.20
1,000,000 - 1,999,999 26 38,101,831 2.65 1,465,455 1.48
2,000,000 - 2,999,999 41 101,114,894 7.03 2,466,217 1.50
3,000,000 - 3,999,999 20 70,477,572 4.90 3,523,879 1.55
4,000,000 - 4,999,999 18 79,813,908 5.55 4,434,106 1.45
5,000,000 - 5,999,999 13 72,594,765 5.05 5,584,213 1.37
6,000,000 - 6,999,999 10 66,012,980 4.59 6,601,298 1.48
7,000,000 - 7,999,999 9 67,053,250 4.66 7,450,361 1.61
8,000,000 - 8,999,999 7 61,045,595 4.25 8,720,799 1.39
9,000,000 - 9,999,999 5 47,551,686 3.31 9,510,337 1.37
10,000,000 - 11,999,999 7 80,217,832 5.58 11,459,690 1.39
12,000,000 - 13,999,999 1 13,378,055 0.93 13,378,055 1.34
14,000,000 - 16,999,999 6 95,321,602 6.63 15,886,934 1.24
17,000,000 - 225,437,299 11 639,621,155 44.48 58,147,378 1.57
-- ----------- ----- ---------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
WEIGHTED
WEIGHTED AVERAGE WEIGHTED AVERAGE AVERAGE
MORTGAGE INTEREST REMAINING TERM CURRENT
RANGE OF CUT-OFF DATE PRINCIPAL BALANCE RATE TO MATURITY LTV
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
< $499,999 7.60% 118.0 68.65%
500,000 - 999,999 7.67 123.3 63.25
1,000,000 - 1,999,999 7.40 141.9 65.69
2,000,000 - 2,999,999 7.25 152.2 65.54
3,000,000 - 3,999,999 7.30 162.4 67.13
4,000,000 - 4,999,999 7.29 159.0 66.03
5,000,000 - 5,999,999 7.45 132.9 71.37
6,000,000 - 6,999,999 7.34 133.7 65.89
7,000,000 - 7,999,999 7.34 162.8 64.91
8,000,000 - 8,999,999 7.32 142.7 71.14
9,000,000 - 9,999,999 7.24 108.3 75.64
10,000,000 - 11,999,999 7.47 134.0 66.85
12,000,000 - 13,999,999 7.02 82.0 76.01
14,000,000 - 16,999,999 7.25 111.6 79.12
17,000,000 - 225,437,299 7.05 124.9 72.03
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DEBT SERVICE COVERAGE RATIO
- -------------------------------------------------------------------------------
Weighted Average Current Debt Service Coverage Ratio: 1.49x
96.4% of the Portfolio has Debt Service Coverage Ratio
greater than 1.20x
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE
DEBT SERVICE MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL DATE PRINCIPAL DEBT SERVICE
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE COVERAGE RATIO
- --------------------- ------------- ---------------- ------------------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
< 1.00 2 $ 20,447,034 1.42% $ 10,223,517 1.00x
1.01 - 1.10 5 18,413,406 1.28 3,682,681 1.05
1.11 - 1.20 3 12,482,558 0.87 4,160,853 1.19
1.21 - 1.30 35 227,790,328 15.84 6,508,295 1.27
1.31 - 1.40 63 362,948,923 25.24 5,761,094 1.34
1.41 - 1.50 14 160,551,148 11.16 11,467,939 1.47
1.51 - 1.60 10 337,452,383 23.47 33,745,238 1.59
1.61 - 1.70 5 65,514,255 4.56 13,102,851 1.67
1.71 - 1.80 23 83,884,482 5.83 3,647,151 1.76
1.81 - 1.90 12 85,539,907 5.95 7,128,326 1.86
1.91 - 2.00 3 48,312,170 3.36 16,104,057 1.93
2.01 - 2.10 1 2,681,087 0.19 2,681,087 2.07
2.11 - 2.20 2 5,854,971 0.41 2,927,486 2.15
2.21 >= 3 6,127,612 0.43 2,042,537 3.36
- --------- ---- --------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
RANGE OF WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED
DEBT SERVICE MORTGAGE INTEREST REMAINING TERM TO AVERAGE CURRENT
COVERAGE RATIOS RATE MATURITY LTV
- --------------------- - -------------------- -------------------- -----------------
<S> <C> <C> <C>
< 1.00 6.91% 88.5 75.82%
1.01 - 1.10 7.08 161.8 84.16
1.11 - 1.20 7.52 130.3 75.73
1.21 - 1.30 7.37 123.4 75.36
1.31 - 1.40 7.28 116.8 74.34
1.41 - 1.50 7.12 127.4 67.41
1.51 - 1.60 7.06 117.6 77.07
1.61 - 1.70 7.37 120.9 59.87
1.71 - 1.80 7.05 224.5 53.71
1.81 - 1.90 6.93 202.1 49.92
1.91 - 2.00 7.54 160.1 57.69
2.01 - 2.10 7.98 118.0 58.28
2.11 - 2.20 7.02 234.0 52.77
2.21 >= 7.90 127.4 54.90
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- ------------------------------------------------------------------------------
CUT-OFF DATE LOAN TO VALUE RATIO
- ------------------------------------------------------------------------------
Weighted Average Current Loan to Value Ratio: 70.5%
56.6% of the Cut-off Date Principal Balance have Loan to
Value Ratio of 75% or less
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CURRENT NUMBER OF CUT-OFF DATE AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE
LOAN-TO-VALUE RATIOS MORTGAGE PRINCIPAL CUT-OFF DATE DATE PRINCIPAL DEBT SERVICE
LOANS BALANCE PRINCIPAL BALANCE BALANCE COVERAGE RATIO
- --------------------- ----------- ------------------ ---------------------- ----------------- ---------------------
<S> <C> <C> <C> <C> <C>
23.86% - 30.00% 2 $ 2,635,069 0.18% $ 1,317,534 3.98x
30.01 - 50.00 9 142,233,130 9.89 15,803,681 1.68
50.01 - 60.00 44 246,279,251 17.13 5,597,256 1.73
60.01 - 65.00 11 69,907,277 4.86 6,355,207 1.51
65.01 - 70.00 18 85,603,297 5.95 4,755,739 1.33
70.01 - 75.00 51 267,464,838 18.60 5,244,409 1.34
75.01 - 80.00 36 335,212,716 23.31 9,311,464 1.37
80.01 - 85.00 7 57,036,973 3.97 8,148,139 1.17
85.01 - 90.00 1 225,437,229 15.68 225,437,229 1.60
95.01 - 100.00 2 6,190,484 0.43 3,095,242 1.03
- --------- ---- --------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
WEIGHTED
WEIGHTED AVERAGE WEIGHTED
RANGE OF CURRENT AVERAGE REMAINING WEIGHTED AVERAGE
LOAN-TO-VALUE RATIOS MORTGAGE TERM TO AVERAGE BALLOON/
INTEREST RATE MATURITY CURRENT LTV ARD LTV
- --------------------- -------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
23.86% - 30.00% 7.85% 139.8 24.80% 0.00%
30.01 - 50.00 7.29 152.8 48.09 33.85
50.01 - 60.00 7.21 182.4 54.80 22.84
60.01 - 65.00 7.27 115.3 62.93 39.90
65.01 - 70.00 7.46 121.8 68.07 54.66
70.01 - 75.00 7.30 118.2 73.25 61.72
75.01 - 80.00 7.27 119.6 77.77 65.11
80.01 - 85.00 7.17 109.1 81.55 46.27
85.01 - 90.00 6.81 117.0 87.62 69.13
95.01 - 100.00 6.80 238.0 99.61 0.00
---- ----- ----- ----
TOTAL 7.20% 133.0 70.45% 51.78%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM (IN MONTHS)
- -------------------------------------------------------------------------------
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE
AMORTIZATION MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL DATE PRINCIPAL DEBT SERVICE
TERMS LOANS BALANCE BALANCE BALANCE COVERAGE RATIO
- --------------------- ------------- ---------------- ------------------------- ------------------ --------------------
<S> <C> <C> <C> <C> <C>
71-90 1 $ 15,873,962 1.10% $ 15,873,962 1.00x
91-110 1 1,677,521 0.12 1,677,521 1.06
111-130 2 6,219,574 0.43 3,109,787 1.57
131-150 1 3,736,335 0.26 3,736,335 1.03
171-190 4 40,265,640 2.80 10,066,410 1.58
211-230 1 4,370,386 0.30 4,370,386 1.28
231-250 41 143,341,737 9.97 3,496,140 1.71
291-310 40 567,560,418 39.47 14,189,010 1.56
331-360 90 654,954,690 45.55 7,277,274 1.41
-- ----------- ----- --------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
RANGE OF WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED
AMORTIZATION MORTGAGE INTEREST REMAINING TERM TO AVERAGE CURRENT
TERMS RATE MATURITY LTV
- --------------------- -------------------- -------------------- -----------------
<S> <C> <C> <C>
71-90 6.91% 80.0 81.20%
91-110 7.25 106.0 67.10
111-130 7.10 118.0 48.35
131-150 7.13 146.0 83.96
171-190 7.04 120.5 62.14
211-230 7.38 117.0 69.37
231-250 7.05 225.8 56.17
291-310 7.22 120.5 73.28
331-360 7.24 125.8 71.53
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
CURRENT MORTGAGE INTEREST RATES
- -------------------------------------------------------------------------------
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE
MORTGAGE MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL DATE PRINCIPAL DEBT SERVICE
RATES LOANS BALANCE BALANCE BALANCE COVERAGE RATIO
- --------------------- ------------- ---------------- ------------------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
6.50 - 6.75 2 $ 43,558,638 3.03% $ 21,779,319 1.51x
6.75 - 7.00 16 387,990,079 26.98 24,249,380 1.55
7.00 - 7.25 68 392,472,876 27.29 5,771,660 1.49
7.25 - 7.50 51 410,834,586 28.57 8,055,580 1.45
7.50 - 7.75 28 131,221,075 9.13 4,686,467 1.40
7.75 - 8.00 9 42,578,781 2.96 4,730,976 1.62
8.00 - 8.25 3 10,573,647 0.74 3,524,549 1.83
8.25 - 8.50 3 14,597,956 1.02 4,865,985 1.68
8.75 - 9.00 1 4,172,624 0.29 4,172,624 1.57
- --------- ---- --------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
RANGE OF WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED
MORTGAGE MORTGAGE INTEREST REMAINING TERM TO AVERAGE CURRENT
RATES RATE MATURITY LTV
- --------------------- - -------------------- -------------------- -----------------
<S> <C> <C> <C>
6.50 - 6.75 6.74% 117.0 78.47%
6.75 - 7.00 6.85 124.1 78.31
7.00 - 7.25 7.09 154.9 67.33
7.25 - 7.50 7.40 124.2 66.59
7.50 - 7.75 7.64 126.0 68.11
7.75 - 8.00 7.83 145.5 64.65
8.00 - 8.25 8.15 122.8 65.20
8.25 - 8.50 8.43 116.0 74.41
8.75 - 9.00 8.88 113.0 63.22
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
AMORTIZATION TYPES
- -------------------------------------------------------------------------------
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
NUMBER CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE WEIGHTED AVERAGE DEBT
OF MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL CUT-OFF DATE SERVICE COVERAGE
AMORTIZATION TYPE LOANS BALANCE BALANCE PRINCIPAL BALANCE RATIO
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balloon 103 $ 882,979,842 61.40 $8,572,620 1.48x
Fully Amortizing 44 162,526,248 11.30 3,693,778 1.66
Hyper Amortizing 34 392,494,174 27.29 11,543,946 1.46
-- ----------- ----- ---------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED
MORTGAGE INTEREST REMAINING TERM TO AVERAGE
AMORTIZATION TYPE RATE MATURITY CURRENT LTV
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
Balloon 7.18% 122.2 75.65%
Fully Amortizing 7.03 210.0 58.10
Hyper Amortizing 7.33 125.5 63.88
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
REMAINING TERM TO MATURITY (IN MONTHS)
- -------------------------------------------------------------------------------
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
RANGE OF REMAINING NUMBER OF CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE CUT-OFF WEIGHTED AVERAGE
TERM TO MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL DATE PRINCIPAL DEBT SERVICE
MATURITY LOANS BALANCE BALANCE BALANCE COVERAGE RATIO
- --------------------- ------------- ----------------- ------------------------- ------------------ --------------------
<S> <C> <C> <C> <C>
=<70 1 $ 6,508,605 0.45% $ 6,508,605 1.31x
71 - 90 7 44,633,538 3.10 6,376,220 1.22
91 - 110 1 1,677,521 0.12 1,677,521 1.06
111 - 130 117 1,094,245,468 76.09 9,352,525 1.45
131- 150 2 6,128,400 0.43 3,064,200 1.17
151 - 170 2 7,065,919 0.49 3,532,960 1.22
171 - 190 15 146,796,443 10.21 9,786,430 1.71
231 - 250 36 130,944,369 9.11 3,637,344 1.75
-- ----------- ---- --------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
RANGE OF REMAINING WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED AVERAGE
TERM TO MORTGAGE INTEREST REMAINING TERM TO CURRENT
MATURITY RATE MATURITY LTV
- --------------------- -------------------- ------------------- -------------------
<S> <C> <C> <C>
=<70 6.92% 57.0 71.52%
71 - 90 7.16 80.6 76.10
91 - 110 7.25 106.0 67.10
111 - 130 7.21 117.4 73.83
131- 150 7.37 144.0 79.48
151 - 170 7.55 151.0 74.40
171 - 190 7.27 177.8 56.74
231 - 250 7.02 234.3 55.00
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
YEAR OF ORIGINATION
- -------------------------------------------------------------------------------
[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.]
[BAR GRAPH]
<TABLE>
<CAPTION>
YEAR OF NUMBER OF CUT-OFF DATE PERCENTAGE OF AGGREGATE AVERAGE WEIGHTED AVERAGE
ORIGINATION MORTGAGE PRINCIPAL CUT-OFF DATE PRINCIPAL CUT-OFF DATE DEBT SERVICE
LOANS BALANCE BALANCE PRINCIPAL BALANCE COVERAGE RATIO
- --------------------- ------------- ----------------- ------------------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
1997 93 $ 627,341,024 43.63 $ 6,745,602 1.49x
1998 86 803,593,321 55.88 9,344,108 1.50
1995 2 7,065,919 0.49 3,532,960 1.22
- --------- ---- --------- ----
TOTAL 181 $ 1,438,000,264 100% $ 7,944,753 1.49X
<CAPTION>
YEAR OF WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED
ORIGINATION MORTGAGE INTEREST REMAINING TERM TO AVERAGE CURRENT
RATE MATURITY LTV
- ----------------------- -------------------- ------------------- -----------------
<S> <C> <C> <C>
1997 7.25% 144.1 67.35%
1998 7.16 124.2 72.84
1995 7.55 151.0 74.40
---- ----- -----
TOTAL 7.20% 133.0 70.45%
<FN>
(a) Column totals may not add due to rounding.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
COLLATERAL TERM SHEET:
SENIOR LIVING PORTFOLIO
Loan Information
Original Cut-Off Date
PRINCIPAL BALANCE: $226,000,000 $225,437,229
ORIGINATION DATE: February 6, 1998
INTEREST RATE: 6.81%
AMORTIZATION: 25 years
MATURITY DATE: February 1, 2008
BORROWERS: Senior Living Properties, LLC and SLP Illinois,
LLC were formed as special purpose entities in
December 1997 and January 1998.
CALL PROTECTION: Prepayment lockout for 34 months. U.S. Treasury
defeasance permitted from 34 months after the
closing date.
CROSS-COLLATERALIZATION/ No
DEFAULT
ADDITIONAL FINANCING: $10 million subordinate loan secured by mortgages
on the property and revolving lines of credit of
$15 million and a $10 million secured by certain
income and accounts. Additional $10 million
unsecured subordinated loan.
Property Information
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Nursing Home and Independent Assisted Living
LOCATION: Illinois and Texas
YEAR BUILT/RENOVATED: 1902-1984 / 1939-1998
THE COLLATERAL The loan is secured by fee mortgages or deeds of
trust encumbering 74 nursing homes and assisted
living properties located in Texas and Illinois,
and security interests in certain income, accounts
and other personal property relating to 13 other
nursing homes and assisting living properties.
SURETY BOND: The loan is insured under an insurance surety bond
issued by ZC Specialty Insurance Company ("ZC")
covering up to a principal amount of $144,549,430,
together with applicable interest thereon. The
obligations of ZC are guaranteed by Centre
Reinsurrance (US) Limited ("Centre Re"). As of
March 1998, Centre Re had claims paying ability of
AA by Standard & Poor's.
PROPERTY MANAGEMENT: Complete Care Services, L.P.
OCCUPANCY: 73%
(10/31/97)
1997 NET OPERATING $30,306,508
INCOME:
UNDERWRITABLE NET CASH $30,402,500
FLOW:
APPRAISED VALUE: $257,300,000
CUT-OFF DATE LOAN/SQ. FT.: $28,461
APPRAISAL DATE: January 1, 1998
Cut-off Date
LTV: 87.6%
BALLOON LTV: 69.1%
DSCR(1): 1.60x
(1) Based on Underwritable Net Cash Flow.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
COLLATERAL TERM SHEET:
ALLIANCE PORTFOLIO
Loan Information
Original Cut-Off Date
PRINCIPAL BALANCE: $62,000,000 $61,800,612
ORIGINATION DATE: December 16, 1997
INTEREST RATE: 7.14%
AMORTIZATION: 30 years
HYPERAMORTIZATION After Anticipated Repayment Date, interest rate
increases to 9.143%. All excess cash flow is used
to reduce outstanding principal balance; the
additional 2% deferred and accrues interest at the
increased rate until the principal balance is
zero.
ANTICIPATED REPAYMENT January 1, 2008
DATE:
MATURITY DATE: January 1, 2028
BORROWER/SPONSOR: Alliance DG, a special purpose entity, is an
Illinois limited partnership, an affiliate of
Alliance Holdings, LLC, a privately owned real
estate investment, development, and finance firm
primarily involved in the multifamily housing
industry. Alliance Holdings is based in Chicago,
Illinois and holds a portfolio of more than 13,368
apartment units in Texas, Indiana, California and
Florida.
CALL PROTECTION: Prepayment lockout up to 6 months prior to the
Anticipated Repayment Date. U.S. Treasury
defeasance permitted from five years after closing
date.
CROSS-COLLATERALIZATION/ No
DEFAULT
ADDITIONAL FINANCING: $9.5 million mezzanine partnership loan.
Property Information
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Multifamily
LOCATION: Texas
YEAR BUILT/RENOVATED: 1970-1983 / 1996-1998
THE COLLATERAL: 8 multi-family properties located in Dallas and
Houston, Texas, totaling 2,762 units.
PROPERTY MANAGEMENT: Alliance Residential Management LLC
OCCUPANCY(1/11/98): 96%
1997 NET OPERATING INCOME: $6,872,462
UNDERWRITABLE NET CASH $6,639,436
FLOW:
APPRAISED VALUE: $81,910,000
CUT-OFF DATE LOAN/ SQ. FT: $22,375
APPRAISAL DATE: 10/23/97 - 3/23/98
Cut-off Date At ARD(1)
LTV: 75.5% 65.2%
DSCR(2) 1.32x
(1) Anticipated Repayment Date.
(2) Based on Underwritable Net Cash Flow.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
COLLATERAL TERM SHEET:
RENAISSANCE TECHWORLD HOTEL
Loan Information
Original Cut-Off Date
PRINCIPAL BALANCE: $62,000,000 $61,924,861
ORIGINATION DATE: March 13, 1998
INTEREST RATE: 7.50%
AMORTIZATION: 25 years
HYPERAMORTIZATION After Anticipated Repayment Date, interest rate
increases to 9.500%. All excess cash flow is used
to reduce outstanding principal balance; the
additional 2% deferred and accrues interest at the
increased rate until the principal balance is
zero.
ANTICIPATED REPAYMENT April 1, 2008
DATE:
MATURITY DATE: April 1, 2023
BORROWER: Techworld Hotel Associates, LLC, a District of
Columbia limited liability company and a special
purpose entity.
CALL PROTECTION: Prepayment lockout up to 7 months prior to
Anticipated Repayment Date. U.S. Treasury
defeasance permitted from 47 months after the
closing date.
CROSS-COLLATERALIZATION/ No
DEFAULT
ADDITIONAL FINANCING: Approximately $6.0 million mezzanine partnership
loan.
Property Information
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Hospitality
LOCATION: District of Columbia
YEAR BUILT/RENOVATED: 1989 / 1994
THE COLLATERAL A 15-story, 801 room full service hotel
located at 999 9th Street in Washington D.C. with
a restaurant and a lounge, 66,918 square feet of
meeting and ballroom space and a 307 seat
auditorium.
PROPERTY MANAGEMENT: Renaissance Hotel Operating Company
OCCUPANCY (12/31/97): 71%(3)
1997 NET OPERATING $10,261,495
INCOME:
UNDERWRITABLE NET CASH $8,801,680
FLOW:
APPRAISED VALUE: $125,000,000
CUT-OFF DATE LOAN/ROOMS: $77,309
APPRAISAL DATE: January 28, 1998
Current
LTV: 49.6% At ARD(1)
DSCR(2) 1.59x 39.7%
(1) Anticipated Repayment Date.
(2) Based on Underwritable Net Cash Flow.
(3) Based on a trailing12 month basis.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
COLLATERAL TERM SHEET:
MADISON RENAISSANCE
Loan Information
Original Cut-Off Date
PRINCIPAL BALANCE: $49,000,000 $48,942,695
ORIGINATION DATE: March 3, 1998
INTEREST RATE: 7.34%
AMORTIZATION: 25-years
HYPERAMORTIZATION After Anticipated Repayment Date, interest rate
increases to 9.340%. All excess cash flow is used
to reduce outstanding principal balance; the
additional 2% deferred and accrues interest at the
increased rate until the principal balance is
zero.
ANTICIPATED REPAYMENT April 1, 2008
DATE:
MATURITY DATE: April 1, 2023
BORROWER: Madison Hotel LLC, a Washington limited liability
company and a special purpose entity. Madison
Associates, a Washington general partnership, is
the sole member of the Madison Renaissance
Borrower.
CALL PROTECTION: Prepayment lockout up to 6 months prior to
Anticipated Repayment Date. U.S. Treasury
defeasance permitted from 35 months after the
closing date.
CROSS-COLLATERALIZATION/ No
DEFAULT
MEZZANINE LOANS: NAP
Property Information
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Hospitality
LOCATION: Washington
YEAR BUILT/RENOVATED: 1983 / 1997-1998
THE COLLATERAL Collateral consists of both fee and
leasehold interests in land underlying a 28-story,
553 room full service hotel. The property includes
three restaurants, 18,283 square feet of meeting
space and underground parking facilities.
PROPERTY MANAGEMENT: R.C. Hedreen Co.
FRANCHISOR: Marriott International, Inc.
OCCUPANCY: 69%(3)
(12/31/97)
1997 NET OPERATING $7,948,850
INCOME:
UNDERWRITABLE NET CASH $7,106,470
FLOW:
APPRAISED VALUE: $83,800,000
CUT-OFF DATE LOAN/ROOMS: $88,504
APPRAISAL DATE: June 1, 1997
Cut-off Date At ARD(1)
LTV: 58.5% 46.4%
DSCR(2) 1.66x
(1) Anticipated Repayment Date.
(2) Based on Underwritable Net Cash Flow.
(3) Based on a trailing 12 month basis.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
STRUCTURAL AND COLLATERAL TERM SHEET
COLLATERAL TERM SHEET:
THE AIMCO LOANS
Loan Information
Original Cut-Off Date
TOTAL PRINCIPAL BALANCE: $120,000,000 $118,600,711
NUMBER OF LOANS: Thirty Three
RANGE OF PRINCIPAL
BALANCE: $1,160,988 - $9,079,651 $1,147,450 - 8,973,776
ORIGINATION DATE: October 31, 1997
RANGE OF INTEREST RATE: 7.019%
RANGE OF AMORTIZATION: 20 Years
RANGE OF MATURITY DATE: November 1, 2017
BORROWER/SPONSOR: Thirty Three AIMCO Loan Borrowers, each a separate
special purpose entity Delaware limited
partnership
CALL PROTECTION: Prepayment penalty is the greater of 1% or yield
maintenance for the first 227 months and open for
the last 13 months.
CROSS-COLLATERALIZATION/ No
DEFAULT
MEZZANINE LOANS: No
Property Information
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Multifamily
LOCATION: Arizona, Georgia, Texas, Florida, Michigan, North
Carolina, and Illinois
YEAR BUILT/RENOVATED: 1964 -1990
THE COLLATERAL Collateral consists of thirty three
multifamily properties ranging in size from 84
units to 487 units, totaling 6,976 units.
PROPERTY MANAGEMENT: AMICO Properties, L.P.
OCCUPANCY: 81% - 100%
(8/18/97 - 12/15/97)
1997 NET OPERATING ($297,532) - $1,762,112
INCOME:
UNDERWRITABLE NET CASH $189,841 - $1,485,628
FLOW:
APPRAISED VALUE: $2,050,000 - $17,200,000
CUT-OFF DATE $17,001
BALANCE/UNITS:
APPRAISAL DATE: October and November 1997
Cut-off Date
LTV: 49% - 60%
DSCR(1) 1.75x - 2.19x
(1) Based on Underwritable Net Cash Flow.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
<PAGE>
DEUTSCHE MORGAN GRENFELL INC.
31 WEST 52ND STREET
NEW YORK, NY 10019
REAL ESTATE FINANCE
Steve Stuart Phone: (212) 469-8444
Director Fax: (212) 469-8518
Eric Schwartz Phone: (212) 469-4542
Director Fax: (212) 469-8518
Greg Hartch Phone: (212) 469-2748
Vice President Fax: (212) 469-8518
Allisson Michaels Phone: (212) 469-7391
Vice President Fax: (212) 469-8518
Janet Whang Phone: (212) 469-3672
Analyst Fax: (212) 469-8518
MORTGAGE UNDERWRITING
Robert Burns Phone: (212) 469-3867
Director Fax: (212) 469-8523
Lotte Potter Phone: (212) 469-2793
Vice President Fax: (212) 469-8523
MORTGAGE TRADING
John Cutting Phone: (212) 469-7730
Director Fax: (212) 469-6933
Scott Wayneburn Phone: (212) 469-7730
Vice President Fax: (212) 469-6933
LEHMAN BROTHERS
THREE WORLD FINANCIAL CENTER, 20TH FLOOR
NEW YORK, NY 10285
REAL ESTATE FINANCE
Paul Hughson Phone: (212) 526-5911
Senior Vice President Fax: (212) 526-3746
Rick Hollander Phone: (212) 526-8327
Vice President Fax: (212) 526-3746
Jim Blakemore Phone: (212) 526-7708
Vice President Fax: (212) 526-3746
MORTGAGE TRADING
Haejin Baek Phone: (212) 526-0001
Senior Vice President Fax: (212) 528-8955
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
