<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) May 24, 1999
GMAC Commercial Mortgage Securities, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
333-64963
(Commission File Number)
23-2811925
(I.R.S. Employer Identification No.)
650 Dresher Road, Horsham, Pennsylvania 19044
(Address of Principal Executive Offices) (Zip Code)
(215) 328-3164
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS.
On or about June 9, 1999, the Registrant will cause the issuance and sale
of approximately $974,502,236 initial principal amount of Mortgage Pass-Through
Certificates, Series 1999-C2, 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 June 1, 1999, among the
Registrant, GMAC Commercial Mortgage Corporation, as Servicer, LaSalle Bank
National Association, 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, Class F and Class G Certificates (the "Publicly Offered
Certificates"), the Registrant has been advised by Donaldson, Lufkin & Jenrette
Securities Corporation, Deutsche Bank Securities Inc. and Goldman, Sachs & Co.,
(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. 333-64963 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. 333-64963 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 the 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 Business 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 hereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
(Registrant)
Dated: May 26, 1999 By: /s/ David Lazarus
____________________________
Name: David Lazarus
Title: Vice President
-4-
<PAGE>
INDEX TO EXHIBITS
Exhibit
No. Document 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.
-5-
<PAGE>
All information in this Term Sheet, 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.
MAY 24, 1999
STRUCTURAL AND COLLATERAL TERM SHEET
$974,502,237 (APPROXIMATE COLLATERAL BALANCE)
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C2
APPROXIMATE SECURITIES STRUCTURE:
EXPECTED
EXPECTED WEIGHTED
EXPECTED APPROXIMATE CREDIT AVERAGE EXPECTED
CLASS RATING FACE/NOTIONAL SUPPORT LIFE PAYMENT
(A) MDY'S/S&P/FITCH AMOUNT (MM) (% OF UPB) (YEARS)(B) WINDOW
- -------------------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
X Aaa/AAAr/AAA $974.5(c) N/A 10.0 7/99-1/24
A1 Aaa/AAA/AAA 150.3 28.25 5.7 7/99-12/08
A2 Aaa/AAA/AAA 549.0 28.25 9.7 12/08-5/09
B Aa2/AA/AA 51.2 23.00 9.9 5/09-5/09
C A2/A/A 48.7 18.00 9.9 5/09-5/09
D A3/A-/A- 14.6 16.50 10.0 5/09-6/09
E Baa2/BBB/BBB 41.4 12.25 10.9 6/09-8/11
F Baa3/BBB-/BBB- 12.2 11.00 12.8 8/11-11/12
G Baa3/NR/NR 12.2 9.75 14.0 11/12-1/14
PRIVATELY OFFERED CLASSES (D)
- -------------------------------------------------------------------------------
H - - - - -
J - - - - -
K - - - - -
L - - - - -
M - - - - -
N - - - - -
TOTAL SECURITIES: $974.5
- -------------------------------------------------------------------------------
(a) Classes ___ are expected to have a fixed pass-through rate. Classes ___ are
expected to have a fixed pass-through rate subject to a cap equal to the
weighted average Net Mortgage Pass-Through Rate. Classes ___ are expected
to have a pass-through rate equal to the weighted average Net Mortgage
Pass-Through Rate.
(b) Calculated at 0% CPR, assuming no balloon payment extension and that ARD
Loans pay in full on Anticipated Repayment Dates.
(c) Notional amount on interest only class.
(d) Not offered hereby.
KEY FEATURES:
Lead Manager: Donaldson, Lufkin & Jenrette
Securities Corporation
Co-Managers: Deutsche Bank Securities
Goldman, Sachs & Co.
Mortgage Loan Seller: GMAC Commercial Mortgage Corporation
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: LaSalle Bank National Association
Launch: May 12, 1999
Pricing: May 26, 1999
Closing: June 9, 1999
Cut-Off Date: June 1and 10, 1999
Distribution Date: 15th of each month, or following
business day (commencing July 1999)
Payment Delay: 14 days
ERISA Eligible: Classes A1, A2, and X are expected to be ERISA
eligible subject to certain conditions for
eligibility.
SMMEA Eligible: Classes A1, A2, X and B are expected to be SMMEA
securities upon issuance.
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution
Date: TBD
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes except
Class X: $25,000 & $1
Class X: $1,000,000 Notional Amount
& $1
Delivery: DTC
- --------------------------------------------------------------------------------
COLLATERAL FACTS:
Initial Pool Balance: $974,502,237
Number of Mortgage Loans: 121
Number of Mortgaged Properties: 162
Average Cut-Off Date Balance: $8,053,737
Weighted Average Current Mortgage Rate: 7.406%
Weighted Average U/W DSCR (a) (b): 1.40x
Weighted Average Cut-Off Date LTV Ratio (a) (b): 68.28%
Weighted Average Remaining Term to Maturity
(months): 136.6
Weighted Average Remaining Amortization Term
(months): 332.7
Weighted Average Seasoning (months): 3.0
CTL Loans as a % of Total 14.15%
Balloon Loans as % of Total (c): 95.0%
Single Largest Loan as % of Total: 10.26%
Five Largest Loans as % of Total: 27.58%
Ten Largest Loans as % of Total: 40.36%
(a) All DSCR and LTV information presented herein is generally calculated as
though any related earnout reserve had been applied to reduce or defease
the primary balance of the mortgage loan.
(b) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
(c) Includes 4 ARD loans totaling $148.8 mm and 15.27% of the pool Cut-Off date
balance.
TEN LARGEST LOANS OR SPONSORS
ORIGINAL
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
- ------------------------------------------------------------------------------
PREIT Portfolio (a) $108,000,000 11.07% 67.45% 1.57x Multifamily
Queens Center Retail 100,000,000 10.26 62.50 1.61 Retail
Ingram Micro 72,880,000 7.45 98.30 1.00 Office - CTL
Headquarters (b)
The Palmer Center 54,000,000 5.52 74.47 1.24 Office
The Squaw Peak Loan 36,000,000 3.69 66.06 1.20 Office
(c)
Red Rose Commons 28,320,000 2.91 80.00 1.24 Retail
University of Nevada 27,000,000 2.76 89.52 1.15 Other - CTL
Property
Holiday Inn Mart 26,500,000 2.72 47.41 2.06 Full
Plaza Service Hotel
Fairfield Towers 25,258,000 2.58 74.48 1.23 Multifamily
729 Seventh Avenue 23,500,000 2.40 61.66 1.24 Office
- ------------------------------------------------------------------------------
(a) 8 loans with affiliated borrowers make up this group of loans. Not
cross-collateralized.
(b) 2 loans with affiliated borrowers make up this group of loans on 3
properties. Not cross-collateralized.
(c) 1 loan on 3 properties.
- ------------------------------------------------------------------------------
SELECTED LOAN DATA:
NUMBER OF CUT-OFF DATE BALANCE
GEOGRAPHIC MORTGAGED --------------------------------------
DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR(A)
- ---------------------------------------------------------------------
New York 17 $197.4 20.3% 1.45x
California 26 194.9 20.0 1.33
Pennsylvania 30 72.3 7.4 1.40
Florida 9 70.6 7.2 1.53
Colorado 2 56.2 5.8 1.25
Other (b) 78 383.1 39.3 1.39
--- ------ ----- ----
TOTAL/WTD. AVG. 162 $974.5 100.0% 1.40X
- -----------------------------------------------------------------
PROPERTY TYPE
- -----------------------------------------------------------------
Office 23 $271.8 27.9% 1.27x
Multifamily 75 261.7 26.9 1.40
Retail 36 261.0 26.8 1.44
Other 7 69.2 7.1 1.40
Hospitality 5 57.4 5.9 1.76
Industrial 13 44.3 4.5 1.28
Mixed Use 3 9.2 0.9 1.29
--- ------ ----- ----
TOTAL/WTD. AVG. 162 $974.5 100.0% 1.40X
- -----------------------------------------------------------------
PREPAYMENT
RESTRICTIONS
- -----------------------------------------------------------------
Lockout/Defeasance 121 $974.5 100% 1.40x
--- ------ ---- -----
TOTAL/WTD. AVG. 121 $974.5 100% 1.40X
- -----------------------------------------------------------------
(a) The DSCR information does not reflect the 8 CTL loans representing 14.15%
of the Aggregate Cut-Off Date Balance.
(b) Includes 23 states.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
- --------------------------------------------------------------------------------
[ ] For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the Class A1, A2,
B, C, D, E, F, G, H, J, K, L, M, N certificates.
[ ] Realized losses will be allocated to the principal balance of Class N, M,
L, K, J, H, G, F, E, D, C, B until reduced to zero and then to the class
A1 and A2 pro rata.
[ ] Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A1 and
A2 Certificates each month.
[ ] Each class will be subordinate to the Class A1, A2, and X and to each
class with an earlier alphabetic designation than such class.
[ ] All classes will pay interest on a 30/360 basis.
[ ] The Master Servicer will cover net prepayment interest shortfalls,
provided that with respect to any loans with due dates on or preceding the
related determination date the Master Servicer will only cover net
prepayment interest shortfalls up to the Master Servicing fee equal to 2
basis points per annum on the principal balance of such loans. Net
prepayment interest shortfalls (after application of prepayment interest
excesses and other Servicer coverage from the Master Servicing Fee) will
be allocated pro-rata (based on interest entitlements) to all
Certificates.
[ ] Interest shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes
of outstanding regular Certificates with the Class X considered most
senior.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
BALANCES LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$638,827 - 999,999 2 $ 1,607,214 0.16% $ 803,607 1.26x 8.247% 117.0 61.78%
1,000,000 - 1,999,999 20 31,990,825 3.28 1,599,541 1.33 7.799 124.9 68.19
2,000,000 - 2,999,999 19 48,256,765 4.95 2,539,830 1.34 7.757 142.5 71.47
3,000,000 - 3,999,999 19 66,858,065 6.86 3,518,846 1.37 7.709 135.8 69.43
4,000,000 - 4,999,999 14 62,650,771 6.43 4,475,055 1.28 7.699 128.6 71.15
5,000,000 - 5,999,999 10 56,329,155 5.78 5,632,916 1.37 7.616 117.2 70.57
6,000,000 - 6,999,999 2 13,627,015 1.40 6,813,507 1.45 7.944 118.0 70.67
7,000,000 - 7,999,999 8 59,159,649 6.07 7,394,956 1.36 7.552 124.5 71.95
8,000,000 - 8,999,999 2 17,424,724 1.79 8,712,362 1.30 7.179 130.3 75.55
9,000,000 - 9,999,999 1 9,132,449 0.94 9,132,449 1.28 7.250 235.0 68.67
10,000,000 - 13,999,999 7 84,320,280 8.65 12,045,754 1.44 7.212 144.0 71.05
14,000,000 - 16,999,999 2 32,073,693 3.29 16,036,846 1.53 7.365 119.0 59.21
17,000,000 - 19,999,999 3 55,835,359 5.73 18,611,786 1.41 7.820 168.8 73.74
20,000,000 - 24,999,999 4 87,914,138 9.02 21,978,535 1.34 7.257 135.7 59.11
25,000,000 - 29,999,999 4 106,829,924 10.96 26,707,481 1.52 7.570 148.4 67.46
30,000,000 - 39,999,999 1 36,000,000 3.69 36,000,000 1.20 7.800 114.0 66.06
40,000,000 - 59,999,999 2 104,492,212 10.72 52,246,106 1.24 7.103 152.9 74.47
60,000,000 - Over 1 100,000,000 10.26 100,000,000 1.61 6.560 117.0 62.50
--- ------------ ------ ------------ ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $ 8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ============ ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE (a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
STATE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- --------------------- ----------- -------------- -------------- ----------------- ------------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
New York 17 $197,449,412 20.26% $11,614,671 1.45x 7.059% 120.6 64.09%
California 26 194,922,148 20.00 7,497,006 1.33 7.519 151.6 67.62
Pennsylvania 30 72,269,982 7.42 2,408,999 1.40 7.361 118.0 75.90
Florida 9 70,566,782 7.24 7,840,754 1.53 6.943 126.3 62.09
Colorado 2 56,167,758 5.76 28,083,879 1.25 7.048 115.2 74.60
Illinois 2 46,132,141 4.73 23,066,071 2.08 8.224 180.9 47.36
Texas 15 44,804,427 4.60 2,986,962 1.35 7.884 123.1 68.85
Arizona 3 41,590,286 4.27 13,863,429 1.23 7.641 114.5 67.06
Nevada 2 28,497,783 2.92 14,248,891 1.40 7.368 230.0 59.70
Virginia 4 26,507,797 2.72 6,626,949 1.34 7.581 199.2 74.86
New Jersey 8 26,032,047 2.67 3,254,006 1.30 7.684 142.8 72.54
Maryland 3 24,419,023 2.51 8,139,674 1.43 6.934 118.3 73.16
Ohio 2 17,936,784 1.84 8,968,392 1.58 6.773 119.0 72.93
Connecticut 6 17,443,028 1.79 2,907,171 1.24 7.580 116.0 76.99
Michigan 5 16,040,567 1.65 3,208,113 1.28 7.802 128.1 73.75
Massachusetts 6 15,996,634 1.64 2,666,106 1.31 8.248 169.5 63.96
Georgia 5 15,878,461 1.63 3,175,692 1.29 7.593 131.4 77.24
Missouri 4 14,266,460 1.46 3,566,615 1.29 7.576 119.0 74.95
North Carolina 3 11,816,419 1.21 3,938,806 1.46 8.067 117.8 69.07
Alaska 1 7,488,235 0.77 7,488,235 1.27 7.920 179.0 71.32
New Hampshire 1 5,589,454 0.57 5,589,454 1.26 7.880 117.0 73.55
Louisiana 2 4,793,411 0.49 2,396,706 1.25 8.063 125.8 73.99
Kentucky 1 4,562,409 0.47 4,562,409 1.20 6.800 116.0 79.35
Iowa 1 4,112,079 0.42 4,112,079 1.23 7.790 117.0 79.54
Rhode Island 1 3,897,657 0.40 3,897,657 1.47 7.560 119.0 69.98
Minnesota 1 2,128,514 0.22 2,128,514 1.22 7.610 118.0 70.95
Indiana 1 1,998,830 0.21 1,998,830 1.26 7.660 119.0 68.93
South Dakota 1 1,193,708 0.12 1,193,708 1.32 7.000 116.0 68.21
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 162 $974,502,237 100.00% $6,015,446 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- -------------------------------------------------------------------------------
[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.]
AK 0.77% MO 1.46% NY 20.26%
CA 20.00% LA 0.49% PA 7.42%
NV 2.92% IL 4.73% VA 2.72%
AZ 4.27% MI 1.65% NC 1.21%
CO 5.76% IN 0.21% MA 1.64%
TX 4.60% OH 1.84% RI 0.40%
SD 0.12% KY 0.47% CT 1.79%
MN 0.22% GA 1.63% NJ 2.67%
IA 0.42% FL 7.24% MD 2.51%
NH 0.57%
California 20.00%
Pennsylvania 7.42%
Florida 7.24%
Colorado 5.76%
Illinois 4.73%
Texas 4.60%
Other (a) 29.99%
New York 20.26%
(a) Includes 21 states.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF PROPERTY TYPES (a)
- --------------------------------------------------------------------------------
[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.]
Retail 26.78%
Multi-family 26.85%
Office 27.89%
Industrial 4.54%
Hospitality 5.89%
Mixed Use 0.94%
Other 7.10%
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office 23 $271,764,046 27.89% $11,815,828 1.27x 7.425% 138.9 67.88
Multifamily 75 261,659,573 26.85 3,488,794 1.40 7.230 120.5 72.59
Retail 36 260,978,125 26.78 7,249,392 1.44 7.217 122.1 68.59
Other 7 69,211,276 7.10 9,887,325 1.40 7.982 239.8 58.64
Hospitality 5 57,432,996 5.89 11,486,599 1.76 7.954 133.7 51.74
Industrial 13 44,281,677 4.54 3,406,283 1.28 7.736 154.9 66.79
Mixed Use 3 9,174,543 0.94 3,058,181 1.29 7.824 116.9 67.46
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 162 $974,502,237 100.00% $6,015,446 1.40X 7.406% 136.6 68.28
=== ============ ======= ========== ===== ====== ===== =====
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIOS (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF DEBT NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
SERVICE COVERAGE MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
RATIOS LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CTL 8 $137,875,890 14.15% $17,234,486 NAP 7.517% 222.6 NAP
1.00 - 1.09 1 1,422,390 0.15 1,422,390 1.07x 8.000 117.0 48.98%
1.10 - 1.19 1 13,992,012 1.44 13,992,012 1.18 7.750 119.0 77.73
1.20 - 1.24 14 183,568,885 18.84 13,112,063 1.23 7.498 115.5 71.89
1.25 - 1.29 38 201,161,060 20.64 5,293,712 1.26 7.680 127.3 71.58
1.30 - 1.34 19 68,913,542 7.07 3,627,029 1.31 7.880 136.6 69.03
1.35 - 1.39 8 30,007,674 3.08 3,750,959 1.36 7.701 116.5 72.38
1.40 - 1.49 10 46,781,501 4.80 4,678,150 1.44 7.354 134.2 68.65
1.50 - 1.59 14 131,220,939 13.47 9,372,924 1.55 7.072 118.6 65.18
1.60 - 1.79 5 128,605,873 13.20 25,721,175 1.61 6.699 119.4 63.69
1.90 - 2.19 2 29,560,760 3.03 14,780,380 2.08 7.482 119.5 48.27
2.20 - 3.00 1 1,391,712 0.14 1,391,712 2.28 7.500 115.0 43.49
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
- --------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS (a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
LOAN TO VALUE RATIOS LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CTL 8 $137,875,890 14.15% $17,234,486 NAP 7.517% 222.6 NAP
30.1 - 50.0 6 51,433,564 5.28 8,572,261 1.80 7.759 129.5 47.50%
50.1 - 60.0 11 74,013,669 7.60 6,728,515 1.40 7.437 128.9 57.80
60.1 - 65.0 6 151,318,379 15.53 25,219,730 1.53 6.888 119.9 62.34
65.1 - 70.0 24 133,948,129 13.75 5,581,172 1.35 7.569 128.1 67.44
70.1 - 75.0 44 291,439,913 29.91 6,623,634 1.34 7.392 119.8 73.30
75.1 - 80.0 21 129,989,426 13.34 6,189,973 1.26 7.582 119.2 78.47
80.1 - 85.0 1 4,483,267 0.46 4,483,267 1.30 7.800 115.0 83.86
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES (a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE CUT-OFF DATE DSCR RATE (MOS) RATIO
BALANCE
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.001 - 6.250 2 $7,576,430 0.78% $3,788,215 1.68x 6.250% 116.8 67.29%
6.501 - 6.750 2 102,386,967 10.51 51,193,483 1.61 6.564 119.8 62.50
6.751 - 7.000 13 131,759,887 13.52 10,135,376 1.52 6.798 121.9 68.11
7.001 - 7.250 10 176,115,559 18.07 17,611,556 1.27 7.150 153.5 70.26
7.251 - 7.500 16 102,062,213 10.47 6,378,888 1.39 7.394 171.7 73.17
7.501 - 7.750 22 178,297,261 18.30 8,104,421 1.38 7.641 119.6 70.49
7.751 - 8.000 38 192,941,383 19.80 5,077,405 1.28 7.888 127.1 67.56
8.001 - 9.000 17 63,706,402 6.54 3,747,435 1.35 8.256 131.0 65.70
9.001 or greater 1 19,656,135 2.02 19,656,135 NAP 9.030 263.0 NAP
--- ------------ ------ ---------- ---- ----- ----- ------
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ====== ========== ===== ====== ===== ======
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
(MONTHS) LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 2 $5,859,618 0.60% $2,929,809 1.28x 7.714% 178.2 52.35%
181 - 240 10 127,544,080 13.09 12,754,408 1.36 7.373 202.7 63.93
241 - 300 22 109,088,029 11.19 4,958,547 1.34 7.792 139.4 66.93
301 - 360 85 629,617,716 64.61 7,407,267 1.38 7.477 125.5 69.80
361 - 380 2 102,392,794 10.51 51,196,397 1.60 6.582 117.0 62.81
- ----------- ----- ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY (a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
TO MATURITY (MONTHS) LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
101 - 120 100 $755,327,218 77.51% $7,553,272 1.38x 7.352% 117.1 69.18%
121 - 140 2 29,474,327 3.02 14,737,163 2.00 7.645 121.1 50.17
141 - 180 4 22,242,198 2.28 5,560,550 1.29 7.638 164.4 69.42
181 - 240 13 135,629,320 13.92 10,433,025 1.36 7.379 211.8 62.61
241 - 360 2 31,829,174 3.27 15,914,587 NAP 8.418 275.2 NAP
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF REMAINING TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
TO MATURITY (MONTHS) LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
101 - 120 101 $781,803,224 80.23% $7,740,626 1.40x 7.361% 117.2 68.44%
121 - 140 1 2,998,321 0.31 2,998,321 1.25 7.820 131.0 74.96
141 - 180 4 22,242,198 2.28 5,560,550 1.29 7.638 164.4 69.42
181 - 240 13 135,629,320 13.92 10,433,025 1.36 7.379 211.8 62.61
241 - 360 2 31,829,174 3.27 15,914,587 NAP 8.418 275.2 NAP
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 109 $776,941,901 79.73% $7,127,907 1.33x 7.472% 134.6 70.84%
Fully Amortizing 8 48,712,238 5.00 6,089,030 1.40 7.671 226.1 54.44
Hyperamortizing 4 148,848,098 15.27 37,212,025 1.68 6.972 117.8 58.69
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
- -------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 121 $974,502,237 100.00% $8,053,737 1.40x 7.406% 136.6 68.28%
--- ------------ ------- ---------- ----- ------ ----- ------
TOTAL/WTD. AVG. 121 $974,502,237 100.00% $8,053,737 1.40X 7.406% 136.6 68.28%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The DSCR and LTV information does not reflect the 8 CTL loans representing
14.15% of the Aggregate Cut-Off Date Balance.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PREPAYMENT PROFILE
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT OF PRINCIPAL (a) (b)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE
RESTRICTIONS 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked out 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Number of Loans 121 121 121 121 121 121 121 121 121 121
UPB ($MM) 974.5 965.5 954.6 942.4 929.3 915.0 898.8 881.4 862.6 842.6
% OF INITIAL UPB 100.00% 99.08% 97.96% 96.71% 95.36% 93.89% 92.23% 90.45% 88.52% 86.46%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE
RESTRICTIONS 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
- -----------------------------------------------------------------------------------------------------------------------------------
Locked out 100.00% 100.00% 100.00% 100.00% 100.00% 97.15% 57.24% 97.80% 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Open 0.00% 0.00% 0.00% 0.00% 0.00% 2.85% 42.76% 2.20% 0.00% 0.00%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Number of Loans 20 19 18 18 18 15 15 13 11 11
UPB ($MM) 147.6 136.7 120.3 110.8 100.6 86.1 74.2 38.2 31.8 25.9
% OF INITIAL UPB 15.15% 14.02% 12.35% 11.37% 10.32% 8.84% 7.61% 3.92% 3.27% 2.65%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
- -------------------------------------------------------------------------------
PREPAYMENT PROVISION
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE
PERCENTAGE OF REMAINING REMAINING
RANGE OF NUMBER OF AGGREGATE AVERAGE LOCKOUT TERM TO
REMAINING TERMS TO MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE PERIOD MATURITY
STATED MATURITY (YEARS)(a) LOANS BALANCE BALANCE BALANCE (YEARS) (YEARS)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
9.0 - 9.9 100 $755,327,218 77.5% $7,553,272 9.5 9.8
10.0 - 10.9 2 29,474,327 3.0 14,737,163 10.0 10.1
11.0 - 11.9 1 8,894,345 0.9 8,894,345 11.7 11.9
14.0 - 14.9 3 13,347,853 1.4 4,449,284 14.6 14.9
16.0 - 16.9 2 72,640,817 7.5 36,320,408 15.8 16.1
17.0 - 17.9 2 8,584,898 0.9 4,292,449 14.9 17.9
19.0 - 19.9 9 54,403,605 5.6 6,044,845 19.5 19.7
21.0 - 21.9 1 19,656,135 2.0 19,656,135 21.7 21.9
24.0 - 24.9 1 12,173,039 1.2 12,173,039 24.1 24.6
--- ------------ ----- ---------- ---- ----
TOTAL / WEIGHTED AVERAGE: 121 $974,502,237 100.0% $8,053,737 11.1 11.4
=== ============ ====== ========== ==== ====
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(a) In the case of the ARD Loans, the Anticipated Repayment Date is assumed to
be the maturity date for the purposes of this calculation.
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
PREIT PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (a): $108,000,000 $107,920,483
% OF POOL BY UPB 11.07%
NOTE DATE: April 13, 1999
INTEREST RATE: All at 6.77%
AMORTIZATION: 30 years
MATURITY DATE: May 10, 2009
PRINCIPAL/SPONSOR: 6 separate special purpose entities
and 2 other borrowing entities
affiliated with the Pennsylvania Real
Estate Investment Trust (PREIT) and
Ronald Rubin.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None.
- --------------------------------------------------------------------------------
(a) 8 loans with affiliated borrowers make up this group of loans.
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of 8 assets
PROPERTY TYPE: Multifamily
LOCATION: Florida, Maryland, Ohio and
Pennsylvania.
YEARS BUILT: 1928 to 1990
THE COLLATERAL: 8 multifamily complexes located in
various states.
PROPERTY MANAGEMENT: An affiliate of the borrower.
CURRENT OCCUPANCY (RANGE OF Varies from 89% to 97%
RENT ROLLS 1/31/99 -
3/31/99):
UNDERWRITTEN NET CASH FLOW: $13,332,915
APPRAISED VALUE: $160,950,000
APPRAISAL DATE: All completed in March 1999
CUT-OFF DATE LOAN/UNIT: $32,953
CUT-OFF DATE LTV: 67.45%
BALLOON LTV: 57.75%
UWNCF DSCR: 1.57x
- --------------------------------------------------------------------------------
LOAN DETAILS
<TABLE>
<CAPTION>
CUT-OFF DATE UWNCF
LOAN # PROPERTY NAME LOCATION PRINCIPAL BALANCE CUT-OFF DATE LTV DSCR
- ----------------- ---------------------------- --------------------- --------------------- --------------------- --------------
<S> <C> <C> <C> <C> <C>
GMAC5900 Boca Palms Apartments Boca Raton, FL $22,583,360 59.90% 1.53x
GMAC5910 Cobblestone Apartments Pompano Beach, FL 13,839,803 62.06 1.56
GMAC5920 Hidden Lakes Apartments Miamisburg, OH 10,692,122 73.74 1.57
GMAC5930 Kenwood Gardens Apartments Toledo, OH 7,244,662 71.73 1.60
GMAC5940 Lakewood Hills Apartments Harrisburg, PA 18,736,195 70.70 1.58
GMAC5950 2031 Locust Street Apts. Philadelphia, PA 5,945,612 70.78 1.58
GMAC5960 The Marylander Apartments Baltimore, MD 12,290,944 72.30 1.60
GMAC5970 Palms of Pembroke Apts. Pembroke Pines, FL 16,587,778 67.84 1.56
---------------- ----------------------------- -------------------- --------------------- --------------------- --------------
</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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
QUEENS CENTER RETAIL
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $100,000,000 $100,000,000
% OF POOL BY UPB 10.26%
NOTE DATE: February 4,1999
INTEREST RATE: 6.56%
AMORTIZATION: 378 months
ARD DATE: March 1, 2009
PRINCIPAL/SPONSOR: Macerich Queen Limited Partnership, a special purpose
entity affiliated with the Macerich Company (REIT).
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: Up to $2 Million permitted in the form
of subordinate financing subject to
certain conditions
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Retail
LOCATION: Elmhurst, New York
YEARS BUILT/RENOVATED: 1973 / 1990
THE COLLATERAL: An urban shopping mall of
approximately 73 in-line stores,
food court and kiosks containing
156,194 square feet and a parking
garage. The mall is located in
the Elmhurst section of the
Borough of Queens, New York. The
mall is anchored by Macy's and JC
Penney who own and maintain their
own buildings. The Macy's and JC
Penney's buildings are not part of
the collateral.
PROPERTY MANAGEMENT: An affiliate of the borrower.
OCCUPANCY (11/30/98): 100%
UNDERWRITTEN NET CASH FLOW: $12,209,304
APPRAISAL VALUE: $160,000,000
APPRAISAL DATE: December 30, 1998
CUT-OFF DATE LOAN/SF: $640
CUT-OFF DATE LTV: 62.50%
ARD BALLOON LTV: 55.29%
UWNCF DSCR: 1.61x
- --------------------------------------------------------------------------------
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
INGRAM MICRO HEADQUARTERS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $72,880,000 $72,640,816
% OF POOL BY UPB 7.45%
NOTE DATE: December 30, 1998 for both loans
INTEREST RATE: 7.18% for both loans
AMORTIZATION: 243 months
MATURITY DATE: July 10, 2015
PRINCIPAL/SPONSOR: 2 separate special purpose entities.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
TENANT RATING The tenant has a senior debt rating of
INFORMATION: BBB by S&P and BBB+ by Fitch. Moody's
senior implied rating is Baa3.
LEASE AND RVI The Property is NNN leased to Ingram
INFORMATION: Micro, Inc. expiring July 10, 2015.
The lease expiration is co-terminus with the maturity
date of each loan. The terms of the loan require a
complete cash sweep with rent remitted directly to the
servicer, GMACCM. Residual value insurance has been
obtained from R.V.I. in the aggregate amount of
$29,483,835 which is equal to the unamortized
principal balance at maturity and 40% of the original
balance.
R.V.I.: R.V.I. has a claims- paying ability
rated A by S&P, and AA- by Duff &
Phelps.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of 3 office buildings
PROPERTY TYPE: Office
LOCATION: Santa Ana, California
YEARS BUILT: From 1991 to 1998
THE COLLATERAL: The Ingram Micro Headquarters
complex consists of three office
buildings totaling 567,790 square
feet. 1600 East St. Andrews Place
consists of a total of 191,890
square feet built over stages from
1992 until 1998. 1610 East St.
Andrews Place consists of a total
of 204,570 square feet also built
over stages from 1992 until 1998.
These two properties are the
collateral for the loan of
$50,890,000. 1700 East St.
Andrews Place was built in 1991
but renovated in 1995 and consists
of 171,330 square feet. This
property is the collateral for the
$21,990,000 loan.
PROPERTY MANAGEMENT: An affiliate of the borrower.
OCCUPANCY (12/1/98): 100%
UNDERWRITTEN NET CASH FLOW: $5,800,000
APPRAISED VALUE: $73,900,000
APPRAISAL DATE: December 8, 1998 for both
properties
CUT-OFF DATE LOAN/SF: $128
CUT-OFF DATE LTV: 98.30%
BALLOON LTV: 39.90%
UWNCF DSCR: 1.00x
- --------------------------------------------------------------------------------
LOAN DETAILS
<TABLE>
<CAPTION>
CUT-OFF DATE UWNCF
LOAN # PROPERTY NAME LOCATION PRINCIPAL BALANCE CUT-OFF DATE LTV DSCR
- ----------------- ---------------------------- --------------------- --------------------- --------------------- ----------------
<S> <C> <C> <C> <C>
GMAC5010 1600/1610 E. St. Andrews Pl. Santa Ana, CA $50,722,972 98.30% 1.00x
GMAC5020 1700 East St. Andrews Place Santa Ana, CA 21,917,844 98.29 1.00
---------------- ----------------------------- -------------------- --------------------- --------------------- ----------------
</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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
THE PALMER CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $54,000,000 $53,769,239
% OF POOL BY UPB 5.52%
NOTE DATE: December 23, 1998
INTEREST RATE: 7.03%
AMORTIZATION: 30 years
MATURITY DATE: January 10, 2009
PRINCIPAL/SPONSOR: Palmer Center, Ltd., a single purpose
entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
EARNOUT: Borrower has provided to Lender
unconditional letters of credit in
the aggregate amount of $3,500,000
that will be reduced or eliminated
when certain spaces are
renewed/released and/or when a 1.25x
DSCR is achieved.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Colorado Springs, Colorado
YEARS BUILT/RENOVATED: 1968 / 1990
THE COLLATERAL: Three office buildings, a retail
arcade, and a parking garage
located within the Palmer
Center. There are a total of
450,275 net rentable square feet
of office space and 8,155 net
rentable square feet of retail
space and a three and a four
story subterranean 1,600-space
parking garage located beneath
the buildings. In addition to
the earnout provision,
approximately $2 million in the
form of cash escrows and/or
personal guarantees were
provided to renew or re-tenant
the rolling space.
PROPERTY MANAGEMENT: An affiliate of the borrower.
OCCUPANCY (12/9/98): 97%
UNDERWRITTEN NET CASH FLOW: $5,058,498
APPRAISED VALUE: $67,500,000
APPRAISAL DATE: October 5, 1998
CUT-OFF DATE LOAN/SF: $117
CUT-OFF DATE LTV: 74.47%
BALLOON LTV: 68.87%
UWNCF DSCR: 1.24x
- --------------------------------------------------------------------------------
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
<PAGE>
All information in this Term Sheet, 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.
- --------------------------------------------------------------------------------
COLLATERAL TERM SHEET
THE SQUAW PEAK LOAN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $36,000,000 $36,000,000
% OF POOL BY UPB 3.69%
NOTE DATE: December 11, 1998
INTEREST RATE: 7.80%
AMORTIZATION: 30 years
MATURITY DATE: December 10, 2008
PRINCIPAL/SPONSOR: A single purpose entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio of 3 adjacent office
buildings
PROPERTY TYPE: Office
LOCATION: Phoenix, Arizona
YEARS BUILT: 1985 / 1986 / 1987
THE COLLATERAL: 3 adjacent office buildings
containing 422,385 rentable square
feet. Pointe Corridor 1,
constructed in 1986 at 7600 North
16th Street, contains 158,197
rentable square feet. Pointe
Corridor 2, constructed in 1985 at
7600 North 15th Street, contains
110,146 rentable square feet.
Pointe Corporate Center,
constructed in 1987 at 7500 North
Dreamy Draw Drive, contains
154,042 rentable square feet.
PROPERTY MANAGEMENT: Grubb & Ellis Management Services
Inc.
OCCUPANCY (11/9/1998): 98%
UNDERWRITTEN NET CASH FLOW: $3,775,426
APPRAISAL VALUE: $54,500,000
APPRAISAL DATE: October 28, 1998
CUT-OFF DATE LOAN/SF: $85
CUT-OFF DATE LTV: 66.06%
BALLOON LTV: 60.05%
UWNCF DSCR: 1.20x
- --------------------------------------------------------------------------------
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. All information in this Term Sheet, 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.
This material is furnished to you by Donaldson, Lufkin & Jenrette Securities
Corporation, Deutsche Bank Securities, and Goldman, Sachs & Co. and not by the
issuer of the securities. Donaldson, Lufkin & Jenrette Securities Corporation is
acting as the lead manager and Deutsche Bank Securities and Goldman, Sachs Co.
are acting as the co-managers and none of these parties are acting as agent for
the issuer or its affiliates in connection with the proposed transaction.
Neither the issuer nor any of its affiliates has prepared or taken part in the
preparation of these materials and neither makes any representation as to the
accuracy of these materials.
