<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 6 , 1999
GMAC Commercial Mortgage Securities, Inc.
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware
------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-64963 23-2811925
- -------------------------- --------------------------------------
(Commission File Number) (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.
In June 1999, the Registrant will cause the issuance and sale of
approximately $983,466,908 initial principal amount of various classes of
Mortgage Pass-Through Certificates, Series 1999-C2 (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, and LaSalle Bank,
National Association, as Trustee. In connection with the sale of certain classes
of the Certificates to the public (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 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.
99.2 Structural Term Sheet and Collateral Term Sheet 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 7, 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.
99.2 Structural Term Sheet and Collateral Term Sheet 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.
STRUCTURAL AND COLLATERAL TERM SHEET
$ 983,466,908 (APPROXIMATE COLLATERAL BALANCE) MAY 6, 1999
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C2
APPROXIMATE SECURITIES STRUCTURE:
EXPECTED
APPROXIMATE EXPECTED WEIGHTED
EXPECTED FACE/NOTIONAL CREDITT AVERAGE EXPECTED
CLASS RATING AMOUNT SUPPORT LIFE PAYMENT
(A) (TBD) (MM) (% OF UPB) (YEARS)(B) WINDOW
- ---------------------------------------------------------------
PUBLICLY OFFERED CLASSES
X AAA $983.5 N/A TBD TBD
(c)
A1 AAA TBD TBD TBD TBD
A2 AAA TBD TBD TBD TBD
B AA TBD TBD TBD TBD
C A TBD TBD TBD TBD
D A- TBD TBD TBD TBD
E BBB TBD TBD TBD TBD
F BBB- TBD TBD TBD TBD
PRIVATELY OFFERED CLASSES (D)
- ---------------------------------------------------------------
G - - - - -
H - - - - -
J - - - - -
K - - - - -
L - - - - -
TOTAL SECURITIES: $983.5
- ---------------------------------------------------------------
(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 National Bank N.A.
Launch: Mid May
Pricing: Late May
Closing: Early June
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 TBD
Date:
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
<PAGE>
COLLATERAL FACTS:
Initial Pool Balance: $983,466,908
Number of Mortgage Loans: 122
Number of Mortgaged Properties: 163
Average Cut-Off Date Balance: $8,061,204
Weighted Average Current Mortgage Rate: 7.407%
Weighted Average U/W DSCR(b): 1.40x
Weighted Average Cut-Off Date LTV Ratio(b): 68.31%
Weighted Average Remaining Term to Maturity
(months): 136.4
Weighted Average Remaining Amortization Term
(months): 332.6
Weighted Average Seasoning (months): 3.0
CTL Loans as a % of Total 14.0%
Balloon Loans as % of Total (a): 95.0%
Single Largest Loan or Related Loans as % of
Total: 10.97%
Five Largest Loans or Related Loans as % of
Total: 37.66%
Ten Largest Loans or Related Loans as % of Total: 50.90%
.99*
(a) Includes 4 ARD loans totaling $148.8 mm and 15.14% of the pool cut-off date
balance.
(b) 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.
TEN LARGEST LOANS OR RELATED LOANS
<TABLE>
<CAPTION>
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PREIT Portfolio (a) $108,000,000 10.97% 67.45% 1.57x Multifamily
Queens Center Retail 100,000,000 10.17 62.50 1.61 Retail
Ingram Micro 72,880,000 7.39 98.30 1.00 Office - CTL
Headquarters (b)
The Palmer Center 54,000,000 5.47 74.47 1.24 Office
The Squaw Peak 36,000,000 3.66 66.06 1.20 Office
Loan(c)
Red Rose Commons 28,320,000 2.88 80.00 1.24 Retail
University of Nevada 27,000,000 2.73 89.52 1.15 Other - CTL
Property
Holiday Inn Mart 26,500,000 2.69 47.41 2.06 Full Plaza Service Hotel
Fairfield Towers 25,258,000 2.56 74.48 1.23 Multifamily
729 Seventh Avenue 23,500,000 2.38 61.66 1.24 Office
------------ -----
TOTAL $501,458,000 50.90%
- -------------------------------------------------------------------------------------------
</TABLE>
(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:
CUT-OFF DATE BALANCE
NUMBER OF ------------------------------------
GEOGRAPHIC MORTGAGED WTD. AVG
DISTRIBUTION PROPERTIES (MM) % BY UPB DSCR(A)
- -----------------------------------------------------------------
New York 18 $206.4 21.0% 1.45x
California 26 194.9 19.8 1.33
Pennsylvania 30 72.3 7.3 1.40
Florida 9 70.6 7.2 1.53
Colorado 2 56.2 5.7 1.25
Other (b) 78 383.1 39.0 1.39
--- ------ ----- ----
TOTAL/WTD. AVG. 163 $983.5 100.0% 1.40X
- -----------------------------------------------------------------
PROPERTY TYPE
- -----------------------------------------------------------------
Office 23 $271.8 27.6% 1.27x
Retail 37 269.9 27.5 1.43
Multifamily 75 261.7 26.6 1.40
Other 5 67.4 6.9 1.41
Hospitality 5 57.4 5.8 1.76
Industrial 13 44.3 4.5 1.28
Mixed Use 3 9.2 0.9 1.29
Self Storage 2 1.8 0.2 1.31
--- ------ ----- ----
TOTAL/WTD. AVG. 163 $983.5 100.0% 1.40x
- -----------------------------------------------------------------
PREPAYMENT
RESTRICTIONS
- -----------------------------------------------------------------
Lockout/Defeasance 122 $983.5 100% 1.40x
--- ------ ---- -----
TOTAL/WTD. AVG. 122 $983.5 100% 1.40X
- -----------------------------------------------------------------
(a) Weighted Average DSCR excludes CTL loans.
(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 certificates.
[ ] Realized losses will be allocated to the principal balance of Class 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
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE 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 3.25 1,599,541 1.33 7.799 124.9 68.19
2,000,000 - 2,999,999 19 48,256,765 4.91 2,539,830 1.34 7.757 142.5 71.47
3,000,000 - 3,999,999 19 66,858,065 6.80 3,518,846 1.37 7.709 135.8 69.43
4,000,000 - 4,999,999 14 62,650,771 6.37 4,475,055 1.28 7.699 128.6 71.15
5,000,000 - 5,999,999 10 56,329,155 5.73 5,632,916 1.37 7.616 117.2 70.57
6,000,000 - 6,999,999 2 13,627,015 1.39 6,813,507 1.45 7.944 118.0 70.67
7,000,000 - 7,999,999 8 59,159,649 6.02 7,394,956 1.36 7.552 124.5 71.95
8,000,000 - 8,999,999 3 26,389,395 2.68 8,796,465 1.33 7.288 125.1 73.87
9,000,000 - 9,999,999 1 9,132,449 0.93 9,132,449 1.28 7.250 235.0 68.67
10,000,000 - 13,999,999 7 84,320,280 8.57 12,045,754 1.44 7.212 144.0 71.05
14,000,000 - 16,999,999 2 32,073,693 3.26 16,036,846 1.53 7.365 119.0 59.21
17,000,000 - 19,999,999 3 55,835,359 5.68 18,611,786 1.41 7.820 168.8 73.74
20,000,000 - 24,999,999 4 87,914,138 8.94 21,978,535 1.34 7.257 135.7 59.11
25,000,000 - 29,999,999 4 106,829,924 10.86 26,707,481 1.52 7.570 148.4 67.46
30,000,000 - 39,999,999 1 36,000,000 3.66 36,000,000 1.20 7.800 114.0 66.06
40,000,000 - 59,999,999 2 104,492,212 10.62 52,246,106 1.24 7.103 152.9 74.47
60,000,000 - Over 1 100,000,000 10.17 100,000,000 1.61 6.560 117.0 62.50
- ----------- ----- ----------- ---- ----- ----- -----
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $ 8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ============ ===== ====== ===== ======
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</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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- -------------------------------------------------------------------------------
<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 18 $206,414,083 20.99% $11,467,449 1.45x 7.078% 120.3 64.38%
California 26 194,922,148 19.82 7,497,006 1.33 7.519 151.6 67.62
Pennsylvania 30 72,269,982 7.35 2,408,999 1.40 7.361 118.0 75.90
Florida 9 70,566,782 7.18 7,840,754 1.53 6.943 126.3 62.09
Colorado 2 56,167,758 5.71 28,083,879 1.25 7.048 115.2 74.59
Illinois 2 46,132,141 4.69 23,066,071 2.08 8.224 180.9 47.36
Texas 15 44,804,427 4.56 2,986,962 1.35 7.884 123.1 68.85
Arizona 3 41,590,286 4.23 13,863,429 1.23 7.641 114.5 67.06
Nevada 2 28,497,783 2.90 14,248,891 1.40 7.368 230.0 59.70
Virginia 4 26,507,797 2.70 6,626,949 1.34 7.581 199.2 74.86
New Jersey 8 26,032,047 2.65 3,254,006 1.30 7.684 142.8 72.54
Maryland 3 24,419,023 2.48 8,139,674 1.43 6.934 118.3 73.16
Ohio 2 17,936,784 1.82 8,968,392 1.58 6.773 119.0 72.93
Connecticut 6 17,443,028 1.77 2,907,171 1.24 7.580 116.0 76.99
Michigan 5 16,040,567 1.63 3,208,113 1.28 7.802 128.1 73.75
Massachusetts 6 15,996,634 1.63 2,666,106 1.31 8.248 169.5 63.96
Georgia 5 15,878,461 1.61 3,175,692 1.29 7.593 131.4 77.24
Missouri 4 14,266,460 1.45 3,566,615 1.29 7.576 119.0 74.95
North Carolina 3 11,816,419 1.20 3,938,806 1.46 8.067 117.8 69.07
Alaska 1 7,488,235 0.76 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 0.46 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 0.20 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. 163 $983,466,908 100.00% $6,033,539 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
CA 19.82% IL 4.69% NH 0.57%
AK 0.76% IN 0.20% MA 1.63%
NV 2.90% MI 1.63% RI 0.40%
AZ 4.23% OH 1.82% CT 1.77%
CO 5.71% KY 0.46% NJ 2.65%
SD 0.12% GA 1.61% MD 2.48%
TX 4.56% FL 7.18%
MN 0.22% PA 7.35%
IA 0.42% VA 2.70%
MO 1.45% NC 1.20%
LA 0.49% NY 20.99%
[GRAPHIC OMITTED]
Texas 4.56%
Other (a) 29.70%
New York 20.99%
California 19.82%
Pennsylvania 7.35%
Florida 7.18%
Colorado 5.71%
Illinois 4.69%
(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
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Industrial 4.50%
Office 27.63%
Retail 27.45%
Self Storage 0.19%
Multifamily 26.61%
Other 6.85%
Mixed Use 0.93%
Hospitality 5.84%
<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 27.63% $11,815,828 1.27x 7.425% 138.9 67.88
Retail 37 269,942,796 27.45 7,295,751 1.43 7.226 121.9 68.66
Multifamily 75 261,659,573 26.61 3,488,794 1.40 7.230 120.5 72.59
Other 5 67,369,256 6.85 13,473,851 1.41 7.971 239.8 57.12
Hospitality 5 57,432,996 5.84 11,486,599 1.76 7.954 133.7 51.74
Industrial 13 44,281,677 4.50 3,406,283 1.28 7.736 154.9 66.79
Mixed Use 3 9,174,543 0.93 3,058,181 1.29 7.824 116.9 67.46
Self Storage 2 1,842,020 0.19 921,010 1.31 8.400 116.0 65.79
- --------- ---- ------- ---- ----- ----- -----
TOTAL/WTD. AVG. 163 $983,466,908 100.00% $6,033,539 1.40X 7.407% 136.4 68.31
=== ============ ======= ========== ===== ====== ===== =====
- -----------------------------------------------------------------------------------------------------------------------------------
===================================================================================================================================
</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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIOS
- -------------------------------------------------------------------------------
<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 DSCR MORTGAGE MATURITY DATE LTV
RATIOS LOANS BALANCE BALANCE DATE BALANCE RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CTL 8 $137,875,890 14.02% $17,234,486 NAP 7.517% 222.6 NAP
1.00 - 1.09 1 1,422,390 0.14 1,422,390 1.07x 8.000 117.0 48.98%
1.10 - 1.19 1 13,992,012 1.42 13,992,012 1.18 7.750 119.0 77.73
1.20 - 1.24 14 183,568,885 18.67 13,112,063 1.23 7.498 115.5 71.89
1.25 - 1.29 38 201,161,060 20.45 5,293,712 1.26 7.680 127.3 71.58
1.30 - 1.34 19 68,913,542 7.01 3,627,029 1.31 7.880 136.6 69.03
1.35 - 1.39 9 38,972,345 3.96 4,330,261 1.37 7.655 116.2 71.97
1.40 - 1.49 10 46,781,501 4.76 4,678,150 1.44 7.354 134.2 68.65
1.50 - 1.59 14 131,220,939 13.34 9,372,924 1.55 7.072 118.6 65.18
1.60 - 1.79 5 128,605,873 13.08 25,721,175 1.61 6.699 119.4 63.69
1.90 - 2.19 2 29,560,760 3.01 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. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
- -------------------------------------------------------------------------------
<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 14.02% $17,234,486 NAP 7.517% 222.6 NAP
30.1 - 50.0 6 51,433,564 5.23 8,572,261 1.80 7.759 129.5 47.50%
50.1 - 60.0 11 74,013,669 7.53 6,728,515 1.40 7.437 128.9 57.80
60.1 - 65.0 6 151,318,379 15.39 25,219,730 1.53 6.888 119.9 62.34
65.1 - 70.0 24 133,948,129 13.62 5,581,172 1.35 7.569 128.1 67.44
70.1 - 75.0 45 300,404,584 30.55 6,675,657 1.34 7.395 119.7 73.21
75.1 - 80.0 21 129,989,426 13.22 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. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.001 - 6.250 2 $7,576,430 0.77% $3,788,215 1.68x 6.250% 116.8 67.29%
6.501 - 6.750 2 102,386,967 10.41 51,193,483 1.61 6.564 119.8 62.50
6.751 - 7.000 13 131,759,887 13.40 10,135,376 1.52 6.798 121.9 68.11
7.001 - 7.250 10 176,115,559 17.91 17,611,556 1.27 7.150 153.5 70.26
7.251 - 7.500 17 111,026,884 11.29 6,530,993 1.39 7.403 167.1 72.85
7.501 - 7.750 22 178,297,261 18.13 8,104,421 1.38 7.641 119.6 70.49
7.751 - 8.000 38 192,941,383 19.62 5,077,405 1.28 7.888 127.1 67.56
8.001 - 9.000 17 63,706,402 6.48 3,747,435 1.35 8.256 131.0 65.70
9.001 or greater 1 19,656,135 2.00 19,656,135 NAP 9.030 263.0 NAP
- ---------- ---- ---------- --- ----- ----- ---
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ====== ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS
- -------------------------------------------------------------------------------
<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 12.97 12,754,408 1.36 7.373 202.7 63.93
241 - 300 23 121,261,067 12.33 5,272,220 1.34 7.755 155.0 66.93
301 - 360 85 626,409,349 63.69 7,369,522 1.38 7.478 122.1 69.81
361 - 380 2 102,392,794 10.41 51,196,397 1.60 6.582 117.0 62.81
- ----------- ----- ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY
- -------------------------------------------------------------------------------
<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 DSCR MORTGAGE MATURITY DATE LTV
TO MATURITY (MONTHS) LOANS BALANCE DATE BALANCE BALANCE RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
101 - 120 101 $764,291,889 77.71% $7,567,246 1.38x 7.353% 117.0 69.19%
121 - 140 2 29,474,327 3.00 14,737,163 2.00 7.645 121.1 50.17
141 - 180 4 22,242,198 2.26 5,560,550 1.29 7.638 164.4 69.42
181 - 240 13 135,629,320 13.79 10,433,025 1.36 7.379 211.8 62.61
241 - 360 2 31,829,174 3.24 15,914,587 NAP 8.418 275.2 NAP
- ---------- ---- ---------- --- ----- ----- ---
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING TERMS NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
TO MATURITY (MONTHS) MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
(MONTHS) LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
101 - 120 102 $790,767,895 80.41% $7,752,626 1.40x 7.363% 117.1 68.46%
121 - 140 1 2,998,321 0.30 2,998,321 1.25 7.820 131.0 74.96
141 - 180 4 22,242,198 2.26 5,560,550 1.29 7.638 164.4 69.42
181 - 240 13 135,629,320 13.79 10,433,025 1.36 7.379 211.8 62.61
241 - 360 2 31,829,174 3.24 15,914,587 NAP 8.418 275.2 NAP
- ---------- ---- ---------- --- ----- ----- ----
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</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.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 110 $785,906,572 79.91% $7,144,605 1.33x 7.472% 134.4 70.86%
Fully Amortizing 8 48,712,238 4.95 6,089,030 1.40 7.671 226.1 54.44
Hyperamortizing 4 148,848,098 15.14 37,212,025 1.68 6.972 117.8 58.69
- ----------- ----- ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31
=== ============ ======= ========== ===== ====== ===== =====
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 122 $983,466,908 100.00% $8,061,204 1.40x 7.407% 136.4 68.31%
--- ------------ ------- ---------- ----- ------ ----- ------
TOTAL/WTD. AVG. 122 $983,466,908 100.00% $8,061,204 1.40X 7.407% 136.4 68.31%
=== ============ ======= ========== ===== ====== ===== ======
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
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 122 122 122 122 122 122 122 122 122 122
UPB ($MM) 983.5 974.4 963.4 951.1 937.9 923.5 907.2 889.6 870.7 850.5
% OF INITIAL UPB 100.00% 99.08% 97.96% 96.71% 95.37% 93.90% 92.24% 90.46% 88.54% 86.48%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
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 15.01% 13.90% 12.23% 11.27% 10.23% 8.75% 7.54% 3.88% 3.24% 2.63%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
- -------------------------------------------------------------------------------
PREPAYMENT PROVISION
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE
RANGE OF PERCENTAGE OF REMAINING REMAINING
REMAINING TERMS TO NUMBER OF AGGREGATE AVERAGE LOCKOUT TERM TO
STATED MATURITY (YEARS) MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE PERIOD MATURITY
(A) LOANS BALANCE BALANCE BALANCE (YEARS) (YEARS)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
9.0 - 9.9 101 $764,291,889 77.7% $7,567,246 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 7.4 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 5.5 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: 122 $983,466,908 100.0% $8,061,204 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 (1): $108,000,000 $107,920,483
% OF POOL BY UPB 10.97%
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.
-----------------------------------------------------------------
(1) 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
<PAGE>
<TABLE>
LOAN DETAILS
CUT-OFF DATE UWNCF
<S> <C> <C> <C> <C> <C>
LOAN # PROPERTY NAME LOCATION PRINCIPAL BALANCE CUT-OFF DATE LTV DSCR
- -----------------------------------------------------------------------------------------------------------------------------------
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
Apartments
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 Philadelphia, PA 5,945,612 70.78 1.58
Apartments
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 10.17%
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 7.39%
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.
- ------------------------------------------------------------------
<PAGE>
- ------------------------------------------------------------------
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/FOOT: $128
CUT-OFF DATE LTV: 98.30%
BALLOON LTV: 39.90%
UWNCF DSCR: 1.00x
- ------------------------------------------------------------------
<PAGE>
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>
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 5.47%
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/SQ. FT.: $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 3.66%
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.
<PAGE>
INFORMATION CONTAINED ON THIS DISKETTE DATED, MAY 6, 1999, IS PRELIMINARY AND
SUBJECT TO COMPLETION OR AMENDMENT.
This diskette relates to the GMAC Commercial Mortgage Securities, Inc., Mortgage
Pass-Through Certificates, Series 1999-C2, Class X, Class A1, Class A2, Class B,
Class C, Class D, Class E and Class F (the "Offered Certificates"). The
information contained on this diskette is provided to facilitate your review of
the collateral underlying the Offered Certificates. The information on this
diskette constitutes a collateral term sheet prepared solely for informational
purposes. No offer to sell or solicitation of any offer to purchase securities
is being made hereby. While the information contained hereon is from sources
believed to be reliable, it has not been independently verified by Donaldson,
Lufkin & Jenrette Securities Corporation, Deutsche Bank Securities, and Goldman,
Sachs & Co. or any of their respective affiliates. Therefore, none of Donaldson,
Lufkin & Jenrette Securities Corporation, Deutsche Bank Securities, or Goldman,
Sachs & Co. nor any of their respective affiliates makes any representations or
warranties with respect to the information contained hereon or as to the
appropriateness, usefulness or completeness of these materials. The information
on this diskette is subject to errors, omissions and changes and is subject to
modification or withdrawal at any time with or without notice. The information
on this diskette supersedes any and all information contained in any previously
furnished collateral term sheets and shall be superseded by any subsequently
furnished similar materials. The information on this diskette shall be
superseded by a final prospectus and prospectus supplement with respect to the
Offered Certificates. No purchase of any securities may be made unless and until
a final prospectus and prospectus supplement with respect to the Offered
Certificates has been received by a potential investor and such investor has
complied with all additional related offering requirements. The contents of this
diskette are not to be reproduced without the express written consent of
Donaldson, Lufkin & Jenrette Securities Corporation, Deutsche Bank Securities,
Goldman, Sachs & Co., and GMAC Commercial Mortgage Securities, Inc. Donaldson,
Lufkin & Jenrette Securities Corporation, Deutsche Bank Securities, Goldman,
Sachs & Co., and their affiliates expressly reserve the right, at their sole
discretion, to reject any or all proposals or expressions of interest in the
subject proposed offering and to terminate discussions with any party at any
time with or without notice.
Prospective investors are advised to read carefully, and should rely solely on,
the final prospectus and prospectus supplement relating to the Offered
Certificates in making their investment decisions. This material is furnished to
you by Donaldson, Lufkin & Jenrette Securities Corporation, Deutsche Bank
Securities, Goldman, Sachs & Co. and not by the issuer of the securities.
Donaldson, Lufkin & Jenrette, Deutsche Bank Securities, and Goldman, Sachs & Co.
are not 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 nor completeness of these materials.
<PAGE>
GMAC COMMERCIAL MORTGAGE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-C2
PRELIMINARY INFORMATION
<TABLE>
<CAPTION>
Loan Number Property Name Property Type
<S> <C> <C>
GMAC4950 Queens Center Mall Anchored Retail
GMAC4000 Palmer Center Office Complex Office
GMAC5010 Ingram Micro Corporate Headquarters Office
GMAC4520 Pointe - Squaw Peak Office Portfolio Office
GMAC5500 Red Rose Commons Anchored Retail
GMAC4210 University of Nevada Property Special Purpose
GMAC5330 Holiday Inn Mart Plaza Lodging
GMAC5060 Fairfield Towers Condominium Apartments Multifamily
GMAC4790 729 7th Avenue Office Office
GMAC5900 Boca Palms Apartments Multifamily
GMAC5020 Ingram Micro Corporate Headquarters Office
GMAC4060 489 Fifth Avenue Office
GMAC5660 CarMax - The Auto Superstore Special Purpose
GMAC5940 Lakewood Hills Apartments Multifamily
GMAC4700 MIDCON Apartment Portfolio Various
GMAC4700-A Hamden Ridge Apartments Multifamily
GMAC4700-B Hampton House Apartments Multifamily
GMAC4700-C Evergreen Apartments Multifamily
GMAC4700-D Ridgefield Apartments Multifamily
GMAC4700-E Holiday Apartments Multifamily
GMAC4700-F Jefferson Arms Apartments Multifamily
GMAC5970 Palms of Pembroke Apartments Multifamily
GMAC5220 Fairfield Inn by Marriott (Anaheim) Lodging
GMAC5690 Huntington Westminster Apartments Multifamily
GMAC5910 Cobblestone Apartment Homes Multifamily
GMAC5960 The Marylander Apartments Multifamily
GMAC3820 Costco (Newport News) Land
GMAC4770 1200 South Avenue Office
GMAC5920 Hidden Lakes Apartments Multifamily
GMAC5840 The Prather Portfolio Various
GMAC5840-A The Village Apartments Multifamily
GMAC5840-B Providence Hill Apartments Multifamily
GMAC5840-C Lakeside I & II Duplexes Multifamily
GMAC3770 Bal Seal Engineering Industrial
GMAC4110 Loehmann's Seaport Plaza Anchored Retail
GMAC5380 Briarcliff Summit Apartments Multifamily
GMAC3800 College Square Center Anchored Retail
GMAC2100 Mt Laurel Office Center Office
GMAC4260 Center City Apartment Portfolio Various
GMAC4260-A 2304-08 Locust Street Apartments Multifamily
GMAC4260-B 2321 Spruce Street Multifamily
GMAC4260-C 128 S. 22nd Street Multifamily
GMAC4260-D 280 S. 23rd Street Multifamily
GMAC4260-E 2015-17 Locust Street Multifamily
GMAC4260-F 2019 Spruce Street Multifamily
GMAC4260-G 2034-36 Pine Street Multifamily
GMAC4260-H 2122 Pine Street Multifamily
GMAC4260-I 2131-33 Pine Street Multifamily
GMAC4260-J 420 S. 15th Street Multifamily
GMAC4260-K 330 S. 17th Street Multifamily
GMAC4260-L 735 Spruce Street Multifamily
GMAC4260-M 1009-11 Spruce Street Multifamily
GMAC4260-N 1127 Spruce Street Multifamily
GMAC4260-O 614 Pine Street Multifamily
GMAC4260-P 623-25 Pine Street Multifamily
GMAC4260-Q 920 Clinton Street Multifamily
GMAC4260-R 2009 Mt. Vernon Street Multifamily
GMAC4260-S 2219-21 Spring Garden Multifamily
GMAC4260-T 325 Pine Street Multifamily
GMAC4260-U 532-34 Pine Street Multifamily
GMAC4260-V 607-09 South 3rd Street Multifamily
GMAC4260-W 614 S. 3rd Street Multifamily
GMAC4260-X 718-22 S. 7th Street Multifamily
GMAC5120 Cambridge Mall Anchored Retail
GMAC5720 Anchorage Business Park Retail
GMAC5590 Claremont Auto Center Special Purpose
GMAC3990 Pacific Plaza Shopping Center Retail
GMAC5930 Kenwood Gardens Apartments Multifamily
GMAC4930 Pismo Coast Shopping Center Anchored Retail
GMAC5230 Hampton Inn & Suites Lodging
GMAC5140 Chippenham Square Shopping Center Anchored Retail
GMAC4620 WorldGate Communications Building Office
GMAC4120 National Enterprises San Diego Portfolio Various
GMAC4120-A Retail Center, Balboa & Mercury Retail
GMAC4120-B RFA and TCG Buildings Office
GMAC5950 2031 Locust Street Apartments Multifamily
GMAC4090 Cheviot Hills Shopping Center Anchored Retail
GMAC4900 Chimney Hill Retail Center Retail
GMAC4940 Portsmouth Plaza Shopping Center Anchored Retail
GMAC5360 Ashdale Plaza Retail
GMAC5980 Bemis Building Office
GMAC5610 Westpark Plaza Office
GMAC4970 Wappingers Falls Shopping Center Retail
GMAC4610 Santee Garment Center Retail
GMAC4660 Tage Inn - Andover Lodging
GMAC5450 Hillcrest Colonnade Shopping Center Retail
GMAC5240 West Trenton Industrial Building Industrial
GMAC4590 1900 Bryant Street Mixed Use
GMAC3890 Downing Place Townhouses Multifamily
GMAC4840 Arrowhead Festival Shopping Center Retail
GMAC4810 Twin Bridge Apartments Multifamily
GMAC5190 Preferred Freezer Services Cold Storage Facility Industrial
GMAC4720 Pacific Coast Center Retail
GMAC5650 Solomon's Court and Esther's Garden Apartments Multifamily
GMAC2060 Sheafe St./ Lewis St./ Milk St. Various
GMAC2060-A Sheafe Condominiums Multifamily
GMAC2060-B 36-38 Lewis St. Apt. Building Multifamily
GMAC2060-C 120 Milk Street Building Mixed Use
GMAC5090 Ravenwood Highlander Apartments Multifamily
GMAC3680 195 Raritan Center Parkway Industrial
GMAC5420 Fountain Valley Office Building Office
GMAC5460 Kings Canyon Shopping Center Anchored Retail
GMAC4400 Crossroads Office Park Industrial
GMAC4920 Oaks Apartments Multifamily
GMAC4670 Tage Inn - Milford Lodging
GMAC3470 Cataldo-Pane Multifamily Portfolio Various
GMAC3470-A 957 67th Street Multifamily
GMAC3470-B 88 Van Sicklen Street Multifamily
GMAC3470-C 8785 Bay 16th Street Multifamily
GMAC3470-D 7311 4th Avenue Multifamily
GMAC3470-E 805 Avenue O Multifamily
GMAC3470-F 1946 70th Street Multifamily
GMAC3470-G 7301 4th Avenue Multifamily
GMAC5180 Newporter Apartments Multifamily
GMAC5430 Timber Line Apartments Multifamily
GMAC5510 Santa Monica Office Building Office
GMAC5630 Woodland Grove Apartments Multifamily
GMAC5680 Country Place Apartments Multifamily
GMAC5050 Sharpstown Industrial Park Industrial
GMAC4830 425 Commerce Drive Office Office
GMAC5440 Harte-Hanks Building Industrial
GMAC5040 Dendrite Office Building Office
GMAC4800 Port Jefferson Commons Retail
GMAC5051 Mykawa Warehouse Industrial
GMAC3970 Marketplace Shopping Center Anchored Retail
GMAC4760 Riverine Apartments Multifamily
GMAC5740 Bayou Walk II Retail
GMAC5600 Merritt Square Financial Center (FL) Office
GMAC1880 Lock Mill Plaza Multifamily
GMAC5150 For Eyes Building Retail
GMAC5390 Bryarwood 85 Office Park Office
GMAC6000 Rite Aid (Schenectady, NY) Retail
GMAC5030 30 Executive Avenue Industrial
GMAC5130 Camelot Square Apartments (CA) Multifamily
GMAC4530 Polk Street Apartments Multifamily
GMAC4470 Rue Versailles Apartments Multifamily
GMAC5800 Garden Center Apartments Multifamily
GMAC4710 Office Max (Abilene, TX) Retail
GMAC3450 Canterbury Commons Office Various
GMAC3450-A Canterbury & Springfield Commons Office
GMAC3450-B Springfield Commons Office
GMAC4220 Walgreens (West Palm Beach, FL) Retail
GMAC4540 Hart Plaza Shopping Center Retail
GMAC4270 547-557 Flatbush Avenue Multifamily
GMAC4450 Brewery Office-Retail Office
GMAC3080 Wendy's, Taco Bell & Bertucci's Retail
GMAC5170 Mark Court Apartments Multifamily
GMAC5370 Brendenwood Apartments Multifamily
GMAC5070 La Marquesa Apartments Multifamily
GMAC5054 South X Southwest Industrial Park Industrial
GMAC3830 The Courtyard Office Center Retail/Office
GMAC3330 William Realty Portfolio Multifamily
GMAC4850 Bestway-Security Self Storage Various
GMAC4850-A Security Self Storage Self-Storage
GMAC4850-B Bestway Self Storage Self-Storage
GMAC4130 Randy's Sports Mall Anchored Retail
GMAC3960 Mariner Plaza Anchored Retail
GMAC5160 Highland Village Apartments Multifamily
GMAC1150 Advance Medical Office Building Office
GMAC5520 Willits Street/Ethan Allen Anchored Retail
GMAC5055 Corporate Center Industrial
GMAC3740 CVS/Arbor Drugs Store Retail
GMAC5052 Wynnwood #1-3 Industrial
GMAC4730 Kearney Mesa Toyota Special Purpose
GMAC5480 Pomona Civic Plaza Office
GMAC5100 Lincoln Plaza Retail
GMAC3900 Fountain Ridge Apartments Multifamily
GMAC5110 2330 North Alma School Road Retail
GMAC4860 Bingle Crossing Shopping Center Retail
GMAC1120 Claremont South Retail
GMAC5053 Larimer Street Warehouse Industrial
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Address City State
<S> <C> <C>
90-15 Queens Boulevard Elmhurst New York
90 South, 2 North, 2 South Cascade Ave. Colorado Springs Colorado
1600 & 1610 East St. Andrews Place Santa Ana California
7600 N. 15th St., 7600 N. 16th St. & 7500 N. Dreamy Draw Dr. Phoenix Arizona
US Route 30 & Fruitville Pike Lancaster Pennsylvania
Interstate 80 and Frontage Road Carlin Nevada
350 North Orleans Avenue Chicago Illinois
148-444 Cozine Ave, 1019 Van Siclen Avenue, et.al. Brooklyn New York
729 Seventh Avenue New York New York
9860 Southwest Third Street Boca Raton Florida
1700 E. St. Andrew Place Santa Ana California
489 Fifth Avenue - 12 East 42nd Street New York New York
101 North Wolf Road Hillside Illinois
821 Sequoia Drive Harrisburg Pennsylvania
Various Various Various
745-795 Mix Avenue Hamden Connecticut
480 Main Street West Haven Connecticut
3 & 19 Evergreen Avenue Hamden Connecticut
1-262 Ridgefield Drive Middletown Connecticut
724 Savin Avenue West Haven Connecticut
2420 Whitney Avenue Hamden Connecticut
9450 Palm Circle North Pembroke Pines Florida
1460 South Harbor Boulevard Anaheim California
13920 Hoover Street Westminster California
1275 Southwest 46th Avenue Pompano Beach Florida
3501 St. Paul Street Baltimore Maryland
12129-12135 Jefferson Avenue Newport News Virginia
1200 South Avenue Staten Island New York
2480 Foxhill Drive Miamisburg Ohio
Various Various Various
1600-1723 Telluride and 1600-1719 Steamboat Lanes Columbia Missouri
2501 South Providence Road Columbia Missouri
1017-1043 Cooper Drive and 4001 Hyde Park Avenue Columbia Missouri
19650 Pauling Drive Foothill Ranch California
2027 Emmons Avenue Brooklyn New York
1050 Ponce De Leon Avenue Atlanta Georgia
119-125 East College Avenue Salisbury Maryland
530, 532, 534 Fellowship Road Mt. Laurel New Jersey
Various Various Various
2304-08 Locust Street Philadelphia Pennsylvania
2321 Spruce Street Philadelphia Pennsylvania
128 S. 22nd Street Philadelphia Pennsylvania
280 S. 23rd Street Philadelphia Pennsylvania
2015-17 Locust Street Philadelphia Pennsylvania
2019 Spruce Street Philadelphia Pennsylvania
2034-36 Pine Street Philadelphia Pennsylvania
2122 Pine Street Philadelphia Pennsylvania
2131-33 Pine Street Philadelphia Pennsylvania
420 S. 15th Street Philadelphia Pennsylvania
330 S. 17th Street Philadelphia Pennsylvania
735 Spruce Street Philadelphia Pennsylvania
1009-11 Spruce Street Philadelphia Pennsylvania
1127 Spruce Street Philadelphia Pennsylvania
614 Pine Street Philadelphia Pennsylvania
623-25 Pine Street Philadelphia Pennsylvania
920 Clinton Street Philadelphia Pennsylvania
2009 Mt. Vernon Street Philadelphia Pennsylvania
2219-21 Spring Garden Philadelphia Pennsylvania
325 Pine Street Philadelphia Pennsylvania
532-34 Pine Street Philadelphia Pennsylvania
607-09 South 3rd Street Philadelphia Pennsylvania
614 S. 3rd Street Philadelphia Pennsylvania
718-22 S. 7th Street Philadelphia Pennsylvania
23011-23231 John R. Road/30-40 W. Nine Mile Road Hazel Park Michigan
401, 501, and 549 West International Airport Rd Anchorage Alaska
620/660,625/645 & 667 Auto Center Drive Claremont California
18409 - 18463 Colima Road Rowland Heights California
2629 Alisdale Drive Toledo Ohio
501-581 Five Cities Drive Pismo Beach California
1989 Eastwood Road Wilmington North Carolina
7415 Midlothian Turnpike (Route 60) Richmond Virginia
3190 Tremont Avenue Bensalem Township Pennsylvania
Various Various Various
8101 & 8111 Balboa Avenue & 4465 & 75 Mercury St. San Diego California
5440 & 5464 Morehouse Drive San Diego California
2027-35 Locust Street Philadelphia Pennsylvania
9824-9930 National Blvd. Cheviot Hills California
701 E. University Drive College Station Texas
1465 Woodbury Avenue Portsmouth New Hampshire
2876-2984 Dale Boulevard Dale City Virginia
1050 Sansome Street San Francisco California
6300-6400 Westpark Drive Houston Texas
1271 Route 9 Wappinger Falls New York
1121-31 1/2 Santee Street Los Angeles California
131 River Road Andover Massachusetts
1240-1294 University Avenue San Diego California
400 Sullivan Way West Trenton (Ewing Township) New Jersey
1960 Bryant St./2727 Mariposa St./535 Florida St. San Francisco California
3395 Spangler Drive Lexington Kentucky
7500 & 7600 West Bell Road Glendale Arizona
605 Del Paso Street Euless Texas
12855 NW 113th Court Medley Florida
75-81 Higuera Street San Luis Obispo California
1005 & 919 West Wheatland Road Dallas Texas
Various Various Various
37 Sheafe Street Boston Massachusetts
36-38 Lewis Street Boston Massachusetts
120 Milk Street Boston Massachusetts
2071 NW 86th Street & 8415 Franklin Avenue Clive Iowa
195 Raritan Center Parkway Edison Township New Jersey
10101 Slater Avenue Fountain Valley California
4951-4995 East Kings Canyon Road Fresno California
45-105 Sockanossett Crossroads Cranston Rhode Island
4614 Pioneer Road Balch Springs Texas
24 Beaver Street Milford Massachusetts
Various Various Various
957 67th Street Brooklyn New York
88 Van Sicklen Street Brooklyn New York
8785 Bay 16th Street Brooklyn New York
7311 4th Avenue Brooklyn New York
805 Aveneue O Brooklyn New York
1946 70th Street Brooklyn New York
7301 4th Avenue Brooklyn New York
6050-6080 N. Marks Ave. & 2760 W. Bullard Ave. Fresno California
616 NE 38th Street Kansas City Missouri
1632 5th Street Santa Monica California
12933 Laurel Bowie Road Laurel Maryland
1000 Justice Way Abilene Texas
5202-28 Parkersburg Dr, 6908 Harwin Dr, 5701-5650 Savoy Dr Houston Texas
425 Commerce Drive Fort Washington Pennsylvania
393 Manley Street West Bridgewater Massachusetts
175 Morristown Road Basking Ridge New Jersey
4747 Nesconset Highway Port Jefferson Station New York
7200-7260 Mykawa Road Houston Texas
4100 NW 16th Boulevard Gainesville Florida
505 Riverine Drive Traverse City Michigan
6590 & 6596 Youree Drive (Route 1) Shreveport Louisiana
775 East Merritt Island Causeway Merritt Island Florida
One Buffalo Avenue Concord North Carolina
1355 West Sand Lake Road Orlando Florida
1587, 1593, & 1597 Northeast Expressway Atlanta Georgia
1102-1120 State Street; 2327 Brandywine Ave; 1103-1127 Albam Schenectady New York
30 Executive Avenue Edison Township New Jersey
5400 Planz Road Bakersfield California
743 Polk Street San Francisco California
25054,71,100 Rue Versailles Dr & 25301-321 Montmarte Ct S. Royal Oak Township Michigan
62 & 70 Garden Center Drive Broomfield Colorado
3366 John Knox Drive Abilene Texas
Various Various Various
3651, 3653 & 3655 Canton Highway Marietta Georgia
102, 103 & 104 Springfield Drive Woodstock Georgia
2050 45th St. West Palm Beach Florida
100 Oxford Valley Road Falls Township Pennsylvania
547-557 Flatbush Avenue Brooklyn New York
703 McKinney Avenue Dallas Texas
2160 Centreville Road Herndon Virginia
1922 & 1932 Tenth Ave. and 1105 & 1125 Mark Ct. Newport Minnesota
3012 East Edison Road South Bend Indiana
6600 Hayvenhurst Avenue Van Nuys California
700 Industrial Boulevard Sugarland Texas
431 West Franklin Street Chapel Hill North Carolina
1-5-7-9 South Maple Avenue East Orange New Jersey
Various Various Various
25 James Street South Toms River New Jersey
29 Flint Road Toms River New Jersey
7288 Greenwood Road Shreveport Louisiana
625 Highway 231 Panama City Florida
100 Bridgewood Drive LaGrange Georgia
1811 South Rainbow Boulevard Las Vegas Nevada
275 North Woodward Avenue Birmingham Michigan
10700 Corporate Drive & 12600 Exchange Drive Stafford Texas
West Chicago Blvd. Tecumseh Michigan
7230-7250 Wynnwood Lane Houston Texas
4990 Kearney Mesa Road San Diego California
435 West Mission Boulevard Pomona California
701-715 Lincoln Boulevard Venice California
1101-1107 North Cleveland Avenue Sioux Falls South Dakota
2330 North Alma School Road Chandler Arizona
2915 Bingle Road Houston Texas
513-515 Hudson Street New York New York
6714 Larimer Street Houston Texas
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
% of
(Aggregate
Original Balance Cut-off Date Initial Pool
Crossed Loan Group Related Borrower ($) Balance ($) Balance
<S> <C> <C> <C> <C>
100000000.00 100000000.00 10.17
54000000.00 53769239.46 5.47
50890000.00 50722972.31 5.16
36000000.00 36000000.00 3.66
28320000.00 28320000.00 2.88
27000000.00 26856137.36 2.73
26500000.00 26476005.89 2.69
25258000.00 25177780.59 2.56
23500000.00 23412933.56 2.38
Rubin, Ronald 22600000.00 22583360.35 2.30
21990000.00 21917844.19 2.23
20000000.00 20000000.00 2.03
19700000.00 19656135.32 2.00
Rubin, Ronald 18750000.00 18736194.98 1.91
17500000.00 17443028.24 1.77
Rubin, Ronald 16600000.00 16587777.95 1.69
15500000.00 15485914.67 1.57
14000000.00 13992011.80 1.42
Rubin, Ronald 13850000.00 13839802.69 1.41
Rubin, Ronald 12300000.00 12290943.91 1.25
12200000.00 12173038.50 1.24
10800000.00 10763629.99 1.09
Rubin, Ronald 10700000.00 10692121.94 1.09
10575000.00 10568731.32 1.07
9200000.00 9132448.52 0.93
9000000.00 8964671.01 0.91
8900000.00 8894345.44 0.90
8550000.00 8530378.29 0.87
7750000.00 7712944.47 0.78
7640000.00 7608623.65 0.77
7500000.00 7490240.33 0.76
7500000.00 7488235.06 0.76
7300000.00 7292233.18 0.74
7275000.00 7245710.65 0.74
Rubin, Ronald 7250000.00 7244662.06 0.74
7100000.00 7076999.60 0.72
6900000.00 6886177.46 0.70
6750000.00 6740837.22 0.69
6000000.00 5978285.83 0.61
National Enterprises San Diego Alexander, Roque De La Fuente 5980000.00 5956525.82 0.61
Rubin, Ronald 5950000.00 5945619.21 0.60
5800000.00 5774164.10 0.59
5700000.00 5692707.55 0.58
Massry, Daniel 5600000.00 5589453.69 0.57
5435000.00 5423287.68 0.55
5350000.00 5346781.32 0.54
5335000.00 5332311.20 0.54
Massry, Daniel 5300000.00 5290018.65 0.54
5000000.00 4993575.89 0.51
Tage Associates, LP Tagliente, Jr., Joseph D. 4800000.00 4791570.92 0.49
4685000.00 4678864.57 0.48
4665000.00 4656690.62 0.47
4600000.00 4594189.55 0.47
4600000.00 4562408.79 0.46
4500000.00 4491675.61 0.46
4500000.00 4483267.39 0.46
4500000.00 4473453.36 0.45
4400000.00 4379511.72 0.45
4300000.00 4294076.41 0.44
4130000.00 4113492.26 0.42
4120000.00 4112078.75 0.42
4050000.00 4025915.18 0.41
3950000.00 3944827.13 0.40
3900000.00 3897725.49 0.40
3900000.00 3897656.76 0.40
3850000.00 3841712.72 0.39
Tage Associates, LP Tagliente, Joseph D. 3800000.00 3793326.97 0.39
3800000.00 3778745.36 0.38
Ganson, James W. 3765000.00 3759878.45 0.38
3700000.00 3697728.78 0.38
3650000.00 3646614.87 0.37
3600000.00 3597700.72 0.37
3400000.00 3395556.83 0.35
Equitable Portfolio Shaw, Dan K. 3400000.00 3393772.16 0.35
3400000.00 3389582.21 0.34
3300000.00 3298243.84 0.34
3220000.00 3210439.36 0.33
3100000.00 3097182.94 0.31
Equitable Portfolio Shaw, Dan K. 3100000.00 3094321.67 0.31
3100000.00 3084754.28 0.31
3050000.00 3038294.78 0.31
3000000.00 2998320.98 0.30
3000000.00 2996427.21 0.30
3000000.00 2994005.41 0.30
2900000.00 2896452.39 0.29
2900000.00 2896234.26 0.29
2725000.00 2714045.16 0.28
2700000.00 2691983.31 0.27
Ganson, James W. 2525000.00 2521636.87 0.26
2500000.00 2490221.82 0.25
2475000.00 2466561.04 0.25
2400000.00 2398518.90 0.24
2400000.00 2392793.92 0.24
2400000.00 2390995.00 0.24
2400000.00 2386966.84 0.24
2300000.00 2291676.23 0.23
2250000.00 2246689.70 0.23
2200000.00 2184089.22 0.22
2175000.00 2170633.20 0.22
2131500.00 2128514.01 0.22
2000000.00 1998830.40 0.20
2000000.00 1996119.35 0.20
Equitable Portfolio Shaw, Dan K. 1987500.00 1983859.46 0.20
1940000.00 1936235.78 0.20
1900000.00 1892054.72 0.19
1850000.00 1842019.61 0.19
1800000.00 1795090.51 0.18
1725000.00 1717786.56 0.17
1700000.00 1696886.08 0.17
1650000.00 1641645.27 0.17
1600000.00 1596721.00 0.16
Equitable Portfolio Shaw, Dan K. 1575000.00 1572115.03 0.16
1451000.00 1448750.30 0.15
Equitable Portfolio Shaw, Dan K. 1425000.00 1422389.80 0.14
National Enterprises San Diego Alexander, Roque De LA Fuente 1400000.00 1391711.55 0.14
1390000.00 1386164.30 0.14
1300000.00 1297500.56 0.13
1200000.00 1193707.50 0.12
1100000.00 1098610.55 0.11
1087500.00 1082626.33 0.11
970000.00 968386.52 0.10
Equitable Portolio Shaw, Dan K. 640000.00 638827.72 0.06
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Cumulative Interest Original Remaining Original
% of Initial Mortgage Accrual Term to Term to Amortization
Pool Balance Rate Method Amortization Type Maturity Maturity Term
(Mos.) (Mos.) (Mos.)
<S> <C> <C> <C> <C> <C> <C>
10.17 6.56000 Actual / 360 Interest Only, Then Hyperamortizing 120 117 378
15.64 7.03000 Actual / 360 Balloon 120 115 360
20.79 7.18000 30 / 360 Balloon 198 193 243
24.45 7.80000 Actual / 360 Interest Only, Then Amortizing 120 114 360
27.33 7.66000 Actual / 360 Interest Only, Then Amortizing 120 119 360
30.06 7.37500 Actual / 360 Fully Amortizing 240 237 240
32.76 7.62500 Actual / 360 Hyperamortizing 121 120 309
35.32 7.62000 Actual / 360 Balloon 120 117 300
37.70 7.82000 Actual / 360 Balloon 120 115 360
39.99 6.77300 Actual / 360 Balloon 120 119 360
42.22 7.18000 30 / 360 Balloon 198 193 243
44.26 7.23000 Actual / 360 Interest Only, Then Amortizing 120 116 360
46.25 9.03000 Actual / 360 Balloon 266 263 311
48.16 6.77300 Actual / 360 Balloon 120 119 360
49.93 7.58000 Actual / 360 Balloon 120 116 360
51.62 6.77300 Actual / 360 Balloon 120 119 360
53.19 8.00000 Actual / 360 Hyperamortizing 120 119 300
54.62 7.75000 Actual / 360 Balloon 120 119 360
56.02 6.77300 Actual / 360 Balloon 120 119 360
57.27 6.77300 Actual / 360 Balloon 120 119 360
58.51 7.43000 30 / 360 Balloon 300 295
59.61 7.37500 Actual / 360 Balloon 120 116 360
60.69 6.77300 Actual / 360 Balloon 120 119 360
61.77 7.61000 Actual / 360 Balloon 120 119 360
62.70 7.25000 Actual / 360 Balloon 240 235 275
63.61 7.50000 Actual / 360 Balloon 120 115 360
64.51 7.35000 Actual / 360 Balloon 144 143 360
65.38 7.00000 Actual / 360 Balloon 120 117 360
66.16 7.25000 Actual / 360 Balloon 120 114 360
66.94 7.25000 Actual / 360 Balloon 120 115 360
67.70 7.96000 Actual / 360 Balloon 120 118 360
68.46 7.92000 Actual / 360 Balloon 180 179 240
69.20 8.30000 Actual / 360 Balloon 120 119 276
69.94 7.36000 Actual / 360 Balloon 120 115 360
70.68 6.77300 Actual / 360 Balloon 120 119 360
71.40 7.61000 Actual / 360 Balloon 120 116 360
72.10 8.12500 Actual / 360 Hyperamortizing 120 118 300
72.78 7.76000 Actual / 360 Balloon 120 118 360
73.39 7.95000 Actual / 360 Balloon 120 115 360
73.99 7.50000 Actual / 360 Balloon 120 115 360
74.60 6.77300 Actual / 360 Balloon 120 119 360
75.19 6.80000 Actual / 360 Balloon 120 115 360
75.76 8.04000 Actual / 360 Balloon 120 118 360
76.33 7.88000 Actual / 360 Balloon 120 117 360
76.88 7.69000 Actual / 360 Balloon 120 118 300
77.43 7.55510 Actual / 360 Balloon 120 119 360
77.97 8.19000 Actual / 360 Balloon 120 119 360
78.51 7.88000 Actual / 360 Balloon 120 117 360
79.02 8.02000 Actual / 360 Balloon 119 117 360
79.50 8.75000 Actual / 360 Fully Amortizing 216 215 216
79.98 7.93000 Actual / 360 Balloon 120 118 360
80.45 8.12000 Actual / 360 Balloon 120 117 360
80.92 8.10000 Actual / 360 Balloon 120 118 360
81.38 6.80000 Actual / 360 Balloon 120 116 240
81.84 6.25000 Actual / 360 Balloon 120 118 360
82.30 7.80000 Actual / 360 Balloon 120 115 360
82.75 7.65000 Actual / 360 Fully Amortizing 180 178 180
83.20 7.85000 Actual / 360 Balloon 120 116 300
83.63 7.69000 Actual / 360 Balloon 120 118 360
84.05 7.40000 Actual / 360 Balloon 120 115 360
84.47 7.79000 Actual / 360 Balloon 120 117 360
84.88 7.47000 Actual / 360 Balloon 120 115 300
85.28 7.93000 Actual / 360 Balloon 120 118 360
85.68 7.67000 Actual / 360 Balloon 120 119 360
86.07 7.56000 Actual / 360 Balloon 120 119 360
86.46 7.29000 Actual / 360 Balloon 120 117 360
86.85 8.75000 Actual / 360 Fully Amortizing 216 215 216
87.23 7.00000 Actual / 360 Fully Amortizing 240 237 240
87.62 7.75000 Actual / 360 Balloon 120 118 360
87.99 7.48000 Actual / 360 Balloon 120 119 360
88.36 7.90000 Actual / 360 Balloon 120 119 300
88.73 7.33000 Actual / 360 Balloon 120 119 360
89.07 7.94000 Actual / 360 Balloon 120 118 360
89.42 8.00000 Actual / 360 Balloon 120 117 360
89.76 7.95000 Actual / 360 Balloon 120 116 360
90.10 8.00000 Actual / 360 Balloon 120 119 360
90.42 8.00000 Actual / 360 Balloon 240 237 300
90.74 8.00000 Actual / 360 Balloon 120 119 300
91.05 8.00000 Actual / 360 Balloon 120 117 360
91.37 6.25000 Actual / 360 Balloon 120 115 360
91.68 7.62500 Actual / 360 Balloon 120 115 360
91.98 7.82000 Actual / 360 Balloon 132 131 360
92.29 8.37500 Actual / 360 Balloon 120 118 360
92.59 8.14000 Actual / 360 Balloon 120 118 300
92.89 8.25000 Actual / 360 Balloon 120 118 360
93.18 7.97000 Actual / 360 Balloon 120 118 360
93.46 7.80000 Actual / 360 Balloon 237 234 267
93.73 8.00000 Actual / 360 Balloon 240 237 300
93.99 7.85000 Actual / 360 Balloon 120 118 360
94.24 7.52000 Actual / 360 Balloon 120 115 360
94.49 7.30000 Actual / 360 Balloon 120 116 360
94.73 7.46000 Actual / 360 Balloon 120 119 360
94.98 7.50000 Actual / 360 Balloon 120 116 375
95.22 7.75000 Actual / 360 Balloon 120 115 360
95.46 6.75000 Actual / 360 Balloon 240 236 300
95.70 7.95000 Actual / 360 Balloon 120 115 360
95.92 7.37500 Actual / 360 Balloon 120 118 360
96.15 7.90000 Actual / 360 Fully Amortizing 240 236 240
96.37 7.60000 Actual / 360 Balloon 120 117 360
96.58 7.61000 Actual / 360 Balloon 120 118 360
96.79 7.66000 Actual / 360 Balloon 120 119 360
96.99 7.75000 Actual / 360 Balloon 120 117 360
97.19 8.00000 Actual / 360 Balloon 120 117 360
97.39 7.75000 Actual / 360 Balloon 120 117 360
97.58 7.15000 Actual / 360 Balloon 120 115 360
97.77 8.40000 Actual / 360 Balloon 120 116 300
97.95 8.47000 Actual / 360 Balloon 120 117 300
98.13 7.15000 Actual / 360 Balloon 120 115 360
98.30 8.00000 Actual / 360 Balloon 120 117 360
98.46 7.25000 Actual / 360 Balloon 120 116 300
98.63 7.99000 Actual / 360 Balloon 120 118 300
98.79 8.00000 Actual / 360 Balloon 120 117 360
98.93 8.00000 Actual / 360 Fully Amortizing 240 239 240
99.08 8.00000 Actual / 360 Balloon 120 117 360
99.22 7.50000 Actual / 360 Balloon 120 115 300
99.36 7.92000 Actual / 360 Fully Amortizing 180 179 180
99.49 7.79000 Actual / 360 Balloon 120 117 360
99.61 7.00000 Actual / 360 Balloon 120 116 300
99.73 8.10000 Actual / 360 Balloon 120 118 360
99.84 8.12500 Actual / 360 Balloon 120 116 300
99.94 8.41000 Actual / 360 Balloon 120 117 360
100.00 8.00000 Actual / 360 Balloon 120 117 360
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Remaining
Amortization Underwritten
Term Maturity or Prepayment Monthly Underwritten Net NCF DSCR
(Mos.) ARD Provision Payment ($) (1) Cash Flow ($) (x)
<S> <C> <C> <C> <C> <C>
378 3/1/09 Lock/28_Defeasance/89_0%/3 632,921.01 12,209,304 1.61
355 1/10/09 Lock/29_Defeasance/85_0%/6 364,040.37 5,058,498 1.24
238 7/10/15 Lock/29_Defeasance/166_0%/3 337,500.00 4,050,000 1.00
360 12/10/08 Lock/30_Defeasance/87_0%/3 261,936.01 3,775,426 1.20
360 5/10/09 Lockout/25_Defeasance/92_0%/3 203,341.41 3,034,867 1.24
237 3/10/19 Lock/27_Defeasance/213 217,279.11 3,000,000 1.15
308 6/1/09 Lockout/48_Defeasance/72_0%/1 197,992.37 4,949,874 2.08
297 3/10/09 Lock/27_Defeasance/90_0%/3 190,519.37 2,805,678 1.23
355 1/10/09 Lock/29_Defeasance/85_0%/6 171,333.43 2,548,823 1.24
359 5/10/09 Lockout/25_Defeasance/92_0%/3 148,449.76 2,733,048 1.53
238 7/10/15 Lock/29_Defeasance/166_0%/3 145,833.00 1,750,000 1.00
360 2/10/09 Lock/28_Defeasance/89_0%/3 137,564.29 2,055,880 1.25
308 5/1/21 Lockout/28_Defeasance/235_0%/3 166,046.34 1,995,280 1.00
359 5/10/09 Lockout/25_Defeasance/92_0%/3 123,160.75 2,328,181 1.58
356 2/10/09 Lockout/28_Defeasance/89_0%/3 124,623.58 1,848,143 1.24
522,598
114,906
52,714
946,197
78,861
132,867
359 5/10/09 Lockout/25_Defeasance/92_0%/3 109,038.32 2,039,155 1.56
299 5/1/09 Lockout/47_Defeasance/72_0%/1 120,863.11 2,188,516 1.51
359 5/10/09 Lockout/25_Defeasance/92_0%/3 101,418.76 1,438,140 1.18
359 5/10/09 Lockout/25_Defeasance/92_0%/3 90,974.74 1,702,538 1.56
359 5/10/09 Lockout/25_Defeasance/92_0%/3 80,793.45 1,547,489 1.60
295 1/10/24 Lock/29_Defeasance/265_0%/6 80,864.27 980,075 1.01
356 2/10/09 Lock/28_Defeasance/92 75,368.35 1,317,888 1.46
359 5/10/09 Lockout/25_Defeasance/92_0%/3 70,283.73 1,327,218 1.57
359 5/10/09 Lockout/25_Defeasance/92_0%/3 75,567.24 1,144,030 1.26
317,289
632,886
193,855
270 1/10/19 Lock/29_Defeasance/205_0%/6 69,295.06 1,063,326 1.28
355 1/10/09 Lock/29_Defeasance/88_0%/3 63,596.93 1,060,958 1.39
359 5/10/11 Lockout/25_Defeasance/116_0%/3 61,984.14 975,000 1.31
357 3/10/09 Lock/27_Defeasance/93 57,485.03 831,398 1.29
354 12/10/08 Lock/30_Defeasance/84_0%/6 53,425.30 824,739 1.29
355 1/10/09 Lock/29_Defeasance/88_0%/3 52,661.04 943,094 1.49
68,184
34,592
30,750
23,766
70,837
43,491
30,973
33,928
53,996
22,094
22,731
26,247
46,645
33,521
24,333
64,570
41,687
24,707
46,852
30,950
64,990
28,980
38,028
36,242
358 4/10/09 Lockout/26_Defeasance/91_0%/3 55,439.50 817,316 1.26
239 5/10/14 Lockout/25_Defeasance/152_0%/3 62,914.94 962,167 1.27
275 5/10/09 Lockout/25_Defeasance/94_0%/1 59,941.54 899,280 1.25
355 1/10/09 Lock/29_Defeasance/91 50,699.13 879,423 1.45
359 5/10/09 Lockout/25_Defeasance/92_0%/3 47,622.16 914,746 1.60
356 2/10/09 Lock/28_Defeasance/89_0%/3 50,710.58 755,591 1.24
298 4/1/09 Lockout/48_Defeasance/71_0%/1 54,381.86 1,052,710 1.61
358 4/10/09 Lockout/26_Defeasance/91_0%/3 48,941.21 749,502 1.28
355 1/10/09 Lock/29_Defeasance/88_0%/3 44,296.22 697,300 1.36
355 1/10/09 Lock/29_Defeasance/85_0%/6 42,256.63 684,925 1.35
322,331
362,594
359 5/10/09 Lockout/25_Defeasance/92_0%/3 39,083.01 740,540 1.58
355 1/10/09 Lock/29_Defeasance/85_0%/6 38,191.34 646,826 1.41
358 4/10/09 Lockout/26_Defeasance/94 42,457.95 647,239 1.54
357 3/10/09 Lock/27_Defeasance/90_0%/3 41,082.44 618,958 1.26
298 4/10/09 Lockout/26_Defeasance/94 41,244.70 672,883 1.36
359 5/10/09 Lockout/25_Defeasance/92_0%/3 38,024.61 527,453 1.25
359 5/10/09 Lockout/25_Defeasance/92_0%/3 40,313.89 617,307 1.28
357 3/10/09 Lock/27_Defeasance/90_0%/3 38,881.60 601,430 1.33
358 3/10/09 Lockout/26_Defeasance/87_0%/6 37,172.70 560,177 1.26
215 5/1/17 Lockout/48_Defeasance/132_0%/36 44,595.75 707,421 1.32
358 4/10/09 Lockout/26_Defeasance/91_0%/3 34,531.56 540,491 1.30
357 3/10/09 Lockout/27_Defeasance/90_0%/3 35,018.68 523,615 1.25
358 4/10/09 Lockout/26_Defeasance/91_0%/3 34,460.83 541,892 1.31
236 2/10/09 Lock/28_Defeasance/92 35,378.17 511,019 1.20
358 4/10/09 Lockout/26_Defeasance/94 27,978.10 478,657 1.43
355 1/10/09 Lock/29_Defeasance/88_0%/3 32,745.06 453,735 1.30
178 4/10/14 Lockout/26_Defeasance/148_0%/6 42,393.80 657,550 1.29
296 2/10/09 Lock/28_Defeasance/89_0%/3 33,847.89 528,839 1.30
358 4/10/09 Lockout/26_Defeasance/91_0%/3 30,965.60 469,484 1.26
355 1/10/09 Lock/29_Defeasance/88_0%/3 28,896.46 432,519 1.25
96,051
64,675
271,793
357 3/10/09 Lockout/27_Defeasance/93_0%/0 29,962.97 441,741 1.23
295 1/10/09 Lock/29_Defeasance/85_0%/6 30,133.70 455,371 1.26
358 4/10/09 Lockout/26_Defeasance/94 29,114.12 454,631 1.30
359 5/10/09 Lockout/25_Defeasance/92_0%/3 28,032.93 404,798 1.51
359 5/10/09 Lockout/25_Defeasance/95 27,732.24 487,585 1.47
357 3/1/09 Lockout/28_Defeasance/92 26,653.83 441,150 1.57
215 5/1/17 Lockout/48_Defeasance/132_0%/36 35,304.97 591,405 1.40
237 3/10/19 Lock/27_Defeasance/207_0%/6 29,702.05 530,937 1.49
97,742
44,936
108,779
108,952
43,242
39,062
88,224
358 4/10/09 Lockout/26_Defeasance/94 27,271.80 391,037 1.19
359 5/10/09 Lockout/25_Defeasance/92_0%/3 26,103.33 428,811 1.37
299 5/10/09 Lockout/25_Defeasance/95 28,215.27 437,833 1.29
359 5/10/09 Lockout/25_Defeasance/92_0%/3 25,022.28 361,465 1.20
358 4/10/09 Lockout/26_Defeasance/94 25,084.35 375,669 1.25
357 3/10/09 Lock/27_Defeasance/90_0%/3 25,232.22 328,832 1.30
356 2/10/09 Lock/28_Defeasance/89_0%/3 25,098.05 391,684 1.30
359 5/10/09 Lockout/25_Defeasance/92_0%/3 24,489.49 373,505 1.27
297 3/10/19 Lock/27_Defeasance/210_0%/3 25,108.95 389,911 1.29
299 5/10/09 Lockout/25_Defeasance/95 24,172.62 361,964 1.25
357 3/10/09 Lock/27_Defeasance/90_0%/3 23,005.85 331,776 1.25
355 1/10/09 Lock/29_Defeasance/85_0%/6 19,269.42 474,622 2.05
355 1/10/09 Lock/29_Defeasance/85_0%/6 21,818.77 329,619 1.26
359 5/10/10 Lockout/25_Defeasance/104_0%/3 21,880.69 328,079 1.25
358 4/10/09 Lock/26_Defeasance/91_0%/3 23,065.18 321,732 1.45
298 4/10/09 Lockout/26_Defeasance/88_0%/6 23,674.81 347,344 1.22
358 4/10/09 Lockout/26_Defeasance/91_0%/3 22,036.14 285,198 1.35
358 4/10/09 Lockout/26_Defeasance/91_0%/3 21,457.18 322,775 1.25
264 12/10/18 Lockout/27_Defeasance/207_0%/3 21,733.56 263,776 1.01
297 3/10/19 Lock/27_Defeasance/210_0%/3 21,054.09 318,921 1.26
358 4/10/09 Lockout/26_Defeasance/94 18,467.98 269,257 1.21
355 1/10/09 Lock/29_Defeasance/85_0%/6 17,700.69 290,970 1.37
356 2/10/09 Lock/28_Defeasance/92 17,143.29 279,043 1.36
359 5/10/09 Lockout/25_Defeasance/92_0%/3 16,898.43 290,015 1.43
371 2/10/09 Lock/28_Defeasance/89_0%/3 16,781.15 242,859 1.21
355 1/10/09 Lock/29_Defeasance/85_0%/6 17,379.51 270,159 1.30
270,159
0
296 2/10/19 Lock/28_Defeasance/206_0%/6 16,727.73 277,557 1.38
355 1/10/09 Lock/29_Defeasance/88_0%/3 16,980.22 254,291 1.25
358 4/10/09 Lockout/26_Defeasance/91_0%/3 15,707.78 291,179 1.54
236 2/10/19 Lock/28_Defeasance/209_0%/3 18,417.85 385,666 1.74
357 3/10/09 Lock/27_Defeasance/93 15,527.32 281,157 1.51
358 4/10/09 Lockout/26_Defeasance/94 15,229.93 222,627 1.22
359 5/10/09 Lockout/25_Defeasance/95 14,361.82 217,166 1.26
357 3/10/09 Lockout/27_Defeasance/90_0%/3 14,488.74 216,504 1.25
357 3/10/09 Lock/27_Defeasance/90_0%/3 14,749.72 224,786 1.27
357 3/10/09 Lockout/27_Defeasance/90_0%/3 14,054.08 218,779 1.30
355 1/10/09 Lock/29_Defeasance/91 12,965.34 243,779 1.57
296 2/10/09 Lock/28_Defeasance/89_0%/3 14,920.72 234,549 1.31
127,803
106,746
297 3/10/09 Lock/27_Defeasance/90_0%/3 14,612.07 218,412 1.25
355 1/10/09 Lock/29_Defeasance/85_0%/6 11,771.16 176,142 1.25
357 3/10/09 Lockout/27_Defeasance/90_0%/3 12,616.11 185,091 1.22
296 2/10/09 Lock/28_Defeasance/92 12,036.13 202,129 1.40
298 4/10/09 Lockout/26_Defeasance/91_0%/3 12,464.16 190,794 1.28
357 3/10/09 Lock/27_Defeasance/90_0%/3 11,688.46 169,601 1.25
239 5/10/19 Lockout/25_Defeasance/212_0%/3 12,245.48 147,025 1.00
357 3/10/09 Lockout/27_Defeasance/90_0%/3 10,575.27 116,666 1.07
295 1/10/09 Lock/29_Defeasance/85_0%/6 10,444.39 285,563 2.28
179 5/10/14 Lockout/25_Defeasance/154_0%/1 13,315.50 200,498 1.25
357 3/10/09 Lock/27_Defeasance/90_0%/3 9,454.34 146,730 1.29
296 2/10/09 Lock/28_Defeasance/89_0%/3 8,557.73 135,955 1.32
358 4/10/09 Lockout/26_Defeasance/94 8,240.63 134,297 1.36
296 2/10/09 Lockout/28_Defeasance/89_0%/3 8,567.42 135,728 1.32
357 3/10/09 Lock/27_Defeasance/87_0%/6 7,483.14 113,159 1.26
357 3/10/09 Lockout/27_Defeasance/90_0%/3 4,749.59 56,927 1.25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Units,Beds,
Cut-off Date Year Year Rooms, Unit Current
LTV (%) Built Renovated SqFt Description Occupancy %
<S> <C> <C> <C> <C> <C>
62.50 1973 156194 Sq Ft 100
74.47 1968/1990 1990/1998 458430 Sq Ft 97
98.30 1992, 96, 98 396460 Sq Ft 100
66.06 1985/86/87 422385 Sq Ft 98
80.00 1997-1998 263452 Sq Ft 100
89.52 1998-1999 75709 Sq Ft 100
47.36 1977 1997/1998 528 Rooms 70
74.48 1964-1966 977 Units 94
61.66 1916 1984 163400 Sq Ft 99
59.90 1967/1989/1990 522 Units 94
98.29 1991 1995 171330 Sq Ft 100
55.25 1972 149872 Sq Ft 96
91.00 1998 92035 Sq Ft 100
70.70 1970/1972/1981 562 Units 93
76.99 Various Various 528 Units
1968 135 Units 99
1960 39 Units 95
1970 15 Units 100
1977 262 Units 98
1967 30 Units 100
Early 1960's 47 Units 100
67.84 1989 348 Units 95
49.95 1987/1988 1998/Ongoing 467 Rooms 74
77.73 1986 N 311 Units 100
62.06 1986 384 Units 96
72.30 1951 1996 507 Units 96
98.99 NAP 453024 Sq Ft 100
67.27 1997 76077 Sq Ft 100
73.74 1986 360 Units 89
73.65 Various Various 245 Units
1989-1991 64 Units 98
1994-1996 1998 143 Units 99
1987-1991 38 Units 97
68.67 1998 125225 Sq Ft 100
70.59 1996/1997 53886 Sq Ft 100
79.06 1925 1995 201 Units 100
71.90 1998-99 86424 Sq Ft 91
74.16 1984 1997 86331 Sq Ft 100
79.67 Various Various 199 Units
Circa 1880 1997, 1998 15 Units 100
Circa 1880 1990,1997 6 Units 100
Circa 1880 1991 8 Units 100
Circa 1880 1988 6 Units 100
Circa 1880 1986,1989,1997 17 Units 100
Circa 1880 1990 8 Units 100
Circa 1880 1986,1997 6 Units 100
Circa 1880 1989,1997 5 Units 100
Circa 1880 1987,1997 10 Units 100
Circa 1880 1988,1990 6 Units 100
Circa 1880 1986,1990,1997 6 Units 100
Circa 1880 1997 6 Units 100
Circa 1880 1988,1997 12 Units 100
Circa 1880 1997 8 Units 100
Circa 1880 1993,1995 6 Units 100
Circa 1880 1989 11 Units 100
Circa 1880 1992 8 Units 100
Circa 1880 1990 5 Units 100
Circa 1880 1996-1997 12 Units 100
Circa 1880 1993 6 Units 100
Circa 1880 1997 11 Units 100
Circa 1880 1997 6 Units 100
Circa 1880 1993 6 Units 100
Circa 1880 1992&1997 9 Units 100
73.10 1970 1992/93 97869 Sq Ft 88
71.32 1975/1984 188385 Sq Ft 97
59.72 1986,1992 108533 Sq Ft 100
71.74 1995 42149 Sq Ft 100
71.73 1952 1996 504 Units 96
73.72 1989 112762 Sq Ft 94
66.53 1995-1996 120 Rooms 73
74.90 1982 184894 Sq Ft 87
74.56 1975 1996 72000 Sq Ft 100
70.91 Various Various 81609 Sq Ft
Circa 1977 29848 Sq Ft 100
Circa 1984 51761 Sq Ft 100
70.78 1928 1996 88 Units 97
68.33 1968 51244 Sq Ft 88
61.75 1973,1982,1986 72553 Sq Ft 100
73.55 1853, 1978, 1995 179864 Sq Ft 100
74.80 1968 1998 90651 Sq Ft 95
68.23 1906 1961-62 & 1981-84 31537 Sq Ft 97
69.25 1970 208736 Sq Ft 89
73.54 1983 106079 Sq Ft 93
75.32 1920's 1990 17760 Sq Ft 100
54.45 1981 1988 & 1991 180 Rooms 78
73.11 1987 27975 Sq Ft 100
74.21 1952 & 1970's 1995 & 1998 154098 Sq Ft 100
62.08 1920's to 1940's 1997-1999 55559 Sq Ft 100
79.35 1984 1994/1995, 1998-2000 193 Units 90
74.99 1998 32493 Sq Ft 100
83.86 1967 235 Units 96
47.09 1999 96000 Sq Ft 100
65.37 1989-90 49704 Sq Ft 98
78.79 1965 1998-1999 220 Units 95
75.55 Various Various 24 Units
1897 1990 8 Units 100
1903 1990 4 Units 100
1894, 1909 1994 12 Units 100
79.54 1968/1971 154 Units 100
74.55 1970 & 1987 114268 Sq Ft 100
71.08 1979 58562 Sq Ft 98
57.37 1991 154647 Sq Ft 86
69.98 1950's & 1983-1987 1995 92737 Sq Ft 95
69.73 1981-1986 1995 147 Units 95
59.27 1989 93 Rooms 85
64.59 Various Various 187 Units
1925 1988 32 Units 100
1922 1988 20 Units 95
1925 1988 32 Units 94
1925 1988 35 Units 100
1925 1988 20 Units 85
1925 1988 16 Units 100
1925 1988 32 Units 97
79.16 1978 90 Units 97
78.68 1974 1998 144 Units 95
70.81 1988 1998 17107 Sq Ft 100
79.07 1965 1986-1988 120 Units 91
79.90 1982 172 Units 100
57.87 1965, 66, 68, 69 163512 Sq Ft 90
74.50 60s/70s 1998 33700 Sq Ft 100
68.71 1974 126952 Sq Ft 100
68.31 1987 26280 Sq Ft 100
70.39 1986 46346 Sq Ft 100
67.71 1971, 1974 239223 Sq Ft 100
56.09 1982 46038 Sq Ft 100
75.96 1989 80 Units 98
74.96 1998-99 29000 Sq Ft 100
70.48 1988 35564 Sq Ft 82
74.85 1839 1988 102 Units 90
59.70 1999 18000 Sq Ft 78
72.41 1968-1969 1997 & 1998 51388 Sq Ft 100
97.80 1998 12240 Sq Ft 100
74.78 1974 1991,1992 89178 Sq Ft 100
78.80 1988 62 Units 95
67.30 1908 1996 61 Units 100
78.06 Mid 60s 84 Units 98
77.37 1971 1994 79 Units 100
75.96 1998 N/A 23500 Sq Ft 100
78.78 Various Various 35798 Sq Ft
1988, 1989 & 1990 1995 18118 Sq Ft 93
1987,89,91 17680 Sq Ft 96
72.88 1998 15120 Sq Ft 100
73.93 1988 24832 Sq Ft 94
74.89 1930 62 Units 100
34.13 1896 1982 119473 Sq Ft 94
74.85 1993/94 13074 Sq Ft 100
70.95 1970-1971 1991, 1994, 1998 96 Units 100
68.93 1972 1997 & Ongoing 142 Units 86
79.05 1965, 1996 62 Units 98
74.86 1979 90400 Sq Ft 100
69.15 1945, 1980 & 1981 1979 27158 Sq Ft 100
68.06 Early-mid 20s 99 Units 99
65.79 Various Various 48122 Sq Ft
1982 26922 Sq Ft 96
1981 21200 Sq Ft 96
72.38 1984 1995 137736 Sq Ft 100
74.69 1968 1975 52363 Sq Ft 100
73.78 1982 81 Units 97
59.70 1993 15352 Sq Ft 96
65.98 1930's 1996 & 1997 11409 Sq Ft 100
72.53 1978 66700 Sq Ft 100
82.79 1998 10972 Sq Ft 100
48.98 1972 84872 Sq Ft 87
43.49 1979-1981 12956 Sq Ft 100
69.31 1958 25096 Sq Ft 94
70.14 1985 10981 Sq Ft 100
68.21 1979 72 Units 92
67.61 1987 21030 Sq Ft 95
74.66 1980 28077 Sq Ft 90
66.10 1987 2600 Sq Ft 100
55.22 1972 46893 Sq Ft 100
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Current
Occupancy Ownership Earnout
Date Interest Amount
<S> <C> <C>
11/30/98 Fee Simple
12/9/98 Fee Simple 3,500,000
12/1/98 Fee Simple
11/9/98 Fee Simple
2/15/99 Fee Simple
4/7/98 Fee Simple
3/19/99 Leasehold
12/1/98 Fee Simple
11/1/98 Fee Simple 600,000
2/28/99 Fee Simple
12/1/98 Fee Simple
11/1/98 Fee Simple
2/20/99 Fee Simple
3/31/99 Fee Simple
Fee Simple
10/23/98
10/23/98
10/23/98
10/23/98
10/23/98
10/23/98
2/28/99 Fee Simple
1/1/99 Fee Simple
2/28/99 Leasehold
2/28/99 Fee Simple
1/31/99 Fee Simple
2/25/99 Fee Simple
12/2/98 Fee Simple
2/28/99 Fee Simple
Fee Simple
3/1/99
3/1/99
3/1/99
12/23/98 Fee Simple
11/20/98 Fee Simple
12/31/98 Fee Simple
2/1/99 Fee Simple 550,000
12/7/98 Fee Simple
Fee Simple
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
2/1/99 Fee Simple 180,000
3/29/99 Fee Simple
2/10/99 Fee Simple
10/1/98 Both Fee Simple and Leasehold
2/28/99 Fee Simple
11/30/98 Fee Simple
11/30/98 Fee Simple
1/27/99 Fee Simple
6/30/98 Fee Simple 200,000
Fee Simple
11/1/98
11/1/98
2/28/99 Fee Simple
9/30/98 Fee Simple
2/1/99 Fee Simple 1,000,000
11/12/98 Fee Simple
2/1/99 Fee Simple
3/1/99 Fee Simple 400,000
1/31/99 Fee Simple
2/9/99 Fee Simple 142,000
12/8/98 Fee Simple
11/30/98 Fee Simple
3/1/99 Both Fee Simple and Leasehold
2/5/99 Fee Simple
2/1/99 Fee Simple
10/14/98 Fee Simple
3/12/99 Fee Simple
10/30/98 Fee Simple 500,000
2/19/99 Fee Simple
12/15/98 Fee Simple
2/22/99 Fee Simple
Fee Simple
11/11/98
11/11/98
10/30/98
1/1/99 Fee Simple
11/19/98 Fee Simple
3/1/99 Fee Simple
2/19/99 Fee Simple 800,000
12/1/98 Fee Simple
2/8/99 Fee Simple 460,000
11/1/98 Fee Simple
Fee Simple
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
11/1/98
2/2/99 Fee Simple
2/12/99 Fee Simple
11/1/98 Fee Simple
2/28/99 Fee Simple
3/14/99 Fee Simple
10/23/98 Fee Simple 558,000
12/18/98 Fee Simple
3/6/99 Fee Simple
1/1/99 Fee Simple
2/17/99 Fee Simple
10/23/98 Fee Simple 115,000
10/14/98 Fee Simple
11/11/98 Fee Simple
2/17/99 Fee Simple
12/16/98 Fee Simple 600,000
12/1/98 Fee Simple
2/1/99 Fee Simple 580,000
1/1/99 Fee Simple
12/1/98 Fee Simple
2/1/99 Fee Simple
1/4/99 Fee Simple
11/1/98 Fee Simple
10/23/98 Fee Simple
3/25/99 Fee Simple
9/29/98 Fee Simple
Fee Simple
10/1/98
10/1/98
1/29/99 Fee Simple
12/21/98 Fee Simple
2/24/99 Fee Simple
12/1/98 Fee Simple
7/10/98 Fee Simple
1/31/99 Fee Simple
3/11/99 Fee Simple
12/30/98 Fee Simple
10/23/98 Fee Simple
12/8/98 Fee Simple
11/1/98 Fee Simple
Fee Simple
1/11/99
1/11/99
12/10/98 Fee Simple
11/23/98 Fee Simple
12/23/98 Fee Simple
10/19/98 Fee Simple
2/24/99 Fee Simple
10/23/98 Fee Simple 49,000
11/25/98 Fee Simple
10/23/98 Fee Simple 198,000
12/1/98 Fee Simple
3/1/99 Fee Simple
1/1/99 Fee Simple
11/12/98 Fee Simple
1/13/99 Fee Simple
12/15/98 Fee Simple
2/1/99 Fee Simple
10/23/98 Fee Simple 128,000
</TABLE>
<PAGE>
Exhibit 99.2
Upcoming CMBS Deal: GMAC 1999-C2. Approximate Size: $985MM
Lead Manager: DLJ. Co-Managers: DEUTSCHE/GOLDMAN
Approximate Securities Structure to follow.
122 Loans on 158 Mortgaged Properties.
Property Types: Geography: Largest Loans:
Retail - 27.5% NY - 20.7% PREIT Port. (Multi) - 108MM, 10.97%
Office - 27.5% Cal - 19.7% Queens Ctr. (Retail) - 100MM, 10.17%
Multi - 25.5% Fla - 6.9% Ingram Micro (Office-CTL) - 78MM, 7.4%
Hospit - 5.5% Pa - 6.3% Palmer Ctr. (Office) - 54MM, 5.47%
Other - 4.8% Co - 5.4% Squaw Peak (Office) - 36MM, 3.66%
Oth - 41.0% Red Rose (Retail) - 2.88%
TOP TEN: 502MM, 50.99%, 72.12(LTV)
** REDS MAILED ON MONDAY 5/10. TERM SHEET AVAL LATER TODAY**
Enter 4 [GO] to request no further messages from this sender.
This has been prepared solely for informational purposes, it is not an offer,
recommendation or solicitation to buy or sell, nor is it an official
confirmation of terms. It is based on information generally available to the
public from sources believed to be reliable. No representation is made that it
is accurate or complete or that any returns indicated will be achieved. Changes
to assumptions may have a material impact on any returns detailed. Past
performance is not indicative of future returns. Price and availability are
subject to change without notice. Additional information is available upon
request.
Copyright 1999 BLOOMBERG L.P. Frankfurt: 69-920610 Hong Kong: 2-977-6000
London: 171-330-7500 New York: 212-318-2000 Princeton: 609-279-3000
Singapore: 226-3000 Sydney: 2-9777-8686 Tokyo: 3-3201-8900
Sao Paulo: 11-3048-6500
C158-405-10 06-May-99 14:20:13
