<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) August 9 , 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 August 1999, the Registrant will cause the issuance and sale of
approximately $1,170,000,000 initial principal amount of various classes of
Mortgage Pass-Through Certificates, Series 1999-C3 (the "Certificates") pursuant
to a Pooling and Servicing Agreement to be dated as of August 1, 1999, among the
Registrant, GMAC Commercial Mortgage Corporation, as Servicer, and Norwest Bank
Minnesota, 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 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.
-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: August 11, 1999 By: /s/ David Lazarus
--------------------------------------
Name: David Lazarus
Title: Vice President
-4-
<PAGE>
INDEX TO EXHIBITS
Exhibit
No. Document Description
- ------- --------------------
99.1 Structural Term Sheets and Collateral
Term Sheets prepared by the Underwriters
in connection with the sale of the Publicly
Offered Certificates of the Registrant.
-5-
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
AUGUST 9, 1999
STRUCTURAL AND COLLATERAL TERM SHEET
$X,XXX,XXX,XXX (APPROXIMATE COLLATERAL BALANCE)
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C3
Approximate Securities Structure:
<TABLE>
<CAPTION>
EXPECTED EXPECTED
APPROXIMATE CREDIT WEIGHTED EXPECTED
EXPECTED RATING FACE/NOTIONAL SUPPORT AVERAGE LIFE PAYMENT
CLASS (a) MOODY'S/FITCH AMOUNT (MM) (% OF UPB) (YEARS)(B) WINDOW
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Publicly Offered Classes
Privately Offered Classes (d)
- --------------------------------------------------------------------------
Total Securities:
- --------------------------------------------------------------------------
</TABLE>
(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 Managers: Deutsche Bank Securities
Goldman, Sachs & Co.
Mortgage Loan Sellers: GMAC Commercial Mortgage Corporation
German American Capital Corporation
Goldman Sachs Mortgage Company
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: Norwest Bank National Association
Launch: August 1999
Pricing: August 1999
Closing: August 1999
Cut-Off Date: August 1 and August 10, 1999
Distribution Date: 15th of each month, or following business
day (commencing September 1999)
Payment Delay: 14 days
ERISA Eligible: TBD
SMMEA Eligible: TBD
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: TBD
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes: $25,000 & $1
Delivery: DTC
- -------------------------------------------------------------------------------
COLLATERAL FACTS:
Initial Pool Balance: $1,168,933,619
Number of Mortgage Loans: 144
Number of Mortgaged Properties: 183
Average Cut-Off Date Balance: $8,117,595
Weighted Average Current Mortgage Rate: 7.893%
Weighted Average U/W DSCR (a): 1.37x
Weighted Average Cut-Off Date LTV Ratio (a): 68.96%
Weighted Average Remaining Term to Maturity (months): 118.3 months
Weighted Average Remaining Amortization Term (months): 342.5 months
Weighted Average Seasoning (months): 2.58 months
CTL Loans as a % of Total 0.12%
Balloon Loans as % of Total (b): 99.88%
Single Largest Loan as % of Total: 6.84%
Five Largest Loans as % of Total: 22.73%
Ten Largest Loans as % of Total: 34.31%
(a) All DSCR and LTV information presented herein is generally calculated as
though any related earnout reserve had been applied to reduce or defease
the primary balance of the mortgage loan.
(b) Includes 29 ARD loans totaling $434 mm and 37.1% of the pool Cut-Off date
balance.
TEN LARGEST LOANS OR SPONSORS
CURRENT
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
- -----------------------------------------------------------------------------
Biltmore Fashion Park $80,000,000 6.84% 60.38% 1.43x Anchored
Retail
Prime Outlets at Niagara 62,873,660 5.38 72.77 1.36 Anchored
Falls Retail
Equity Inns Portfolio 48,468,145 4.15 49.55 1.90 Lodging
One Colorado 42,649,122 3.65 72.29 1.25 Anchored
Retail
Comerica Bank Building 33,660,567 2.88 65.23 1.43 Office
120 Monument Circle 28,968,172 2.48 74.47 1.23 Office
125 Maiden Lane 28,500,000 2.44 73.83 1.31 Office
Texas Development 26,943,812 2.30 72.07 1.34 Multifamily
Portfolio
Sherman Plaza 26,000,000 2.22 68.42 1.24 Office
Alliance TP Portfolio 24,905,460 2.13 86.48 1.19 Multifamily
------------ ----- ----- ----
TOTAL/WTD. AVG. $401,051,592 34.31% 67.88% 1.41X
- -----------------------------------------------------------------------------
SELECTED LOAN DATA:
NUMBER OF CUT-OFF DATE BALANCE
GEOGRAPHIC MORTGAGED -----------------------------------------
DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- ----------------------------------------------------------------------------
California 33 $257.7 22.0% 1.34x
Texas 33 174.2 14.9 1.36
New York 13 140.3 12.0 1.34
Arizona 7 106.2 9.1 1.47
Indiana 5 68.7 5.9 1.29
Other (a) 92 421.9 36.1 1.38
TOTAL/WTD. AVG. 183 $1,168.9 100.0% 1.37X
- ----------------------------------------------------------------------------
PROPERTY TYPE
- ----------------------------------------------------------------------------
Retail (b) 35 $354.2 30.3% 1.36x
Office 36 322.2 27.6 1.33
Multifamily 60 272.9 23.4 1.28
Lodging 25 105.9 9.1 1.65
Industrial 21 99.2 8.5 1.42
Mobil Home Park 2 4.4 0.4 1.40
Special Purpose 1 3.9 0.3 1.26
Self Storage 1 3.2 0.3 2.17
Mixed Use 2 3.1 0.3 1.42
TOTAL/WTD. AVG. 183 $1,168.9 100.0% 1.37X
- ----------------------------------------------------------------------------
PREPAYMENT RESTRICTIONS
- --------------------------------------------------------------------------
Defeasance 141 1,119.5 95.77% 1.36x
greater than
YM or 1% UPB 2 38.6 3.30 1.43
greater than
YM or 1% & 1 10.8 0.93 1.90
Defeasance
TOTAL/WTD. AVG. 144 1,168.9 100.00% 1.37X
- ----------------------------------------------------------------------------
(a) Includes 30 states.
(b) 19 properties representing 24.78% of the Aggregate Cut-Off Date Balance are
Anchored Retail properties; 16 properties representing 5.52% of the
Aggregate Cut-Off Date Balance are Unanchored Retail properties.
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PREPAYMENT PROFILE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Prepayment Restriction Assuming No Prepayment of Principal (a) (b)
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Prepayment June June June June June June June June June June
Restrictions 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- --------------------------------------------------------------------------------------------------------
Locked out
- --------------------------------------------------------------------------------------------------------
Open
- --------------------------------------------------------------------------------------------------------
Total
Number of Loans
UPB ($MM)
% of Initial UPB
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
Prepayment June June June June June June June June June June
Restrictions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
- --------------------------------------------------------------------------------------------------------
Locked out
- --------------------------------------------------------------------------------------------------------
Open
- --------------------------------------------------------------------------------------------------------
Total
Number of Loans
UPB ($MM)
% of Initial UPB
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
- -------------------------------------------------------------------------------
PREPAYMENT PROVISION
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
AVERAGE AVERAGE
PERCENTAGE OF REMAINING REMAINING
RANGE OF NUMBER OF AGGREGATE LOCKOUT TERM TO
REMAINING TERMS TO STATED MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF PERIOD MATURITY
MATURITY (MONTHS) (a) LOANS BALANCE BALANCE DATE BALANCE (MONTHS) (MONTHS)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
71 - 90 2 $ 17,288,038 1.48% $8,644,019 32.0 82.9
91 - 110 16 139,534,578 11.94 8,720,911 34.4 105.0
111 - 120 120 977,959,943 83.66 8,149,666 27.4 118.7
131 - 150 1 1,800,000 0.15 1,800,000 24.0 132.0
171 - 190 4 30,896,460 2.64 7,724,115 27.0 179.8
191 - 210 1 1,454,598 0.12 1,454,598 24.0 199.0
--- -------------- ------ ---------- ---- -----
TOTAL / WTD. AVG: 144 $1,168,933,619 100.00% $8,117,595 28.3 118.3
=== ============== ====== ========== ==== =====
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
BALANCES LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 500,000 - 999,999 2 $ 1,668,996 0.14% $ 834,498 1.53x 8.413% 119.0 73.10%
1,000,000 - 1,999,999 23 35,973,213 3.08 1,564,053 1.40 7.824 119.9 68.15
2,000,000 - 2,999,999 14 33,314,489 2.85 2,379,606 1.30 7.909 123.2 73.91
3,000,000 - 3,999,999 22 74,439,616 6.37 3,383,619 1.35 7.989 117.4 70.87
4,000,000 - 4,999,999 19 87,729,540 7.51 4,617,344 1.35 7.746 116.7 70.23
5,000,000 - 5,999,999 6 33,962,696 2.91 5,660,449 1.25 7.984 119.2 76.76
6,000,000 - 6,999,999 11 70,365,264 6.02 6,396,842 1.34 8.028 120.3 70.72
7,000,000 - 7,999,999 9 66,392,462 5.68 7,376,940 1.33 8.033 117.3 66.38
8,000,000 - 8,999,999 3 25,738,108 2.20 8,579,369 1.38 8.068 119.3 65.99
9,000,000 - 9,999,999 4 37,395,415 3.20 9,348,854 1.41 7.831 131.4 71.75
10,000,000 - 11,999,999 7 75,209,227 6.43 10,744,175 1.44 7.950 110.9 68.33
12,000,000 - 13,999,999 4 51,414,379 4.40 12,853,595 1.34 7.992 133.8 69.05
14,000,000 - 16,999,999 5 74,715,521 6.39 14,943,104 1.38 8.152 114.9 70.45
17,000,000 - 19,999,999 2 35,381,949 3.03 17,690,974 1.23 7.808 117.5 72.55
20,000,000 - 24,999,999 4 89,086,612 7.62 22,271,653 1.29 7.556 115.7 70.41
25,000,000 - 49,999,999 7 233,272,473 19.96 33,324,639 1.42 7.987 116.9 66.74
50,000,000 - 80,000,000 2 142,873,660 12.22 71,436,830 1.40 7.647 118.1 65.83
--- -------------- ------ ----------- ---- ----- ----- ------
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $ 8,117,595 1.37X 7.893% 118.3 68.96%
=== ============== ====== =========== ==== ===== ===== =====
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE(a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER 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>
California 33 $ 257,687,228 22.04% $7,808,704 1.34x 7.814% 117.0 68.51%
Texas 33 174,242,968 14.91 5,280,090 1.36 8.004 121.2 71.79
New York 13 140,280,193 12.00 10,790,784 1.34 7.860 118.0 67.07
Arizona 7 106,178,494 9.08 15,168,356 1.47 7.779 119.0 60.00
Indiana 5 68,668,711 5.87 13,733,742 1.29 7.698 109.0 75.32
Ohio 7 48,997,396 4.19 6,999,628 1.38 8.086 134.2 70.79
Florida 10 47,770,937 4.09 4,777,094 1.25 7.916 119.2 74.81
North Carolina 6 37,772,542 3.23 6,295,424 1.42 7.887 118.3 66.11
New Jersey 11 36,767,587 3.15 3,342,508 1.42 7.962 118.0 63.80
Mississippi 2 23,078,804 1.97 11,539,402 1.38 7.893 119.9 72.72
Missouri 4 20,640,232 1.77 5,160,058 1.30 7.944 119.7 70.15
Michigan 4 16,106,781 1.38 4,026,695 1.30 7.460 119.3 80.46
New Hampshire 1 15,961,012 1.37 15,961,012 1.28 8.529 117.0 72.55
Oklahoma 4 14,095,606 1.21 3,523,901 1.40 7.750 118.6 77.38
Massachusetts 2 13,800,000 1.18 6,900,000 1.49 8.256 120.0 66.65
Colorado 2 12,434,379 1.06 6,217,189 1.32 8.130 118.0 64.62
Virginia 4 12,391,129 1.06 3,097,782 1.51 8.078 118.7 59.88
Pennsylvania 3 12,344,296 1.06 4,114,765 1.29 7.614 115.5 70.75
Illinois 1 12,106,821 1.04 12,106,821 1.19 7.320 120.0 86.48
Tennessee 4 11,512,870 0.98 2,878,218 1.73 7.956 113.2 57.39
South Carolina 1 11,200,000 0.96 11,200,000 1.40 8.750 84.0 70.44
Maryland 3 9,778,118 0.84 3,259,373 1.31 8.089 130.8 71.61
Hawaii 2 7,837,587 0.67 3,918,794 1.38 7.836 118.0 75.98
Georgia 3 7,736,460 0.66 2,578,820 1.26 8.170 139.6 65.76
Minnesota 2 6,605,239 0.57 3,302,620 1.55 7.704 114.4 61.07
Wisconsin 1 6,088,038 0.52 6,088,038 1.45 8.250 81.0 70.79
Nevada 1 5,940,000 0.51 5,940,000 1.25 8.110 120.0 78.16
Oregon 1 5,290,545 0.45 5,290,545 1.90 8.370 119.0 49.55
Alabama 1 4,897,430 0.42 4,897,430 1.24 8.050 119.0 79.63
Nebraska 5 4,677,886 0.40 935,577 1.37 6.760 105.0 71.09
Connecticut 2 4,126,169 0.35 2,063,085 1.25 7.961 118.5 79.35
Kansas 2 3,996,634 0.34 1,998,317 1.90 8.370 119.0 49.55
Delaware 1 3,243,231 0.28 3,243,231 2.17 7.490 118.0 60.85
Idaho 1 2,655,000 0.23 2,655,000 1.32 7.810 120.0 72.34
West Virginia 1 2,023,296 0.17 2,023,296 1.90 8.370 119.0 49.55
--- -------------- ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 183 $1,168,933,619 100.00% $6,387,615 1.37X 7.893% 118.3 68.96%
=== ============== ====== ========== ==== ===== ===== =====
</TABLE>
(a) If a Mortgage Loan is secured by properties in multiple states, it is
treated as multiple Mortgage Loans each of which is allocated a cut-off
balance based on the allocated loan amount.
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- -------------------------------------------------------------------------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND
ACCURATE DESCRIPTION OF A MAP OMITTED FOR THE PURPOSE OF EDGAR FILING.]
OR 0.45%
CA 22.04%
ID 0.23%
NV 0.51%
AZ 9.08%
HI 0.67%
CO 1.06%
NE 0.40%
KS 0.34%
OK 1.21%
TX 14.91%
MN 0.57%
MO 1.77%
WI 0.52%
IL 1.04%
MS 1.97%
MI 1.38%
IN 5.87%
OH 4.19%
TN 0.98%
AL 0.42%
WV 0.17%
GA 0.66%
FL 4.09%
NH 1.37%
NY 12.00%
PA 1.06%
VA 1.06%
NC 3.23%
SC 0.96%
MA 1.18%
CT 0.35%
NJ 3.15%
DE 0.28%
MD 0.84%
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND
ACCURATE DESCRIPTION OF A PIE CHART OMITTED FOR THE PURPOSE OF EDGAR FILING.]
California 22.04%
Texas 14.91%
New York 12.00%
Arizona 9.08%
Indiana 5.87%
Ohio 4.19%
Other(a) 31.90%
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
(a) Includes 29 States.
- -------------------------------------------------------------------------------
DISTRIBUTION OF PROPERTY TYPES
- -------------------------------------------------------------------------------
Office 27.56%
Multi-family 23.35%
Lodging 9.06%
Industrial 8.48%
Other 1.25%
Retail:
Anchored 24.78%
Unanchored 5.52%
Toal 30.30%
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER 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>
Retail
Anchored 19 $289,709,984 24.78% $15,247,894 1.35x 7.888% 121.9 69.01%
Unanchored 16 64,473,781 5.52 4,029,611 1.41 8.175 119.8 66.43
--- -------------- ------ ----------- ---- ----- ----- -----
Retail Subtotal 35 $354,183,765 30.30% $10,119,536 1.36x 7.941% 121.5 68.54%
Office 36 $322,205,615 27.56% $ 8,950,156 1.33x 7.794% 115.9 67.87
Multifamily 60 272,896,934 23.35 4,548,282 1.28 7.630 118.8 76.22
Lodging 25 105,918,234 9.06 4,236,729 1.65 8.498 113.0 58.98
Industrial 21 99,170,997 8.48 4,722,428 1.42 8.128 118.8 64.96
Mobile Home Park 2 4,358,934 0.37 2,179,467 1.40 7.326 114.8 70.03
Special Purpose 1 3,900,000 0.33 3,900,000 1.26 8.460 120.0 67.24
Self-Storage 1 3,243,231 0.28 3,243,231 2.17 7.490 118.0 60.85
Mixed Use 2 3,055,909 0.26 1,527,954 1.42 8.118 117.1 69.13
--- -------------- ------ ----------- ---- ----- ----- -----
TOTAL/WTD. AVG. 183 $1,168,933,619 100.00% $ 6,387,615 1.37X 7.893% 118.3 68.96%
=== ============== ====== =========== ==== ===== ===== =====
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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 MORTGAGE MATURITY DATE LTV
RATIOS LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00 - 1.10 1 $ 1,454,598 0.12% $ 1,454,598 1.01x 7.720% 199.0 83.12%
1.11 - 1.20 15 130,347,430 11.15 8,689,829 1.20 7.808 119.5 76.44
1.21 - 1.30 61 407,456,126 34.86 6,679,609 1.25 8.016 120.8 71.47
1.31 - 1.40 26 263,436,549 22.54 10,132,175 1.35 7.737 114.4 72.35
1.41 - 1.50 22 217,950,965 18.65 9,906,862 1.44 7.737 114.2 65.48
1.51 - 1.60 6 28,404,063 2.43 4,734,010 1.58 7.828 118.5 61.50
1.61 - 1.70 5 40,538,382 3.47 8,107,676 1.66 8.473 133.3 53.97
1.71 - 1.80 2 11,034,135 0.94 5,517,067 1.78 7.651 118.7 60.91
1.81 - 1.90 5 65,068,139 5.57 13,013,628 1.89 8.174 118.2 50.24
2.11 - 2.20 1 3,243,231 0.28 3,243,231 2.17 7.490 118.0 60.85
--- -------------- ------ ----------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $ 8,117,595 1.37X 7.893% 118.3 68.96%
=== ============== ====== =========== ==== ===== ===== =====
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
LOAN TO VALUE RATIOS LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.1 - 50.0 5 $ 83,851,804 7.17% $16,770,361 1.68x 8.204% 118.9 47.62%
50.1 - 60.0 12 96,652,522 8.27 8,054,377 1.62 8.088 125.7 56.28
60.1 - 65.0 14 138,659,816 11.86 9,904,273 1.39 7.834 118.7 61.75
65.1 - 70.0 23 151,428,000 12.95 6,583,826 1.34 7.852 116.0 67.63
70.1 - 75.0 54 462,557,396 39.57 8,565,878 1.31 7.898 117.4 72.72
75.1 - 80.0 29 186,191,525 15.93 6,420,397 1.28 7.793 117.2 78.38
80.1 - 85.0 6 24,687,096 2.11 4,114,516 1.22 7.890 123.2 80.68
85.1 - 90.0 1 24,905,460 2.13 24,905,460 1.19 7.320 120.0 86.48
--- -------------- ------ ----------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $ 8,117,595 1.37X 7.893% 118.3 68.96%
=== ============== ====== =========== ==== ===== ===== =====
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.5001 - 6.7500 2 $ 6,657,054 0.57% $ 3,328,527 1.46x 6.737% 108.0 60.53%
6.7501 - 7.0000 4 36,206,587 3.10 9,051,647 1.33 6.916 104.9 74.83
7.0001 - 7.2500 10 50,180,894 4.29 5,018,089 1.36 7.116 107.9 73.31
7.2501 - 7.5000 13 99,773,633 8.54 7,674,895 1.30 7.380 117.7 75.68
7.5001 - 7.7500 17 279,055,643 23.87 16,415,038 1.41 7.625 117.2 66.51
7.7501 - 8.0000 27 192,884,625 16.50 7,143,875 1.31 7.902 117.4 69.52
8.0001 - 8.2500 37 226,417,916 19.37 6,119,403 1.31 8.132 118.8 71.13
8.2501 - 8.5000 22 203,180,363 17.38 9,235,471 1.45 8.355 122.7 64.47
8.5001 - 8.7500 10 61,202,937 5.24 6,120,294 1.39 8.638 128.2 69.70
8.7501 - 9.0000 2 13,373,967 1.14 6,686,983 1.46 8.818 119.7 61.98
--- -------------- ------ ----------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $ 8,117,595 1.37X 7.893% 118.3 68.96%
=== ============== ====== =========== ==== ===== ===== =====
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS (a)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
(MONTHS) LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Only 1 $ 10,875,000 0.93% $10,875,000 1.90x 7.540% 120.0 52.28%
191 - 210 1 1,454,598 0.12 1,454,598 1.01 7.720 199.0 83.12
211 - 230 1 3,357,974 0.29 3,357,974 1.21 7.060 110.0 72.21
231 - 250 2 17,241,845 1.48 8,620,923 1.35 8.098 162.3 65.04
271 - 290 2 6,159,680 0.53 3,079,840 1.70 7.468 106.8 54.27
291 - 310 26 165,409,162 14.15 6,361,891 1.55 8.265 114.3 61.97
331 - 360 110 961,143,129 82.22 8,737,665 1.33 7.833 118.2 70.46
361 - 376 1 3,292,230 0.28 3,292,230 1.36 8.500 115.0 74.57
--- -------------- ------ ----------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $ 8,117,595 1.37X 7.893% 118.3 68.96%
=== ============== ====== =========== ==== ===== ===== =====
</TABLE>
(a) 60 loans representing 35.53% of the Aggregate Cut-Off Date Balance accrue
interest on an Actual/360 basis but have a monthly payment calculated on a
30/360 schedule. Accordingly, the actual amortization term is longer for
these loans than the stated amortization term reflected in the table above.
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERMS TO MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
MATURITY (MONTHS) LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
83 - 83 months 1 6,088,038 0.52% 6,088,038 1.45x 8.250% 81.0 70.79%
84 - 120 months 136 1,122,379,423 96.02 8,252,790 1.37 7.879 116.8 68.90
121 - 180 months 6 39,011,559 3.34 6,501,927 1.35 8.236 165.5 69.85
181 - 240 months 1 1,454,598 0.12 1,454,598 1.01 7.720 199.0 83.12
--- ------------- ------ --------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 1,168,933,619 100.00% 8,117,595 1.37X 7.893% 118.3 68.96%
=== ============= ====== ========= ==== ===== ===== =====
</TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERMS TO MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
MATURITY (MONTHS) LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
71 - 90 2 $ 17,288,038 1.48% $8,644,019 1.42x 8.574% 82.9 70.56%
91 - 110 16 139,534,578 11.94 8,720,911 1.38 7.247 105.0 71.23
111 - 120 120 977,959,943 83.66 8,149,666 1.36 7.955 118.7 68.60
131 - 150 1 1,800,000 0.15 1,800,000 1.30 8.125 132.0 72.00
171 - 190 4 30,896,460 2.64 7,724,115 1.36 8.460 179.8 68.26
191 - 210 1 1,454,598 0.12 1,454,598 1.01 7.720 199.0 83.12
--- -------------- ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $8,117,595 1.37X 7.893% 118.3 68.96%
=== ============== ====== ========== ==== ===== ===== =====
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
- ----------------------------------------------------------------------------------------------------------------------------
WEIGHTED WEIGHTED
PERCENTAGE OF AVERAGE WEIGHTED AVERAGE AVERAGE
NUMBER OF CUT-OFF AGGREGATE CUT-OFF WEIGHTED AVERAGE REMAINING TERM CUT-OFF
MORTGAGE DATE CUT-OFF DATE DATE AVERAGE MORTGAGE TO MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 114 $733,613,818 62.76% $6,435,209 1.34x 7.952% 120.6 69.29%
Hyperamortizing 29 433,865,202 37.12 14,960,869 1.41 7.794 114.2 68.35
Fully Amortizing 1 1,454,598 0.12 1,454,598 1.01 7.720 199.0 83.12
--- -------------- ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $8,117,595 1.37x 7.893% 118.3 68.96%
=========================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
- ----------------------------------------------------------------------------------------------------------------------------
WEIGHTED WEIGHTED
PERCENTAGE OF AVERAGE WEIGHTED AVERAGE AVERAGE
NUMBER OF CUT-OFF AGGREGATE CUT-OFF WEIGHTED AVERAGE REMAINING TERM CUT-OFF
PROVISION MORTGAGE DATE CUT-OFF DATE DATE AVERAGE MORTGAGE TO MATURITY DATE LTV
PREPAYMENT LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Defeasance 141 $1,119,478,585 95.77% $7,939,564 1.36x 7.912% 118.7 69.27%
> of YM or 1% UPB 2 38,580,034 3.30 19,290,017 1.43 7.448 105.3 64.56
> of YM or 1%
and Defeasance 1 10,875,000 0.93 10,875,000 1.90 7.540 120.0 52.28
--- -------------- ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 144 $1,168,933,619 100.00% $8,117,595 1.37x 7.893% 118.3 68.96%
=========================================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
BILTMORE FASHION PARK
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $80,000,000 $80,000,000
% OF POOL BY UPB 6.84%
NOTE DATE: June 16, 1999
INTEREST RATE: 7.68%
AMORTIZATION: 30 years
ARD DATE: 7/10/09
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity sponsored by the Taubman Realty
Group Limited Partnership, an affiliate of Taubman
Centers, Inc., a publicly traded Real Estate
Investment Trust (NYSE: TCO).
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: The Borrower is permitted to incur up to
$3,000,000 of indebtedness that relates
solely to financing capital improvements,
compliance with legal requirements, tenant
improvements, leasing costs and equipment
related to the Biltmore Fashion Park
property, but only if that indebtedness
remains unsecured or secured by capital
leases.
CASH MANAGEMENT: Soft Lockbox in place springing to a Hard
Lockbox at the ARD date or either upon an
Event of Default or if the DSCR falls below
1.30x.
MONTHLY RESERVES: All reserves are waived unless the Soft
Lockbox has converted to a Hard Lockbox.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail
LOCATION: Phoenix, Arizona
YEAR(S) BUILT / RENOVATED: 1963-1996 / 1999
THE COLLATERAL: An outdoor, regional shopping mall
situated on 28.59 acres. The mall has a
total of 550,949 square feet of gross
leaseable area, of which 398,449 square
feet serve as collateral for the Loan.
The mall is anchored by a Saks
Department Store and a Macy's Department
Store. The building containing the
Macy's is not part of the collateral for
the Loan.
PROPERTY MANAGEMENT: Taubman Centers, Inc.
CURRENT OCCUPANCY (6/15/99): 96%
UNDERWRITTEN NET CASH FLOW: $9,894,554
APPRAISED VALUE: $132,500,000
APPRAISAL DATE: May 5, 1999
CUT-OFF DATE LOAN/SF: $145.20
CUT-OFF DATE LTV: 60.38%
ARD BALLOON LTV: 53.79%
UWNCF DSCR: 1.43x
- -------------------------------------------------------------------------------
THREE LARGEST TENANTS
- ---------------------
- -------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- -------------------------------------------------------------------------------
Macy's (a) 152,500 27.68% 01/31/2013
- -------------------------------------------------------------------------------
Saks Fifth Avenue 90,114 16.36% 10/31/2017
- -------------------------------------------------------------------------------
pBorders Books 33,416 6.07% 01/31/2004
- -------------------------------------------------------------------------------
(a) The Macy's building is not part of the collateral for the loan.
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
PRIME OUTLETS AT NIAGARA FALLS
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $63,000,000 $62,873,660
% OF POOL BY UPB 5.38%
NOTE DATE: April 27, 1999
INTEREST RATE: 7.60%
AMORTIZATION: 30 years
ARD DATE: May 10, 2009
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity affiliated with Prime Retail,
Inc., a publicly traded Real Estate
Investment Trust (NYSE: PRT).
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: Soft Lockbox in place springing to a Hard
Lockbox at the ARD Date or upon an Event of
Default.
MONTHLY RESERVES: TI/LC - $61,741
Replacement - $6,665
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail
LOCATION: Niagara Falls, New York
YEAR BUILT / RENOVATED: 1960,1983 - 1995 / 1996
THE COLLATERAL: A partially enclosed, factory outlet
center located on 41.3 acres. The
property has a total of 533,192 net
rentable square feet and also includes a
food court. Diverse tenant mix includes
Old Navy, Saks Off Fifth Avenue, Gap,
Polo/Ralph Lauren, among others.
PROPERTY MANAGEMENT: Prime Retail, Inc.
CURRENT OCCUPANCY (3/01/99): 96%
UNDERWRITTEN NET CASH FLOW: $7,361,978
APPRAISED VALUE: $86,400,000
APPRAISAL DATE: January 30, 1999
CUT-OFF DATE LOAN/SF: $117.92
CUT-OFF DATE LTV: 72.770%
ARD BALLOON LTV: 63.59%
UWNCF DSCR: 1.36x
- -------------------------------------------------------------------------------
THREE LARGEST TENANTS
- ---------------------
- -------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- -------------------------------------------------------------------------------
Linens N' Things 27,175 5.10% 09/30/2005
- -------------------------------------------------------------------------------
Marshall's 27,000 5.06% 11/30/2000
- -------------------------------------------------------------------------------
Off 5th / Saks
Fifth Avenue 20,359 3.82% 08/31/2010
- -------------------------------------------------------------------------------
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
EQUITY INNS
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN/PARTICIPATION INFORMATION
- -------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE
LOAN: $97,020,000 $96,936,290
PARTICIPATION: $48,510,000 $48,468,145
(% OF LOAN) (50%) (50%)
% OF POOL BY UPB: 4.15%
NOTE DATE: June 16, 1999
INTEREST RATE: 8.37%
AMORTIZATION: 25 years
ARD DATE: July 1, 2009
BORROWER/SPONSOR: Two single purpose, bankruptcy remote entities.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
RELEASE PRICE: After the lockout period, Borrowers may
partially defease the Loan to obtain the
release of an individual property. To release
a property, the Borrowers must defease 125% of
the loan amount originally allocated to the
property. Further, the UWDSCR for the
remaining properties must be greater than or
equal to 1.90x.
CROSS-COLLATERALIZATION/ Yes/Yes.
DEFAULT:
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: Hard Lockbox.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Lodging
THE COLLATERAL: 5 AmeriSuites, 3 Homewood Suites, 6
Hampton Inns and 5 Residence Inns
lodging properties containing a total of
2,453 rooms and located in 13 states.
Each of the properties is leased to and
managed by an affiliate of either Prime
Hospitality Corp. or Interstate Hotels
Management, Inc.
SUBSTITUTION: The Borrowers may substitute "like-kind"
collateral without penalty after the
prepayment lockout period. Substitution
is limited to $25 million in collateral
value per substitution and $50 million
in the aggregate. Any substitution is
also subject to maintenance of a minimum
LTV of 55% and receipt of confirmation
from the Rating Agencies that such
substitution will not effect the ratings
for any Class.
LESSEES: Five of the properties are leased by an
affiliate of Prime Hospitality Corp., an
owner, manager and franchisor of
hotels. The Prime affiliate manages
each of the five properties.
The remaining 14 properties are leased by
affiliates of Interstate Hotels Management,
Inc., a publicly traded company (NASDAQ:
IHCO). The Interstate affiliates manage all
but three of the properties, which are
managed under contract by a third party.
UNDERWRITTEN NET CASH
FLOW LOAN/PARTICIPATION: $17,808,512 / $8,904,256
APPRAISED VALUE
LOAN/PARTICIPATION: $196,800,000 / $98,400,000
APPRAISAL DATE: April 1, 1999
CUT-OFF DATE LOAN/ROOM $39,518 / $19,759
LOAN/PARTICIPATION:
CUT-OFF DATE LTV: 49.26%
BALLOON LTV: 40.31%
UWNCF DSCR: 1.90x
- -------------------------------------------------------------------------------
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
EQUITY INNS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COLLATERAL DETAILS
- -----------------------------------------------------------------------------------------------------------------------------------
ALLOCATED CUT-OFF DATE ALLOCATED CUT-OFF CUT-OFF
PROPERTY CITY STATE # UNITS LESSEE PARTICIPATION AMOUNT DATE LOAN AMOUNT LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Residence Inn Portland Oregon 168 Interstate $5,290,544.85 $10,581,089.70 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Princeton New Jersey 208 Interstate $4,980,805.68 $9,961,611.36 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites Phoenix Arizona 124 Interstate $3,562,000.45 $7,124,000.90 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Eagan Minnesota 120 Interstate $3,247,265.49 $6,494,530.98 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Glen Allen Virginia 126 Prime $2,702,724.05 $5,405,448.10 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Tucson Arizona 128 Interstate $2,662,757.70 $5,325,515.40 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Memphis Tennessee 126 Interstate $2,373,001.70 $4,746,003.40 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Tinton Falls New Jersey 96 Interstate $2,348,022.74 $4,696,045.48 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Columbus Ohio 126 Prime $2,323,043.77 $4,646,087.54 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Northville Michigan 125 Interstate $2,218,132.12 $4,436,264.24 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Overland Park Kansas 134 Interstate $2,203,144.74 $4,406,289.48 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites San Antonio Texas 123 Interstate $2,068,258.33 $4,136,516.66 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Morgantown West Virginia 108 Interstate $2,023,296.19 $4,046,592.38 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Indianapolis Indiana 126 Prime $1,918,384.53 $3,836,769.06 43.11%
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Kansas City Missouri 120 Interstate $1,808,477.09 $3,616,954.18 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Overland Park Kansas 126 Prime $1,793,489.71 $3,586,979.42 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Memphis Tennessee 128 Prime $1,728,544.40 $3,457,088.80 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites Sharonville Ohio 111 Interstate $1,658,603.30 $3,317,206.60 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Richardson Texas 130 Interstate $1,558,687.43 $3,117,374.86 49.55%
- -----------------------------------------------------------------------------------------------------------------------------------
</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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
ONE COLORADO RETAIL-OFFICE
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $42,670,000 $42,649,122
% OF POOL BY UPB 3.65%
NOTE DATE: June 17, 1999
INTEREST RATE: 8.29%
AMORTIZATION: 30 years
ARD DATE: May 10, 2009
BORROWER/SPONSOR: The Borrower is a single purpose, bankruptcy
remote entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
MEZZANINE LOAN: There is a $4.13 million mezzanine loan made
by GMAC Commercial Mortgage to the Borrower.
The mezzanine loan is secured by a pledge of
the membership interests in the Borrower.
CASH MANAGEMENT: Hard Lockbox in place converting to a
Soft Lockbox once the Mezzanine Loan has be repaid
in full. The Soft Lockbox will revert to a Hard
Lockbox at the ARD Date or upon an Event of
Default.
MONTHLY RESERVES: TI/LC - $22,850
Replacement - $2,313
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail
LOCATION: Pasadena, California
YEAR(S) BUILT / RENOVATED: 1890-1930 / 1991-1992
THE COLLATERAL: An outdoor retail shopping, office and
entertainment complex located in the Old
Town district of Pasadena, CA. The
buildings in the complex were originally
constructed during the 1890's and
1920's, and all subsequently underwent
comprehensive structural and seismic
upgrades. The complex contains 277,536
of net rentable square feet, with major
tenants including The Gap, Banana
Republic, Armani Exchange, and AMC
Theatres. In addition to the retail and
office space, the collateral also
includes a parking garage.
PROPERTY MANAGEMENT: An affiliate of the Borrower
CURRENT OCCUPANCY (5/17/99): 91%
UNDERWRITTEN NET CASH FLOW: $4,887,329
APPRAISED VALUE: $59,000,000
APPRAISAL DATE: June 10, 1999
CUT-OFF DATE LOAN/SF: $153.67
CUT-OFF DATE LTV: 72.29%
BALLOON LTV: 63.98%
UWNCF DSCR: 1.25x
- -------------------------------------------------------------------------------
THREE LARGEST TENANTS
- ---------------------
- -------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- -------------------------------------------------------------------------------
AMC Theaters 47,883 17.25% 11/19/2006
- -------------------------------------------------------------------------------
Crate & Barrel 26,839 9.67% 01/31/2009
- -------------------------------------------------------------------------------
The Gap 15,279 5.51% 11/30/2007
- -------------------------------------------------------------------------------
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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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
COMERICA BANK BUILDING
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LOAN INFORMATION
- -------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $34,000,000 $33,660,567
% OF POOL BY UPB 2.88
NOTE DATE: April 30, 1999
INTEREST RATE: 7.55%
AMORTIZATION: 30 years
MATURITY DATE: May 1, 2008
BORROWER/SPONSOR: Macanan Investments, LP, a special purpose entity
whose principals directly manage the subject.
CALL PROTECTION: Prepayment lockout; Greater of 1% or Yield
Maintenance.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
MEZZANINE LOAN: There is a $4.2 million mezzanine loan made
by German American Capital Corporation to the
principals of the Borrower and Vanderson
Construction, Inc. The mezzanine loan is
secured by a pledge of partnership interests
in the Borrower and a pledge of shareholder
interests in the general partner of the
Borrower.
CASH MANAGEMENT: Hard Lockbox in place.
MONTHLY RESERVES: TI/LC - $29,214
Replacement - $3,662
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PROPERTY INFORMATION
- -------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: San Jose, California
YEAR BUILT: 1983
THE COLLATERAL: A twelve-story, 213,575 square foot
office tower with an attached parking
garage located in San Jose, California.
The two largest tenants are Comerica
Bank and the State of California, with
the 29 remaining tenants reflecting a
diverse mix of professional, service,
and technology-oriented businesses. In
addition to the office building, the
collateral also includes a parking
garage.
PROPERTY MANAGEMENT: Macanan Marketing, Inc., an affiliate of
the Borrower.
CURRENT OCCUPANCY (4/30/99): 99%
UNDERWRITTEN NET CASH FLOW: $4,103,369
APPRAISED VALUE: $51,600,000
APPRAISAL DATE: April 29, 1999
CUT-OFF DATE LOAN/SF: $157.61
CUT-OFF DATE LTV: 65.23%
BALLOON LTV: 58.31%
UWNCF DSCR: 1.43x
- -------------------------------------------------------------------------------
THREE LARGEST TENANTS
- ---------------------
- -------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- -------------------------------------------------------------------------------
Comerica Bank 43,213 20.23% 01/31/2003
- -------------------------------------------------------------------------------
State of California 32,424 15.18% 09/30/2011
- -------------------------------------------------------------------------------
Ferrari, Olsen and
Ottoboni 14,924 6.99% 03/31/2002
- -------------------------------------------------------------------------------
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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 Deutsche Bank Securities and Goldman, Sachs
& Co. and not by the issuer of the securities. Deutsche Bank Securities, Inc.
and Goldman, Sachs & Co. are acting as the lead managers and neither 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.
