<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) February 28, 2000
-----------------
GMAC Commercial Mortgage Securities, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-74299 23-2811925
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(Commission File Number) (I.R.S. Employer Identification No.)
650 Dresher Road, Horsham, Pennsylvania 19044
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(Address of Principal Executive Offices) (Zip Code)
(215) 328-3164
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(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 March 1999, the Registrant will cause the issuance and sale of
approximately $916,000,000 initial principal amount of various classes of
Mortgage Pass-Through Certificates, Series 2000-C1 (the "Certificates") pursuant
to a Pooling and Servicing Agreement to be dated as of March 1, 2000, among the
Registrant, GMAC Commercial Mortgage Corporation, as Servicer, LaSalle Bank
National Association, as Trustee, and ABN AMRO Bank N.V., as Fiscal Agent. In
connection with the sale of 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.
333-74299 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. 333-74299 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 theCollateral Term Sheets attached
hereto have been provided by the Underwriters. The information in the Structural
Term Sheets and the 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: March 1, 2000 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.
STRUCTURAL AND COLLATERAL TERM SHEET
$826,801,000 (APPROXIMATE BALANCE) MARCH 2000
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-C1
APPROXIMATE SECURITIES STRUCTURE:
<TABLE>
<CAPTION>
APPROXIMATE EXPECTED CREDIT EXPECTED EXPECTED
EXPECTED RATING FACE/NOTIONAL SUPPORT WEIGHTED AVERAGE PAYMENT
CLASS (a) MOODY'S/FITCH AMOUNT (MM) (% OF UPB) LIFE (YEARS) (b) WINDOW
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES
X (c) Aaa/AAA $916.1 N/A 9.12 4/00 - 1/15
A1 Aaa/AAA 128.7 25.00 5.70 4/00 - 5/09
A2 Aaa/AAA 558.4 25.00 9.56 5/09 - 12/09
B Aa/AA 38.9 20.75 9.79 12/09 - 1/10
C A2/A 45.8 15.75 9.84 1/10 - 1/10
D A3/A- 9.2 14.75 9.84 1/10 - 1/10
E Baa2/BBB 32.1 11.25 9.84 1/10 - 1/10
F Baa3/BBB- 13.7 9.75 9.84 1/10 - 1/10
PRIVATELY OFFERED CLASSES (d)
- ------------------------------------------------------------------------------------------------------
G
H
J
K
L
M
N
TOTAL SECURITIES: $916.1
- ------------------------------------------------------------------------------------------------------
</TABLE>
(a) Class A1 is expected to have a fixed pass-through rate. Classes A2 through E
are expected to have a fixed pass-through rate subject to a cap equal to the
weighted average Net Mortgage Pass-Through Rate. Class F is 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:
- -------------
<TABLE>
<CAPTION>
<S> <C>
Lead Managers: Goldman, Sachs & Co.
Deutsche Banc Alex. Brown
Selling Group: Newman and Associates, Inc.
Mortgage Loan Sellers: GMAC Commercial Mortgage Corporation (44.36%)
Archon Financial, L.P. (GSMC) (33.43%)
German American Capital Corporation (DB) (22.21%)
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: LaSalle Bank National Association
Launch: March 2000
Pricing: March 2000
Closing: March 2000
Cut-Off Date: March 1st, 5th and 10th
Distribution Date: 15th of each month, or following business day (commencing
April 17, 2000)
Payment Delay: 14 days
ERISA Eligible: Classes A1, A2 and X are
expected to be ERISA eligible
subject to certain conditions for
eligibility.
SMMEA Eligible: Classes A1, A2, B and X
are expected to be SMMEA securities
upon issuance.
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: TBD
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes: $25,000 & $1; Class X $1,000,000
Notional Amount & $1.
Delivery: DTC
</TABLE>
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COLLATERAL FACTS:
- -----------------
Initial Pool Balance: $916,127,302
Number of Mortgage Loans: 139
Number of Mortgaged Properties: 181
Average Cut-Off Date Balance: $6,590,844
Weighted Average Current Mortgage Rate: 8.327%
Weighted Average U/W DSCR (a): 1.37x
Weighted Average Cut-Off Date LTV Ratio (a): 69.35%
Weighted Average Remaining Term to Maturity (months): 115.0 months
Weighted Average Remaining Amortization Term (months): 343.9 months
Weighted Average Seasoning (months): 4.49 months
Balloon Loans as % of Total (b): 99.65%
Single Largest Loan as % of Total: 5.29%
Five Largest Loans as % of Total: 20.90%
Ten Largest Loans as % of Total: 31.76%
(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 11 ARD loans totaling $124.1 mm and 13.5% of the pool Cut-Off date
balance.
TEN LARGEST LOANS OR SPONSORS
- -----------------------------
<TABLE>
<CAPTION>
CURRENT
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
80 Lafayette Street $48,443,653 5.29% 66.27% 1.29x Multifamily
Equity Inns Portfolio 48,129,553 5.25 48.95 1.90 Lodging
First Union Tower 36,959,753 4.03 67.82 1.34 Office
World Savings Center 29,425,174 3.21 61.95 1.47 Office
Freeman Webb Portfolio 28,500,000 3.11 78.49 1.20 Multifamily
Minnesota Industrial Venture 26,942,535 2.94 78.65 1.25 Industrial/Office
Fairgrounds Square Mall 21,710,252 2.37 74.61 1.38 Anchored Retail
Vista Way Apartments 18,904,581 2.06 79.77 1.20 Multifamily
Citation Club on Palmer Ranch 17,050,000 1.86 74.13 1.21 Multifamily
Maverick Creek Villas 14,871,558 1.62 70.15 1.24 Multifamily
---------- ------ ----- ----
TOTAL/WTD. AVG. $290,937,059 31.76% 67.67% 1.40x
- ------------------------------------------------------------------------------------------------------------
</TABLE>
SELECTED LOAN DATA:
- -------------------
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED ---------------------------------------------------------
GEOGRAPHIC DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
New York 17 $112.1 12.24% 1.36x
California 13 104.2 11.38 1.38
Texas 22 90.9 9.92 1.37
Florida 15 82.0 8.96 1.26
Minnesota 18 52.2 5.70 1.28
Other (a) 96 474.7 51.81 1.39
---- ------- ------- ----
TOTAL/WTD. AVG. 181 $916.1 100.00% 1.37x
- ----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED --------------------------------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Multifamily 40 $290.9 31.76% 1.31x
Office 35 213.5 23.30 1.38
Retail (b) 39 188.1 20.53 1.35
Industrial 35 132.1 14.42 1.30
Lodging 23 61.2 6.68 1.84
Mixed Use 4 20.3 2.21 1.28
Mobile Home Park 2 5.1 0.56 1.21
Special Purpose 3 5.0 0.54 1.27
---- ---------- -------- ----
TOTAL/WTD. AVG. 181 $916.1 100.00% 1.37x
- ----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED ---------------------------------------------------------
PREPAYMENT RESTRICTIONS LOANS (MM) % BY UPB WTD. AVG. DSCR
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lockout/Defeasance 137 $914.7 99.85% 1.37x
Lockout/Greater YM or 1% 1 1.0 0.11 1.17
Lockout/Declining Fee 1 0.4 0.05 1.32
----- --------- ------ ----
TOTAL/WTD. AVG. 139 $916.1 100.00% 1.37x
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(a) Includes 28 states and the U.S Virgin Islands.
(b) 15 properties representing 11.58% of the Aggregate Cut-Off Date Balance are
Anchored Retail properties; 24 properties representing 8.95% 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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
- --------------------------------------------------------------------------------
O For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the class A1, A2,
B, C, D, E, F, G, H, J, K, L, M and N certificates.
-- In case the principal balance of the Class N, M, L, K, J, H, G, F, E,
D, C, B, in that order, have been reduced to zero due to the allocation
of principal losses, then A1 and A2 will be allocated principal pro
rata.
O Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the class A1 and A2
certificates each month.
O Each Class will be subordinate to the Class A1, A2, and X and to each Class
with an earlier alphabetic designation than such Class. Each of the Class
A1, A2, and X Certificates will be of equal priority.
O All Classes will pay interest on a 30/360 basis.
O Principal Losses will be allocated in reverse alphabetical order to Class N,
M, L, K, J, H, G, F, E, D, C, B, and then pro rata to Class A1 and A2.
O The Master Servicer will cover net prepayment interest shortfalls, provided
that with respect to any loans with due dates on or preceding the related
determination date the Master Servicer will only cover net prepayment
interest shortfalls up to the Master Servicing fee equal to 2 basis points
per annum on the principal balance of such loans. Net prepayment interest
shortfalls (after application of prepayment interest excesses and other
Servicer coverage from the Master Servicing Fee) will be allocated pro-rata
(based on interest entitlements) to all regular Certificates.
O Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes of
outstanding regular Certificates other than to the Class X.
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS (a)
- --------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS:
- ----------------------------------
Prepayment premiums and yield maintenance amounts with respect to all loans will
be allocated between the related Certificates then entitled to principal
distributions and the Class X Certificates as follows:
O A percentage of all prepayment premiums and yield maintenance amounts
with respect to all loans will be allocated to each class of the
Certificates then entitled to principal distributions, which percentage
will be equal to the product of (a) the percentage of the total
principal distribution that such Class receives, and (b) a percentage
(which can be no greater than 100%), the numerator of which is the
excess, if any, of the Pass-Through Rate of the Class of the
Certificates currently receiving principal over the relevant Discount
Rate, and the denominator of which is the excess, if any, of the
Mortgage Rate of the related Mortgage Loan over the Discount Rate.
-----------------------------------------------------------------------
Prepayment (Pass-Through Rate - Discount Rate)
Premium Allocation = ------------------------------------------
Percentage (Mortgage Rate - Discount Rate)
-----------------------------------------------------------------------
O The remaining percentage of such prepayment premiums and yield
maintenance amounts will be allocated to the Class X Certificates.
O In general, this formula provides for an increase in the allocation of
prepayment premiums and yield maintenance premiums to the Certificates
then entitled to principal distributions relative to the Class X
Certificates as Discount Rates decrease and a decrease in the
allocation to such Classes as Discount Rates rise.
Allocation of Prepayment Premiums Example
- -----------------------------------------
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
Bond Class Rate = 6%
Treasury Rate = 5%
% of Principal Distributed to Class = 100%
BOND CLASS ALLOCATION | CLASS X ALLOCATION
-------------------------------|--------------------------------------------
|
6% - 5% x 100% = 33 1/3% | Receives excess premiums = 66 2/3% thereof
------- |
8% - 5% |
(a) For further information regarding the allocation of prepayment premiums,
refer to the Prospectus Supplement.
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT OF PRINCIPAL (a) (b)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
PREPAYMENT MARCH MARCH MARCH MARCH MARCH MARCH MARCH MARCH
RESTRICTIONS 2000 2001 2002 2003 2004 2005 2006 2007
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Locked out 100.00% 100.00% 100.00% 6.65% 0.14% 0.09% 0.09% 0.08%
Defeasance 0.00 0.00 0.00 93.35 99.86 99.86 99.87 99.87
Yield Maintenance 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05
3.00 - 3.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.00 - 1.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 916.13 909.43 901.91 893.50 884.56 860.03 849.22 831.48
% OF INITIAL UPB 100.00% 99.27% 98.45% 97.53% 96.55% 93.88% 92.70% 90.76%
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
PREPAYMENT MARCH MARCH MARCH MARCH MARCH MARCH MARCH
RESTRICTIONS 2008 2009 2010 2011 2012 2013 2014
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Locked out 0.07% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 99.88 98.69 98.59 70.07 70.75 72.25 77.99
Yield Maintenance 0.05 0.05 0.00 0.00 0.00 0.00 0.00
3.00 - 3.99% 0.00 0.00 1.41 0.00 0.00 0.00 0.00
2.00 - 2.99% 0.00 0.00 0.00 29.93 0.00 0.00 0.00
1.00 - 1.99% 0.00 0.00 0.00 0.00 29.25 27.75 0.00
- --------------------------------------------------------------------------------------------------------------------
Open 0.00 1.19 0.00 0.00 0.00 0.00 22.01
- --------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 818.96 790.52 32.06 1.22 0.93 0.62 0.27
% OF INITIAL UPB 89.39% 86.29% 3.50% 0.13% 0.10% 0.07% 0.03%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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>
- ------------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE TABLE (IN YEARS)
(PREPAYMENTS LOCKED OUT THROUGH LOCK OUT PERIOD, DEFEASANCE, YIELD MAINTENANCE AND PENALTY PERIOD THEN RUN AT THE INDICATED CPRS)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT ASSUMPTIONS (CPR)
0% CPR 25% CPR 50% CPR 75% CPR 100% CPR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A1 5.70 5.70 5.69 5.69 5.64
A2 9.56 9.55 9.54 9.52 9.37
B 9.79 9.78 9.75 9.75 9.59
C 9.84 9.84 9.83 9.80 9.61
D 9.84 9.84 9.84 9.84 9.67
E 9.84 9.84 9.84 9.84 9.67
F 9.84 9.84 9.84 9.84 9.71
- ------------------------------------------------------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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>
NUMBER PERCENTAGE OF WEIGHTED
OF MORTGAGE AGGREGATE CUT-OFF AVERAGE CUT-OFF DATE AVERAGE
RANGE OF CUT-OFF DATE BALANCES LOANS CUT-OFF DATE BALANCE DATE BALANCE BALANCE DSCR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$434,534 - 499,999 1 $434,534 0.05% $434,534 1.32x
500,000 - 999,999 2 1,930,298 0.21 965,149 1.30
1,000,000 - 1,999,999 17 26,389,365 2.88 1,552,316 1.37
2,000,000 - 2,999,999 24 59,172,886 6.46 2,465,537 1.33
3,000,000 - 3,999,999 21 73,894,278 8.07 3,518,775 1.38
4,000,000 - 4,999,999 18 81,501,713 8.90 4,527,873 1.30
5,000,000 - 5,999,999 8 43,125,968 4.71 5,390,746 1.38
6,000,000 - 6,999,999 9 58,252,364 6.36 6,472,485 1.52
7,000,000 - 7,999,999 3 21,388,711 2.33 7,129,570 1.30
8,000,000 - 8,999,999 12 100,453,441 10.97 8,371,120 1.38
9,000,000 - 9,999,999 2 19,232,254 2.10 9,616,127 1.32
10,000,000 - 11,999,999 7 78,791,259 8.60 11,255,894 1.33
12,000,000 - 13,999,999 4 51,898,287 5.66 12,974,572 1.23
14,000,000 - 16,999,999 2 29,471,558 3.22 14,735,779 1.33
17,000,000 - 19,999,999 2 35,954,581 3.92 17,977,290 1.20
20,000,000 - 24,999,999 2 44,682,614 4.88 22,341,307 1.31
25,000,000 - 49,999,999 5 189,553,191 20.69 37,910,638 1.46
--- ----------- ----- ---------- ----
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844 1.37x
===============================================================================================
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WEIGHTED AVERAGE
REMAINING TERM TO WEIGHTED AVERAGE
WEIGHTED AVERAGE MATURITY CUT-OFF DATE LTV
RANGE OF CUT-OFF DATE BALANCES MORTGAGE RATE (MOS) RATIO
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
$434,534 - 499,999 9.625% 113.0 62.08%
500,000 - 999,999 8.956 145.6 58.97
1,000,000 - 1,999,999 8.547 117.1 67.06
2,000,000 - 2,999,999 8.404 118.7 72.32
3,000,000 - 3,999,999 8.421 116.4 68.53
4,000,000 - 4,999,999 8.361 114.7 70.82
5,000,000 - 5,999,999 8.098 115.2 67.88
6,000,000 - 6,999,999 8.600 111.7 67.64
7,000,000 - 7,999,999 8.623 116.3 72.18
8,000,000 - 8,999,999 8.202 115.0 71.16
9,000,000 - 9,999,999 8.474 114.0 71.24
10,000,000 - 11,999,999 8.354 114.3 68.43
12,000,000 - 13,999,999 8.456 117.0 74.43
14,000,000 - 16,999,999 8.118 88.8 70.01
17,000,000 - 19,999,999 7.919 115.5 77.10
20,000,000 - 24,999,999 8.278 115.6 76.84
25,000,000 - 49,999,999 8.271 117.1 63.58
----- ----- -----
TOTAL/WTD. AVG. 8.327% 115.0 69.35%
========================================================
- --------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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>
NUMBER OF PERCENTAGE OF
MORTGAGED AGGREGATE CUT-OFF DATE AVERAGE CUT-OFF DATE WEIGHTED AVERAGE
STATE PROPERTIES CUT-OFF DATE BALANCE BALANCE BALANCE DSCR
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
New York 17 $112,116,525 12.24% $6,595,090 1.36x
California 13 104,230,421 11.38 8,017,725 1.38
Texas 22 90,858,492 9.92 4,129,931 1.37
Florida 15 82,046,915 8.96 5,469,794 1.26
Minnesota 18 52,198,112 5.70 2,899,895 1.28
Maryland 5 52,093,556 5.69 10,418,711 1.57
Pennsylvania 7 44,180,932 4.82 6,311,562 1.31
New Jersey 8 39,439,075 4.30 4,929,884 1.45
Michigan 6 33,652,307 3.67 5,608,718 1.25
Tennessee 5 32,572,806 3.56 6,514,561 1.29
Georgia 6 29,079,438 3.17 4,846,573 1.26
Arizona 7 23,281,205 2.54 3,325,886 1.45
Illinois 3 22,305,288 2.43 7,435,096 1.49
Colorado 4 22,044,005 2.41 5,511,001 1.38
Ohio 6 19,874,912 2.17 3,312,485 1.41
Delaware 2 17,048,924 1.86 8,524,462 1.33
North Carolina 3 15,442,354 1.69 5,147,451 1.25
Massachusetts 2 14,378,390 1.57 7,189,195 1.31
West Virginia 3 12,441,796 1.36 4,147,265 1.84
Virginia 5 12,050,559 1.32 2,410,112 1.54
Virgin Islands 2 11,955,484 1.31 5,977,742 1.30
South Carolina 1 11,373,287 1.24 11,373,287 1.24
Connecticut 2 10,102,735 1.10 5,051,368 1.26
Nevada 2 9,936,797 1.08 4,968,399 1.25
Washington 2 7,707,131 0.84 3,853,566 1.29
Oregon 2 7,553,473 0.82 3,776,737 1.84
New Hampshire 2 5,719,458 0.62 2,859,729 1.30
Indiana 2 4,695,070 0.51 2,347,535 1.51
Kansas 2 3,968,629 0.43 1,984,315 1.90
Alaska 1 3,688,040 0.40 3,688,040 1.37
Iowa 3 3,073,949 0.34 1,024,650 1.22
Missouri 1 1,795,805 0.20 1,795,805 1.90
Mississippi 1 1,775,000 0.19 1,775,000 1.07
Idaho 1 1,446,431 0.16 1,446,431 1.36
--- ----------- ---- --------- ----
TOTAL/WTD. AVG. 181 $916,127,302 100.00% $5,061,477 1.37x
====================================================================================================
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE WEIGHTED AVERAGE
REMAINING TERM CUT-OFF
WEIGHTED AVERAGE TO MATURITY DATE LTV
STATE MORTGAGE RATE (MOS) RATIO
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
New York 8.270% 115.6 64.82%
California 8.203 119.4 66.90
Texas 8.458 108.4 68.94
Florida 8.235 113.3 74.24
Minnesota 8.546 116.9 75.90
Maryland 8.786 117.0 64.29
Pennsylvania 8.202 113.8 74.46
New Jersey 8.269 113.2 67.76
Michigan 8.477 115.6 73.88
Tennessee 7.810 114.6 74.83
Georgia 8.306 115.0 72.46
Arizona 8.277 114.8 65.68
Illinois 8.393 114.7 67.22
Colorado 8.451 116.4 67.14
Ohio 8.298 116.5 69.96
Delaware 7.844 115.6 78.77
North Carolina 8.086 114.5 71.76
Massachusetts 8.732 116.9 70.21
West Virginia 8.180 113.8 68.34
Virginia 8.386 116.7 66.92
Virgin Islands 9.010 116.0 59.87
South Carolina 8.250 116.0 77.24
Connecticut 8.398 116.3 70.46
Nevada 8.237 114.8 78.87
Washington 8.151 115.9 61.95
Oregon 8.480 114.4 51.73
New Hampshire 8.089 114.3 73.74
Indiana 8.227 113.2 61.00
Kansas 8.370 112.0 49.20
Alaska 8.480 114.0 60.46
Iowa 7.911 114.9 72.58
Missouri 8.370 112.0 49.20
Mississippi 8.390 118.0 65.63
Idaho 8.040 116.0 71.43
----- ----- -----
TOTAL/WTD. AVG. 8.327% 115.0 69.35%
=============================================================
- ------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
- --------------------------------------------------------------------------------
[MAP]
WA 0.84%
OR 0.82%
CA 11.38%
AK 0.40%
ID 0.16%
NV 1.08%
AZ 2.54%
CO 2.41%
KS 0.43%
TX 9.92%
MN 5.70%
IO 0.34%
MO 0.20%
MS 0.19%
IL 2.43%
MI 3.67%
IN 0.51%
TN 3.56%
OH 2.17%
WV 1.36%
NY 12.24%
PA 4.82%
VA 1.32%
NC 1.69%
SC 1.24%
GA 3.17%
FL 8.96%
NH 0.62%
MA 1.57%
CT 1.10%
NJ 4.30%
DE 1.86%
MD 5.69%
U.S. Virgin Islands 1.31%
[PIE CHART]
Other (a) 36.99%
New York 12.24%
California 11.38%
Texas 9.92%
Florida 8.96%
Minnesota 5.70%
Maryland 5.69%
Pennsylvania 4.82%
New Jersey 4.30%
(a) Includes 25 states and the U.S. Virgin Islands
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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 PROPERTY TYPES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
MORTGAGED PERCENTAGE OF AGGREGATE AVERAGE CUT-OFF DATE WEIGHTED AVERAGE
PROPERTY TYPE PROPERTIES CUT-OFF DATE BALANCE CUT-OFF DATE BALANCE BALANCE DSCR
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Multifamily 40 $290,934,812 31.76% $7,273,370 1.31x
Office 35 213,476,252 23.30 6,099,321 1.38
Retail (a) 39 188,089,246 20.53 4,822,801 1.35
Industrial 35 132,092,589 14.42 3,774,074 1.30
Lodging 23 61,174,378 6.68 2,659,756 1.84
Mixed Use 4 20,271,784 2.21 5,067,946 1.28
Mobile Home Park 2 5,108,120 0.56 2,554,060 1.21
Special Purpose 3 4,980,121 0.54 1,660,040 1.27
----- --------------- ------- --------- ----
TOTAL/WTD. AVG. 181 $916,127,302 100.00% $5,061,477 1.37x
========================================================================================================
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE WEIGHTED
REMAINING AVERAGE CUT-OFF
WEIGHTED AVERAGE TERM TO MATURITY DATE LTV
PROPERTY TYPE MORTGAGE RATE (MOS) RATIO
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Multifamily 8.011% 115.7 73.17%
Office 8.398 116.2 66.28
Retail (a) 8.544 111.5 69.78
Industrial 8.452 116.4 72.74
Lodging 8.545 112.7 51.71
Mixed Use 8.601 115.6 71.70
Mobile Home Park 8.300 117.0 78.09
Special Purpose 8.379 127.9 68.74
----- ----- -----
TOTAL/WTD. AVG. 8.327% 115.0 69.35%
==========================================================
- ----------------------------------------------------------------------------
</TABLE>
[PIE CHART]
Other 3.31%
Multifamily 31.76%
Office 23.30%
Retail (a) 20.53%
Industrial 14.42%
Lodging 6.68%
(a) properties representing 11.58% of the Aggregate Cut-Off Date Balance are
Anchored Retail properties. 24 properties representing 8.95% 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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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>
PERCENTAGE OF
RANGE OF DEBT SERVICE COVERAGE NUMBER OF MORTGAGE AGGREGATE AVERAGE CUT-OFF DATE
RATIOS LOANS CUT-OFF DATE BALANCE CUT-OFF DATE BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.07 - 1.10 2 $ 5,735,682 0.63% $2,867,841
1.11 - 1.20 16 132,507,175 14.46 8,281,698
1.21 - 1.30 64 393,935,889 43.00 6,155,248
1.31 - 1.40 28 174,675,918 19.07 6,238,426
1.41 - 1.50 13 90,649,425 9.89 6,973,033
1.51 - 1.60 3 13,878,955 1.51 4,626,318
1.61 - 1.70 2 14,573,353 1.59 7,286,676
1.71 - 1.80 1 2,300,000 0.25 2,300,000
1.81 - 1.90 6 67,935,216 7.42 11,322,536
2.01 - 2.10 1 8,066,397 0.88 8,066,397
2.21 - 2.30 1 3,994,697 0.44 3,994,697
2.51 - 3.17 2 7,874,596 0.86 3,937,298
--- ------------ ------ ----------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
===============================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE
REMAINING WEIGHTED AVERAGE
TERM TO CUT-OFF
RANGE OF DEBT SERVICE COVERAGE WEIGHTED AVERAGE MATURITY DATE LTV
RATIOS WEIGHTED AVERAGE DSCR MORTGAGE RATE (MOS) RATIO
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.07 - 1.10 1.09x 8.466% 114.5 71.91%
1.11 - 1.20 1.19 8.175 115.9 77.62
1.21 - 1.30 1.25 8.325 115.7 72.09
1.31 - 1.40 1.35 8.500 115.9 69.46
1.41 - 1.50 1.45 8.261 110.0 66.69
1.51 - 1.60 1.55 8.503 116.3 63.95
1.61 - 1.70 1.66 8.784 117.2 48.87
1.71 - 1.80 1.71 8.730 120.0 57.50
1.81 - 1.90 1.89 8.198 112.2 50.05
2.01 - 2.10 2.01 7.960 113.0 70.76
2.21 - 2.30 2.27 8.070 118.0 48.72
2.51 - 3.17 3.06 8.088 114.6 45.63
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
====================================================================================
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE AVERAGE CUT-OFF DATE
LOAN TO VALUE RATIOS MORTGAGE LOANS CUT-OFF DATE BALANCE CUT-OFF DATE BALANCE BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30.1 - 50.0 8 $81,845,184 8.93% $10,230,648
50.1 - 60.0 12 52,143,373 5.69 4,345,281
60.1 - 65.0 15 101,300,658 11.06 6,753,377
65.1 - 70.0 22 170,313,407 18.59 7,741,519
70.1 - 75.0 40 227,696,891 24.85 5,692,422
75.1 - 80.0 40 277,668,728 30.31 6,941,718
80.1 - 82.0 2 5,159,060 0.56 2,579,530
------ --------------- --------- -----------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
=============================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE WEIGHTED AVERAGE
REMAINING TERM TO CUT-OFF
RANGE OF CUT-OFF DATE WEIGHTED AVERAGE WEIGHTED AVERAGE MATURITY DATE LTV
LOAN TO VALUE RATIOS DSCR MORTGAGE RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30.1 - 50.0 1.97x 8.332% 113.7 48.17%
50.1 - 60.0 1.49 8.631 118.9 57.60
60.1 - 65.0 1.38 8.331 118.2 62.94
65.1 - 70.0 1.32 8.490 111.8 67.33
70.1 - 75.0 1.31 8.324 114.1 72.89
75.1 - 80.0 1.24 8.167 116.0 78.25
80.1 - 82.0 1.19 8.407 116.7 80.62
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
================================================================================
- -----------------------------------------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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>
PERCENTAGE OF
RANGE OF NUMBER OF MORTGAGE AGGREGATE AVERAGE CUT-OFF DATE
MORTGAGE RATES LOANS CUT-OFF DATE BALANCE CUT-OFF DATE BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.5001 - 7.7500 7 $57,022,848 6.22% $8,146,121
7.7501 - 8.0000 17 158,233,889 17.27 9,307,876
8.0001 - 8.2500 28 194,813,600 21.26 6,957,629
8.2501 - 8.5000 38 239,255,588 26.12 6,296,200
8.5001 - 8.7500 23 133,529,389 14.58 5,805,626
8.7501 - 9.0000 13 46,021,763 5.02 3,540,136
9.0001 - 9.2500 7 73,636,208 8.04 10,519,458
9.2501 - 9.5000 4 11,784,664 1.29 2,946,166
9.5001 - 9.6250 2 1,829,355 0.20 914,677
----- --------------- --------- ----- -------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
==================================================================================================
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE WEIGHTED AVERAGE
REMAINING TERM TO CUT-OFF
RANGE OF WEIGHTED AVERAGE WEIGHTED AVERAGE MATURITY DATE LTV
MORTGAGE RATES DSCR MORTGAGE RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.5001 - 7.7500 1.40x 7.680% 113.6 71.56%
7.7501 - 8.0000 1.44 7.890 117.5 70.99
8.0001 - 8.2500 1.31 8.127 114.9 70.66
8.2501 - 8.5000 1.40 8.386 111.2 67.99
8.5001 - 8.7500 1.32 8.610 118.1 70.05
8.7501 - 9.0000 1.32 8.866 118.7 67.35
9.0001 - 9.2500 1.35 9.047 114.5 66.44
9.2501 - 9.5000 1.35 9.429 118.5 62.33
9.5001 - 9.6250 2.26 9.545 113.0 58.15
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
===================================================================================
- -----------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS (a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RANGE OF REMAINING AMORTIZATION NUMBER OF MORTGAGE PERCENTAGE OF AGGREGATE AVERAGE CUT-OFF DATE
TERMS (MOS) LOANS CUT-OFF DATE BALANCE CUT-OFF DATE BALANCE BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Only 1 $14,600,000 1.59% $14,600,000
171 - 190 2 3,170,530 0.35 1,585,265
251 - 270 2 6,838,943 0.75 3,419,471
271 - 290 1 434,534 0.05 434,534
291 - 310 13 97,557,570 10.65 7,504,428
311 - 330 1 1,394,821 0.15 1,394,821
331 - 360 107 719,769,673 78.57 6,726,819
361 - 386 12 72,361,231 7.90 6,030,103
--- ------------ ------ ----------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE WEIGHTED AVERAGE
WEIGHTED REMAINING TERM TO CUT-OFF
RANGE OF REMAINING AMORTIZATION WEIGHTED AVERAGE AVERAGE MATURITY DATE LTV
TERMS (MOS) DSCR MORTGAGE RATE (MOS) RATIO
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Only 1.43x 8.330% 58.0 69.86%
171 - 190 1.25 8.766 176.8 55.97
251 - 270 1.31 9.024 118.7 65.37
271 - 290 1.32 9.625 113.0 62.08
291 - 310 1.63 8.611 113.9 56.72
311 - 330 2.55 9.520 113.0 56.93
331 - 360 1.34 8.263 115.6 70.92
361 - 386 1.25 8.459 118.4 71.87
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
================================================================================
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 81 loans representing 63.54% 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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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>
PERCENTAGE OF
RANGE OF ORIGINAL TERMS TO MATURITY NUMBER OF MORTGAGE AGGREGATE CUT-OFF AVERAGE CUT-OFF DATE
(MOS) LOANS CUT-OFF DATE BALANCE DATE BALANCE BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
60 - 83 1 $14,600,000 1.59% $14,600,000
84 - 120 132 863,990,527 94.31 6,545,383
121 - 180 6 37,536,775 4.10 6,256,129
----- -------------- --------- -----------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
============================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED
WEIGHTED AVERAGE AVERAGE
REMAINING TERM TO CUT-OFF DATE
RANGE OF ORIGINAL TERMS TO MATURITY WEIGHTED AVERAGE MATURITY LTV
(MOS) WEIGHTED AVERAGE DSCR MORTGAGE RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
60 - 83 1.43x 8.330% 58.0 69.86%
84 - 120 1.36 8.336 115.2 69.64
121 - 180 1.42 8.116 132.2 62.35
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
================================================================================
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF REMAINING TERMS TO MATURITY NUMBER OF MORTGAGE AGGREGATE CUT-OFF AVERAGE CUT-OFF DATE
(MOS) LOANS CUT-OFF DATE BALANCE DATE BALANCE BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
51 - 70 1 $14,600,000 1.59% $14,600,000
71 - 90 1 6,389,543 0.70 6,389,543
91 - 110 5 31,888,778 3.48 6,377,756
111 - 120 126 825,712,205 90.13 6,553,271
121 - 130 4 34,366,245 3.75 8,591,561
171 - 190 2 3,170,530 0.35 1,585,265
---- --------------- --------- -----------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
=============================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED
WEIGHTED AVERAGE AVERAGE
REMAINING TERM TO CUT-OFF DATE
RANGE OF REMAINING TERMS TO MATURITY WEIGHTED AVERAGE MATURITY LTV
(MOS) WEIGHTED AVERAGE DSCR MORTGAGE RATE (MOS) RATIO
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
51 - 70 1.43x 8.330% 58.0 69.86%
71 - 90 1.25 9.150 81.0 74.12
91 - 110 1.42 7.866 107.9 64.50
111 - 120 1.36 8.348 115.7 69.81
121 - 130 1.44 8.056 128.1 62.94
171 - 190 1.25 8.766 176.8 55.97
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
==================================================================================
- -------------------------------------------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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 AMORTIZATION TYPES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF MORTGAGE AGGREGATE CUT-OFF AVERAGE CUT-OFF DATE
AMORTIZATION TYPE LOANS CUT-OFF DATE BALANCE DATE BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balloon 126 $788,885,897 86.11% $6,260,999
Hyperamortizing 11 124,070,875 13.54 11,279,170
Fully Amortizing 2 3,170,530 0.35 1,585,265
----- --------------- --------- -----------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
==============================================================================================
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE
REMAINING TERM TO WEIGHTED AVERAGE
WEIGHTED AVERAGE MATURITY CUT-OFF DATE LTV
AMORTIZATION TYPE WEIGHTED AVERAGE DSCR MORTGAGE RATE (MOS) RATIO
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balloon 1.34x 8.281% 114.7 70.74%
Hyperamortizing 1.55 8.607 115.3 60.83
Fully Amortizing 1.25 8.766 176.8 55.97
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
====================================================================================
- ----------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF MORTGAGE AGGREGATE CUT-OFF AVERAGE CUT-OFF DATE
PREPAYMENT PROVISION LOANS CUT-OFF DATE BALANCE DATE BALANCE BALANCE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lockout/Defeasance 137 $914,708,890 99.85% $6,676,707
Lockout/Greater YM or 1% 1 983,877 0.11 983,877
Lockout/Declining Fee 1 434,534 0.05 434,534
----- ---------------- --------- ------------
TOTAL/WTD. AVG. 139 $916,127,302 100.00% $6,590,844
==============================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED
WEIGHTED AVERAGE AVERAGE
REMAINING TERM TO CUT-OFF DATE
WEIGHTED AVERAGE MATURITY LTV
PREPAYMENT PROVISION WEIGHTED AVERAGE DSCR MORTGAGE RATE (MOS) RATIO
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lockout/Defeasance 1.37x 8.325% 114.9 69.37%
Lockout/Greater YM or 1% 1.17 9.000 174.0 52.47
Lockout/Declining Fee 1.32 9.625 113.0 62.08
---- ----- ----- -----
TOTAL/WTD. AVG. 1.37x 8.327% 115.0 69.35%
===================================================================================
- ----------------------------------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
80 LAFAYETTE STREET
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $48,576,876 $48,443,653
% OF POOL BY UPB 5.29%
ORIGINATOR: GMACCM
NOTE DATE: October 14, 1999
INTEREST RATE: 8.135%
AMORTIZATION: 30 years
MATURITY DATE: November 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:
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: Soft Lockbox in place springing to a
Hard Lockbox upon an Event of Default.
MONTHLY RESERVES: Debt Service - $600,000 upfront;
$18,181.82 first 33 months
Replacement - $4,350
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Multifamily/Student Housing
LOCATION: New York, New York
YEAR BUILT / RENOVATED: 1915 / 1999
THE COLLATERAL: A 17-story multifamily apartment
building located in downtown New
York. There are 261 residential
apartments comprising 253,999
square feet and 8,150 square feet
of first-floor retail. All the
residential units are master
leased to New York University for
student housing through 2002 with
five one-year extension options.
PROPERTY MANAGEMENT: Coral Realty, LLC
CURRENT OCCUPANCY (10/2/99): 100%
UNDERWRITTEN NET CASH FLOW: $5,656,662
APPRAISED VALUE: $73,100,000
APPRAISAL DATE: August 16, 1999
CUT-OFF DATE LOAN/UNITS: $185,608
CUT-OFF DATE LTV: 66.27%
BALLOON LTV: 58.60%
UWNCF DSCR: 1.29x
- --------------------------------------------------------------------------------
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
LOANS: $97,020,000 $96,259,106
PARTICIPATION: $48,510,000 $48,129,553
(% OF LOANS) (50%) (50%)
% OF POOL BY UPB: 5.25%
ORIGINATOR: GMACCM
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 affiliated with Equity Inns
Inc., a publicly traded real estate
investment trust (NYSE: ENN).
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 UWNCF DSCR for the
remaining properties must be greater
than or equal to 1.90x.
CROSS-COLLATERALIZATION/ DEFAULT: Yes/Yes.
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
LOANS/PARTICIPATION: $17,808,502 / $8,904,251
APPRAISED VALUE
LOANS/PARTICIPATION: $196,800,000 / $98,400,000
APPRAISAL DATE: April 1, 1999
CUT-OFF DATE BALANCE
PER ROOM
LOANS/PARTICIPATION: $39,242 / $19,621
CUT-OFF DATE LTV: 48.95%
BALLOON LTV: 40.34%
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
PROPERTY CITY STATE # UNITS PARTICIPATION AMOUNT DATE LOAN AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Residence Inn Portland Oregon 168 $5,253,473.16 $10,506,946.32
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Princeton New Jersey 208 $4,945,904.38 $9,891,808.76
- -----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites Phoenix Arizona 124 $3,537,040.95 $7,074,081.90
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Eagan Minnesota 120 $3,224,511.38 $6,449,022.76
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Glen Allen Virginia 126 $2,683,785.63 $5,367,571.26
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Tucson Arizona 128 $2,644,099.33 $5,288,198.66
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Memphis Tennessee 126 $2,356,373.70 $4,712,747.40
- -----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Tinton Falls New Jersey 96 $2,331,569.77 $4,663,139.54
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Columbus Ohio 126 $2,306,765.83 $4,613,531.66
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Northville Michigan 125 $2,202,589.31 $4,405,178.62
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Overland Park Kansas 134 $2,187,706.95 $4,375,413.90
- -----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites San Antonio Texas 123 $2,053,765.71 $4,107,531.42
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Morgantown West Virginia 108 $2,009,118.63 $4,018,237.26
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Indianapolis Indiana 126 $1,904,942.11 $3,809,884.22
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Kansas City Missouri 120 $1,795,804.80 $3,591,609.60
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Overland Park Kansas 126 $1,780,922.44 $3,561,844.88
- -----------------------------------------------------------------------------------------------------------------------------------
Amerisuites Memphis Tennessee 128 $1,716,432.21 $3,432,864.42
- -----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites Sharonville Ohio 111 $1,646,981.20 $3,293,962.40
- -----------------------------------------------------------------------------------------------------------------------------------
Hampton Inn Richardson Texas 130 $1,547,765.46 $3,095,530.92
- -----------------------------------------------------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
FIRST UNION TOWER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $37,000,000 $36,959,753
% OF POOL BY UPB 4.03%
ORIGINATOR: German American Capital Corporation
NOTE DATE: December 30, 1999
INTEREST RATE: 9.03%
AMORTIZATION: 30 years
ARD DATE: January 1, 2010
BORROWER/SPONSOR: The Borrower is a single purpose,
bankruptcy remote entity sponsored by
Trammell Crow.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS-COLLATERALIZATION/ DEFAULT: No/No
MEZZANINE LOAN: There is a $5.8 million fully
subordinated mezzanine loan made by
First Union that is secured solely by
partnership interests in the Borrower.
CASH MANAGEMENT: Hard Lockbox in place.
MONTHLY RESERVES: TI/LC - $18,750 ($2.5 million upfront;
Cap: $2.725 million; Minimum: $1.9
million) Replacement: $6,295.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Baltimore, Maryland
YEAR BUILT: 1985
THE COLLATERAL:
A 28-story, 377,684 square foot office
building located in the central
business district of Baltimore. Tenants
include First Union (Moody's: A1/S&P:
A+), Price Waterhouse and Solomon Smith
Barney (Moody's: A1/S&P: A).
PROPERTY MANAGEMENT: TC Mid Atlantic, Inc., an affiliate of
the Borrower
CURRENT OCCUPANCY (12/12/99): 88%
UNDERWRITTEN NET CASH FLOW: $4,792,223
APPRAISED VALUE: $54,500,000
APPRAISAL DATE: December 7, 1999
CUT-OFF DATE LOAN/SF: $97.86
CUT-OFF DATE LTV: 67.82%
ARD BALLOON LTV: 62.15%
UWNCF DSCR: 1.34x
- --------------------------------------------------------------------------------
FIVE LARGEST TENANTS
- --------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Union (a) 103,259 27.34% 09/30/2014
- -------------------------------------------------------------------------------------------------------------
Whiteford, Taylor and Preston 78,116 20.68% 01/31/2006
- -------------------------------------------------------------------------------------------------------------
Development Design Group, Inc. (a) 31,247 8.27% 3/31/2003
- -------------------------------------------------------------------------------------------------------------
McGuire, Woods, Battle 28,758 7.61% 2/28/2009
- -------------------------------------------------------------------------------------------------------------
Credit Suisse (a) 19,455 5.15% 11/30/2005
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Both DDG and Credit Suisse sublease their space from First Union. In total,
First Union master leases 73,691 SF (19.5% of GLA) that is subleased to
other tenants.
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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
WORLD SAVINGS CENTER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $29,500,000 $29,425,174
% OF POOL BY UPB 3.21%
ORIGINATOR: Archon Financial, L.P.
NOTE DATE: October 4, 1999
INTEREST RATE: 7.91%
AMORTIZATION: 30 years
MATURITY DATE: November 1, 2010
BORROWER/SPONSOR: Prentiss Properties Acquisition
Partnership, the primary operating
entity of Prentiss Properties Trust, a
publicly traded real estate investment
trust (NYSE: PP).
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS-COLLATERALIZATION/ DEFAULT: No/No
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: Hard Lockbox in place.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Oakland, California
YEAR BUILT: 1986
THE COLLATERAL: A 17-story 270,109 square foot office
building with a 3-level subterranean
parking garage located in downtown
Oakland. The two largest tenants are
World Savings and Loan (Moody's: A1/
S&P: A+) and Burnham & Brown.
PROPERTY MANAGEMENT: An affiliate of the borrower
CURRENT OCCUPANCY (12/31/99): 100%
UNDERWRITTEN NET CASH FLOW: $3,783,774
APPRAISED VALUE: $47,500,000
APPRAISAL DATE: September 1, 1999
CUT-OFF DATE LOAN/SF: $108.94
CUT-OFF DATE LTV: 61.95%
BALLOON LTV: 54.41%
UWNCF DSCR: 1.47x
- --------------------------------------------------------------------------------
FIVE LARGEST TENANTS
- --------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
SQUARE PERCENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
World Savings & Loan 147,517 54.61% 12/31/2007
- -----------------------------------------------------------------------------------------------------
Burnham & Brown 49,155 18.20% 12/14/2004
- -----------------------------------------------------------------------------------------------------
Lawrence Johnson 11,707 4.33% 04/21/2002
- -----------------------------------------------------------------------------------------------------
Carol Williams 11,061 4.10% 01/31/2003
- -----------------------------------------------------------------------------------------------------
Robbins, Plamer, Allen 10,780 3.99% 07/31/2003
- -----------------------------------------------------------------------------------------------------
</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 Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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
FREEMAN WEBB PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
LOAN INFORMATION
- --------------------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (A): $28,500,000 $28,500,000
% OF POOL BY UPB 3.11%
ORGINATOR: GMACCM
NOTE DATE: October 1, 1999
INTEREST RATE: 7.73%
AMORTIZATION: 30 Years (24-month Interest only, then
Amortizing)
MATURITY DATE: October 10, 2009
BORROWER/SPONSOR: The Borrower is a single purpose,
bankruptcy remote entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance.
CROSS-COLLATERALIZATION/ DEFAULT: No/No
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: None
MONTHLY RESERVES: Replacement: $14,816
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Multifamily
LOCATION: Nashville, Knoxville & Madison, TN
YEAR BUILT / RENOVATED: 1972 to 1983 / 1997 to 1999
THE COLLATERAL: Three multifamily complexes; British
Woods Apartments consists of 263 units
in 22 garden-style apartment buildings.
Windovar Apartments consists of 271
units contained within 23 two, three
and four-story buildings. Highland
Ridge Apartments consists of 280 units
in 17 garden-style apartment buildings.
PROPERTY MANAGEMENT: Freeman Webb Company Realtors
OCCUPANCY (7/31/99): 94%
UNDERWRITTEN NET CASH FLOW: $2,964,503
APPRAISED VALUE: $36,310,000
APPRAISAL DATE: August 9, 1999
CUT-OFF DATE LOAN/UNITS: $35,012.29
CUT-OFF DATE LTV: 78.49%
BALLOON LTV: 71.26%
UWNCF DSCR: 1.20x
- --------------------------------------------------------------------------------
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. 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.
