<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) March 3, 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
(Commission File Number) (I.R.S. Employer Identification No.)
650 Dresher Road, Horsham, Pennsylvania 19044
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(215) 328-3164
- -------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
- -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS.
On or about March 16, 2000, the Registrant will cause the
issuance and sale of approximately $886,350,652 initial principal amount of
Mortgage Pass-Through Certificates, Series 2000-C1 Class X, Class A-1, Class
A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J,
Class K, Class L, Class M, Class N, Class R-I, Class R-II and Class R-III (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
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 the Class X, Class A-1, Class
A-2, Class B, Class C, Class D, Class E and Class F Certificates (the "Publicly
Offered Certificates"), the Registrant has been advised by Deutsche Bank
Securities Inc. and Goldman, Sachs & Co. (together, the "Underwriters"), that
the Underwriters have furnished to prospective investors certain written
descriptions of the securities to be offered that set forth the name of the
issuer, the size of the potential offering, the structure of the offering (e.g.,
the number of classes, seniority, interest rate) and miscellaneous similar items
(the "Structural Term Sheets") with respect to the Publicly Offered Certificates
following the effective date of Registration Statement No. 333-74299 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 Collateral Term Sheets attached
hereto have been provided by the Underwriters. The information in the Structural
Term Sheets and Collateral Term Sheets is preliminary and may be superseded by
the Prospectus Supplement relating to the Publicly Offered Certificates and by
any other information subsequently filed with the Securities and Exchange
Commission.
-2-
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
List below the financial statements, pro forma financial information
and exhibits, if any, filed as part of this report.
(a) Financial Statements of Business Acquired
Not applicable
(b) Pro Forma Financial Information
Not applicable
(c) Exhibits.
99.1 Structural Term Sheets and Collateral Term Sheets
prepared by the Underwriters in connection with the
sale of the Publicly Offered Certificates of the
Registrant.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
(Registrant)
Dated: March 7, 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.
MARCH 3, 2000
STRUCTURAL AND COLLATERAL TERM SHEET
$802,144,000 (APPROXIMATE BALANCE)
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
- ---------------------------------------------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
<S> <C> <C> <C> <C> <C>
X (c) Aaa/AAA $886.4 N/A 9.12 4/00 - 1/15
A1 Aaa/AAA 125.9 24.75 5.71 4/00 - 5/09
A2 Aaa/AAA 541.1 24.75 9.57 5/09 - 12/9
B Aa2/AA 37.7 20.50 9.81 12/09 - 1/10
C A2/A 42.1 15.75 9.83 1/10 - 1/10
D A3/A- 8.9 14.75 9.83 1/10 - 1/10
E Baa2/BBB 31.0 11.25 9.83 1/10 - 1/10
F Baa3/BBB- 15.5 9.50 9.83 1/10 - 1/10
PRIVATELY OFFERED CLASSES (d)
- ---------------------------------------------------------------------------------------------------------
G
H
J
K
L
M
N
TOTAL SECURITIES: $886.4
- ---------------------------------------------------------------------------------------------------------
</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:
- -------------
Lead Managers: Goldman, Sachs & Co.
Deutsche Banc Alex. Brown
Selling Group: Newman and Associates, Inc.
Mortgage Loan Sellers: GMAC Commercial Mortgage
Corporation (45.85%)
Archon Financial, L.P. (GSMC) (34.55%)
German American Capital Corporation (DB) (19.60%)
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: LaSalle Bank National Association
Launch: March 8, 2000
Pricing: March 9, 2000
Closing: March 16, 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
- --------------------------------------------------------------------------------
COLLATERAL FACTS:
- -----------------
Initial Pool Balance: $886,350,652
Number of Mortgage Loans: 137
Number of Mortgaged Properties: 179
Average Cut-Off Date Balance: $6,469,713
Weighted Average Current Mortgage Rate: 8.338%
Weighted Average U/W DSCR (a): 1.36x
Weighted Average Cut-Off Date LTV Ratio (a): 69.20%
Weighted Average Remaining Term to Maturity (months): 115.0 months
Weighted Average Remaining Amortization Term (months): 341.9 months
Weighted Average Seasoning (months): 4.41 months
Balloon Loans as % of Total (b): 99.64%
Single Largest Loan as % of Total: 5.47%
Five Largest Loans as % of Total: 21.60%
Ten Largest Loans as % of Total: 32.02%
(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 14.0% of the pool Cut-Off date
balance.
TEN LARGEST LOANS OR SPONSORS
- -----------------------------
<TABLE>
<CAPTION>
CURRENT % BY
LOAN BALANCE UPB LTV DSCR PROPERTY TYPE
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
80 Lafayette Street $48,443,653 5.47% 66.27% 1.29x Multifamily
Equity Inns Portfolio 48,129,553 5.43 48.95 1.90 Lodging
First Union Tower 36,959,753 4.17 67.82 1.34 Office
World Savings Center 29,425,174 3.32 61.95 1.47 Office
Freeman Webb Portfolio 28,500,000 3.22 78.49 1.20 Multifamily
Minnesota Industrial Venture (a) 26,942,535 3.04 78.65 1.25 Industrial/Office
Vista Way Apartments 18,904,581 2.13 79.77 1.20 Multifamily
Citation Club on Palmer Ranch 17,050,000 1.92 74.13 1.21 Multifamily
Maverick Creek Villas 14,871,558 1.68 70.15 1.24 Multifamily
Boardwalk Shopping Center 14,600,000 1.65 69.86 1.43 Retail
---------- ---- ----- ----
TOTAL/WTD. AVG. $283,826,807 32.02% 67.25% 1.40X
- -------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(a) Includes $22.97 million Minnesota Industrial Venture and $3.97 million
related sponsor loan.
SELECTED LOAN DATA:
- -------------------
NUMBER OF CUT-OFF DATE BALANCE
GEOGRAPHIC MORTGAGED ---------------------------------------
DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- -----------------------------------------------------------------------
New York 17 $112.1 12.65% 1.36x
California 13 104.2 11.76 1.38
Texas 22 90.9 10.25 1.37
Florida 15 82.0 9.26 1.26
Minnesota 18 52.2 5.89 1.28
Other (a) 94 444.9 50.19 1.38
---- ------- ------- ----
TOTAL/WTD. AVG. 179 $886.4 100.00% 1.36X
- -----------------------------------------------------------------------
NUMBER OF CUT-OFF DATE BALANCE
MORTGAGED ------------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- --------------------------------------------------------------------
Multifamily 40 $290.9 32.82% 1.31x
Office 35 213.5 24.08 1.38
Retail 37 158.3 17.86 1.31
Industrial 35 132.1 14.90 1.30
Lodging 23 61.2 6.90 1.84
Mixed Use 4 20.3 2.29 1.28
Mobile Home Park 2 5.1 0.58 1.21
Special Purpose 3 5.0 0.56 1.27
---- ------- ------- ----
TOTAL/WTD. AVG. 179 $886.4 100.00% 1.36X
- --------------------------------------------------------------------
NUMBER OF CUT-OFF DATE BALANCE
PREPAYMENT MORTGAGED ------------------------------------
RESTRICTIONS LOANS (MM) % BY UPB WTD. AVG. DSCR
- ----------------------------------------------------------------------------
Lockout/Defeasance 135 $884.9 99.84% 1.36x
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. 137 $886.4 100.00% 1.36X
- ----------------------------------------------------------------------------
(a) Includes 28 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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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% 6.88% 0.14% 0.09% 0.09% 0.08%
Defeasance 0.00 0.00 0.00 93.12 99.86 99.86 99.86 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) 886.35 879.88 872.61 864.46 855.80 831.58 821.11 803.74
% OF INITIAL UPB 100.00% 99.27% 98.45% 97.53% 96.55% 93.82 92.64 90.68
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT MARCH MARCH MARCH MARCH MARCH MARCH MARCH
RESTRICTIONS 2008 2009 2010 2011 2012 2013 2014
- ------------------------------------------------------------------------------------------------------------------------------------
Locked out 0.08% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 99.88 98.65 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 1.23 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) 791.61 763.60 32.06 1.22 0.93 0.62 0.27
% OF INITIAL UPB 89.31 86.15 3.62 0.14 0.11 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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
A1 5.71 5.70 5.70 5.69 5.65
A2 9.57 9.56 9.55 9.53 9.37
B 9.81 9.79 9.76 9.75 9.58
C 9.83 9.83 9.83 9.81 9.61
D 9.83 9.83 9.83 9.83 9.66
E 9.83 9.83 9.83 9.83 9.66
F 9.83 9.83 9.83 9.83 9.73
- --------------------------------------------------------------------------------
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>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
BALANCES LOANS BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$434,534 - 499,999 1 $434,534 0.05% $434,534 1.32x 9.625% 113.0 62.08%
500,000 - 999,999 2 1,930,298 0.22 965,149 1.30 8.956 145.6 58.97
1,000,000 - 1,999,999 17 26,389,365 2.98 1,552,316 1.37 8.547 117.1 67.06
2,000,000 - 2,999,999 24 59,172,886 6.68 2,465,537 1.33 8.404 118.7 72.32
3,000,000 - 3,999,999 21 73,894,278 8.34 3,518,775 1.38 8.421 116.4 68.53
4,000,000 - 4,999,999 18 81,501,713 9.20 4,527,873 1.30 8.361 114.7 70.82
5,000,000 - 5,999,999 8 43,125,968 4.87 5,390,746 1.38 8.098 115.2 67.88
6,000,000 - 6,999,999 9 58,252,364 6.57 6,472,485 1.52 8.600 111.7 67.64
7,000,000 - 7,999,999 3 21,388,711 2.41 7,129,570 1.30 8.623 116.3 72.18
8,000,000 - 8,999,999 11 92,387,044 10.42 8,398,822 1.33 8.223 115.2 71.19
9,000,000 - 9,999,999 2 19,232,254 2.17 9,616,127 1.32 8.474 114.0 71.24
10,000,000 - 11,999,999 7 78,791,259 8.89 11,255,894 1.33 8.354 114.3 68.43
12,000,000 - 13,999,999 4 51,898,287 5.86 12,974,572 1.23 8.456 117.0 74.43
14,000,000 - 16,999,999 2 29,471,558 3.33 14,735,779 1.33 8.118 88.8 70.01
17,000,000 - 19,999,999 2 35,954,581 4.06 17,977,290 1.20 7.919 115.5 77.10
20,000,000 - 24,999,999 1 22,972,361 2.59 22,972,361 1.25 8.550 118.0 78.94
$25,000,000 - 49,999,999 5 189,553,191 21.39 37,910,638 1.46 8.271 117.1 63.58
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
===========================================================================================================
</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>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY STATE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
New York 17 $112,116,525 12.65% $6,595,090 1.36x 8.270% 115.6 64.82%
California 13 104,230,421 11.76 8,017,725 1.38 8.203 119.4 66.90
Texas 22 90,858,492 10.25 4,129,931 1.37 8.458 108.4 68.94
Florida 15 82,046,915 9.26 5,469,794 1.26 8.235 113.3 74.24
Minnesota 18 52,198,112 5.89 2,899,895 1.28 8.546 116.9 75.90
Maryland 5 52,093,556 5.88 10,418,711 1.57 8.786 117.0 64.29
New Jersey 8 39,439,075 4.45 4,929,884 1.45 8.269 113.2 67.76
Michigan 6 33,652,307 3.80 5,608,718 1.25 8.477 115.6 73.88
Tennessee 5 32,572,806 3.67 6,514,561 1.29 7.810 114.6 74.83
Georgia 6 29,079,438 3.28 4,846,573 1.26 8.306 115.0 72.46
Arizona 7 23,281,205 2.63 3,325,886 1.45 8.277 114.8 65.68
Pennsylvania 6 22,470,680 2.54 3,745,113 1.25 8.406 114.5 74.31
Illinois 3 22,305,288 2.52 7,435,096 1.49 8.393 114.7 67.22
Colorado 4 22,044,005 2.49 5,511,001 1.38 8.451 116.4 67.14
Ohio 6 19,874,912 2.24 3,312,485 1.41 8.298 116.5 69.96
Delaware 2 17,048,924 1.92 8,524,462 1.33 7.844 115.6 78.77
North Carolina 3 15,442,354 1.74 5,147,451 1.25 8.086 114.5 71.76
Massachusetts 2 14,378,390 1.62 7,189,195 1.31 8.732 116.9 70.21
Virginia 5 12,050,559 1.36 2,410,112 1.54 8.386 116.7 66.92
Virgin Islands 2 11,955,484 1.35 5,977,742 1.30 9.010 116.0 59.87
South Carolina 1 11,373,287 1.28 11,373,287 1.24 8.250 116.0 77.24
Connecticut 2 10,102,735 1.14 5,051,368 1.26 8.398 116.3 70.46
Nevada 2 9,936,797 1.12 4,968,399 1.25 8.237 114.8 78.87
Washington 2 7,707,131 0.87 3,853,566 1.29 8.151 115.9 61.95
Oregon 2 7,553,473 0.85 3,776,737 1.84 8.480 114.4 51.73
New Hampshire 2 5,719,458 0.65 2,859,729 1.30 8.089 114.3 73.74
Indiana 2 4,695,070 0.53 2,347,535 1.51 8.227 113.2 61.00
West Virginia 2 4,375,398 0.49 2,187,699 1.52 8.586 115.2 63.87
Kansas 2 3,968,629 0.45 1,984,315 1.90 8.370 112.0 49.20
Alaska 1 3,688,040 0.42 3,688,040 1.37 8.480 114.0 60.46
Iowa 3 3,073,949 0.35 1,024,650 1.22 7.911 114.9 72.58
Missouri 1 1,795,805 0.20 1,795,805 1.90 8.370 112.0 49.20
Mississippi 1 1,775,000 0.20 1,775,000 1.07 8.390 118.0 65.63
Idaho 1 1,446,431 0.16 1,446,431 1.36 8.040 116.0 71.43
--- ------------ ------ ---------- ----- ------ ----- ------
TOTAL/WTD. AVG. 179 $886,350,652 100.0% $4,951,680 1.36X 8.338% 115.0 69.20%
===============================================================================================================
</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
- --------------------------------------------------------------------------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
WA 0.87% OR 0.85%
ID 0.16% NV 1.12%
CA 11.76% AK 0.42%
AZ 2.63% CO 2.49%
KS 0.45% TX 10.25%
MN 5.89% IO 0.35%
MO 0.20% IL 2.52%
MS 0.20% MI 3.80%
IN 0.53% TN 3.67%
OH 2.24% WV 0.49%
NY 12.65% PA 2.54%
VA 1.36% NC 1.74%
SC 1.28% GA 3.28%
FL 9.26% NH 0.65%
MA 1.62% CT 1.14%
NJ 4.45% DE 1.92%
MD 5.88% U.S. Virgin Islands 1.35%
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
Other (a) 36.07%
New York 12.65%
California 11.76%
Texas 10.25%
Florida 9.26%
Minnesota 5.89%
Maryland 5.88%
New Jersey 4.45%
Michigan 3.80%
(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>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF DATE OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED BALANCE CUT-OFF DATE AVERAGE AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE CUT-OFF DATE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 40 $290,934,812 32.82% $7,273,370 1.31x 8.011% 115.7 73.17%
Office 35 213,476,252 24.08 6,099,321 1.38 8.398 116.2 66.28
Retail 37 158,312,596 17.86 4,278,719 1.31 8.649 111.3 69.07
Industrial 35 132,092,589 14.90 3,774,074 1.30 8.452 116.4 72.74
Lodging 23 61,174,378 6.90 2,659,756 1.84 8.545 112.7 51.71
Mixed Use 4 20,271,784 2.29 5,067,946 1.28 8.601 115.6 71.70
Mobile Home Park 2 5,108,120 0.58 2,554,060 1.21 8.300 117.0 78.09
Special Purpose 3 4,980,121 0.56 1,660,040 1.27 8.379 127.9 68.74
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 179 $886,350,652 100.00% $4,951,680 1.36X 8.338% 115.0 69.20%
==============================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
[THE NARRATIVE AND/OR TABULAR INFORMATION BELOW IS A FAIR AND ACCURATE
DESCRIPTION OF GRAPHIC OR IMAGE MATERIAL OMITTED FOR THE
PURPOSE OF EDGAR FILING.]
Other 3.43%
Multifamily 32.82%
Office 24.08%
Retail 17.86%
Industrial 14.90%
Lodging 6.90%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by 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>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
RANGE OF DEBT NUMBER OF OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
SERVICE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00 - 1.10 2 $5,735,682 0.65% $2,867,841 1.09x 8.466% 114.5 71.91%
1.11 - 1.20 16 132,507,175 14.95 8,281,698 1.19 8.175 115.9 77.62
1.21 - 1.30 64 393,935,889 44.44 6,155,248 1.25 8.325 115.7 72.09
1.31 - 1.40 27 152,965,666 17.26 5,665,395 1.35 8.572 116.3 68.73
1.41 - 1.50 13 90,649,425 10.23 6,973,033 1.45 8.261 110.0 66.69
1.51 - 1.60 3 13,878,955 1.57 4,626,318 1.55 8.503 116.3 63.95
1.61 - 1.70 2 14,573,353 1.64 7,286,676 1.66 8.784 117.2 48.87
1.71 - 1.80 1 2,300,000 0.26 2,300,000 1.71 8.730 120.0 57.50
1.81 - 1.90 6 67,935,216 7.66 11,322,536 1.89 8.198 112.2 50.05
2.21 - 2.30 1 3,994,697 0.45 3,994,697 2.27 8.070 118.0 48.72
2.51 - 3.17 2 7,874,596 0.89 3,937,298 3.06 8.088 114.6 45.63
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
==================================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
NUMBER PERCENTAGE WEIGHTED REMAINING AVERAGE
OF OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.1 - 50.0 8 $81,845,184 9.23% $10,230,648 1.97x 8.332% 113.7 48.17%
50.1 - 60.0 12 52,143,373 5.88 4,345,281 1.49 8.631 118.9 57.60
60.1 - 65.0 15 101,300,658 11.43 6,753,377 1.38 8.331 118.2 62.94
65.1 - 70.0 22 170,313,407 19.22 7,741,519 1.32 8.490 111.8 67.33
70.1 - 75.0 38 197,920,241 22.33 5,208,427 1.27 8.375 114.3 72.79
75.1 - 80.0 40 277,668,728 31.33 6,941,718 1.24 8.167 116.0 78.25
80.1 - 85.0 2 5,159,060 0.58 2,579,530 1.19 8.407 116.7 80.62
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
============================================================================================================
</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>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.5001 - 7.7500 7 $57,022,848 6.43% $8,146,121 1.40x 7.680% 113.6 71.56%
7.7501 - 8.0000 15 128,457,239 14.49 8,563,816 1.41 7.869 118.6 70.39
8.0001 - 8.2500 28 194,813,600 21.98 6,957,629 1.31 8.127 114.9 70.66
8.2501 - 8.5000 38 239,255,588 26.99 6,296,200 1.40 8.386 111.2 67.99
8.5001 - 8.7500 23 133,529,389 15.07 5,805,626 1.32 8.610 118.1 70.05
8.7501 - 9.0000 13 46,021,763 5.19 3,540,136 1.32 8.866 118.7 67.35
9.0001 - 9.2500 7 73,636,208 8.31 10,519,458 1.35 9.047 114.5 66.44
9.2501 - 9.5000 4 11,784,664 1.33 2,946,166 1.35 9.429 118.5 62.33
9.5001 - 9.6250 2 1,829,355 0.21 914,677 2.26 9.545 113.0 58.15
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
===============================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS (A)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
(MOS) LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Only 1 $14,600,000 1.65% $14,600,000 1.43x 8.330% 58.0 69.86%
171 - 190 2 3,170,530 0.36 1,585,265 1.25 8.766 176.8 55.97
251 - 270 2 6,838,943 0.77 3,419,471 1.31 9.024 118.7 65.37
271 - 290 1 434,534 0.05 434,534 1.32 9.625 113.0 62.08
291 - 310 13 97,557,570 11.01 7,504,428 1.63 8.611 113.9 56.72
311 - 330 1 1,394,821 0.16 1,394,821 2.55 9.520 113.0 56.93
331 - 360 117 762,354,254 86.01 6,515,848 1.33 8.293 116.0 70.91
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
==============================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
(a) 91 loans representing 62.31% 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>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERM TO MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
MATURITY (MOS) LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
60 - 83 1 $14,600,000 1.65% $14,600,000 1.43x 8.330% 58.0 69.86%
84 - 120 130 834,213,877 94.12 6,417,030 1.36 8.348 115.2 69.50
121 - 180 6 37,536,775 4.23 6,256,129 1.42 8.116 132.2 62.35
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
==========================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF REMAINING TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
TO MATURITY (MOS) LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
51 - 70 1 $14,600,000 1.65% $14,600,000 1.43x 8.330% 58.0 69.86%
71 - 90 1 6,389,543 0.72 6,389,543 1.25 9.150 81.0 74.12
91 - 110 5 31,888,778 3.60 6,377,756 1.42 7.866 107.9 64.50
111 - 120 124 795,935,555 89.80 6,418,835 1.36 8.361 115.8 69.67
121 - 130 4 34,366,245 3.88 8,591,561 1.44 8.056 128.1 62.94
171 - 190 2 3,170,530 0.36 1,585,265 1.25 8.766 176.8 55.97
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
=========================================================================================================
</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>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 124 $759,109,247 85.64% $6,121,849 1.33x 8.293% 114.7 70.63%
Hyperamortizing 11 124,070,875 14.00 11,279,170 1.55 8.607 115.3 60.83
Fully Amortizing 2 3,170,530 0.36 1,585,265 1.25 8.766 176.8 55.97
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
=========================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 135 $884,932,240 99.84% $6,555,054 1.36x 8.337% 115.0 69.23%
Lockout/Greater YM or 1% 1 983,877 0.11 983,877 1.17 9.000 174.0 52.47
Lockout/Declining Fee 1 434,534 0.05 434,534 1.32 9.625 113.0 62.08
--- ------------ ------ ---------- ---- ----- ----- -----
TOTAL/WTD. AVG. 137 $886,350,652 100.00% $6,469,713 1.36X 8.338% 115.0 69.20%
=========================================================================================================
</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 5.47%
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: 5.43%
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/ Yes/Yes.
DEFAULT:
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: Hard Lockbox.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Lodging
THE COLLATERAL: 5 AmeriSuites, 3 Homewood Suites,
6 Hampton Inns and 5 Residence
Inns lodging properties containing
a total of 2,453 rooms and located
in 13 states. Each of the
properties is leased to and
managed by an affiliate of either
Prime Hospitality Corp. or
Interstate Hotels Management, Inc.
SUBSTITUTION: The Borrowers may substitute
"like-kind" collateral without
penalty after the prepayment
lockout period. Substitution is
limited to $25 million in
collateral value per substitution
and $50 million in the aggregate.
Any substitution is also subject
to maintenance of a minimum LTV of
55% and receipt of confirmation
from the Rating Agencies that such
substitution will not effect the
ratings for any Class.
LESSEES: Five of the properties are leased
by an affiliate of Prime
Hospitality Corp., an owner,
manager and franchisor of hotels.
The Prime affiliate manages each
of the five properties.
The remaining 14 properties are leased by
affiliates of Interstate Hotels Management, Inc.,
a publicly traded company (NASDAQ: IHCO). The
Interstate affiliates manage all but three of the
properties, which are managed under contract by a
third party.
UNDERWRITTEN NET CASH
FLOW $17,808,502 / $8,904,251
LOANS/PARTICIPATION:
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 $4,945,904.39 $9,891,808.78
- ------------------------------------------------------------------------------------------------------------
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: $37,000,000 $36,959,753
% OF POOL BY UPB 4.17%
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/ No/No
DEFAULT:
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 19-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 Salomon 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
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FIVE LARGEST TENANTS
- --------------------
SQUARE PRECENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Union National Bank 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 First Boston Corp. (a) 19,455 5.15% 11/30/2005
- ------------------------------------------------------------------------------------------------
</TABLE>
(a) Both Development Design Group, Inc. and Credit Suisse First Boston Corp.
sublease their space from First Union National Bank. In total, First Union
National Bank master leases 73,691 SF (19.5% of GLA) that is subleased to
seven 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: $29,500,000 $29,425,174
% OF POOL BY UPB 3.32%
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/ No/No
DEFAULT:
ADDITIONAL FINANCING: None.
CASH MANAGEMENT: Hard Lockbox in place.
MONTHLY RESERVES TI/LC $2,083 ($25,000 in year one
increasing by $25,000 annually to a
cap of $200,000)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PROPERTY INFORMATION
- --------------------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Oakland, California
YEAR BUILT: 1986
THE COLLATERAL: A 17-story 270,485 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: $108.79
CUT-OFF DATE LTV: 61.95%
BALLOON LTV: 54.41%
UWNCF DSCR: 1.47x
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FIVE LARGEST TENANTS
- --------------------
SQUARE PRECENTAGE OF DATE OF
TENANT FOOTAGE LEASED TOTAL LEASEABLE AREA LEASE EXPIRATION
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
World Savings & Loan 147,517 54.54% 12/31/2007
- ------------------------------------------------------------------------------------------------
Burnham & Brown 48,891 18.08% 12/14/2004
- ------------------------------------------------------------------------------------------------
Carol Williams 14,207 5.25% 01/31/2003
- ------------------------------------------------------------------------------------------------
Robbins, Plamer, Allen 13,907 5.14% 07/31/2003
- ------------------------------------------------------------------------------------------------
Lawrence Johnson 11,707 4.33% 04/21/2002
- ------------------------------------------------------------------------------------------------
</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: $28,500,000 $28,500,000
% OF POOL BY UPB 3.22%
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/ No/No
DEFAULT:
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.
