<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$1,128,114,000 (APPROXIMATE BALANCE) NOVEMBER 22 2000
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2000-C3
APPROXIMATE SECURITIES STRUCTURE:
APPROXIMATE EXPECTED EXPECTED EXPECTED
EXPECTED FACE/NOTIONAL CREDIT WEIGHTED PAYMENT
CLASS RATING AMOUNT SUPPORT AVERAGE WINDOW
(a) FITCH/MOODY'S(MM) (% OF UPB) LIFE (b)
(YEARS)(b)
--------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
--------------------------------------------------------------------
A1 AAA/Aaa $148.6 21.25% 5.7 01/01 - 04/10
A2 AAA/Aaa 855.3 21.25 9.7 04/10 - 11/10
B AA+/Aa2 54.2 17.00 9.9 11/10 - 11/10
C A+/A2 57.4 12.50 9.9 11/10 - 11/10
D A/A3 12.7 11.50 9.9 11/10 - 11/10
------------------------------------------------------------------
PRIVATELY OFFERED CLASSES (c)
------------------------------------------------------------------
E BBB/Baa2 35.1 8.75
F BBB-/Baa3 19.1 7.25
G BBB-/NR 8.0 6.63
H BB+/Ba1 9.9 5.85
J BB/Ba2 25.5 3.85
K BB-/Ba3 4.5 3.50
L B+/B1 9.6 2.75
M B/B2 15.9 1.50
N B-/B3 3.2 1.25
O CCC/Caa2 3.2 1.00
P NR/NR 12.8 --
X(d) AAA/Aaa 1,274.7
S
TOTAL SECURITIES: $1,274.7
-------------------------------------------------------------------
(a) Classes A1 and A2 are expected to have fixed pass-through rates. Classes B
through D are expected to have fixed pass-through rates subject to a cap
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) Not offered hereby.
(d) Notional amount on interest only class.
COLLATERAL FACTS:
Cut-Off Date Loan Principal Balance: 1,274,707,224
Number of Mortgage Loans / Properties: 175 / 197
Average Mortgage Loan Cut-Off Date Balance: $7,284,041
Weighted Average Current Mortgage Rate: 8.147%
Weighted Average Loan U/W DSCR (a): 1.43x
Weighted Average Loan Cut-Off Date LTV Ratio 68.58%
Weighted Average Remaining Term to Maturity 119.1
Weighted Average Remaining Amortization Term 350.3
Prepayment Lockout / Defeasance as % of Total: 97.90%
Balloon Loans as % of Total (b) 99.70%
Single Largest Asset as % of Total: 11.44%
Five Largest Assets as % of Total: 29.62%
Ten Largest Assets as % of Total: 40.75%
(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 ARD loans totaling $361 mm and 28.32% of the Mortgage Loan Cut-Off
date balance.
TEN LARGEST LOANS OR SPONSORS:
LOAN OR SPONSOR
(SHADOW RATING - CURRENT % BY LOAN
FITCH/MOODY'S) BALANCE POOL UPB LTV DSCR PROPERTY TYPE
-------------------------------------------------------------------------
Arizona Mills (BBB/Baa2) $145,831,430 11.44% 58.33% 1.58x Retail
MacArthur Center 101,000,000 7.92 46.54 2.17 Retail
(AA+/Aa3)
1999 Broadway 49,966,246 3.92 63.25 1.48 Office
Drucker & Faulk 49,291,990 3.87 76.80 1.27 Multifamily
Multifamily Portfolio
AmeriSuites (BBB-/Baa3) 31,468,201 2.47 44.45 2.03 Lodging
201 East 14th Street 29,978,826 2.35 65.31 1.47 Multifamily
St. Croix Apartments 29,800,000 2.34 74.50 1.19 Multifamily
Coral Gate Apartments 28,340,494 2.22 78.72 1.25 Multifamily
Lichtenstein Retail 28,331,922 2.22 74.95 1.26 Retail
Copper Canyon 25,472,358 2.00 78.38 1.24 Multifamily
---------- ------
$519,481,467 40.75% 61.76% 1.60x
KEY FEATURES:
Lead Managers: Deutsche Banc Alex. Brown
Goldman, Sachs & Co.
Originators: GMAC Commercial Mortgage
Corporation (33.68%)
Archon Financial, L.P. (GSMC) 27.96%
German American Capital Corporation
(DB)(24.53%) Residential Funding
Corporation (13.83%)
Collateral: 175 Mortgage Loans ($1,274,707,224)
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: LaSalle National Bank Association
Launch: November 2000
Pricing: November 2000
Closing: December 14th, 2000
Cut-Off Date: December 1st and 5th
Distribution Date: 15th of each month, or following business
day (commencing January 16, 2001)
Payment Delay: 15 days
ERISA Eligible: Classes A through D are expected to be
ERISA eligible subject to certain conditions
for eligibility.
SMMEA Eligible: Classes A1, A2, and B are expected to be
SMMEA Securities upon issuance
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date September 2035
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes: $25,000 & $1
Delivery: DTC
SELECTED LOAN DATA:
NUMBER OF LOAN POOL CUT-OFF DATE BALANCE
GEOGRAPHIC MORTGAGED -----------------------------------
DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
-----------------------------------------------------------------
Arizona 7 $160.6 12.60% 1.56
Florida 18 136.6 10.72 1.30
California 19 126.0 9.89 1.29
Virginia 6 125.0 9.81 2.00
Texas 28 123.3 9.67 1.30
New York 14 72.9 5.72 1.34
Other (a) 105 530.3 41.60 1.35
----- ----- -------
TOTAL/WTD. AVG. 197 $1,274.7 100.00% 1.43X
-----------------------------------------------------------------
(a) Includes 29 states.
NUMBER OF LOAN POOL CUT-OFF DATE BALANCE
MORTGAGED -------------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
-------------------------------------------------------------------
Retail (a) 52 $522.2 40.97% 1.54x
Multifamily 72 389.3 30.54 1.27
Office 33 200.0 15.69 1.34
Lodging (b) 18 94.9 7.44 1.69
Industrial 14 45.9 3.60 1.35
Other 8 22.4 1.76 1.35
TOTAL/WTD. AVG. 197 $1,274.7 100.00% 1.43X
-----------------------------------------------------------------
(a) Includes 31 properties for a total of $443.3 million (34.78% of UPB) that
are Anchored Retail.
(b) Eight Lodging properties (2.47% of UPB) comprise the investment grade
AmeriSuites loan
LOAN POOL CUT-OFF DATE BALANCE
PREPAYMENT NUMBER -----------------------------------
RESTRICTIONS OF LOANS (MM) % BY UPB WTD. AVG. DSCR
-----------------------------------------------------------------
Lockout/Defeasance 171 $1,248.0 97.90% 1.43x
Lockout/Greater of 3 25.7 2.02 1.28
Lockout/Declining 1 1.0 0.08 1.33
TOTAL/WTD. AVG. 175 $1,274.7 100.00% 1.43X
-----------------------------------------------------------------
ALL CALCULATIONS CONTAINED HEREIN ARE BASED SOLELY ON THE SENIOR MORTGAGE LOAN
WITH RESPECT TO THE MACARTHUR CENTER AND AMERISUITES LOAN GROUPS.
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
-------------------------------------------------------------------------------
For purposes of calculating principal distributions of the Certificates:
-- Available principal will be allocated sequentially to the Class A1, A2, B,
C, D, E, F, G, H, J, K, L, M, N, O and P certificates, except as described
below with respect to any certificates issued with respect to the companion
loans.
-- In case the principal balance of the Class P, O, N, M, L, K, J, H, G, F, E,
D, C, and B, in that order, have been reduced to zero due to the allocation
of principal losses, then Class A1 and A2 will be allocated principal pro
rata.
Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A1 and A2
certificates each month.
Each Class will be subordinate to the Class A1, A2, and X and to each Class
with an earlier alphabetic designation than such Class, except as described
below with respect to the certificates issued with respect to the companion
loans. Each of the Class A1, A2, and X Certificates will be of equal
priority.
All Classes will pay interest on a 30/360 basis.
Principal Losses will be allocated in reverse alphabetical order to Class P,
O, N, M, L, K, J, H, G, F, E, D, C, B, and then pro rata to Class A1 and A2,
except as described below with respect to any certificates issued with
respect to the companion loans.
The Master Servicer will cover net prepayment interest shortfalls on the
loans 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. Net prepayment interest shortfalls (after application
of prepayment interest excesses on the mortgage and companion loans and other
Servicer coverage from the Master Servicing Fee) will be allocated pro-rata
(based on interest entitlements) to all regular Certificates.
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, except as described below with
respect to any certificates issued with respect to the companion loans.
Any certificates issued with respect to the companion loans will receive
principal and interest distributions only from the companion loan(s) for the
AmeriSuites loan group and the MacArthur Center loan group, respectively.
Prior to an event of default, the rights of any companion loan to receive
distributions of either principal or interest are generally pari-passu with
the related senior mortgage loan. After the occurrence and continuance of an
event of default on either loan group, the rights of the related companion
loan(s) to receive distributions of either principal or interest will be
subordinate to those of the related senior mortgage loan. Losses with respect
to any loan group will generally be first allocated to the related companion
loan(s) and then to the related senior mortgage loan.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by 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
other than the companion loans will be allocated between the related
Certificates then entitled to principal distributions and the Class X
Certificates as follows:
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 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)
----------------------------------------------------------------------
The remaining percentage of such prepayment premiums and yield
maintenance amounts will be allocated to the Class X Certificates.
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 JANUARY JANUARY JANUARY JANUARY JANUARY JANUARY JANUARY JANUARY
RESTRICTIONS 2001 2002 2003 2004 2005 2006 2007 2008
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Locked out 100.00% 100.00% 7.09% 4.42% 0.00% 0.00% 0.00% 0.00%
Defeasance 0.00 0.00 91.71 93.70 97.90 97.90 97.90 97.89
Greater of 1% or Yield
Maintenance 0.00 0.00 1.20 1.88 2.02 2.03 2.03 2.03
-----------------------------------------------------------------------------------------------------------------------------------
Sub-Total 100.00 100.00 100.00 100.00 99.92 99.92 99.92 99.92
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
5% or Greater 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00
4.00 - 4.99% 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00
3.00 - 3.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.00
2.00 - 2.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08
1.00 - 1.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
< 1% 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%
Balance of Mortgage Loans 1,274.71 1,265.15 1,254.61 1,243.02 1,230.73 1,214.59 1,199.79 1,183.73
($mm)
% OF CUTOFF BALANCE 100.00% 99.25% 98.42% 97.51% 96.55% 95.28% 94.12% 92.86%
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
PREPAYMENT JANUARY JANUARY JANUARY JANUARY JANUARY JANUARY JANUARY
RESTRICTIONS 2009 2010 2011 2012 2013 2014 2015
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Locked out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 97.89 94.92 100.00 100.00 100.00 100.00 100.00
Greater of 1% or Yield
Maintenance 2.03 2.03 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
Sub-Total 99.93 96.96 100.00 100.00 100.00 100.00 100.00
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
5% or Greater 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4.00 - 4.99% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.00 - 3.99% 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
1.00 - 1.99% 0.07 0.07 0.00 0.00 0.00 0.00 0.00
< 1% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Open 0.00 2.97 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%
Balance of Mortgage Loans 1,166.57 1,147.65 50.35 37.70 36.90 30.85 30.03
($mm)
% OF CUTOFF BALANCE 91.52% 90.03% 3.95% 2.96% 2.90% 2.42% 2.36%
-------------------------------------------------------------------------------------------------------------------------
</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 5.68 5.68 5.67 5.67 5.64
A2 9.74 9.73 9.72 9.69 9.51
B 9.92 9.91 9.89 9.84 9.67
C 9.92 9.92 9.92 9.92 9.67
D 9.92 9.92 9.92 9.92 9.67
-------- -------- --------- --------- --------- --------
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> <C> <C>
367,295 - 499,999 1 367,295 0.03% 367,295 1.25x 9.140% 115.0 79.85%
500,000 - 999,999 23 18,679,381 1.47 812,147 1.33 8.653 116.0 68.15
1,000,000 - 1,999,999 33 50,554,656 3.97 1,531,959 1.33 8.386 114.5 70.31
2,000,000 - 2,999,999 21 52,478,177 4.12 2,498,961 1.32 8.369 116.8 71.26
3,000,000 - 3,999,999 18 61,206,038 4.80 3,400,335 1.40 8.337 116.7 70.92
4,000,000 - 4,999,999 18 82,702,845 6.49 4,594,603 1.31 8.361 120.4 71.85
5,000,000 - 5,999,999 10 55,125,932 4.32 5,512,593 1.35 8.455 117.4 72.43
6,000,000 - 6,999,999 10 63,924,083 5.01 6,392,408 1.30 8.257 121.0 76.40
7,000,000 - 7,999,999 1 7,272,151 0.57 7,272,151 1.23 8.150 118.0 79.91
8,000,000 - 8,999,999 4 35,101,387 2.75 8,775,347 1.30 8.408 114.8 72.89
9,000,000 - 9,999,999 4 37,992,471 2.98 9,498,118 1.34 8.298 116.2 70.49
10,000,000 - 11,999,999 3 32,707,519 2.57 10,902,506 1.34 8.269 118.7 74.63
12,000,000 - 13,999,999 9 116,433,805 9.13 12,937,089 1.25 8.327 117.0 73.94
14,000,000 - 16,999,999 5 76,279,887 5.98 15,255,977 1.27 7.959 117.8 78.26
17,000,000 - 19,999,999 6 113,692,119 8.92 18,948,687 1.25 8.116 117.2 75.06
20,000,000 - 49,999,999 7 223,358,047 17.52 31,908,292 1.43 8.148 126.2 67.55
50,000,000 - 145,831,430 2 246,831,430 19.36 123,415,715 1.82 7.708 118.0 53.51
----- -------------- -------
TOTAL/WTD. AVG. 175 1,274,707,224 100.00% 7,284,041 1.43X 8.147% 119.1 68.58%
=== ============= =======
</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>
Arizona 7 $160,602,136 12.60% $22,943,162 1.56x 7.942% 118.0 59.23%
Florida 18 136,608,723 10.72 7,589,374 1.30 8.195 130.0 74.53
California 19 126,030,393 9.89 6,633,179 1.29 8.275 116.5 71.95
Virginia 6 125,025,894 9.81 20,837,649 2.00 7.621 117.5 51.54
Texas 28 123,280,284 9.67 4,402,867 1.30 8.206 117.3 74.93
New York 14 72,889,659 5.72 5,206,404 1.34 8.086 118.7 70.17
Colorado 3 53,814,748 4.22 17,938,249 1.47 7.981 118.8 64.05
Nevada 6 49,806,601 3.91 8,301,100 1.25 8.215 117.5 75.66
Pennsylvania 10 45,039,347 3.53 4,503,935 1.35 8.313 123.7 75.44
Maryland 6 43,562,322 3.42 7,260,387 1.44 8.256 117.3 66.17
Connecticut 8 41,967,857 3.29 5,245,982 1.31 8.487 116.0 74.30
North Carolina 7 37,813,320 2.97 5,401,903 1.35 8.255 117.5 74.59
Massachusetts 5 37,446,311 2.94 7,489,262 1.30 8.481 114.9 73.04
New Jersey 6 27,649,482 2.17 4,608,247 1.41 8.236 115.5 70.92
Minnesota 6 27,330,181 2.14 4,555,030 1.26 8.547 116.5 73.39
Michigan 4 24,134,678 1.89 6,033,670 1.37 8.277 117.8 74.89
Georgia 5 24,003,721 1.88 4,800,744 1.25 8.286 117.6 69.67
Washington 6 23,804,587 1.87 3,967,431 1.25 8.106 118.7 70.76
Illinois 7 18,578,346 1.46 2,654,049 1.32 8.397 128.2 75.12
South Carolina 3 16,420,526 1.29 5,473,509 1.27 8.328 117.6 77.02
New Mexico 2 8,810,794 0.69 4,405,397 1.89 8.303 118.6 50.53
Oregon 2 6,835,978 0.54 3,417,989 1.27 7.997 116.4 74.56
Utah 1 6,495,813 0.51 6,495,813 1.33 8.200 119.0 73.15
Idaho 1 6,395,852 0.50 6,395,852 1.26 8.170 119.0 75.25
Ohio 2 6,327,527 0.50 3,163,763 1.51 8.389 118.3 63.35
Vermont 1 5,185,037 0.41 5,185,037 1.46 8.750 117.0 64.01
Kentucky 2 3,394,377 0.27 1,697,188 1.26 8.350 117.0 77.16
Alabama 1 2,925,669 0.23 2,925,669 2.03 8.444 119.0 44.45
Wisconsin 1 2,919,727 0.23 2,919,727 1.27 8.000 117.0 78.70
Tennessee 1 2,672,175 0.21 2,672,175 2.03 8.444 119.0 44.45
Missouri 1 1,995,716 0.16 1,995,716 1.21 8.200 116.0 76.76
Rhode Island 3 1,897,538 0.15 632,513 1.27 8.761 115.0 77.27
Iowa 3 1,330,212 0.10 443,404 1.29 8.690 116.0 74.94
Indiana 1 872,266 0.07 872,266 1.27 8.770 115.0 62.30
Mississippi 1 839,427 0.07 839,427 1.31 7.920 119.0 76.31
----- ---------- --------
TOTAL/AVG./WTD. 197 $1,274,707,224 100.00% $6,470,595 1.43X 8.147% 119.1 68.58%
-----------------------------------------------------------------------------------------------------------------------------------
</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
-------------------------------------------------------------------------------
MAP
WA UT MN MI MS NY MA
1.87% 0.51% 2.14% 1.89% 0.07% 5.72% 2.94%
OR CO WI IN AL PA RI
0.54% 4.22% 0.23% 0.07% 0.23% 3.53% 0.15%
ID AZ IA OH GA VA CT
0.50% 12.60% 0.10% 0.50% 1.88% 9.81% 3.29%
CA NM IL KY FL NC NJ
9.89% 0.69% 1.46% 0.27% 10.72% 2.97% 2.17%
NV TX MO TN SC VT MD
3.91% 9.67% 0.16% 0.21% 1.29% 0.41% 3.42%
PIE CHART
Other(a) Arizona Florida California Virginia Texas
26.52% 12.60% 10.72% 9.89% 9.81% 9.67%
Maryland Pennsylvania Nevada Colorado New York
3.42% 3.53% 3.91% 4.22% 5.72%
(a) Other includes 25 states.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by 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 OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retail (a) 52 $522,224,773 40.97% $10,042,784 1.54x 8.021% 117.5 64.72%
Multifamily 72 389,271,657 30.54 5,406,551 1.27 8.128 123.0 74.68
Office 33 200,045,888 15.69 6,061,997 1.34 8.209 117.5 70.33
Lodging (b) 18 94,859,820 7.44 5,269,990 1.69 8.632 116.7 60.59
Industrial 14 45,933,861 3.60 3,280,990 1.35 8.389 117.4 69.94
Mixed Use 1 9,455,001 0.74 9,455,001 1.33 7.940 118.0 68.51
Mobile Home Park 4 7,776,844 0.61 1,944,211 1.36 8.587 116.5 69.99
Self-Storage 3 5,139,379 0.40 1,713,126 1.35 8.750 116.3 64.27
---- --------------- -------
TOTAL/WTD. AVG. 197 $1,274,707,224 100.00% $6,470,595 1.43X 8.147% 119.1 68.58%
=== ============== ======
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Includes 31 properties for a total of $443.3 million (34.78% of Aggregate
Cut-Off Date Balance) that are Anchored Retail.
(b) Eight Lodging properties (2.47% of Aggregate Cut-Off Date Balance) comprise
the investment grade AmeriSuites loan
(c) Other includes one Mixed Use property, four Mobile Home properties and
three Self-Storage properties.
Industrial 3.60%
Other 1.76%
Retail (a) 40.97%
Multifamily 30.54%
Office 15.69%
Lodging (b) 7.44%
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
PERCENTAGE REMAINING WEIGHTED
RANGE OF DEBT NUMBER OF OF AGGREGATE AVERAGE WEIGHTED TERM TO AVERAGE
SERVICE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE MATURITY CUT-OFF DATE
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE AVERAGE DSCR MORTGAGE RATE (MOS) LTV RATIO
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.11 - 1.19x 4 $41,960,805 3.29% $10,490,201 1.19x 8.309% 174.1 77.00%
1.20 - 1.29 99 610,308,747 47.88 6,164,735 1.25 8.237 117.3 75.04
1.30 - 1.39 33 136,686,398 10.72 4,142,012 1.33 8.209 116.5 73.55
1.40 - 1.49 20 158,374,808 12.42 7,918,740 1.46 8.268 117.2 67.34
1.50 - 1.59 11 169,390,189 13.29 15,399,108 1.57 7.955 117.0 59.31
1.60 - 1.69 4 18,442,651 1.45 4,610,663 1.64 8.364 117.8 61.54
1.90 - 1.99 1 3,288,994 0.26 3,288,994 1.97 8.650 116.0 56.71
2.00 - 2.09 2 35,254,632 2.77 17,627,316 2.03 8.430 118.7 45.49
2.10 - 2.19 1 101,000,000 7.92 101,000,000 2.17 7.437 118.0 46.54
---- ------------ -------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============== ======
---------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
-------------------------------------------------------------------------------
WEIGHTED
AVERAGE
RANGE OF PERCENTAGE REMAINING WEIGHTED
CUT-OFF DATE NUMBER OF OF AGGREGATE AVERAGE WEIGHTED TERM TO AVERAGE
LOAN-TO-VALUE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED AVERAGE MATURITY CUT-OFF DATE
RATIOS LOANS BALANCE BALANCE BALANCE AVERAGE DSCR MORTGAGE RATE (MOS) LTV RATIO
------------------------------------------------------------------------------------------------------------------------------------
40.1 - 45.0% 1 $31,468,201 2.47% $31,468,201 2.03x 8.444% 119.0 44.45%
45.1 - 50.0 2 101,948,369 8.00 50,974,185 2.16 7.444 118.0 46.56
50.1 - 55.0 3 7,739,417 0.61 2,579,806 1.75 8.272 116.9 53.69
55.1 - 60.0 7 161,943,684 12.70 23,134,812 1.58 7.952 117.9 58.27
60.1 - 65.0 20 103,637,169 8.13 5,181,858 1.42 8.220 118.0 62.96
65.1 - 70.0 31 151,049,107 11.85 4,872,552 1.35 8.220 117.5 67.76
70.1 - 75.0 49 274,130,616 21.51 5,594,502 1.29 8.392 122.9 73.17
75.1 - 80.0 59 430,136,048 33.74 7,290,441 1.26 8.159 117.2 77.97
80.1 - 85.0 3 12,654,613 0.99 4,218,204 1.21 8.342 159.9 84.25
---- ------------ -------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============= ======
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED
OF AVERAGE WEIGHTED
AGGREGATE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE DATE CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.2501 - 7.5000 1 $101,000,000 7.92% $101,000,000 2.17x 7.437% 118.0 46.54%
7.5001 - 7.7500 1 29,978,826 2.35 29,978,826 1.47 7.750 119.0 65.31
7.7501 - 8.0000 18 324,765,529 25.48 18,042,529 1.44 7.907 119.1 65.91
8.0001 - 8.2500 50 352,726,473 27.67 7,054,529 1.27 8.159 118.0 74.57
8.2501 - 8.5000 54 325,690,210 25.55 6,031,300 1.37 8.364 122.9 71.54
8.5001 - 8.7500 34 93,069,078 7.30 2,737,326 1.35 8.661 114.2 69.37
8.7501 - 9.0000 12 37,304,834 2.93 3,108,736 1.35 8.904 113.1 70.01
9.0001 - 9.2500 4 9,267,732 0.73 2,316,933 1.37 9.195 112.1 68.69
9.5001 - 9.6300 1 904,541 0.07 904,541 1.20 9.630 173.0 60.30
---- ------------ -------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============= ======
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS (a)
-------------------------------------------------------------------------------
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
RANGE OF REMAINING NUMBER OF OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF CUT-OFF DATE CUT-OFF WEIGHTED MORTGAGE MATURITY DATE LTV
(MOS) LOANS DATE BALANCE BALANCE DATE BALANCE AVERAGE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
171 - 190 2 $1,983,041 0.16% $991,520 1.17x 8.798% 173.0 63.49%
231 - 250 1 1,881,300 0.15 1,881,300 1.24 8.900 113.0 69.68
271 - 290 1 4,116,011 0.32 4,116,011 1.23 8.360 118.0 73.50
291 - 310 35 134,234,558 10.53 3,835,273 1.59 8.585 116.4 63.34
311 - 330 3 3,028,070 0.24 1,009,357 1.26 8.521 114.3 68.43
331 - 360 133 1,129,464,245 88.61 8,492,212 1.41 8.091 119.4 69.19
--- ------------- -----
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ================ ======
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 174 loans representing 92.08% of the Aggregate Cut-Off Date Balance accrue
interest on an Actual/360 or an Acutal/365 basis but have a monthly payment
calculated on a 30/360 schedule. Accordingly, the actual amortization term
is longer for these loans than the stated amortization term reflected in
the table above.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and Deutsche Bank
Securities, Inc. and not by the issuer of the securities. Goldman, Sachs & Co.
and Deutsche Bank Securities, Inc. are acting as the lead managers and neither
of these parties are acting as agent for the issuer or its affiliates in
connection with the proposed transaction. Neither the issuer nor any of its
affiliates has prepared or taken part in the preparation of these materials and
neither makes any representation as to the accuracy of these materials.
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
-------------------------------------------------------------------------------
COLLATERAL TERM SHEET
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED
OF AVERAGE WEIGHTED
AGGREGATE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERM MORTGAGE CUT-OFF DATE DATE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
TO MATURITY (MOS) LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
60 - 83 2 $2,594,554 0.20% $1,297,277 1.50x 8.873% 55.0 75.76%
84 - 120 167 1,216,097,324 95.40 7,282,020 1.44 8.140 117.2 68.19
121 - 180 6 56,015,346 4.39 9,335,891 1.20 8.270 163.5 76.65
---- ------------- -------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============== ======
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
-------------------------------------------------------------------------------
PERCENTAGE WEIGHTED
OF AVERAGE WEIGHTED
AGGREGATE AVERAGE WEIGHTED REMAINING AVERAGE
NUMBER OF CUT-OFF CUT-OFF AVERAGE TERM TO CUT-OFF
RANGE OF REMAINING MORTGAGE CUT-OFF DATE DATE DATE WEIGHTED MORTGAGE MATURITY DATE LTV
TERMS TO MATURITY (MOS) LOANS BALANCE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
51 - 70 2 $2,594,554 0.20% $1,297,277 1.50x 8.873% 55.0 75.76%
91 - 110 3 14,483,673 1.14 4,827,891 1.29 8.623 109.4 68.80
111 - 120 164 1,201,613,650 94.27 7,326,913 1.44 8.134 117.3 68.19
121 - 130 1 13,150,000 1.03 13,150,000 1.23 8.050 129.0 76.68
151 - 170 1 6,085,660 0.48 6,085,660 1.18 8.500 156.0 84.82
171 - 190 4 36,779,686 2.89 9,194,921 1.19 8.310 177.1 75.29
----- ------------ -------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============== =======
------------------------------------------------------------------------------------------------------------------------------------
</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 AVERAGE MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amortizing Balloon 143 $909,896,397 71.38% $6,362,912 1.43x 8.091% 119.8 68.56%
Hyperamortizing 30 360,962,673 28.32 12,032,089 1.42 8.287 117.4 68.60
Fully Amortizing 2 3,848,154 0.30 1,924,077 1.28 8.506 129.4 71.54
---- ------------ -------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============== ======
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
-------------------------------------------------------------------------------
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 AVERAGE MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE DATE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
------------------------------------------------------------------------------------------------------------------------------------
Defeasance 171 $1,247,980,138 97.90% $7,298,129 1.43x 8.150% 119.2 68.44%
Greater of YM or 1% UPB 3 25,731,243 2.02 8,577,081 1.28 8.000 117.4 75.34
Declining Fee 1 995,843 0.08 995,843 1.33 8.540 115.0 68.21
--- ------------- ------
TOTAL/WTD. AVG. 175 $1,274,707,224 100.00% $7,284,041 1.43X 8.147% 119.1 68.58%
=== ============== ======
------------------------------------------------------------------------------------------------------------------------------------
</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
-------------------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $146,000,000 $145,831,430
% OF POOL BY UPB 11.44%
ORIGINATOR: GMACCM and GSMC
NOTE DATE: October 2, 2000
INTEREST RATE: 7.895%
AMORTIZATION: 30 years
MATURITY DATE: October 5, 2010
BORROWER/SPONSOR: The Borrower is Arizona Mills, LLC a
bankruptcy-remote SPE sponsored by Mills Corporation
(NYSE: MLS), Taubman Realty Group (NYSE: TCO)
(BBB-/Ba2 - S&P/Moody's) and Simon Property Group
(NYSE: SPG) (BBB+/Baa1 -- S&P/Moody's).
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance
CROSS-COLLATERALIZATION/ NAP/NAP
DEFAULT:
ADDITIONAL FINANCING: In addition to trade payables incurred
in the ordinary course of business, the borrower may
incur up to $3,000,000 of debt secured by personal
property at the Arizona Mills property, such that the
aggregate amount of such additional debt does not
exceed 4.0% of the outstanding principal balance of
the Arizona Mills loan.
CASH MANAGEMENT: Hard Lockbox
MONTHLY RESERVES Real Estate Tax Reserve: $259,442.83
Insurance Reserve: $5,392.33
Replacement Reserve: $15,375.00
Initial TI/LC Reserve: $1,117,478.99
In addition, a monthly TI/LC Reserve of $108,333.33
will be collected after certain trigger events.
------------------------------------------------------------------
PROPERTY INFORMATION
------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail, Regional Mall
LOCATION: Tempe, AZ
YEAR BUILT / RENOVATED: 1997/NAP
THE COLLATERAL: The loan is secured by a 1.23 million
square foot value-oriented regional mall anchored
by J.C. Penney, Oshmans Supersport, Burlington
Coat Factory and Harkins Great Mall Cinema and
located in Tempe, AZ.
PROPERTY MANAGEMENT: The property is managed by the Mills
Corporation, an affiliate of the Borrower.
CURRENT OCCUPANCY (11/20/00): 97.9%
UNDERWRITTEN NET CASH FLOW: $20,097,142
APPRAISED VALUE: $250,000,000
APPRAISAL DATE: August 30, 2000
CUT-OFF DATE LOAN/SF: $118.56
CUT-OFF DATE LTV: 58.33%
BALLOON LTV: 52.09%
UWNCF DSCR: 1.58x
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
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
ANCHORS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TENANT SQUARE % OF TOTAL LEASE 7/98 TO 7/99 TO 6/00 OCCUPANCY
FEET NRA EXPIRATION 6/99 SALES PSF SALES PSF COST
---- --- ---------- -------------- ------------- ---------
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
JC Penney (a) 104,697 8.51% 11/30/2012 $246 $237 2.3%
----------------------------------------------------------------------------------------------------------
Harkins Theater 92,320 7.51 11/19/2012 142 162 9.1
----------------------------------------------------------------------------------------------------------
Burlington Coat Factory 80,426 6.54 1/31/2013 134 149 3.8
----------------------------------------------------------------------------------------------------------
Oshman's Supersport 65,013 5.29 1/31/2013 97 118 5.6
----------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 342,456 27.84% $163 $174 5.1%
----------------------------------------------------------------------------------------------------------
</TABLE>
(a) JC Penney is rated BBB/Baa2/BBB- by S&P/Moody's/Fitch
------------------------------------------------------------------------------
NEXT FIVE LARGEST RETAIL TENANTS
------------------------------------------------------------------------------
TENANT SQUARE FEET % OF TOTAL NRA LEASE EXPIRATION
------------------------------------------------------------------------------
Linens & Things 40,057 3.26% 1/31/2013
------------------------------------------------------------------------------
Gameworks 37,348 3.04 11/30/2007
------------------------------------------------------------------------------
Off 5th (Saks) (b) 34,716 2.82 11/19/2012
------------------------------------------------------------------------------
Marshall's 31,315 2.55 11/30/2007
------------------------------------------------------------------------------
Virgin Megastore 30,822 2.51 1/31/2009
------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 174,258 14.17%
------------------------------------------------------------------------------
(b) Saks, inc. is rated BB+/Baa3/BBB- by S&P/Moody's/Fitch
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
-------------------------------------------------------------------------------
------------------------------------------------------------------
SENIOR MORTGAGE LOAN INFORMATION
------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $101,000,000 $101,000,000
% OF POOL BY UPB: 7.92%
ORIGINATOR: Archon Financial, LP
NOTE DATE: October 19, 2000
INTEREST RATE: 7.437%
AMORTIZATION: 30 years
ARD DATE: October 1, 2010
BORROWER/SPONSOR: The Borrower, MacArthur Shopping Center LLC is
sponsored by the Taubman Realty Group (NYSE: TCO).
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance
CROSS-COLLATERALIZATION/ NAP/Yes, Cross Defaulted with the $44
DEFAULT: million MacArthur Companion loans.
ADDITIONAL FINANCING: In addition to the senior mortgage loan, there are
two companion loans secured by the first mortgage of
the related loan group with an aggregate cut-off date
principal balance of $43,883,791. These loans are
fully subordinate to the related senior mortgage loan.
In addition, the Borrower may incur up to (i)
$2,500,000 of debt secured by fixtures, equipment, or
personal property at the MacArthur Center property,
and (ii) $4,000,000 of trade payables incurred in the
ordinary course of business.
CASH MANAGEMENT: Hard Lockbox
RESERVES: $665,000 per annum for TI/LC's if the
Loan Group DSCR based on adjusted NOI,
as tested quarterly, falls below 1.28x;
Ground lease rent, tax and insurance reserves if the
Loan Group DSCR based on adjusted NOI, as tested
quarterly, falls below 1.23x;
The Borrower is required to fund a reserve or post
letters of credit in the amount of (I) $2.8 million
and (ii) $400,000 if Regal Cinemas or Rainforest Cafe
fails to pay rent or ceases operations. In addition,
with respect to Regal, the reserve is triggered if
Regal files bankruptcy and debt service coverage at
the Property falls below 1.40x.
------------------------------------------------------------------
PROPERTY INFORMATION
------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Anchored Retail, Regional Mall
LOCATION: Norfolk, VA
YEAR BUILT / RENOVATED: 1999 / NAP
THE COLLATERAL: A 942,668, three-level urban regional retail
center anchored by Nordstrom and Dillard's and
located in downtown Norfolk, VA. The anchor
improvements are independently owned and are not
part of the collateral for the loan. Total Mall
Shop GLA equal 528,846 square feet.
PROPERTY MANAGEMENT: The property is managed by Taubman Company, L.P.,
an affiliate of the Borrower.
CURRENT OCCUPANCY (09/06/00): 90.4%
UNDERWRITTEN NET CASH FLOW: $18,387,394
APPRAISED VALUE: $217,000,000
APPRAISAL DATE: September 13, 2000
CUT-OFF DATE LOAN / MALL SHOP $190.98
CUT-OFF DATE LTV: 46.54%
BALLOON LTV: 41.01%
UWNCF DSCR: 2.17x
------------------------------------------------------------------
LOAN GROUP INFORMATION
------------------------------------------------------------------
LOAN GROUP CUT-OFF DATE $144,883,791
PRINCIPAL BALANCE:
LOAN GROUP CUT-OFF DATE
PRINCIPAL BALANCE / MALL SHOP
GLA: $274.15
LOAN GROUP INTEREST RATE: 7.59%
LOAN GROUP UWNCF DSCR: 1.48x
LOAN GROUP CUT-OFF DATE LTV: 66.77%
------------------------------------------------------------------
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
MACARTHUR CENTER
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
ANCHORS (a)
------------------------------------------------------------------------------------------------------
TENANT SQUARE FEET % OF TOTAL GLA S&P / MOODY'S CREDIT RATING
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Nordstrom's 160,200 17.0% A / A2
------------------------------------------------------------------------------------------------------
Dillard's 253,616 26.9 BBB- / Baa3
------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 413,816 43.9%
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
FIVE LARGEST RETAIL TENANTS
------------------------------------------------------------------------------------------------------
TENANT SQUARE FEET % OF TOTAL GLA (B) LEASE EXPIRATION
------------------------------------------------------------------------------------------------------
The Rainforest Cafe 15,980 3.7% 5/31/2009
------------------------------------------------------------------------------------------------------
Foot Locker 14,711 3.4% 3/31/2009
------------------------------------------------------------------------------------------------------
Waves 10,000 2.3% 1/31/2009
------------------------------------------------------------------------------------------------------
Restoration Hardware 10,000 2.3% 1/31/2012
------------------------------------------------------------------------------------------------------
Z Gallerie 9,500 2.2% 3/31/2009
------------------------------------------------------------------------------------------------------
</TABLE>
(a) The Anchor Tenants are independently owned and are not part of the
collateral for the loan
(b) Based on Mall Shop GLA and does not include Regal Cinema, Inc. (78,752 sf)
and Jeepers! (20,001 sf)
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
1999 BROADWAY
-------------------------------------------------------------------------------
------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $50,000,000 $49,966,246
% OF POOL BY UPB 3.92%
ORIGINATOR: German American Capital Corporation
NOTE DATE: October 20, 2000
INTEREST RATE: 7.97%
AMORTIZATION: 30 years
ARD DATE: November 1, 2010
BORROWER/SPONSOR: The Borrower is 1999 Broadway, LLC, a bankruptcy
remote SPE sponsored by Winthrop Financial Associates.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ NAP/NAP
DEFAULT:
ADDITIONAL FINANCING: None
CASH MANAGEMENT: Hard Lockbox
MONTHLY RESERVES TI/LC: $70,047.92
Replacement Reserve: $10,595.58
Real Estate Taxes: $61,525.71
Insurance: $5,166.90
------------------------------------------------------------------
PROPERTY INFORMATION
------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: Denver, CO
YEAR BUILT / RENOVATED: 1985/NAP
THE COLLATERAL: The loan is secured by a 635,737 square foot,
43-story office building located in the central
business district of Denver, CO.
PROPERTY MANAGEMENT: The property is managed by Winthrop Management,
LLC, an affiliate of the Borrower.
CURRENT OCCUPANCY (9/1/00): 96.0%
UNDERWRITTEN NET CASH FLOW: $6,499,426
APPRAISED VALUE: $79,000,000
APPRAISAL DATE: September 2, 2000
CUT-OFF DATE LOAN/SF: $78.60
CUT-OFF DATE LTV: 63.25%
BALLOON LTV: 56.54%
UWNCF DSCR: 1.48x
-------------------------------------------------------------------------------
FIVE LARGEST TENANTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
TENANT SQUARE FEET % OF TOTAL NRA LEASE EXPIRATION
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Columbine JDS Systems, Inc. 100,420 15.80% 12/31/08
--------------------------------------------------------------------------------------------
GSA (a) 97,970 15.41 10/14/03
--------------------------------------------------------------------------------------------
Lucent Technologies, Inc. 72,979 11.48 12/31/05
--------------------------------------------------------------------------------------------
US West Communications, Inc. (b) 68,448 10.77 12/31/02
--------------------------------------------------------------------------------------------
H.S. Resources, Inc. 52,749 8.30 6/14/03
--------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 392,566 61.75%
--------------------------------------------------------------------------------------------
</TABLE>
(a) Four departments of the GSA occupy space at the property - the Department
of Labor, the Peace Corps, the Federal Tax Court and the Office of Surface
Mining. The table reflects the combined space under each of the GSA leases,
the earliest of which expires in 10/14/03
(b) Aggregated space reflecting multiple US West leases, the earliest of which
expires in 12/31/02
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
DRUCKER & FAULK MULTIFAMILY PORTFOLIO
-------------------------------------------------------------------------------
------------------------------------------------------------------
MORTGAGE LOAN INFORMATION
------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $49,350,000 $49,291,990
% OF POOL BY UPB 3.87%
ORGINATOR: Archon Financial, LP
NOTE DATE: September 29, 2000
INTEREST RATE: 7.79-7.89%
AMORTIZATION: 30 Years
MATURITY DATE: October 1, 2010
BORROWER/SPONSOR: Three loans made to borrowers with a related sponsor.
CALL PROTECTION: Prepayment lockout; U.S. Treasury defeasance.
CROSS-COLLATERALIZATION/ Loans are not cross-collateralized or cross-defaulted.
DEFAULT:
ADDITIONAL FINANCING: None
CASH MANAGEMENT: None
MONTHLY RESERVES: Replacement: $20,266.67
------------------------------------------------------------------
PROPERTY INFORMATION
------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: 3 Loan Portfolio
PROPERTY TYPE: Multifamily
LOCATION: Orlando, FL (2) & Morrisville, NC
YEAR BUILT / RENOVATED: 1984 & 1987, 1994 & 1998, and 1999/NAP
THE COLLATERAL: The loans are secured by three multifamily
properties with a total of 1,129 units, two of
which are located in Orlando, FL and one of which
is located in Morrisville, NC.
PROPERTY MANAGEMENT: The properties are managed by Drucker & Faulk,
an affiliate of the Borrower.
AGGREGATE OCCUPANCY
(9/18 - 9/19/00): 94.5%
AGGREGATE UNDERWRITTEN NET $5,423,196
CASH FLOW:
APPRAISED VALUE: $64,200,000
APPRAISAL DATE: August 31 & September 14, 2000
CUT-OFF DATE LOAN/UNITS: $43,660
CUT-OFF DATE LTV: 76.80%
BALLOON LTV: 68.47%
UWNCF DSCR: 1.27x
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
COLLATERAL DETAILS
-------------------------------------------------------------------------------------------------------------------
PROPERTY/LOCATION CUT-OFF DATE BALANCE APPRAISED VALUE LTV UNITS OCCUPANCY
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Harbor Pointe Apartments $18,378,727 $24,000,000 76.58% 600 92.0%
Orlando, FL
-------------------------------------------------------------------------------------------------------------------
Brittany at Waterford Lakes 15,831,186 21,000,000 75.39 276 98.0
Orlando, FL
-------------------------------------------------------------------------------------------------------------------
Cross Timbers Apartments 15,082,076 19,200,000 78.55 253 94.0
Morrisville, NC
-------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE $49,291,990 $64,200,000 76.80% 1129 94.5%
-------------------------------------------------------------------------------------------------------------------
</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
AMERISUITES
-------------------------------------------------------------------------------
------------------------------------------------------------------
SENIOR MORTGAGE LOAN INFORMATION
------------------------------------------------------------------
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $31,500,000 $31,468,201
% OF POOL BY UPB 2.47%
ORIGINATOR: GMACCM
NOTE DATE: October 19, 2000
INTEREST RATE: 8.44385%
AMORTIZATION: 25 years
MATURITY DATE: November 1, 2010
BORROWER/SPONSOR: The Borrower is EQI Financing V, LP, a single purpose,
bankruptcy-remote entity sponsored by Equity Inns,
Inc. (NYSE: ENN).
CALL PROTECTION: Prepayment lockout for twenty-four months; U.S.
Treasury defeasance thereafter
CROSS-COLLATERALIZATION/ Yes / Yes
DEFAULT:
ADDITIONAL FINANCING: There is an additional companion loan secured by the
first mortgage of the related loan pair with a cut-off
date principal balance $4,495,457. This loan is fully
subordinate to the related senior mortgage loan.
CASH MANAGEMENT: Hard Lockbox
RESERVES: Monthly Tax: $87,087.83
Debt Service: $73,112.22
Replacement: 4% of operating revenues
if trailing twelve-month
DSCR falls below 1.45x
------------------------------------------------------------------
PROPERTY INFORMATION
------------------------------------------------------------------
SINGLE ASSET/PORTFOLIO: Portfolio
PROPERTY TYPE: Hospitality
LOCATION: Various
YEAR BUILT / RENOVATED: 1986-1997/1998-1999
THE COLLATERAL: The loan is secured by eight hotels with a total
of 965 units located throughout the United
States.
PROPERTY MANAGEMENT: Six of the properties are managed by Prime
Hospitality Corp. One is managed by Interstate
Hotels Management, Inc. One is managed by
Meristar Management Company, LLC.
CURRENT OCCUPANCY (9/1/00): 74.6%
UNDERWRITTEN NET CASH FLOW: $6,175,617
APPRAISED VALUE: $70,800,000
APPRAISAL DATE: August, 2000
CUT-OFF DATE LOAN/UNIT: $32,610
CUT-OFF DATE LTV: 44.45%
BALLOON LTV: 36.92%
UWNCF DSCR: 2.03x
------------------------------------------------------------------
------------------------------------------------------------------
LOAN GROUP INFORMATION
------------------------------------------------------------------
LOAN GROUP CUT-OFF DATE $35,963,658
PRINCIPAL BALANCE:
LOAN GROUP CUT-OFF DATE $37,268
PRINCIPAL BALANCE/UNIT:
LOAN GROUP INTEREST RATE: 8.25%
LOAN GROUP UWNCF DSCR: 1.81x
LOAN GROUP CUT-OFF DATE LTV: 50.80%
------------------------------------------------------------------
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
AMERISUITES
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
COLLATERAL DETAILS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
PROPERTY CITY STATE # OF UNITS YEAR BUILT OCCUPANCY (A) ADR (A) CUT-OFF DATE
BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AmeriSuites Tampa Tampa Florida 126 1994 72.4% $94.59 6,721,957
-----------------------------------------------------------------------------------------------------------------------------------
AmeriSuites Linthicum Heights Linthicum Maryland 128 1996 83.4 86.81 5,678,262
-----------------------------------------------------------------------------------------------------------------------------------
AmeriSuites Albuquerque Albuquerque New Mexico 128 1997 79.6 68.49 5,314,629
-----------------------------------------------------------------------------------------------------------------------------------
Residence Inn Somers Point Somers Point New Jersey 120 1986 75.8 105.21 4,720,230
-----------------------------------------------------------------------------------------------------------------------------------
AmeriSuites Birmingham Hoover Alabama 128 1997 69.4 67.30 2,925,668
-----------------------------------------------------------------------------------------------------------------------------------
Homewood Suites Germantown Germantown Tennessee 92 1996 66.1 86.64 2,672,175
-----------------------------------------------------------------------------------------------------------------------------------
AmeriSuites Forest Park Forest Park Ohio 126 1992 62.2 72.33 2,211,515
-----------------------------------------------------------------------------------------------------------------------------------
AmeriSuites Flagstaff Flagstaff Arizona 117 1993 71.7 60.52 1,223,763
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 965 74.6% $80.00 $31,468,201
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Occupancy and ADR as of 8/00
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.
