Banc of America Merrill Lynch Commercial Mortgage
Filed: 22 Nov 04, 12:00am
ANNEX A CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS LOAN LOAN LOAN SEQUENCE NUMBER GROUP SELLER PROPERTY NAME -------- ------ ----- ------ ------------- 1 GA20599 2 GACC Ocean Residences 2.1 760032557 2 GERE Princeton Court Apartments 2.2 760032557 2 GERE Princeton Arms Apartments 2 760032557 2 GERE PRINCETON ARMS & COURT (ROLL UP) 3 58206 1 BOFA Abbey West Apartments 4 57487 1 BOFA Sterling University Villa 5 58340 2 BOFA Acerno Villas Apartments 6 760032873 2 GERE Saddlebrook Apartments 7 58396 2 BOFA AMLI Timberglen 8 760033071 2 GERE Huntington Apartments 9.1 DBM20554 1 GACC 304 East 89th Street 9.2 DBM20554 1 GACC 406 East 64th Street 9 DBM20554 1 GACC ANNUNZIATA MULTIFAMILY PORTFOLIO I (ROLL UP) 10.1 DBM20555 1 GACC 308 West 109th Street 10.2 DBM20555 1 GACC 462 West 51st Street 10 DBM20555 1 GACC ANNUNZIATA MULTIFAMILY PORTFOLIO II (ROLL UP) SUB-TOTAL CROSSED LOANS 11 760032702 2 GERE Quail Run / Southpointe 12 760032898 2 GERE Summit Place Apartments 13 760032111 2 GERE Cascades Apts - Phoenix, AZ 14 55832 2 BOFA CLK - Paddock Place Apartments 15 DBM20218 2 GACC Country Club Ridge 16 760033784 2 GERE Fairmeadow Apartments 17 760033033 2 GERE North Oak Apartments 18 760032429 2 GERE Brook Lyn Apartments 19 58296 1 BOFA Simon - Cheltenham Square Mall 20 DBM20193 1 GACC Congressional Village 21 DBM20192 1 GACC Jefferson at Congressional (Land) SUB-TOTAL CROSSED LOANS 22 58118 1 BOFA James River Towne Center 23 58421 1 BOFA Koreatown Galleria 24 760033366 1 GERE Plaza 205 25 58312 1 BOFA The Falls at Ocotillo 26 760033841 1 GERE Roswell Village 27 58317 1 BOFA Richmond Hill Road Plaza 28 760032781 1 GERE Fredericksburg Westwood Center Retail 29 760033463 1 GERE Bluffton Commons 30 760032500 1 GERE Village of Woodland Hills 31 58384 1 BOFA Villa Monaco Shopping Center 32 58275 1 BOFA Beach Western Commons 33 58310 1 BOFA Home Depot Center 34 760032844 1 GERE Prescott Valley Shopping Center 35 58383 1 BOFA Shoppes at Victoria Square 36 58137 1 BOFA The Marketplace at Hollywood Park 37 58129 1 BOFA Santa Rosa Plaza 38 58091 1 BOFA Milledgeville Shops 39 760032563 1 GERE Park Place Shopping Center 40 760032538 1 GERE Arts Industria Building 41 760032349 1 GERE Brookhollow Village Shopping Center 42 58192 1 BOFA West Marine Plaza 43 58202 1 BOFA Walgreens - Sacramento, CA 44 58358 1 BOFA Office Depot/ Michael's 45 58367 1 BOFA Sonterra Park Market 46 DBM20423 1 GACC Dutch Village 47 760032273 1 GERE Smoky Hill Town Center Phase II 48 760032361 1 GERE Texas Station Shopping Center 49 760032371 1 GERE Beechnut 50 58399 1 BOFA Bank of America Center 51.1 760032545 1 GERE 2115 Wisconsin Avenue, NW 51.2 760032545 1 GERE 1600 K Street, NW 51 760032545 1 GERE ICG PORTFOLIO (ROLL UP) 52 DBM20357 1 GACC Corporate Center 53 760032482 1 GERE Omega Corporate Center 54.1 57840 1 BOFA Sunrise Medical Tower I 54.2 57840 1 BOFA Sunrise Medical Tower II 54 57840 1 BOFA SUNRISE MEDICAL TOWER I & II (ROLL UP) 55 57839 1 BOFA Sunrise Medical Tower III 56 57842 1 BOFA Sunrise Medical Tower V 57 57843 1 BOFA Sunrise Medical Tower IV SUB-TOTAL CROSSED LOANS 58 58419 1 BOFA Medical Mutual of Ohio - Toledo 59 760032106 1 GERE Riverview Plaza 60 760032704 1 GERE Truxtun Avenue 61 57851 1 BOFA Medical Family Health Center 62 760033688 1 GERE 3100 Weslayan 63 57855 1 BOFA Black Hills Medical Park 64 760032628 1 GERE North County Corporate Center 65 58054 1 BOFA L'Oreal Warehouse 66 58144 1 BOFA Tamal Vista Warehouse 67 760032489 1 GERE Commonwealth Commerces Center 68.1 760032401 1 GERE 10 Alvin Court 68.2 760032401 1 GERE 1 Kimberly Road 68 760032401 1 GERE 1 KIMBERLY ROAD & 10 ALVIN COURT (ROLL UP) 69 760032649 1 GERE Rush Creek II 70 58381 1 BOFA TRAK Microwave Industrial Building 71 760032537 1 GERE Stor All - Tchoupitoulas 72 760032540 1 GERE Stor All - Gentilly 73 58435 1 BOFA All Storage Mustang Road 74 760032832 1 GERE Storage USA - Savi Ranch 75 58404 1 BOFA Cypress Self Storage 76 760032543 1 GERE Malibu Self Storage 77 58386 1 BOFA A-1 North Hollywood Self Storage 78 760032730 1 GERE Storage USA Waldorf 79 58357 1 BOFA Nob Hill Self Storage 80 760032835 1 GERE Boulder Bins Self Storage 81 760032833 1 GERE American Self Storage 82 760032834 1 GERE Ross Valley Self Storage 83 760032660 1 GERE Summit Plaza Self Storage 84 760032929 1 GERE Storage USA - Tamarisk 85 760032235 1 GERE Power Self Storage 86 760032565 1 GERE Storage One at Tenaya 87 760032967 1 GERE Lockaway SS - Hollywood 88 760032181 1 GERE Storage Choice Sugar Land 89 760032179 1 GERE Storage Choice - Pearland 90 58387 1 BOFA A-1 Santa Ana Self Storage 91 760033072 1 GERE Redline Self Storage 92 760032184 1 GERE Storage Columbus Macon Road 93 GA20413 1 GACC Charles Square 94 GA20315 1 GACC Rentar Plaza 95.1 58215 1 BOFA Sun Communities Portfolio 4 - Lafayette Place 95.2 58215 1 BOFA Sun Communities Portfolio 4 - Lake San Marino 95.3 58215 1 BOFA Sun Communities Portfolio 4 - Lake Juliana Landings 95.4 58215 1 BOFA Sun Communities Portfolio 4 - Four Seasons 95 58215 1 BOFA SUN COMMUNITIES PORTFOLIO 4 (ROLL UP) 96 58216 1 BOFA Sun Communities - Southfork SUB-TOTAL CROSSED LOANS 97.1 58232 1 BOFA Sun Communities Portfolio 13 - Siesta Bay 97.2 58232 1 BOFA Sun Communities Portfolio 13 - Candlelight Village 97 58232 1 BOFA SUN COMMUNITIES PORTFOLIO 13 (ROLL UP) 98 58212 1 BOFA Sun Communities - Bonita Lake SUB-TOTAL CROSSED LOANS 99 58258 2 BOFA Zeman Portfolio - Alpine Village 100 58284 1 BOFA Zeman Portfolio - Shady Oaks I & II 101 58282 1 BOFA Zeman Portfolio - Pleasant Valley MHC and Self Storage 102 58262 2 BOFA Zeman Portfolio - Edgebrook 103 58270 2 BOFA Zeman Portfolio - Maple Grove Estates 104 58290 2 BOFA Zeman Portfolio - Valley Oaks 105 58261 2 BOFA Zeman Portfolio - Colonial Estates 106 58287 1 BOFA Zeman Portfolio - Sunny Acres 107 760032689 1 GERE Kennedy Meadows MHC 108 760033701 1 GERE Courtyard Springfield 109 58448 1 BOFA Hampton Inn - Colton, CA - ---------------------------------------------------------------------------------------------------------------------------------- ================================================================================================================================== SEQUENCE PROPERTY ADDRESS COUNTY -------- ---------------- ------ 1 One West Street New York 2.1 Estates Boulevard off Whitehorse Mercervile Road Mercer 2.2 8 Dorchester Drive Mercer 2 Various Mercer 3 250 Epps Bridge Parkway Clarke 4 2550 West Ironwood Hills Drive Pima 5 9500 West Maule Avenue Clark 6 9000 Chapel Drive McLennan 7 3565 Timberglen Road Denton 8 11755 Norbourne Drive Hamilton 9.1 304 East 89th Street New York 9.2 406 East 64th Street New York 9 Various New York 10.1 308 West 109th Street New York 10.2 462 West 51st Street New York 10 Various New York 11 6220 North Murray Avenue Berkeley 12 2350 Windward Lane Hall 13 3550 East Campbell Avenue Maricopa 14 2655 Union Hall Road Montgomery 15 1-101 Rockledge Road / 131-159 East Hartsdale Avenue Westchester 16 7800 West Airport Boulevard Harris 17 1417 North Nursery Road Dallas 18 510 Brooke Lyn Drive Jefferson 19 2385 Cheltenham Avenue Philadelphia 20 1701-1765 Rockville Pike, 104-109 Halpine Road, 143 Rollins Avenue Montgomery 21 198 Halpine Road Montgomery 22 1829-3825 East Independence Street Greene 23 3250 W. Olympic Boulevard Los Angeles 24 10302, & 10522-42 Southeast Washington Street Multnomah 25 1025 - 1095 West Queen Creek Road Maricopa County 26 593 Holcomb Bridge Road Fulton 27 77 Richmond Hill Road & 2391 Richmond Avenue Richmond 28 1905-2501 Plank Road Fredericksburg 29 80 & 95 Baylor Drive Beaufort 30 6808 South Memorial Drive Tulsa 31 2223 S. Monaco Parkway Denver 32 6650 North Beach Street Tarrant 33 1301 West Patrick Street Frederick 34 7680-7860 East Highway 69 Yavapai 35 247 SW Port Saint Lucie Boulevard #295 Saint Lucie 36 3451 West Century Boulevard Los Angeles 37 5800 Santa Rosa Road Venture 38 2600 North Columbia Street Baldwin 39 2100 West Northwest Highway Tarrant 40 415 South Cedros Avenue San Diego 41 14902-14990 Northwest Freeway Harris 42 4441-4449 Granite Drive Placer 43 4495 Mack Road Sacramento 44 3065 Atlanta Highway (Route 78) Clarke 45 1321 North Loop 1604 East Bexar 46 2531 East Lyon Station Road Granville 47 20209 East Smokey Hill Road Arapahoe 48 9832 York Road Baltimore 49 10204-10208 Beechnut Harris 50 555 California Street, 315 Montgomery Street, and 345 Montgomery Street San Francisco 51.1 2115 Wisconsin Ave NorthWest District of Columbia 51.2 1600 K Street NorthWest District of Columbia 51 Various District of Columbia 52 110 East Broward Boulevard Broward 53 1000 Omega Drive Allegheny 54.1 3201 S. Maryland Parkway Clark 54.2 3121 S. Maryland Parkway Clark 54 Various Clark 55 3006 S. Maryland Parkway Clark 56 3101 S. Maryland Parkway Clark 57 3196 S. Maryland Parkway Clark 58 3737 Sylvania Avenue Lucas 59 63 South Royal Street Mobile 60 5701 Truxton Avenue Kern 61 2825 N State Road 7 Broward 62 3100 Weslayan Harris 63 402-412 Black Hills Lane, SW Thurston 64 990 - 995 Joshua Way/2750 - 2765 Progress Street San Diego 65 10345 Philipp Parkway Portage 66 195-201-205 Tamal Vista Boulevard Marin 67 7033 Commonwealth Avenue Duval 68.1 10 Alvin Court Middlesex 68.2 1 Kimberly Road Middlesex 68 Various Middlesex 69 438, 480 & 510 East Wilson Bridge Road Franklin 70 4726 Eisenhower Boulevard Hillsborough 71 4700 Tchoupitoulas Street Orleans Parish 72 4601 Chef Menteur Highway Orleans Parish 73 515 North Mustang Road Canadian 74 8180 East Old Canal Road Orange 75 7755 Preserve Lane Collier 76 4866 East Russell Road Clark 77 5310 Vineland Avenue Los Angeles 78 72B Industrial Park Drive Charles 79 10325 West Broward Boulevard Broward 80 4900 North Broadway Marin 81 1985 East Bayshore Road San Mateo 82 890 College Avenue Marin 83 4375 East Sahara Avenue Clark 84 2711 East Tamarisk Road Riverside 85 73-4854 Kanalani Street Hawaii 86 3900 North Tenaya Way Clark 87 5138 Sunset Boulevard Los Angeles 88 9870 Highway 90 A Fort Bend 89 5710 Broadway Brazoria 90 2555 South Main Street Orange 91 7111 McNeil Lane Orange 92 6751 Macon Road Muscogee 93 One Bennett Street Middlesex 94 66-26 Metropolitan Avenue Queens 95.1 21155 Warner Avenue Macomb 95.2 1000 Wiggins Pass Road Collier 95.3 166 Juliana Boulevard Polk 95.4 1350 Country Road 3 Elkhart 95 Various Various 96 1301 North Scott Cass 97.1 19333 Summerlin Road Lee 97.2 4 Candlelight Drive Cook 97 Various Various 98 26325 Old 41 Road Lee 99 21425 Lincoln Highway Cook 100 5097 Shady Oaks Road Grundy 101 2999 McCool Road Porter 102 1801 Dekalb Ave DeKalb 103 3800 Belvidere Road Lake 104 6208 Lawn Drive Cook 105 14139 Western Avenue Cook 106 200 Franklin Drive Kankakee 107 2096 Kennedy Circle Northeast Marion 108 6710 Commerce Street Fairfax 109 250 N. 9th Street San Bernardino - ------------------------------------------------------------------------------------------------------------------------- 109 LOANS ========================================================================================================================= ZIP PROPERTY SEQUENCE CITY STATE CODE TYPE PROPERTY SUBTYPE -------- ---- ----- ---- ---- ---------------- 1 New York NY 10004 Multifamily Mid-rise w/ Retail 2.1 Hamilton Township NJ 08650 Multifamily Garden Style 2.2 East Windsor Township NJ 08512 Multifamily Garden Style 2 Various NJ Various Multifamily Garden Style 3 Athens GA 30606 Multifamily Student 4 Tucson AZ 85745 Multifamily Student 5 Las Vegas NV 89148 Multifamily Garden Style 6 Waco TX 76712 Multifamily Garden Style 7 Dallas TX 75287 Multifamily Garden Style 8 Cincinnati OH 45240 Multifamily Garden Style 9.1 New York NY 10128 Multifamily Mid-rise 9.2 New York NY 10021 Multifamily Mid-rise 9 New York NY Various Multifamily Mid-rise 10.1 New York NY 10025 Multifamily Mid-rise 10.2 New York NY 10019 Multifamily Mid-rise 10 New York NY Various Multifamily Mid-rise 11 Hanahan SC 29406 Multifamily Garden Style 12 Gainesville GA 30501 Multifamily Garden Style 13 Phoenix AZ 85018 Multifamily Multifamily 14 Clarksville TN 37040 Multifamily Garden Style 15 Hartsdale NY 10530 Multifamily Co-op 16 Houston TX 77071 Multifamily Garden Style 17 Irving TX 75061 Multifamily Multifamily (Tax Credit) 18 Pleasant Grove AL 35127 Multifamily Garden Style 19 Philadelphia PA 19150 Retail Anchored 20 Rockville MD 20852 Retail Shadow Anchored 21 Rockville MD 20852 Land Land, Development 22 Springfield MO 65804 Retail Anchored 23 Los Angeles CA 90006 Retail Anchored 24 Portland OR 97206 Retail Anchored 25 Chandler AZ 85248 Retail Shadow Anchored 26 Roswell GA 30076 Retail Anchored 27 Staten Island NY 10314 Retail Unanchored 28 Fredericksburg VA 22401 Retail Anchored 29 Bluffton SC 29910 Retail Anchored 30 Tulsa OK 74133 Retail Shadow Anchored 31 Denver CO 80222 Retail Anchored 32 Fort Worth TX 76137 Retail Anchored 33 Frederick MD 21702 Retail Anchored 34 Prescott Valley AZ 86314 Retail Anchored 35 Port Saint Lucie FL 34984 Retail Anchored 36 Inglewood CA 90303 Retail Shadow Anchored 37 Camarillo CA 93012 Retail Anchored 38 Milledgeville GA 31061 Retail Shadow Anchored 39 Grapevine TX 76051 Retail Shadow Anchored 40 Solana Beach CA 92075 Retail Unanchored 41 Houston TX 77040 Retail Shadow Anchored 42 Rocklin CA 95677 Retail Unanchored 43 Sacramento CA 95823 Retail Anchored 44 Athens GA 30606 Retail Anchored 45 San Antonio TX 78253 Retail Shadow Anchored 46 Creedmoor NC 27522 Retail Anchored 47 Cenntennial CO 80015 Retail Shadow Anchored 48 Cockeysville MD 21030 Retail Unanchored 49 Houston TX 77072 Retail Shadow Anchored 50 San Francisco CA 94104 Office CBD 51.1 Washington DC 20007 Office Mixed 51.2 Washington DC 20006 Office Mixed 51 Washington DC Various Office Mixed 52 Fort Lauderdale FL 33301 Office CBD 53 Pittsburgh PA 15205 Office Office 54.1 Las Vegas NV 89109 Office Medical 54.2 Las Vegas NV 89109 Office Medical 54 Las Vegas NV 89109 Office Medical 55 Las Vegas NV 89109 Office Medical 56 Las Vegas NV 89109 Office Medical 57 Las Vegas NV 89109 Office Medical 58 Toledo OH 43623 Office Single Tenant Credit 59 Mobile AL 36602 Office Office 60 Bakersfield CA 93309 Office Office 61 Margate FL 33063 Office Medical 62 Houston TX 77027 Office Office 63 Olympia WA 98502 Office Medical 64 Vista CA 92081 Industrial Industrial - Warehouse 65 Streetsboro OH 44241 Industrial Single Tenant Non-Credit 66 Corte Madera CA 94925 Industrial Warehouse 67 Jacksonville FL 32220 Industrial Industrial - Warehouse 68.1 East Brunswick NJ 08816 Industrial Industrial - Office/Warehouse 68.2 East Brunswick NJ 08816 Industrial Industrial - Office/Warehouse 68 East Brunswick NJ 08816 Industrial Industrial - Office/Warehouse 69 Worthington OH 43085 Industrial Mixed 70 Tampa FL 33634 Industrial Single Tenant Credit 71 New Orleans LA 70115 Self Storage Self Storage 72 New Orleans LA 70126 Self Storage Self Storage 73 Mustang OK 73064 Self Storage Self Storage 74 Anaheim CA 92807 Self Storage Self Storage 75 Naples FL 34119 Self Storage Self Storage 76 Las Vegas NV 89120 Self Storage Self Storage 77 North Hollywood CA 91601 Self Storage Self Storage 78 Waldorf MD 20602 Self Storage Self Storage 79 Plantation FL 33324 Self Storage Self Storage 80 Boulder CO 90304 Self Storage Self Storage 81 East Palo Alto CA 94303 Self Storage Self Storage 82 Kentfield CA 94904 Self Storage Self Storage 83 Las Vegas NV 89104 Self Storage Self Storage 84 Palm Springs CA 92262 Self Storage Self Storage 85 Kailua-Kona HI 96740 Self Storage Self Storage 86 Las Vegas NV 89129 Self Storage Self Storage 87 Hollywood CA 90027 Self Storage Self Storage 88 Sugarland TX 77478 Self Storage Self Storage 89 Pearland TX 77581 Self Storage Self Storage 90 Santa Ana CA 92707 Self Storage Self Storage 91 Buena Park CA 90620 Self Storage Self Storage 92 Columbus GA 31907 Self Storage Self Storage 93 Cambridge MA 02138 Mixed Use Hotel / Office / Retail 94 Middle Village NY 11379 Mixed Use Industrial/Retail 95.1 Warren MI 48091 Manufactured Housing Communities Manufactured Housing Communities 95.2 Naples FL 34110 Manufactured Housing Communities Manufactured Housing Communities 95.3 Auburndale FL 33823 Manufactured Housing Communities Manufactured Housing Communities 95.4 Elkhart IN 46514 Manufactured Housing Communities Manufactured Housing Communities 95 Various Various Various Manufactured Housing Communities Manufactured Housing Communities 96 Belton MO 64012 Manufactured Housing Communities Manufactured Housing Communities 97.1 Fort Myers FL 33908 Manufactured Housing Communities Manufactured Housing Communities 97.2 Sauk Village IL 60411 Manufactured Housing Communities Manufactured Housing Communities 97 Various Various Various Manufactured Housing Communities Manufactured Housing Communities 98 Bonita Springs FL 34135 Manufactured Housing Communities Manufactured Housing Communities 99 Lynwood IL 60411 Manufactured Housing Communities Manufactured Housing Communities 100 Minooka IL 60447 Manufactured Housing Communities Manufactured Housing Communities 101 Portage IN 46368 Manufactured Housing Communities Manufactured Housing Communities 102 Sycamore IL 60178 Manufactured Housing Communities Manufactured Housing Communities 103 Park City IL 60085 Manufactured Housing Communities Manufactured Housing Communities 104 Hodgkins IL 60525 Manufactured Housing Communities Manufactured Housing Communities 105 Dixmoor IL 60406 Manufactured Housing Communities Manufactured Housing Communities 106 Manteno IL 60950 Manufactured Housing Communities Manufactured Housing Communities 107 Keizer OR 97303 Manufactured Housing Communities Manufactured Housing Communities 108 Springfield VA 22150 Hotel Full Service 109 Colton CA 92324 Hotel Limited Service - ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== CUT-OFF MATURITY ORIGINAL DATE DATE LOAN MORTGAGE ADMINISTRATIVE SEQUENCE BALANCE BALANCE BALANCE TYPE RATE FEE RATE (I) -------- ------- ------- ------- ---- ---- ------------ 1 $90,000,000 $90,000,000 $90,000,000 Interest Only 4.797% 0.032% 2.1 12,984,055 12,887,137 5,570,455 2.2 12,015,945 11,926,254 5,155,114 2 25,000,000 24,813,391 10,725,569 Balloon 4.840% 0.032% 3 14,000,000 13,952,718 12,921,120 Balloon 4.950% 0.122% 4 13,600,000 13,600,000 11,478,594 IO, Balloon 4.920% 0.122% 5 12,400,000 12,400,000 10,964,497 IO, Balloon 5.827% 0.122% 6 11,750,000 11,750,000 10,383,380 IO, Balloon 5.790% 0.032% 7 10,400,000 10,400,000 10,400,000 Interest Only 4.980% 0.122% 8 9,140,000 9,140,000 8,578,001 IO, Balloon 4.800% 0.032% 9.1 2,514,706 2,514,706 2,325,976 9.2 2,235,294 2,235,294 2,067,534 9 4,750,000 4,750,000 4,393,511 Balloon 5.100% 0.032% 10.1 1,623,810 1,623,810 1,501,942 10.2 1,476,190 1,476,190 1,365,402 10 3,100,000 3,100,000 2,867,344 Balloon 5.100% 0.032% ---------------------------------------------------------------- 7,850,000 7,850,000 7,260,854 11 7,600,000 7,578,419 6,405,551 Balloon 5.730% 0.032% 12 6,400,000 6,386,934 5,356,161 Balloon 5.500% 0.032% 13 6,130,000 6,123,788 5,459,221 Balloon 5.200% 0.032% 14 5,610,000 5,610,000 5,191,506 IO, Balloon 5.120% 0.122% 15 5,500,000 5,500,000 4,615,659 IO, Balloon 5.590% 0.032% 16 4,240,000 4,240,000 4,240,000 Interest Only 4.740% 0.032% 17 4,000,000 3,995,547 3,683,881 Balloon 4.800% 0.032% 18 3,400,000 3,400,000 2,846,268 Balloon 5.510% 0.032% 19 54,941,036 54,941,036 51,393,858 IO, Balloon 5.890% 0.042% 20 32,500,000 32,500,000 28,446,664 IO, Balloon 6.280% 0.032% 21 18,500,000 18,500,000 16,192,716 IO, Balloon 6.280% 0.032% ---------------------------------------------------------------- 51,000,000 51,000,000 44,639,380 22 26,250,000 26,080,467 17,095,011 Balloon 5.680% 0.122% 23 21,000,000 20,979,479 17,497,412 Balloon 5.350% 0.122% 24 16,000,000 16,000,000 14,430,057 IO, Balloon 5.820% 0.032% 25 14,800,000 14,800,000 13,383,915 IO, Balloon 5.956% 0.122% 26 12,300,000 12,300,000 10,296,794 Balloon 5.510% 0.032% 27 12,000,000 11,977,977 10,189,737 Balloon 5.986% 0.122% 28 10,860,000 10,850,999 9,227,766 Balloon 6.000% 0.032% 29 10,180,000 10,180,000 8,934,605 IO, Balloon 5.500% 0.032% 30 9,500,000 9,481,631 8,010,922 Balloon 5.750% 0.032% 31 9,150,000 9,150,000 8,209,678 IO, Balloon 5.560% 0.122% 32 8,800,000 8,800,000 7,804,710 IO, Balloon 5.960% 0.122% 33 8,450,000 8,425,873 7,116,837 Balloon 5.706% 0.122% 34 7,500,000 7,492,363 6,215,735 Balloon 5.180% 0.032% 35 6,750,000 6,750,000 6,060,589 IO, Balloon 5.595% 0.122% 36 6,500,000 6,500,000 5,734,883 IO, Balloon 5.731% 0.122% 37 6,000,000 5,984,613 5,121,837 Balloon 6.165% 0.122% 38 5,100,000 5,081,851 4,326,589 Balloon 5.941% 0.122% 39 4,300,000 4,287,507 3,613,296 Balloon 5.630% 0.032% 40 4,250,000 4,241,656 3,576,322 Balloon 5.680% 0.032% 41 4,000,000 3,991,922 3,352,723 Balloon 5.550% 0.032% 42 3,900,000 3,885,793 3,519,047 Balloon 5.843% 0.122% 43 3,600,000 3,590,602 3,066,489 Balloon 6.090% 0.122% 44 3,500,000 3,495,221 2,686,888 Balloon 5.650% 0.122% 45 3,490,000 3,483,384 2,950,842 Balloon 5.840% 0.122% 46 2,900,000 2,900,000 2,504,679 IO, Balloon 5.750% 0.032% 47 2,600,000 2,595,060 2,197,685 Balloon 5.830% 0.032% 48 2,600,000 2,591,377 2,224,222 Balloon 6.230% 0.032% 49 2,350,000 2,345,325 1,973,918 Balloon 5.620% 0.032% 50 137,000,000 137,000,000 137,000,000 Interest Only 4.867% 0.052% 51.1 35,592,251 35,592,251 33,571,617 51.2 14,907,749 14,907,749 14,061,410 51 50,500,000 50,500,000 47,633,027 IO, Balloon 5.230% 0.032% 52 32,900,000 32,900,000 31,114,632 IO, Balloon 5.470% 0.032% 53 24,900,000 24,900,000 16,106,000 Balloon 5.510% 0.032% 54.1 3,846,251 3,811,830 3,243,209 54.2 4,387,131 4,347,868 3,699,285 54 8,233,382 8,159,698 6,942,494 Balloon 5.743% 0.122% 55 8,037,518 7,965,587 6,777,338 Balloon 5.743% 0.122% 56 2,365,111 2,343,945 1,994,292 Balloon 5.743% 0.122% 57 1,161,020 1,150,630 978,986 Balloon 5.743% 0.122% ---------------------------------------------------------------- 19,797,031 19,619,859 16,693,110 58 19,266,000 19,248,573 16,206,576 Balloon 5.661% 0.122% 59 10,700,000 10,660,341 9,647,088 Balloon 5.820% 0.032% 60 5,000,000 4,995,476 4,205,877 Balloon 5.660% 0.032% 61 4,970,000 4,919,320 4,598,714 Balloon 5.116% 0.122% 62 4,650,000 4,650,000 4,098,473 IO, Balloon 5.690% 0.032% 63 3,806,125 3,766,031 3,513,441 Balloon 4.955% 0.122% 64 26,660,000 26,660,000 26,660,000 Interest Only 5.020% 0.032% 65 20,200,000 20,200,000 16,338,066 IO, Balloon 5.285% 0.122% 66 11,300,000 11,269,865 9,600,295 Balloon 6.000% 0.122% 67 9,285,000 9,266,530 7,799,078 Balloon 5.620% 0.032% 68.1 3,526,882 3,526,882 3,100,614 68.2 2,623,118 2,623,118 2,306,081 68 6,150,000 6,150,000 5,406,696 IO, Balloon 5.580% 0.032% 69 5,040,000 5,026,401 4,275,656 Balloon 5.950% 0.032% 70 4,300,000 4,291,233 3,599,332 Balloon 5.506% 0.122% 71 7,150,000 7,117,695 6,027,197 Balloon 5.800% 0.032% 72 6,850,000 6,819,050 5,774,308 Balloon 5.800% 0.032% 73 6,700,000 6,693,548 5,592,932 Balloon 5.410% 0.122% 74 6,600,000 6,600,000 5,735,978 IO, Balloon 6.020% 0.032% 75 6,075,000 6,075,000 5,304,125 IO, Balloon 5.733% 0.122% 76 5,775,000 5,775,000 5,107,962 IO, Balloon 5.840% 0.032% 77 5,700,000 5,683,300 4,364,212 Balloon 5.580% 0.122% 78 5,669,000 5,644,084 5,095,306 Balloon 5.490% 0.032% 79 5,600,000 5,600,000 4,854,631 IO, Balloon 5.900% 0.122% 80 5,510,000 5,493,911 4,689,660 Balloon 5.600% 0.032% 81 5,000,000 4,985,326 4,252,683 Balloon 5.570% 0.032% 82 4,300,000 4,291,353 3,857,981 Balloon 5.570% 0.032% 83 4,100,000 4,077,738 3,512,667 Balloon 5.880% 0.032% 84 3,915,000 3,899,418 3,045,941 Balloon 6.050% 0.032% 85 3,750,000 3,739,810 3,178,495 Balloon 5.920% 0.032% 86 3,600,000 3,584,989 3,077,394 Balloon 5.790% 0.032% 87 3,375,000 3,375,000 2,981,550 IO, Balloon 5.790% 0.032% 88 3,100,000 3,091,537 2,626,012 Balloon 5.900% 0.032% 89 3,100,000 3,087,325 2,399,795 Balloon 5.900% 0.032% 90 3,000,000 2,994,032 2,519,896 Balloon 5.620% 0.122% 91 2,182,000 2,175,553 1,962,344 Balloon 5.530% 0.032% 92 2,152,000 2,140,941 1,682,019 Balloon 6.180% 0.032% 93 77,000,000 77,000,000 72,576,797 IO, Balloon 5.426% 0.032% 94 52,000,000 52,000,000 52,000,000 Interest Only 4.669% 0.032% 95.1 8,049,415 8,049,415 7,428,369 95.2 7,891,583 7,891,583 7,282,714 95.3 5,997,603 5,997,603 5,534,863 95.4 5,681,940 5,681,940 5,243,554 95 27,620,542 27,620,542 25,489,500 IO, Balloon 4.931% 0.122% 96 13,360,000 13,360,000 12,329,219 IO, Balloon 4.931% 0.122% ---------------------------------------------------------------- 40,980,542 40,980,542 37,818,719 97.1 27,246,133 27,246,133 25,143,978 97.2 9,241,065 9,241,065 8,528,077 97 36,487,198 36,487,198 33,672,055 IO, Balloon 4.931% 0.122% 98 1,520,000 1,520,000 1,402,725 IO, Balloon 4.931% 0.122% ---------------------------------------------------------------- 38,007,198 38,007,198 35,074,780 99 17,442,282 17,442,282 15,078,276 IO, Balloon 5.789% 0.122% 100 12,332,985 12,332,985 11,637,112 IO, Balloon 5.262% 0.122% 101 7,892,026 7,892,026 7,469,422 IO, Balloon 5.521% 0.122% 102 6,800,000 6,800,000 6,435,872 IO, Balloon 5.521% 0.122% 103 6,476,490 6,476,490 6,131,644 IO, Balloon 5.436% 0.122% 104 4,847,604 4,847,604 4,588,024 IO, Balloon 5.521% 0.122% 105 4,704,730 4,704,730 4,452,800 IO, Balloon 5.521% 0.122% 106 3,784,282 3,784,282 3,581,640 IO, Balloon 5.521% 0.122% 107 2,225,000 2,217,757 2,058,697 Balloon 5.120% 0.032% 108 13,650,000 13,650,000 12,298,844 Balloon 5.650% 0.032% 109 4,100,000 4,100,000 3,199,917 Balloon 6.150% 0.122% - ----------------------------------------------------------------------------------------------------------------------------------- $1,363,461,331 $1,362,129,068 $1,224,408,380 5.382% 0.064% =================================================================================================================================== ORIGINAL ORIGINAL SUB- NET FIRST INTEREST TERM TO AMORTIZATION SERVICING MORTGAGE NOTE PAYMENT ACCRUAL MONTHLY MATURITY TERM SEQUENCE FEE RATE RATE DATE DATE METHOD PAYMENT (MONTHS) (MONTHS) (II) -------- -------- ---- ---- ---- ------ ------- -------- ------------- 1 0.020% 4.765% 10/15/2004 12/1/2004 ACT/360 60 2.1 2.2 2 0.020% 4.808% 8/12/2004 10/1/2004 ACT/360 $195,621 120 180 3 0.100% 4.828% 7/28/2004 9/1/2004 ACT/360 74,728 60 360 4 0.100% 4.798% 7/2/2003 9/1/2003 ACT/360 72,344 132 360 5 0.100% 5.705% 7/27/2004 9/1/2004 ACT/360 72,971 120 360 6 0.020% 5.758% 6/30/2004 8/1/2004 ACT/360 68,869 120 360 7 0.100% 4.858% 8/17/2004 10/1/2004 ACT/360 60 8 0.020% 4.768% 8/20/2004 10/1/2004 ACT/360 47,954 60 360 9.1 9.2 9 0.020% 5.068% 10/20/2004 12/1/2004 ACT/360 25,790 60 360 10.1 10.2 10 0.020% 5.068% 10/20/2004 12/1/2004 ACT/360 16,831 60 360 11 0.020% 5.698% 7/1/2004 9/1/2004 ACT/360 44,255 120 360 12 0.020% 5.468% 8/31/2004 10/1/2004 ACT/360 36,339 120 360 13 0.020% 5.168% 9/15/2004 11/1/2004 ACT/360 33,661 84 360 14 0.100% 4.998% 9/14/2004 11/1/2004 ACT/360 30,528 84 360 15 0.020% 5.558% 10/8/2004 12/1/2004 ACT/360 31,540 180 360 16 0.020% 4.708% 10/12/2004 12/1/2004 ACT/360 60 17 0.020% 4.768% 9/30/2004 11/1/2004 ACT/360 20,987 60 360 18 0.020% 5.478% 10/29/2004 12/1/2004 ACT/360 19,326 120 360 19 0.020% 5.848% 6/30/2004 8/1/2004 ACT/360 325,524 120 360 20 0.020% 6.248% 10/29/2004 12/1/2004 ACT/360 200,743 120 360 21 0.020% 6.248% 10/29/2004 12/1/2004 ACT/360 114,269 120 360 22 0.100% 5.558% 7/30/2004 9/1/2004 ACT/360 183,249 120 240 23 0.100% 5.228% 9/20/2004 11/1/2004 ACT/360 117,267 120 360 24 0.020% 5.788% 8/18/2004 10/1/2004 ACT/360 94,084 120 360 25 0.100% 5.834% 7/2/2004 9/1/2004 ACT/360 88,315 120 360 26 0.020% 5.478% 10/1/2004 12/1/2004 ACT/360 69,915 120 360 27 0.100% 5.864% 8/17/2004 10/1/2004 ACT/360 71,838 120 360 28 0.020% 5.968% 10/1/2004 11/1/2004 ACT/360 65,111 120 360 29 0.020% 5.468% 9/30/2004 11/1/2004 ACT/360 57,801 120 360 30 0.020% 5.718% 8/25/2004 10/1/2004 ACT/360 55,439 120 360 31 0.100% 5.438% 8/20/2004 10/1/2004 ACT/360 52,298 120 360 32 0.100% 5.838% 7/30/2004 9/1/2004 ACT/360 52,534 120 360 33 0.100% 5.584% 7/29/2004 9/1/2004 ACT/360 49,076 120 360 34 0.020% 5.148% 9/27/2004 11/1/2004 ACT/360 41,091 120 360 35 0.100% 5.473% 8/20/2004 10/1/2004 ACT/360 38,729 120 360 36 0.100% 5.609% 7/16/2004 9/1/2004 ACT/360 37,854 120 360 37 0.100% 6.043% 7/19/2004 9/1/2004 ACT/360 36,612 120 360 38 0.100% 5.819% 6/30/2004 8/1/2004 ACT/360 30,384 120 360 39 0.020% 5.598% 7/14/2004 9/1/2004 ACT/360 24,767 120 360 40 0.020% 5.648% 8/2/2004 10/1/2004 ACT/360 24,613 120 360 41 0.020% 5.518% 8/11/2004 10/1/2004 ACT/360 22,837 120 360 42 0.100% 5.721% 6/28/2004 8/1/2004 ACT/360 22,990 84 360 43 0.100% 5.968% 7/6/2004 9/1/2004 ACT/360 21,793 120 360 44 0.100% 5.528% 9/9/2004 11/1/2004 ACT/360 21,808 120 300 45 0.100% 5.718% 8/27/2004 10/1/2004 ACT/360 20,567 120 360 46 0.020% 5.718% 11/4/2004 12/1/2004 ACT/360 16,924 121 360 47 0.020% 5.798% 8/19/2004 10/1/2004 ACT/360 15,305 120 360 48 0.020% 6.198% 6/23/2004 8/1/2004 ACT/360 15,975 120 360 49 0.020% 5.588% 8/20/2004 10/1/2004 ACT/360 13,521 120 360 50 0.030% 4.816% 9/2/2004 10/1/2004 ACT/360 84 51.1 51.2 51 0.020% 5.198% 10/8/2004 12/1/2004 ACT/360 278,238 84 360 52 0.020% 5.438% 8/6/2004 10/1/2004 ACT/360 186,184 60 360 53 0.020% 5.478% 10/5/2004 12/1/2004 ACT/360 171,425 120 240 54.1 54.2 54 0.100% 5.622% 1/20/2004 3/1/2004 ACT/360 48,013 120 360 55 0.100% 5.622% 1/20/2004 3/1/2004 ACT/360 46,871 120 360 56 0.100% 5.622% 1/20/2004 3/1/2004 ACT/360 13,792 120 360 57 0.100% 5.622% 1/20/2004 3/1/2004 ACT/360 6,770 120 360 58 0.100% 5.539% 9/30/2004 11/1/2004 ACT/360 111,344 120 360 59 0.020% 5.788% 6/9/2004 8/1/2004 ACT/360 62,947 84 360 60 0.020% 5.628% 9/7/2004 11/1/2004 ACT/360 28,893 120 360 61 0.100% 4.994% 1/20/2004 3/1/2004 ACT/360 27,032 60 360 62 0.020% 5.658% 8/23/2004 10/1/2004 ACT/360 26,959 120 360 63 0.100% 4.833% 1/20/2004 3/1/2004 ACT/360 20,328 60 360 64 0.020% 4.988% 6/22/2004 8/1/2004 ACT/360 60 65 0.100% 5.163% 8/27/2004 10/1/2004 ACT/360 111,983 180 360 66 0.100% 5.878% 7/7/2004 9/1/2004 ACT/360 67,749 120 360 67 0.020% 5.588% 8/23/2004 10/1/2004 ACT/360 53,420 120 360 68.1 68.2 68 0.020% 5.548% 8/10/2004 10/1/2004 ACT/360 35,228 120 360 69 0.020% 5.918% 7/28/2004 9/1/2004 ACT/360 30,056 120 360 70 0.100% 5.384% 8/2/2004 10/1/2004 ACT/360 24,431 120 360 71 0.020% 5.768% 7/26/2004 9/1/2004 ACT/360 46,042 84 288 72 0.020% 5.768% 7/26/2004 9/1/2004 ACT/360 44,110 84 288 73 0.100% 5.288% 9/16/2004 11/1/2004 ACT/360 37,664 120 360 74 0.020% 5.988% 8/2/2004 10/1/2004 ACT/360 40,681 120 336 75 0.100% 5.611% 8/12/2004 10/1/2004 ACT/360 35,849 120 348 76 0.020% 5.808% 7/8/2004 9/1/2004 ACT/360 34,032 120 360 77 0.100% 5.458% 8/24/2004 10/1/2004 ACT/360 35,276 120 300 78 0.020% 5.458% 7/14/2004 9/1/2004 ACT/360 34,779 60 300 79 0.100% 5.778% 8/6/2004 10/1/2004 ACT/360 33,216 120 360 80 0.020% 5.568% 8/2/2004 10/1/2004 ACT/360 34,166 84 300 81 0.020% 5.538% 8/9/2004 10/1/2004 ACT/360 30,914 84 300 82 0.020% 5.538% 8/2/2004 10/1/2004 ACT/360 24,604 84 360 83 0.020% 5.848% 6/1/2004 8/1/2004 ACT/360 26,116 84 300 84 0.020% 6.018% 7/1/2004 9/1/2004 ACT/360 25,344 120 300 85 0.020% 5.888% 7/2/2004 9/1/2004 ACT/360 22,291 120 360 86 0.020% 5.758% 7/1/2004 9/1/2004 ACT/360 22,735 84 300 87 0.020% 5.758% 8/2/2004 10/1/2004 ACT/360 19,781 120 360 88 0.020% 5.868% 7/15/2004 9/1/2004 ACT/360 18,387 120 360 89 0.020% 5.868% 7/15/2004 9/1/2004 ACT/360 19,784 120 300 90 0.100% 5.498% 8/24/2004 10/1/2004 ACT/360 17,260 120 360 91 0.020% 5.498% 8/2/2004 10/1/2004 ACT/360 13,439 60 300 92 0.020% 6.148% 6/18/2004 8/1/2004 ACT/360 14,103 120 300 93 0.020% 5.394% 8/9/2004 10/1/2004 ACT/360 469,934 60 300 94 0.020% 4.637% 8/25/2004 10/1/2004 ACT/360 60 95.1 95.2 95.3 95.4 95 0.100% 4.809% 6/9/2004 8/1/2004 ACT/360 147,107 84 360 96 0.100% 4.809% 6/9/2004 8/1/2004 ACT/360 71,155 84 360 97.1 97.2 97 0.100% 4.809% 6/9/2004 8/1/2004 ACT/360 194,331 84 360 98 0.100% 4.809% 6/9/2004 8/1/2004 ACT/360 8,096 84 360 99 0.100% 5.667% 7/21/2004 9/1/2004 ACT/360 102,221 120 360 100 0.100% 5.140% 7/21/2004 9/1/2004 ACT/360 68,195 60 360 101 0.100% 5.399% 6/30/2004 8/1/2004 ACT/360 44,912 60 360 102 0.100% 5.399% 6/30/2004 8/1/2004 ACT/360 38,697 60 360 103 0.100% 5.314% 7/1/2004 8/1/2004 ACT/360 36,513 60 360 104 0.100% 5.399% 6/30/2004 8/1/2004 ACT/360 27,587 60 360 105 0.100% 5.399% 6/30/2004 8/1/2004 ACT/360 26,773 60 360 106 0.100% 5.399% 6/30/2004 8/1/2004 ACT/360 21,535 60 360 107 0.020% 5.088% 7/30/2004 9/1/2004 ACT/360 12,108 60 360 108 0.020% 5.618% 10/4/2004 12/1/2004 ACT/360 85,050 60 300 109 0.100% 6.028% 10/26/2004 12/1/2004 ACT/360 26,794 120 300 - ------------------------------------------------------------------------------------------------------------------------------------ 0.048% 5.318% 95 341 ==================================================================================================================================== REMAINING INTEREST TERM TO ONLY SEASONING MATURITY MATURITY CROSS-COLLATERALIZED RELATED SEQUENCE PERIOD (MONTHS) (MONTHS) DATE LOANS LOANS -------- ------ -------- -------- ---- ----- ----- 1 60 60 11/1/2009 No No 2.1 2.2 2 2 118 9/1/2014 No No 3 3 57 8/1/2009 No No 4 24 15 117 8/1/2014 No No 5 24 3 117 8/1/2014 No No 6 24 4 116 7/1/2014 No No 7 60 2 58 9/1/2009 No No 8 12 2 58 9/1/2009 No No 9.1 9.2 9 60 11/1/2009 Yes(BACM 04-5-D) Yes(BACM 04-5-K) 10.1 10.2 10 60 11/1/2009 Yes(BACM 04-5-D) Yes(BACM 04-5-K) 11 3 117 8/1/2014 No No 12 2 118 9/1/2014 No No 13 1 83 10/1/2011 No No 14 24 1 83 10/1/2011 No No 15 60 180 11/1/2019 No No 16 60 60 11/1/2009 No No 17 1 59 10/1/2009 No No 18 120 11/1/2014 No No 19 60 4 116 7/1/2014 No No 20 12 120 11/1/2014 Yes(BACM 04-5-E) Yes(BACM 04-5-L) 21 12 120 11/1/2014 Yes(BACM 04-5-E) Yes(BACM 04-5-L) 22 3 117 8/1/2014 No No 23 1 119 10/1/2014 No No 24 36 2 118 9/1/2014 No No 25 36 3 117 8/1/2014 No No 26 120 11/1/2014 No No 27 2 118 9/1/2014 No No 28 1 119 10/1/2014 No No 29 24 1 119 10/1/2014 No No 30 2 118 9/1/2014 No No 31 36 2 118 9/1/2014 No Yes(BACM 04-5-F) 32 24 3 117 8/1/2014 No No 33 3 117 8/1/2014 No No 34 1 119 10/1/2014 No No 35 36 2 118 9/1/2014 No Yes(BACM 04-5-F) 36 24 3 117 8/1/2014 No No 37 3 117 8/1/2014 No No 38 4 116 7/1/2014 No No 39 3 117 8/1/2014 No No 40 2 118 9/1/2014 No No 41 2 118 9/1/2014 No No 42 4 80 7/1/2011 No No 43 3 117 8/1/2014 No No 44 1 119 10/1/2014 No No 45 2 118 9/1/2014 No No 46 13 121 12/1/2014 No No 47 2 118 9/1/2014 No No 48 4 116 7/1/2014 No No 49 2 118 9/1/2014 No No 50 84 2 82 9/1/2011 No No 51.1 51.2 51 36 84 11/1/2011 No No 52 12 2 58 9/1/2009 No No 53 120 11/1/2014 No No 54.1 54.2 54 9 111 2/1/2014 Yes(BACM 04-5-C) Yes(BACM 04-5-B) 55 9 111 2/1/2014 Yes(BACM 04-5-C) Yes(BACM 04-5-B) 56 9 111 2/1/2014 Yes(BACM 04-5-C) Yes(BACM 04-5-B) 57 9 111 2/1/2014 Yes(BACM 04-5-C) Yes(BACM 04-5-B) 58 1 119 10/1/2014 No No 59 4 80 7/1/2011 No No 60 1 119 10/1/2014 No No 61 9 51 2/1/2009 No Yes(BACM 04-5-B) 62 24 2 118 9/1/2014 No No 63 9 51 2/1/2009 No Yes(BACM 04-5-B) 64 60 4 56 7/1/2009 No No 65 48 2 178 9/1/2019 No No 66 3 117 8/1/2014 No No 67 2 118 9/1/2014 No No 68.1 68.2 68 24 2 118 9/1/2014 No No 69 3 117 8/1/2014 No No 70 2 118 9/1/2014 No No 71 3 81 8/1/2011 No Yes(BACM 04-5-H) 72 3 81 8/1/2011 No Yes(BACM 04-5-H) 73 1 119 10/1/2014 No No 74 24 2 118 9/1/2014 No No 75 24 2 118 9/1/2014 No Yes(BACM 04-5-E) 76 24 3 117 8/1/2014 No Yes(BACM 04-5-I) 77 2 118 9/1/2014 No Yes(BACM 04-5-A) 78 3 57 8/1/2009 No No 79 12 2 118 9/1/2014 No Yes(BACM 04-5-E) 80 2 82 9/1/2011 No Yes(BACM 04-5-J) 81 2 82 9/1/2011 No Yes(BACM 04-5-J) 82 2 82 9/1/2011 No Yes(BACM 04-5-J) 83 4 80 7/1/2011 No Yes(BACM 04-5-I) 84 3 117 8/1/2014 No No 85 3 117 8/1/2014 No No 86 3 81 8/1/2011 No No 87 24 2 118 9/1/2014 No No 88 3 117 8/1/2014 No Yes(BACM 04-5-G) 89 3 117 8/1/2014 No Yes(BACM 04-5-G) 90 2 118 9/1/2014 No Yes(BACM 04-5-A) 91 2 58 9/1/2009 No No 92 4 116 7/1/2014 No No 93 24 2 58 9/1/2009 No No 94 60 2 58 9/1/2009 No No 95.1 95.2 95.3 95.4 95 24 4 80 7/1/2011 Yes(BACM 04-5-B) Yes(BACM 04-5-C) 96 24 4 80 7/1/2011 Yes(BACM 04-5-B) Yes(BACM 04-5-C) 97.1 97.2 97 24 4 80 7/1/2011 Yes(BACM 04-5-A) Yes(BACM 04-5-C) 98 24 4 80 7/1/2011 Yes(BACM 04-5-A) Yes(BACM 04-5-C) 99 12 3 117 8/1/2014 No Yes(BACM 04-5-D) 100 12 3 57 8/1/2009 No Yes(BACM 04-5-D) 101 12 4 56 7/1/2009 No Yes(BACM 04-5-D) 102 12 4 56 7/1/2009 No Yes(BACM 04-5-D) 103 13 4 56 7/1/2009 No Yes(BACM 04-5-D) 104 12 4 56 7/1/2009 No Yes(BACM 04-5-D) 105 12 4 56 7/1/2009 No Yes(BACM 04-5-D) 106 12 4 56 7/1/2009 No Yes(BACM 04-5-D) 107 3 57 8/1/2009 No No 108 60 11/1/2009 No No 109 120 11/1/2014 No No - ------------------------------------------------------------------------------------------------------------------------------ 2 92 ============================================================================================================================== APPRAISAL APPRAISAL SEQUENCE PREPAYMENT PENALTY DESCRIPTION (PAYMENTS) YIELD MAINTENANCE TYPE VALUE DATE -------- ----------------------------------------- ---------------------- ----- ---- 1 LO(56)/OPEN(4)/DEFEASANCE $210,000,000 9/1/2004 2.1 22,800,000 5/11/2004 2.2 21,100,000 5/11/2004 2 LO(117)/OPEN(3)/DEFEASANCE 43,900,000 5/11/2004 3 LO(56)/OPEN(4)/DEFEASANCE 17,500,000 1/20/2004 4 LO(130)/OPEN(2)/DEFEASANCE 17,000,000 5/13/2003 5 LO(117)/OPEN(3)/DEFEASANCE 17,100,000 6/25/2004 6 LO(117)/OPEN(3)/DEFEASANCE 15,500,000 3/17/2004 7 LO(56)/OPEN(4)/DEFEASANCE 13,100,000 7/23/2004 8 LO(59)/OPEN(1)/DEFEASANCE 11,425,000 6/16/2004 9.1 3,000,000 8/10/2004 9.2 3,300,000 8/10/2004 9 LO(56)/OPEN(4)/DEFEASANCE 6,300,000 8/10/2004 10.1 2,200,000 8/10/2004 10.2 1,800,000 8/10/2004 10 LO(56)/OPEN(4)/DEFEASANCE 4,000,000 8/10/2004 -------------------- 10,300,000 11 LO(117)/OPEN(3)/DEFEASANCE 10,000,000 5/29/2004 12 LO(117)/OPEN(3)/DEFEASANCE 8,000,000 6/14/2004 13 LO(81)/OPEN(3)/DEFEASANCE 7,850,000 7/9/2004 14 LO(81)/OPEN(3)/DEFEASANCE 7,800,000 8/4/2004 15 LO(176)/OPEN(4)/DEFEASANCE 38,600,000 5/25/2004 16 LO(56)/OPEN(4)/DEFEASANCE 5,300,000 9/2/2004 17 LO(36)/GRTR1%PPMTorYM(23)/OPEN(1) Int Diff (MEY) - G 5,000,000 8/9/2004 18 LO(117)/OPEN(3)/DEFEASANCE 4,600,000 7/21/2004 19 LO(113)/OPEN(7)/DEFEASANCE 71,500,000 6/2/2004 20 LO(116)/OPEN(4)/DEFEASANCE 44,000,000 2/1/2005 21 LO(116)/OPEN(4)/DEFEASANCE 22,700,000 5/31/2004 -------------------- 66,700,000 22 LO(116)/OPEN(4)/DEFEASANCE 34,000,000 5/3/2004 23 LO(116)/OPEN(4)/DEFEASANCE 45,000,000 8/10/2004 24 LO(117)/OPEN(3)/DEFEASANCE 20,350,000 7/12/2004 25 LO(116)/OPEN(4)/DEFEASANCE 18,500,000 6/4/2004 26 LO(117)/OPEN(3)/DEFEASANCE 16,100,000 8/13/2004 27 LO(118)/OPEN(2)/DEFEASANCE 22,100,000 6/15/2004 28 LO(117)/OPEN(3)/DEFEASANCE 13,700,000 5/24/2004 29 LO(117)/OPEN(3)/DEFEASANCE 12,725,000 7/26/2004 30 LO(117)/OPEN(3)/DEFEASANCE 13,900,000 6/22/2004 31 LO(36)/GRTR1%PPMTorYM(80)/OPEN(4) Int Diff (BEY) 12,200,000 6/1/2004 32 LO(37)/GRTR1%PPMTorYM(80)/OPEN(3) Int Diff (MEY) 11,100,000 5/26/2004 33 LO(84)/OPEN(36)/DEFEASANCE 11,100,000 8/1/2004 34 LO(117)/OPEN(3)/DEFEASANCE 12,400,000 6/30/2004 35 LO(36)/GRTR1%PPMTorYM(80)/OPEN(4) Int Diff (BEY) 9,000,000 6/6/2004 36 LO(116)/OPEN(4)/DEFEASANCE 8,400,000 5/4/2004 37 LO(117)/OPEN(3)/DEFEASANCE 10,100,000 4/22/2004 38 LO(117)/OPEN(3)/DEFEASANCE 6,850,000 4/27/2004 39 LO(60)/GRTR1%PPMTorYM(57)/OPEN(3) Int Diff (MEY) - G 6,500,000 5/19/2004 40 LO(117)/OPEN(3)/DEFEASANCE 5,400,000 5/21/2004 41 LO(117)/OPEN(3)/DEFEASANCE 5,350,000 5/26/2004 42 LO(80)/OPEN(4)/DEFEASANCE 5,380,000 6/4/2004 43 LO(117)/OPEN(3)/DEFEASANCE 4,770,000 5/16/2004 44 LO(117)/OPEN(3)/DEFEASANCE 5,650,000 7/14/2004 45 LO(116)/OPEN(4)/DEFEASANCE 4,550,000 7/1/2004 46 LO(117)/OPEN(4)/DEFEASANCE 3,680,000 7/6/2004 47 LO(117)/OPEN(3)/DEFEASANCE 3,270,000 5/6/2004 48 LO(117)/OPEN(3)/DEFEASANCE 3,525,000 5/25/2004 49 LO(117)/OPEN(3)/DEFEASANCE 4,100,000 5/16/2004 50 LO(80)/OPEN(4)/DEFEASANCE 845,000,000 8/2/2004 51.1 47,750,000 7/1/2004 51.2 20,000,000 7/1/2004 51 LO(81)/OPEN(3)/DEFEASANCE 67,750,000 7/1/2004 52 LO(11)/GRTR1%PPMTorYM(45)/OPEN(4) NPV (MEY) 47,000,000 7/1/2004 53 LO(117)/OPEN(3)/DEFEASANCE 38,475,000 8/6/2004 54.1 6,400,000 12/2/2003 54.2 7,300,000 12/2/2003 54 LO(27)/GRTR1%PPMTorYM(92)/OPEN(1) Int Diff (BEY) 13,700,000 12/2/2003 55 LO(27)/GRTR1%PPMTorYM(92)/OPEN(1) Int Diff (BEY) 13,100,000 12/4/2003 56 LO(27)/GRTR1%PPMTorYM(92)/OPEN(1) Int Diff (BEY) 3,800,000 12/2/2003 57 LO(27)/GRTR1%PPMTorYM(92)/OPEN(1) Int Diff (BEY) 6,100,000 12/4/2003 -------------------- 36,700,000 58 LO(116)/OPEN(4)/DEFEASANCE 25,100,000 7/27/2004 59 LO(80)/OPEN(4)/DEFEASANCE 13,400,000 4/7/2004 60 LO(117)/OPEN(3)/DEFEASANCE 6,350,000 6/11/2004 61 LO(27)/GRTR1%PPMTorYM(32)/OPEN(1) Int Diff (BEY) 7,100,000 12/5/2003 62 LO(117)/OPEN(3)/DEFEASANCE 7,100,000 7/12/2004 63 LO(27)/GRTR1%PPMTorYM(32)/OPEN(1) Int Diff (BEY) 5,650,000 12/31/2003 64 LO(57)/OPEN(3)/DEFEASANCE 40,080,000 6/5/2004 65 LO(177)/OPEN(3)/DEFEASANCE 28,900,000 8/1/2004 66 LO(117)/OPEN(3)/DEFEASANCE 15,900,000 4/14/2004 67 LO(117)/OPEN(3)/DEFEASANCE 12,500,000 6/2/2004 68.1 4,400,000 7/6/2004 68.2 4,000,000 7/6/2004 68 LO(117)/OPEN(3)/DEFEASANCE 8,400,000 7/6/2004 69 LO(117)/OPEN(3)/DEFEASANCE 6,300,000 6/14/2004 70 LO(117)/OPEN(3)/DEFEASANCE 8,000,000 7/1/2004 71 LO(81)/OPEN(3)/DEFEASANCE 10,300,000 5/19/2004 72 LO(81)/OPEN(3)/DEFEASANCE 9,200,000 5/19/2004 73 LO(116)/OPEN(4)/DEFEASANCE 9,900,000 7/27/2004 74 LO(117)/OPEN(3)/DEFEASANCE 9,340,000 6/8/2004 75 LO(116)/OPEN(4)/DEFEASANCE 8,400,000 7/13/2004 76 LO(117)/OPEN(3)/DEFEASANCE 8,000,000 5/11/2004 77 LO(117)/OPEN(3)/DEFEASANCE 13,100,000 7/16/2004 78 LO(57)/OPEN(3)/DEFEASANCE 7,500,000 5/19/2004 79 LO(116)/OPEN(4)/DEFEASANCE 8,750,000 6/30/2004 80 LO(48)/GRTR1%PPMTorYM(33)/OPEN(3) Int Diff (MEY) - G 8,050,000 6/14/2004 81 LO(48)/GRTR1%PPMTorYM(33)/OPEN(3) Int Diff (MEY) - G 6,820,000 6/1/2004 82 LO(48)/GRTR1%PPMTorYM(33)/OPEN(3) Int Diff (MEY) - G 6,600,000 6/4/2004 83 LO(81)/OPEN(3)/DEFEASANCE 5,520,000 5/11/2004 84 LO(117)/OPEN(3)/DEFEASANCE 5,220,000 5/27/2004 85 LO(117)/OPEN(3)/DEFEASANCE 5,000,000 3/15/2004 86 LO(81)/OPEN(3)/DEFEASANCE 5,220,000 6/16/2004 87 LO(117)/OPEN(3)/DEFEASANCE 4,630,000 6/17/2004 88 LO(117)/OPEN(3)/DEFEASANCE 4,750,000 5/14/2004 89 LO(117)/OPEN(3)/DEFEASANCE 4,375,000 5/14/2004 90 LO(117)/OPEN(3)/DEFEASANCE 5,200,000 7/19/2004 91 LO(57)/OPEN(3)/DEFEASANCE 3,350,000 7/8/2004 92 LO(117)/OPEN(3)/DEFEASANCE 2,870,000 4/9/2004 93 LO(56)/OPEN(4)/DEFEASANCE 168,600,000 6/30/2004 94 LO(56)/OPEN(4)/DEFEASANCE 99,000,000 7/1/2004 95.1 10,200,000 5/1/2004 95.2 10,000,000 5/1/2004 95.3 7,600,000 5/1/2004 95.4 7,200,000 5/1/2004 95 LO(78)/OPEN(6)/DEFEASANCE 35,000,000 5/1/2004 96 LO(78)/OPEN(6)/DEFEASANCE 16,700,000 5/1/2004 -------------------- 51,700,000 97.1 34,900,000 5/1/2004 97.2 11,600,000 5/1/2004 97 LO(78)/OPEN(6)/DEFEASANCE 46,500,000 5/1/2004 98 LO(78)/OPEN(6)/DEFEASANCE 1,900,000 5/1/2004 -------------------- 48,400,000 99 LO(114)/OPEN(6)/DEFEASANCE 23,750,000 6/1/2004 100 LO(54)/OPEN(6)/DEFEASANCE 15,700,000 6/1/2004 101 LO(54)/OPEN(6)/DEFEASANCE 11,330,000 6/1/2004 102 LO(54)/OPEN(6)/DEFEASANCE 8,500,000 6/1/2004 103 LO(54)/OPEN(6)/DEFEASANCE 9,000,000 6/1/2004 104 LO(54)/OPEN(6)/DEFEASANCE 6,350,000 6/1/2004 105 LO(54)/OPEN(6)/DEFEASANCE 6,120,000 6/1/2004 106 LO(54)/OPEN(6)/DEFEASANCE 5,580,000 6/1/2004 107 LO(57)/OPEN(3)/DEFEASANCE 2,900,000 5/13/2004 108 LO(36)/GRTR1%PPMTorYM(21)/OPEN(3) Int Diff (MEY) - G 21,500,000 8/19/2004 109 LO(117)/OPEN(3)/DEFEASANCE 5,900,000 8/11/2004 - ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== TOTAL LOAN UNITS/ UNITS/ BALANCE PER SF/ SF/ UNIT/SF/ CUT-OFF DATE LTV YEAR BUILT/ PADS/ PADS/ NET RENTABLE PAD/ SEQUENCE RATIO RENOVATED ROOMS ROOMS AREA (SF) ROOM -------- ------ --------- ----- ----- --------- ---- 1 42.9% 1903/2000 492 Units 310,848 $182,927 2.1 1972 304 Units 263,068 2.2 1972 288 Units 291,816 2 56.5% 1972 592 Units 554,884 41,915 3 79.7% 2001 154 Units 217,568 90,602 4 80.0% 2001 140 Units 103,125 97,143 5 72.5% 2004 191 Units 191,112 64,921 6 75.8% 1999 224 Units 193,128 52,455 7 79.4% 1986 260 Units 204,978 40,000 8 80.0% 1987/1994 212 Units 161,584 43,113 9.1 1910 18 Units 8,775 9.2 1910 16 Units 7,950 9 75.4% 1910 34 Units 16,725 139,706 10.1 1922 11 Units 6,850 10.2 1901 10 Units 5,850 10 77.5% Various 21 Units 12,700 147,619 11 75.8% 1970/1998 256 Units 225,176 29,603 12 79.8% 1992 128 Units 127,120 49,898 13 78.0% 1965/2003 95 Units 93,286 64,461 14 71.9% 1988 240 Units 176,960 23,375 15 14.2% 1950 246 Units 153,790 22,358 16 80.0% 1981/1991 124 Units 94,760 34,194 17 79.9% 1983/1993 132 Units 104,596 30,269 18 73.9% 1989/1999 94 Units 87,696 36,170 19 76.8% 1954/1981 423,440 SF 423,440 130 20 73.9% 2004 100,439 SF 100,439 324 21 81.5% 317,180 SF 317,180 58 22 76.7% 1995 181,573 SF 181,573 144 23 46.6% 2002 132,016 SF 132,016 159 24 78.6% 1985/2003 173,530 SF 173,530 92 25 80.0% 2001 70,333 SF 70,333 210 26 76.4% 1973/1998 145,334 SF 145,334 85 27 54.2% 1966 74,730 SF 74,730 160 28 79.2% 1978 115,932 SF 115,932 94 29 80.0% 2003 87,620 SF 87,620 116 30 68.2% 1986 224,487 SF 224,487 42 31 75.0% 1977 122,213 SF 122,213 75 32 79.3% 1995 87,038 SF 87,038 101 33 75.9% 1971/2004 126,030 SF 126,030 67 34 60.4% 1982/2001 110,687 SF 110,687 68 35 75.0% 1990 95,243 SF 95,243 71 36 77.4% 2004 34,388 SF 34,388 189 37 59.3% 1980/2003 58,940 SF 58,940 102 38 74.2% 2003 45,013 SF 45,013 113 39 66.0% 1985/1999 44,136 SF 44,136 97 40 78.5% 1998 18,202 SF 18,202 233 41 74.6% 1982 42,538 SF 42,538 94 42 72.2% 1991 43,100 SF 43,100 90 43 75.3% 2004 14,490 SF 14,490 248 44 61.9% 2004 41,280 SF 41,280 85 45 76.6% 2003 17,730 SF 17,730 196 46 78.8% 1983/2002 58,200 SF 58,200 50 47 79.4% 2004 10,180 SF 10,180 255 48 73.5% 1988 17,443 SF 17,443 149 49 57.2% 2003 14,000 SF 14,000 168 50 49.3% 1921,1969,1971 1,780,748 SF 1,780,748 234 51.1 1988 180,847 SF 180,847 51.2 1950/1999 78,337 SF 78,337 51 74.5% Various 259,184 SF 259,184 195 52 70.0% 1982/1999 342,906 SF 342,906 96 53 64.7% 1999 284,723 SF 284,723 87 54.1 1970 69,493 SF 69,493 54.2 1970 69,448 SF 69,448 54 59.6% 1970 138,941 SF 138,941 59 55 60.8% 1982 124,009 SF 124,009 64 56 61.7% 1972/2001 35,455 SF 35,455 66 57 18.9% 1963 60,430 SF 60,430 19 58 76.7% 1969/1999 159,800 SF 159,800 120 59 79.6% 1983 164,417 SF 164,417 65 60 78.7% 1991 41,090 SF 41,090 122 61 69.3% 1996 58,832 SF 58,832 84 62 65.5% 1978/2003 77,569 SF 77,569 60 63 66.7% 1987 55,928 SF 55,928 67 64 66.5% 1999 493,898 SF 493,898 54 65 69.9% 2004 649,250 SF 649,250 31 66 70.9% 1968 95,167 SF 95,167 118 67 74.1% 1998/2003 265,306 SF 265,306 35 68.1 1990 67,165 SF 67,165 68.2 1990 40,000 SF 40,000 68 73.2% 1990 107,165 SF 107,165 57 69 79.8% 1985 100,789 SF 100,789 50 70 53.6% 1960 121,818 SF 121,818 35 71 69.1% 1850/1996 113,770 SF 113,770 63 72 74.1% 1958/1998 127,423 SF 127,423 54 73 67.6% 1997 159,670 SF 159,670 42 74 70.7% 2001 68,990 SF 68,990 96 75 72.3% 2002 78,118 SF 78,118 78 76 72.2% 2000 95,015 SF 95,015 61 77 43.4% 2003 99,207 SF 99,207 57 78 75.3% 1988 75,900 SF 75,900 74 79 64.0% 2001 83,845 SF 83,845 67 80 68.2% 1972/1990 115,241 SF 115,241 48 81 73.1% 1978/2003 49,748 SF 49,748 100 82 65.0% 1987 44,941 SF 44,941 95 83 73.9% 1988/2001 123,243 SF 123,243 33 84 74.7% 1975 74,198 SF 74,198 53 85 74.8% 1991 38,400 SF 38,400 97 86 68.7% 2003 58,731 SF 58,731 61 87 72.9% 1988 34,638 SF 34,638 97 88 65.1% 1998 67,413 SF 67,413 46 89 70.6% 1995/2000 102,401 SF 102,401 30 90 57.6% 2001 50,288 SF 50,288 60 91 64.9% 2001 34,395 SF 34,395 63 92 74.6% 2001 60,421 SF 60,421 35 93 45.7% 1985/2003 293 Rooms 148,845 262,799 94 52.5% 1973/2002 1,567,208 SF 1,567,208 33 95.1 1964 254 Pads 95.2 1970 412 Pads 95.3 1986 285 Pads 95.4 1989 218 Pads 95 78.9% Various 1,169 Pads 23,627 96 80.0% 1987 477 Pads 28,008 97.1 1984 837 Pads 97.2 1976 309 Pads 97 78.5% Various 1,146 Pads 31,839 98 80.0% 1970 167 Pads 9,102 99 73.4% 1984 627 Pads 27,819 100 78.6% 1970/1997 364 Pads 33,882 101 69.7% 1971 330 Pads 23,915 102 80.0% 1972 247 Pads 27,530 103 72.0% 1967/1999 216 Pads 29,984 104 76.3% 1969 132 Pads 36,724 105 76.9% 1965 183 Pads 25,709 106 67.8% 1966 188 Pads 20,129 107 76.5% 1983 99 Pads 22,402 108 63.5% 2001 191 Rooms 108,400 71,466 109 69.5% 1974/2002 83 Rooms 41,390 49,398 - ------------------------------------------------------------------------------------------------------------------------------------ 65.6% ==================================================================================================================================== OCCUPANCY OCCUPANCY AS OF U/W U/W U/W SEQUENCE PERCENT DATE REVENUES EXPENSES CASH FLOW -------- ------- ---- -------- -------- --------- 1 96.5% 7/31/2004 $16,168,723 $6,343,171 $9,699,352 2.1 91.4% 4/23/2004 3,091,434 1,466,843 1,548,591 2.2 98.3% 4/23/2004 2,935,839 1,527,652 1,336,187 2 94.8% 4/23/2004 6,027,273 2,994,495 2,884,778 3 88.6% 8/25/2004 2,202,830 1,016,854 1,132,076 4 96.1% 9/17/2004 2,115,698 869,708 1,175,745 5 95.8% 8/13/2004 1,761,267 671,385 1,051,682 6 95.5% 6/8/2004 2,028,011 952,870 1,030,341 7 91.2% 8/2/2004 1,859,124 975,152 816,892 8 91.5% 5/31/2004 1,625,000 744,719 808,102 9.1 100.0% 8/16/2004 260,881 86,877 169,504 9.2 100.0% 8/16/2004 278,791 87,560 187,231 9 100.0% 8/16/2004 539,672 174,437 356,735 10.1 100.0% 8/16/2004 180,306 44,044 133,512 10.2 100.0% 8/16/2004 140,094 36,296 101,298 10 100.0% 8/16/2004 320,400 80,340 234,810 11 96.5% 6/29/2004 1,736,990 956,939 716,052 12 94.5% 7/19/2004 998,602 409,097 557,030 13 97.9% 8/1/2004 920,329 383,791 515,353 14 97.9% 7/26/2004 1,231,432 668,216 479,216 15 100.0% 5/7/2004 4,458,555 1,706,740 2,689,815 16 92.7% 8/22/2004 814,404 426,945 351,049 17 92.4% 7/25/2004 889,398 502,721 353,677 18 91.5% 8/5/2004 612,465 277,880 313,435 19 92.1% 10/14/2004 10,481,229 5,437,376 4,746,367 20 78.7% Leased, 70.2% Occupied, 33.4% Open 10/25/2004 2,953,452 924,078 1,923,628 21 100.0% 9/27/2004 1,545,332 1,545,332 22 100.0% 8/12/2004 3,530,883 691,558 2,697,148 23 99.4% 9/1/2004 6,078,259 3,214,246 2,651,303 24 96.4% 7/2/2004 1,819,550 494,236 1,200,707 25 83.8% 8/31/2004 1,934,523 489,767 1,373,948 26 81.7% 7/20/2004 1,784,312 510,105 1,157,755 27 97.3% 8/5/2004 2,354,150 833,802 1,444,090 28 95.6% 7/1/2004 1,362,355 283,430 967,008 29 90.2% 7/7/2004 1,163,650 313,546 803,594 30 89.9% 7/31/2004 1,713,007 590,624 914,185 31 91.3% 6/30/2004 1,498,599 485,783 894,059 32 100.0% 6/30/2004 1,396,494 492,271 848,449 33 100.0% 7/22/2004 838,957 122,619 709,011 34 89.0% 9/21/2004 1,328,001 459,839 810,649 35 98.9% 8/13/2004 1,210,212 397,950 708,213 36 100.0% 7/13/2004 852,947 239,920 590,371 37 85.3% 7/1/2004 933,014 304,619 576,093 38 89.3% 6/29/2004 684,172 160,221 494,439 39 97.2% 10/1/2004 810,666 285,954 477,185 40 100.0% 7/5/2004 547,747 129,589 392,811 41 86.7% 6/1/2004 695,225 237,996 411,520 42 79.3% 4/1/2004 581,772 165,827 376,514 43 100.0% 7/1/2004 333,200 8,664 323,087 44 100.0% 8/16/2004 536,679 142,830 369,026 45 80.4% 7/31/2004 500,795 136,339 346,134 46 97.0% 9/30/2004 410,064 116,884 254,583 47 100.0% 9/10/2004 329,625 68,987 249,800 48 100.0% 5/1/2004 401,162 101,905 272,915 49 90.0% 7/20/2004 352,421 93,097 246,235 50 94.2% 7/1/2004 95,289,720 33,245,580 58,464,169 51.1 100.0% 6/30/2004 5,022,778 1,800,506 2,878,367 51.2 80.4% 6/30/2004 2,510,648 1,066,850 1,328,921 51 94.1% 6/30/2004 7,533,426 2,867,356 4,207,288 52 75.7% 8/5/2004 7,788,934 4,244,584 3,141,368 53 86.0% 10/1/2004 5,589,417 2,247,070 2,798,568 54.1 85.1% 9/30/2004 54.2 82.5% 9/30/2004 54 83.8% 9/30/2004 2,225,146 1,397,731 740,942 55 82.2% 9/30/2004 1,955,881 1,099,289 783,530 56 96.5% 9/30/2004 678,085 327,620 321,672 57 51.7% 9/30/2004 639,464 515,964 100,796 58 100.0% 8/31/2004 1,894,400 37,888 1,671,853 59 83.4% 10/1/2004 2,293,303 972,104 1,143,850 60 100.0% 4/21/2004 676,956 156,737 443,710 61 88.3% 9/30/2004 963,279 382,935 535,185 62 87.3% 7/20/2004 1,220,443 619,564 507,218 63 91.4% 9/30/2004 849,460 417,152 392,082 64 98.6% 10/27/2004 3,445,597 865,298 2,389,158 65 100.0% 8/23/2004 2,948,519 842,875 1,969,453 66 93.1% 7/1/2004 1,335,533 308,124 983,026 67 88.1% 6/14/2004 1,397,043 383,733 839,051 68.1 100.0% 6/1/2004 601,839 224,196 318,702 68.2 75.0% 6/1/2004 408,000 144,178 232,608 68 90.7% 6/1/2004 1,009,839 368,374 551,310 69 95.0% 10/19/2004 1,018,107 412,402 480,752 70 100.0% 4/2/2002 645,077 18,993 545,944 71 72.3% 6/30/2004 1,120,236 378,414 723,960 72 79.7% 10/12/2004 1,025,500 332,334 677,852 73 73.1% 8/30/2004 862,956 261,942 585,246 74 88.4% 5/31/2004 1,005,476 348,343 646,745 75 89.3% 7/1/2004 965,740 403,349 554,853 76 84.4% 6/30/2004 842,504 293,690 533,966 77 94.1% 7/31/2004 1,283,383 472,822 795,689 78 88.2% 6/1/2004 923,560 262,911 649,264 79 79.0% 7/21/2004 999,692 475,236 505,446 80 95.3% 6/24/2004 1,013,562 360,827 635,449 81 80.6% 6/30/2004 824,543 284,004 533,075 82 86.7% 6/30/2004 826,416 238,556 579,373 83 77.3% 9/30/2004 671,398 234,373 418,421 84 77.8% 4/30/2004 710,815 268,290 424,158 85 95.1% 5/31/2004 577,459 198,216 373,483 86 99.3% 6/4/2004 593,699 213,965 370,850 87 92.9% 6/30/2004 582,723 218,405 359,121 88 84.1% 6/15/2004 627,163 293,725 323,325 89 73.0% 5/14/2004 582,000 243,540 323,403 90 93.0% 7/31/2004 547,443 283,998 260,531 91 88.0% 6/1/2004 359,067 147,477 206,418 92 88.2% 4/19/2004 389,713 137,126 243,524 93 70.2% Hotel / 97.2% Office 8/13/2004 28,977,560 13,840,026 13,352,531 94 100.0% 10/22/2004 16,527,018 8,569,086 7,637,753 95.1 98.0% 6/30/2004 95.2 100.0% 8/3/2004 95.3 82.1% 6/30/2004 95.4 99.1% 6/30/2004 95 94.2% Various 4,079,795 1,494,903 2,526,292 96 83.4% 5/31/2004 1,800,990 638,392 1,138,748 97.1 100.0% 6/30/2004 97.2 93.9% 6/30/2004 97 98.2% 6/30/2004 4,853,533 1,928,225 2,868,008 98 100.0% 8/3/2004 439,723 262,268 169,105 99 92.0% 8/31/2004 2,858,827 1,364,273 1,471,982 100 96.4% 8/31/2004 1,684,116 650,603 1,015,313 101 91.4% 8/31/2004 1,181,927 532,216 649,711 102 98.8% 8/31/2004 1,042,142 439,613 592,649 103 89.8% 8/31/2004 1,008,483 467,746 533,177 104 97.7% 8/31/2004 646,248 243,869 399,079 105 95.1% 9/8/2004 828,496 432,029 387,317 106 98.6% 8/31/2004 641,638 322,250 311,540 107 89.9% 4/30/2004 353,170 124,111 224,109 108 85.0% 7/31/2004 4,461,854 2,473,488 1,678,238 109 80.0% 7/1/2004 476,262 476,262 - --------------------------------------------------------------------------------------------------------------------------------- ================================================================================================================================= U/W REPLACEMENT U/W RESERVES MOST MOST MOST FULL FULL U/W REPLACEMENT PER UNIT/ RECENT RECENT RECENT YEAR YEAR SEQUENCE DSCR RESERVES SF/ PAD/ROOM STATEMENT TYPE END DATE NOI END DATE NOI - -------- ----- -------- ------------ -------------- -------- --- -------- --- 1 2.22x $98,200 $199.59 Full Year 12/31/2003 $9,171,719 12/31/2002 $8,329,048 2.1 76,000 250.00 Trailing 12 3/31/2004 1,732,054 12/31/2003 1,721,248 2.2 72,000 250.00 Trailing 12 3/31/2004 1,594,997 12/31/2003 1,500,268 2 1.23 148,000 250.00 Trailing 12 3/31/2004 3,327,051 12/31/2003 3,221,516 3 1.26 53,900 350.00 Annualized Most Recent 8/31/2004 1,124,688 12/31/2003 1,166,220 4 1.35 70,245 501.75 Full Year 8/25/2004 899,626 12/31/2002 1,372,215 5 1.20 38,200 200.00 6 1.25 44,800 200.00 Trailing 12 5/31/2004 943,879 12/31/2003 913,540 7 1.22 67,080 258.00 Annualized Most Recent 7/31/2004 906,093 12/31/2003 937,938 8 1.40 72,179 340.47 Trailing 12 4/30/2004 887,890 12/31/2003 892,564 9.1 4,500 250.00 Annualized Most Recent 7/31/2004 195,331 12/31/2003 197,623 9.2 4,000 250.00 Annualized Most Recent 7/31/2004 199,109 12/31/2003 197,219 9 1.20 8,500 250.00 Annualized Most Recent 7/31/2004 394,440 12/31/2003 394,842 10.1 2,750 250.00 Annualized Most Recent 7/31/2004 147,715 12/31/2003 144,606 10.2 2,500 250.00 Annualized Most Recent 7/31/2004 120,405 12/31/2003 115,705 10 1.20 5,250 250.00 Annualized Most Recent 7/31/2004 268,120 12/31/2003 260,311 11 1.35 64,000 250.00 Trailing 12 4/30/2004 790,054 12/31/2003 788,757 12 1.28 32,475 253.71 Trailing 12 4/30/2004 595,646 12/31/2003 591,659 13 1.28 21,185 223.00 Trailing 12 7/31/2004 472,334 12/31/2003 434,583 14 1.31 84,000 350.00 Annualized Most Recent 7/31/2004 621,348 12/31/2003 433,297 15 7.11 62,000 252.03 10/31/2003 373,336 16 1.32 36,410 293.63 Trailing 12 6/30/2004 389,946 12/31/2003 404,455 17 1.40 33,000 250.00 Trailing 12 7/31/2004 392,789 12/31/2003 388,000 18 1.35 21,150 225.00 Trailing 12 7/31/2004 338,967 12/31/2003 399,725 19 1.22 105,155 0.25 Annualized Most Recent 6/30/2004 4,571,708 12/31/2003 5,042,932 20 1.25 20,115 0.20 21 1.13 Trailing 12 4/30/2004 1,363,100 12/31/2003 1,283,733 22 1.23 36,315 0.20 Annualized Most Recent 6/30/2004 3,184,285 12/31/2003 2,828,184 23 1.88 13,202 0.10 Annualized Most Recent 6/30/2004 3,842,134 12/31/2003 3,608,066 24 1.26 25,162 0.15 Trailing 12 5/30/2004 1,155,255 12/31/2003 1,048,823 25 1.30 8,440 0.12 Annualized Most Recent 5/31/2004 996,657 12/31/2003 1,031,727 26 1.38 21,800 0.15 Trailing 12 7/31/2004 1,379,194 12/31/2003 1,356,344 27 1.68 21,672 0.29 Annualized Most Recent 7/31/2004 1,577,913 12/31/2003 1,676,481 28 1.24 17,390 0.15 Trailing 12 4/30/2004 1,148,352 12/31/2003 1,100,604 29 1.26 13,143 0.15 Trailing 12 4/30/2004 931,077 12/31/2003 788,672 30 1.37 64,495 0.29 Trailing 12 4/30/2004 1,430,285 12/31/2003 1,405,648 31 1.42 40,330 0.33 Annualized Most Recent 6/30/2004 1,025,340 12/31/2002 968,935 32 1.35 13,056 0.15 Annualized Most Recent 6/30/2004 1,260,472 12/31/2003 855,211 33 1.20 3,151 0.03 34 1.64 20,923 0.19 Trailing 12 6/30/2004 876,867 12/31/2003 857,798 35 1.52 42,304 0.44 Annualized Most Recent 6/30/2004 847,074 12/31/2003 801,224 36 1.30 3,439 0.10 37 1.31 14,735 0.25 Annualized Most Recent 6/30/2004 725,642 12/31/2003 701,109 38 1.36 6,779 0.15 Annualized Most Recent 6/30/2004 767,166 39 1.61 11,784 0.27 Trailing 12 4/30/2004 460,556 12/31/2003 455,999 40 1.33 3,213 0.18 Trailing 12 3/31/2004 422,015 12/31/2003 416,942 41 1.50 10,777 0.25 Trailing 12 3/31/2004 324,250 12/31/2003 333,015 42 1.36 8,620 0.20 Annualized Most Recent 3/31/2004 440,176 12/31/2003 379,587 43 1.24 1,449 0.10 44 1.41 3,715 0.09 45 1.40 2,658 0.15 Annualized Most Recent 6/30/2004 236,852 46 1.25 8,730 0.15 Annualized Most Recent 5/31/2004 309,518 12/31/2003 314,923 47 1.36 2,036 0.20 48 1.42 6,109 0.35 49 1.52 2,100 0.15 Annualized Most Recent 4/1/2004 46,538 50 2.21 534,998 0.30 Full Year 12/31/2003 59,931,759 12/31/2002 66,132,988 51.1 36,169 0.20 Trailing 12 6/30/2004 3,356,046 12/31/2003 3,549,967 51.2 15,667 0.20 Trailing 12 6/30/2004 1,059,844 12/31/2003 1,072,384 51 1.26 51,836 0.20 Trailing 12 6/30/2004 4,415,890 12/31/2003 4,622,351 52 1.41 68,581 0.20 Annualized Most Recent 6/30/2004 4,502,437 12/31/2003 3,060,256 53 1.36 56,945 0.20 Trailing 12 6/30/2004 3,899,716 12/31/2003 3,767,003 54.1 54.2 54 1.29 27,788 0.20 Annualized Most Recent 9/30/2004 1,298,401 12/31/2003 1,064,033 55 1.39 25,002 0.20 Annualized Most Recent 9/30/2004 1,256,496 12/31/2003 1,065,785 56 1.94 7,091 0.20 Annualized Most Recent 9/30/2004 459,973 12/31/2003 410,826 57 1.24 12,086 0.20 Annualized Most Recent 9/30/2004 281,043 12/31/2003 190,765 58 1.25 23,970 0.15 Annualized Most Recent 6/30/2004 2,048,000 12/31/2002 2,048,000 59 1.51 32,951 0.20 Annualized Most Recent 3/31/2004 1,033,672 12/31/2003 1,028,932 60 1.28 10,683 0.26 Trailing 12 3/31/2004 576,997 12/31/2003 556,050 61 1.65 11,766 0.20 Annualized Most Recent 9/30/2004 695,203 12/31/2003 647,337 62 1.57 15,514 0.20 Trailing 12 5/1/2004 622,423 12/31/2003 595,618 63 1.61 11,347 0.20 Annualized Most Recent 9/30/2004 470,543 12/31/2003 409,532 64 1.39 74,085 0.15 Trailing 12 4/30/2004 2,086,370 12/31/2003 1,835,062 65 1.47 64,925 0.10 66 1.21 9,281 0.10 67 1.31 57,069 0.22 Trailing 12 4/30/2004 966,589 12/31/2003 821,331 68.1 13,162 0.20 Trailing 12 4/30/2004 425,829 12/31/2003 418,243 68.2 6,754 0.17 Trailing 12 4/30/2004 307,809 12/31/2003 306,943 68 1.30 19,916 0.19 Trailing 12 4/30/2004 733,638 12/31/2003 725,186 69 1.33 17,134 0.17 Trailing 12 4/30/2004 655,098 12/31/2003 693,168 70 1.86 12,182 0.10 71 1.31 17,862 0.16 Trailing 12 5/30/2004 770,646 12/31/2003 791,536 72 1.28 15,314 0.12 Trailing 12 5/30/2004 748,889 12/31/2003 756,126 73 1.29 15,768 0.10 Trailing 12 7/31/2004 537,745 12/31/2003 449,580 74 1.32 10,388 0.15 Trailing 12 5/31/2004 574,185 12/31/2003 462,223 75 1.29 7,538 0.10 Annualized Most Recent 5/31/2004 418,752 12/31/2003 212,389 76 1.31 14,848 0.16 Trailing 12 5/31/2004 540,634 12/31/2003 541,747 77 1.88 14,872 0.15 Annualized Most Recent 6/30/2004 785,348 12/31/2003 60,451 78 1.56 11,385 0.15 Trailing 12 3/31/2004 757,517 12/31/2003 742,425 79 1.27 19,010 0.23 Annualized Most Recent 5/31/2004 536,340 12/31/2003 318,418 80 1.55 17,286 0.15 Trailing 12 4/30/2004 662,350 12/31/2003 659,120 81 1.44 7,464 0.15 Trailing 12 5/31/2004 586,145 12/31/2003 598,586 82 1.96 8,487 0.19 Trailing 12 4/30/2004 593,905 12/31/2003 587,456 83 1.34 18,604 0.15 Trailing 12 4/30/2004 463,663 12/31/2003 473,619 84 1.39 18,367 0.25 Trailing 12 4/30/2004 530,766 12/31/2003 560,932 85 1.40 5,760 0.15 Trailing 12 5/1/2004 382,965 12/31/2003 389,925 86 1.36 8,885 0.15 Trailing 12 5/31/2004 257,662 87 1.51 5,196 0.15 Trailing 12 4/30/2004 398,969 12/31/2003 394,877 88 1.47 10,112 0.15 Trailing 12 5/31/2004 362,988 89 1.36 15,057 0.15 Trailing 12 3/31/2004 374,542 12/31/2003 398,254 90 1.26 2,914 0.06 Annualized Most Recent 7/31/2004 309,067 12/31/2003 211,742 91 1.28 5,171 0.15 Trailing 12 6/30/2004 202,620 12/31/2003 144,359 92 1.44 9,063 0.15 Trailing 12 3/31/2004 245,640 12/31/2003 200,527 93 2.37 1,536,072 5,242.57 Trailing 12 9/30/2004 14,195,599 12/31/2003 10,751,215 94 3.10 156,722 0.10 Annualized Most Recent 8/31/2004 7,241,639 12/31/2003 7,002,222 95.1 95.2 95.3 95.4 95 1.43 58,600 50.13 Annualized Most Recent 6/30/2004 3,040,168 12/31/2003 2,582,723 96 1.33 23,850 50.00 Annualized Most Recent 5/31/2004 1,228,102 12/31/2003 1,216,756 97.1 97.2 97 1.23 57,300 50.00 Annualized Most Recent 6/30/2004 3,496,266 12/31/2003 3,064,462 98 1.74 8,350 50.00 Annualized Most Recent 6/30/2004 381,089 12/31/2003 157,472 99 1.20 22,572 36.00 Annualized Most Recent 8/31/2004 1,469,931 12/31/2003 1,472,231 100 1.24 18,200 50.00 Annualized Most Recent 5/31/2004 1,025,707 12/31/2003 1,107,527 101 1.21 Annualized Most Recent 5/31/2004 628,632 12/31/2002 583,943 102 1.28 9,880 40.00 Annualized Most Recent 5/31/2004 666,934 12/31/2003 560,363 103 1.22 7,560 35.00 Annualized Most Recent 5/31/2004 549,446 12/31/2003 499,420 104 1.21 3,300 25.00 Annualized Most Recent 5/31/2004 374,873 12/31/2003 399,122 105 1.21 9,150 50.00 Annualized Most Recent 5/31/2004 384,127 12/31/2003 310,711 106 1.21 7,848 41.74 Annualized Most Recent 5/31/2004 376,601 12/31/2003 319,946 107 1.54 4,950 50.00 Trailing 12 3/31/2004 235,537 12/31/2003 231,881 108 1.64 310,128 1,623.71 Trailing 12 7/31/2004 1,730,931 12/31/2003 1,375,753 109 1.48 - ------------------------------------------------------------------------------------------------------------------------------------ 1.64X ==================================================================================================================================== LARGEST LARGEST LARGEST TENANT TENANT TENANT LEASED % OF LEASE SEQUENCE LARGEST TENANT SF TOTAL SF EXPIRATION -------- -------------- -- -------- ---------- 1 2.1 2.2 2 3 4 5 6 7 8 9.1 9.2 9 10.1 10.2 10 11 12 13 14 15 16 17 18 19 Burlington Coat Factory $80,100 19% 2/28/2007 20 REI 25,944 26% 11/30/2019 21 Jefferson at Congressional Village LLC 317,180 100% 11/30/2082 22 Michaels 23,923 13% 10/31/2009 23 Galleria Market 69,075 52% 6/30/2016 24 Office Max 36,560 21% 12/31/2009 25 Coldwell Banker/Capital Title 7,250 10% 2/14/2009 26 Publix 37,888 26% 2/28/2019 27 Seaman Furniture 29,100 39% 2/28/2015 28 Staples 22,206 19% 6/30/2009 29 Publix 54,340 62% 12/31/2023 30 Windsor Antique Market 33,962 15% 9/1/2009 31 King Soopers 55,669 46% 1/31/2008 32 Kroger 61,833 71% 2/28/2018 33 Home Depot 106,000 84% 4/25/2029 34 Safeway 54,180 49% 8/31/2022 35 Winn Dixie 44,000 46% 7/31/2005 36 Staples 20,388 59% 4/2/2019 37 Longs Drugs 19,924 34% 2/28/2019 38 99 Cent Store 6,000 13% 3/1/2009 39 Blockbuster Video 5,400 12% 8/31/2010 40 Dahlin Group 3,900 21% 7/31/2008 41 Eckerd Drugs (CVS) 8,640 20% 5/29/2007 42 West Marine Products 8,100 19% 12/5/2007 43 Walgreens 14,490 100% 6/30/2024 44 Michael's 21,280 52% 2/28/2014 45 Tin Star 3,468 20% 6/30/2014 46 Food Lion 30,720 53% 4/11/2016 47 Hollywood Video 6,400 63% 5/18/2014 48 Countrywide Home Loan 3,704 21% 4/30/2008 49 Hollywood Entertainment Corp. 6,020 43% 12/1/2012 50 Bank of America, N.A. 662,524 37% 9/30/2015 51.1 MedStar 66,873 37% 10/31/2008 51.2 Olives DC, LLC 11,557 15% 11/30/2013 51 52 Certified Tours 77,710 23% 7/31/2007 53 Accredo Health, Inc. 37,550 13% 9/30/2007 54.1 Comprehensive Primary 6,086 9% 5/31/2011 54.2 Physicians Medical Center 10,692 15% 5/31/2007 54 55 HCA 17,397 14% 6/30/2010 56 HCA 18,321 52% 6/30/2005 57 Obstetrix Medical Group 8,939 15% 5/14/2006 58 Medical Mutual of Ohio 159,800 100% 3/31/2020 59 Unites States of America (GSA) 32,312 20% 4/30/2009 60 Watson Realty 24,184 59% 5/31/2009 61 HCA 25,035 43% 6/30/2005 62 Mann Berkley Eye Center 26,381 34% 2/28/2011 63 Olympia 13,892 25% 9/30/2008 64 Jeld-Wen, Inc 123,270 25% 3/31/2007 65 L'Oreal USA S/D, Inc. 649,250 100% 7/31/2019 66 WinCup Holdings 78,880 83% 6/30/2010 67 Publix Super Markets 44,745 17% 11/30/2006 68.1 Sports Plus LLC 19,200 29% 5/31/2008 68.2 Easter Seals Society of New Jersey, Inc. 15,000 38% 12/31/2008 68 69 L.H. Cowan & Associates 11,995 12% 7/31/2007 70 TRAK Microwave 121,818 100% 5/31/2017 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 Gradient Corporation 21,550 14% 12/31/2009 94 City of New York - Department of General Services 486,115 31% 2/9/2006 95.1 95.2 95.3 95.4 95 96 97.1 97.2 97 98 99 100 101 102 103 104 105 106 107 108 109 - ------------------------------------------------------------------------------------------------------------------------------- =============================================================================================================================== SECOND SECOND SECOND LARGEST LARGEST LARGEST TENANT TENANT TENANT % OF LEASE SEQUENCE SECOND LARGEST TENANT LEASED SF TOTAL SF EXPIRATION -------- --------------------- --------- -------- ---------- 1 2.1 2.2 2 3 4 5 6 7 8 9.1 9.2 9 10.1 10.2 10 11 12 13 14 15 16 17 18 19 Shop Rite $72,200 17% 3/31/2015 20 Storehouse 11,000 11% 11/30/2009 21 22 Staples 23,884 13% 2/28/2015 23 Cosmos Electronics 5,366 4% 6/30/2006 24 Bally Total Fitness 30,620 18% 11/30/2014 25 Grimaldi's 5,000 7% 8/31/2014 26 Eckerd Drugs #213R 10,909 8% 2/19/2018 27 Evolution Fitness 9,365 13% 12/31/2018 28 Rugged Warehouse 11,250 10% 9/30/2007 29 Dollar Pavilion 4,200 5% 9/30/2006 30 Sun & Ski 30,498 14% 1/31/2012 31 La Fontana 5,600 5% 12/31/2008 32 Blockbuster Video 6,000 7% 5/31/2006 33 Donald Rice Tires 11,542 9% 2/28/2015 34 Family Dollar 9,375 8% 12/31/2008 35 Eckerd 9,504 10% 7/17/2010 36 Kaiser Foundation 6,000 17% 6/27/2011 37 Bank of America 6,228 11% 12/31/2010 38 The Shoe Show 5,200 12% 3/1/2009 39 CiCis Pizza #299 4,050 9% 12/31/2009 40 McCulley Group 3,115 17% 11/30/2008 41 Fajita Willies 5,467 13% 6/30/2005 42 El Dorado Tile, Marble & Granite 4,683 11% 6/30/2006 43 44 Office Depot 20,000 48% 2/28/2014 45 Cheesey Jane's 3,355 19% 11/30/2013 46 Super Dollar 6,000 10% 10/31/2007 47 Chipotle 2,580 25% 6/30/2009 48 Padonia Video, LLP 3,250 19% 7/31/2008 49 Texas Smiles 2,520 18% 2/1/2008 50 Goldman, Sachs & Co. 90,504 5% 8/31/2010 51.1 Fannie Mae 62,485 35% 4/30/2008 51.2 Radio Television News 8,670 11% 10/31/2011 51 52 Silversea Cruises, Ltd. 44,134 13% 12/31/2010 53 Laurel Networks, Inc. 31,476 11% 5/31/2006 54.1 Eugene Eisenman 5,590 8% MTM 54.2 Sher-Brody Institute 6,744 10% 8/31/2007 54 55 UNSOM Multi Specialty 13,861 11% 5/31/2006 56 Joel Lubritz 6,032 17% 3/14/2006 57 HCA/Hospital 7,549 12% 9/9/2006 58 59 Armbrecht Jackson & Demouy 29,436 18% 2/29/2008 60 Stewart Title 11,456 28% 1/31/2010 61 Physicians Clinical 4,689 8% 4/30/2009 62 Kroger & Associates 13,066 17% 7/31/2006 63 HCA 7,052 13% 6/30/2008 64 Hay House 109,952 22% 12/31/2007 65 66 Lippenberger Law Firm 6,565 7% 2/28/2008 67 Iron Mountain Records 27,000 10% 3/31/2005 68.1 Comnet Telecom Supply, Incorporated 15,770 23% 12/31/2005 68.2 Whole Year Trading Company 5,000 13% 1/31/2009 68 69 Buy Direct, Inc. 9,880 10% 7/31/2006 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 Lexecon 21,550 14% 10/31/2007 94 Middle Village Associates 265,000 17% 9/30/2014 95.1 95.2 95.3 95.4 95 96 97.1 97.2 97 98 99 100 101 102 103 104 105 106 107 108 109 - ---------------------------------------------------------------------------------------------------------------------------- ============================================================================================================================ THIRD THIRD THIRD LARGEST LARGEST LARGEST TENANT TENANT TENANT % OF LEASE SEQUENCE THIRD LARGEST TENANT LEASED SF TOTAL SF EXPIRATION -------- -------------------- --------- -------- ---------- 1 2.1 2.2 2 3 4 5 6 7 8 9.1 9.2 9 10.1 10.2 10 11 12 13 14 15 16 17 18 19 United Artist Theater $38,849 9% 8/31/2009 20 Verizon Wireless 6,668 7% 2/29/2008 21 22 Fairfield Communities (Cendant) 15,600 9% 12/31/2006 23 Hanmi Bank 4,181 3% 6/30/2006 24 US Postal Services 21,152 12% 1/31/2011 25 Bank One 4,852 7% 1/1/2022 26 Aaron Rents 8,228 6% 9/30/2010 27 CyBronze 8,700 12% 9/14/2018 28 Carlton, LTD. 8,320 7% 2/29/2008 29 Diamond Nails and Spa 2,400 3% 4/30/2008 30 Cinemark USA 26,605 12% 10/31/2007 31 perfect Teeth 4,058 3% 7/31/2008 32 China Queen 3,874 4% 6/30/2007 33 Carrabba's Italian Grill 6,440 5% 2/28/2015 34 Aaron Rents 4,044 4% 10/31/2008 35 Gator's Dockside 4,897 5% 10/31/2011 36 Style Xpress 6,000 17% 5/14/2011 37 Anacapa Dental Care 2,869 5% 12/31/2008 38 The Cato Corp. 4,160 9% 3/1/2009 39 Osami Japanese Restaurant 3,950 9% 5/31/2006 40 Blackbird Interiors 2,721 15% 3/31/2005 41 Wish's Club 3,545 8% 7/31/2005 42 PBC Enterprises, Inc. 4,170 10% 7/31/2005 43 44 45 Payless Shoes 2,800 16% 11/30/2008 46 Dollar Tree Stores 6,000 10% 9/30/2007 47 The Book A Near 1,200 12% 7/31/2007 48 Hunt Valley Jewelers 2,285 13% 2/28/2009 49 T Mobile/Voicestream 1,750 13% 4/1/2008 50 Morgan Stanley & Co. 85,347 5% 10/31/2011 51.1 Georgetown University 50,334 28% 10/31/2008 51.2 Control Risks Group, LLC 6,509 8% 1/31/2013 51 52 Stratis Business Center 15,190 4% 10/31/2011 53 Bayer Corporate & Business Services 30,145 11% 4/30/2006 54.1 Carlos Fonte 5,391 8% 10/31/2006 54.2 Nevada Cardiology 6,735 10% 12/31/2005 54 55 Children's Heart Center 11,405 9% 12/1/2013 56 The Lung Center of Nevada 5,413 15% MTM 57 Pediatric Gastroenterology 3,839 6% 9/30/2008 58 59 McDowell Knight Roedder 16,340 10% 10/30/2009 60 ABA Energy 5,450 13% 6/30/2005 61 Personal Care Pediatric 3,180 5% 5/31/2009 62 Professional Design Group 10,351 13% 2/28/2006 63 Black Hills Pediatric 3,027 5% 9/30/2006 64 Dow Stereo Video, Inc 106,268 22% 12/31/2011 65 66 Neurobehavioral 1,551 2% 6/30/2007 67 Gulf Coast / Allstates 18,960 7% 7/31/2006 68.1 New Jersey's Cheer Factory, LLC 9,590 14% 6/30/2007 68.2 Walther Electric Corporation 5,000 13% 12/31/2006 68 69 American Home Patient 9,460 9% 1/31/2008 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 Institute for Healthcare Improvement 17,456 12% 1/31/2012 94 Levitz Furniture Corporation 174,000 11% 3/31/2014 95.1 95.2 95.3 95.4 95 96 97.1 97.2 97 98 99 100 101 102 103 104 105 106 107 108 109 - ------------------------------------------------------------------------------------------------------------------------------- =============================================================================================================================== (i) Administrative Fee Rate includes the Sub-Servicing Fee Rate. (ii) For Mortgage Loans which accrue interest on the basis of actual days elapsed each calendar month and a 360-day yr. or a 365-day yr., the amortization term is the term over which the Mortgage Loans would amortize if interest accrued and was paid on the basis of a 360-day yr. consisting of twelve 30-day months. The actual amortization would be longer. ANNEX A CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS The schedule and tables appearing in this Annex A set forth certain information with respect to the Mortgage Loans and Mortgaged Properties. Unless otherwise indicated, such information is presented as of the Cut-off Date. The statistics in such schedule and tables were derived, in many cases, from information and operating statements furnished by or on behalf of the respective borrowers. Such information and operating statements were generally unaudited and have not been independently verified by the Depositor or any Underwriter, or any of their respective affiliates or any other person. All numerical and statistical information presented in this prospectus supplement are calculated as described under "Summary of Prospectus Supplement--Mortgage Loans--Certain Mortgage Loan Calculations" in this prospectus supplement. For purposes of the prospectus supplement, including the schedule and tables in this Annex A, the indicated terms shall have the following meanings and the schedules and tables in this Annex A will be qualified by the following: 1. "Administrative Fee Rate" means the sum of the Master Servicing Fee Rate (including the per annum rates at which the monthly sub-servicing fee is payable to the related Sub-Servicer (the "Sub-Servicing Fee Rate")), plus the per annum rate applicable to the calculation of the Trustee Fee. 2. "Annual Debt Service" means the amount derived by multiplying the Monthly Payment set forth for each Mortgage Loan in this Annex A by twelve. For purposes of calculating the "Annual Debt Service" for Loan Nos. 58399, 58396, 760032628 and 760033784, the amount of the Monthly Payment is calculated based upon (a) the related interest rate, (b) a 360 month amortization term and (c) the related original principal balance. 3. "Appraisal Value" means, for any Mortgaged Property, the appraiser's value as stated in the appraisal available to the Depositor as of the date specified on the schedule. 4. "Balloon" means a loan that has a significant outstanding balance at maturity. 5. "Cash Flow" means with respect to any Mortgaged Property, the total cash flow available for Annual Debt Service on the related Mortgage Loan, generally calculated as the excess of Revenues over Expenses, capital expenditures and tenant improvements and leasing commissions. (i) "Revenues" generally consist of certain revenues received in respect of a Mortgaged Property, including, for example, (A) for the Multifamily Mortgaged Properties, rental and other revenues; (B) for the Commercial Mortgaged Properties, base rent (less mark-to-market adjustments in some cases), percentage rent, expense reimbursements and other revenues; and (C) for hotel Mortgaged Properties, guest room rates, food and beverage charges, telephone charges and other revenues. (ii) "Expenses" generally consist of all expenses incurred for a Mortgaged Property, including for example, salaries and wages, the costs or fees of utilities, repairs and maintenance, marketing, insurance, management, landscaping, security (if provided at the Mortgaged Property) and the amount of real estate taxes, general and administrative expenses, ground lease payments, and other costs but without any deductions for debt service, depreciation and amortization or capital expenditures therefor. In the case of hotel Mortgaged Properties, Expenses include, for example, expenses relating to guest rooms (hotels only), food and beverage costs, telephone bills, and rental and other expenses, and such operating expenses as general and administrative, marketing and franchise fees. In certain cases, Full Year Cash Flow, Most Recent Cash Flow and/or U/W Cash Flow have been adjusted by removing certain non-recurring expenses and revenue or by certain other normalizations. Such Cash Flow does not necessarily reflect accrual of certain costs such as capital expenditures and leasing commissions and does not reflect non-cash items such as depreciation or A-1 amortization. In some cases, capital expenditures and non-recurring items may have been treated by a borrower as an expense but were deducted from Most Recent Expenses, Full Year Expenses or U/W Expenses to reflect normalized Most Recent Cash Flow, Full Year Cash Flow or U/W Cash Flow, as the case may be. The Depositor has not made any attempt to verify the accuracy of any information provided by each borrower or to reflect changes that may have occurred since the date of the information provided by each borrower for the related Mortgaged Property. Such Cash Flow was not necessarily determined in accordance with generally accepted accounting principles ("GAAP"). Such Cash Flow is not a substitute for net income determined in accordance with GAAP as a measure of the results of a Mortgaged Property's operations or a substitute for cash flows from operating activities determined in accordance with GAAP as a measure of liquidity. Moreover, in certain cases such Cash Flow may reflect partial-year annualizations. 6. "Cut-off Date Loan-to-Value Ratio", "Cut-off Date LTV Ratio" or "Cut-off Date LTV" means, with respect to any Mortgage Loan, the Cut-off Date Balance of such Mortgage Loan divided by the Appraisal Value of the related Mortgaged Property. 7. "DEFEASANCE" means, with respect to any Mortgage Loan, that such Mortgage Loan is subject to a Defeasance Option. 8. "Discount Rate" means, with respect to any prepayment premium calculation, the yield on the U.S. Treasury issue with a maturity date closest to the maturity date for the Mortgage Loan being prepaid, or an interpolation thereof. 9. "Full Year End Date" means, with respect to each Mortgage Loan, the date indicated in Annex A as the "Full Year End Date" with respect to such Mortgage Loan, which date is generally the end date with respect to the period covered by the latest available annual operating statement provided by the related borrower. 10. "Full Year Cash Flow" means, with respect to any Mortgaged Property, the Cash Flow derived therefrom that was available for debt service, calculated as Full Year Revenues less Full Year Expenses, Full Year capital expenditures and Full Year tenant improvements and leasing commissions. See also "Cash Flow" above. (i) "Full Year Revenues" are the Revenues received (or annualized or estimated in certain cases) in respect of a Mortgaged Property for the 12-month period ended as of the Full Year End Date, based upon the latest available annual operating statement and other information furnished by the borrower for its most recently ended fiscal year. (ii) "Full Year Expenses" are the Expenses incurred (or annualized or estimated in certain cases) for a Mortgaged Property for the 12-month period ended as of the Full Year End Date, based upon the latest available annual operating statement and other information furnished by the borrower for its most recently ended fiscal year. 11. "Fully Amortizing" means a fully amortizing Mortgage Loan; except that such Mortgage Loan may have a payment due at its maturity in excess of its scheduled Monthly Payment. 12. "Interest Only" means any Mortgage Loan which requires scheduled payments of interest only until the related Maturity Date. 13. "IO, Balloon" means any Mortgage Loan which requires only scheduled payments of interest for some (but not all) of the term of the related Mortgage Loan and that has a significant outstanding balance at maturity. 14. "Leasable Square Footage" or "Net Rentable Area (SF)" means, in the case of a Mortgaged Property operated as a retail center, office complex or industrial or warehouse facility, the square footage of the net leasable area. 15. "Maturity" or "Maturity Date" means, with respect to any Mortgage Loan, the date specified in the related Mortgage Note as its stated maturity date. 16. "Maturity Date Balance" means, with respect to any Mortgage Loan, the balance due at maturity, assuming no prepayments, defaults or extensions. A-2 17. "Maturity Date Loan-to-Value Ratio" or "Maturity Date LTV" means, with respect to any Mortgage Loan, the Maturity Date Balance, divided by the Appraisal Value of the related Mortgaged Property. 18. "Most Recent Cash Flow" means, with respect to any Mortgaged Property, the Cash Flow derived therefrom that was available for debt service, calculated as Most Recent Revenues less Most Recent Expenses, Most Recent capital expenditures and Most Recent tenant improvements and leasing commissions. See also "Cash Flow" above. (i) "Most Recent Revenues" are the Revenues received (or annualized or estimated in certain cases) in respect of a Mortgaged Property for the 12-month period ended on the Most Recent Date, based upon operating statements and other information furnished by the related borrower. (ii) "Most Recent Expenses" are the Expenses incurred (or annualized or estimated in certain cases) for a Mortgaged Property for the 12-month period ended on the Most Recent Date, based upon operating statements and other information furnished by the related borrower. 19. "Most Recent Financial End Date" means, with respect to any Mortgage Loan, the date indicated in Annex A as the "Most Recent End Date" with respect to such Mortgage Loan which date is generally the end date with respect to the period covered by the latest available operating statement provided by the related borrower. 20. "Most Recent Statement Type" means certain financial information with respect to the Mortgaged Properties as set forth in the three categories listed in (i) through (iii) immediately below. (i) "Full Year" means certain financial information regarding the Mortgaged Properties presented as of the date which is presented in the Most Recent Financial End Date. (ii) "Annualized Most Recent" means certain financial information regarding the Mortgaged Properties which has been annualized based upon one month or more of financial data. (iii) "Trailing 12 Months" means certain financial information regarding a Mortgaged Properties which is presented for the trailing 12 months prior to the Most Recent Financial End Date. 21. "NPV (MEY)" refers to a method of calculation of a yield maintenance premium. Under this method prepayment premiums are generally equal to the greater of (i) one percent (1%) of the principal balance being prepaid, and (ii) the present value as of the date of prepayment of the remaining scheduled payments of principal and interest from the date of prepayment through the maturity date (including any ballon payment) determined by discounting such payments at a discount rate based on a treasury rate converted to a monthly compounded nominal yield as provided in the underlying note less the amount of the outstandig principal balance on the date of prepayment (after subtracting the scheduled principal payment on such date of prepayment). Loan No. DBM20357 has been assumed to be included in this category for purposes of Annex A. 22. "Int Diff (BEY)" refers to a method of calculation of a yield maintenance premium. Under this method prepayment premiums are generally equal to an amount equal to the greater of (a) one percent (1%) of the principal amount being prepaid or (b) the product obtained by multiplying (x) the principal amount being prepaid, times (y) the difference obtained by subtracting (I) the Yield Rate from (II) the mortgage rate of the related Mortgage Note, times (z) the present value factor calculated using the following formula: 1--(1+r)(-n) ---------- r where r is equal to the Yield Rate and n is equal to the number of years and any fraction thereof, remaining between the date the prepayment is made and the maturity date of the related Mortgage Note. A-3 As used in this definition, "Yield Rate" means the yield rate for the specified United States Treasury security, as reported in The Wall Street Journal on the fifth business day preceding the date the prepayment is required in the related Mortgage Loan documents. Loan Nos. 58384, 57840, 57839, 58383, 57851, 57855, 57842 and 57843 have been assumed to be included in this category for purposes of Annex A. 23. "Int Diff (MEY)" refers to a method of calculation of a yield maintenance premium. Under this method, "Yield Maintenance" means a prepayment premium in an amount equal to the greater of (i) one percent (1%) of the portion of the Loan being prepaid, and (ii) the present value as of the Prepayment Calculation Date of a series of monthly payments over the remaining term of the Loan being prepaid assuming a per annum interest rate equal to the excess of the Note Rate over the Reinvestment Yield, and discounted at the Reinvestment Yield. As used herein, "Reinvestment Yield" means the yield rate for the specified United States Treasury security as described in the underlying Note converted to a monthly compounded nominal yield. The "Prepayment Calculation Date" means, as applicable, the date on which (i) Lender applies any prepayment to the reduction of the outstanding principal amount of this Note, (ii) Lender accelerates the Loan, in the case of a prepayment resulting from acceleration, or (iii) Lender applies funds held under any Reserve Account, in the case of a prepayment resulting from such an application (other than in connection with acceleration of the Loan). Loan No. 58275 has been assumed to be included in this category for purposes of Annex A. 24. "Int Diff (MEY) - G" refers to a method of calculation of a yield maintenance premium. Under this method prepayment premiums are generally equal to an amount equal to the greater of: (a) 1% of the principal amount being prepaid, or (b) the sum of the present value on the date of prepayment, discounted using the Replacement Treasury Rate converted to a monthly equivalent yield, of the Monthly Interest Shortfalls for the remaining terms of the Mortgage Loan. For purposes of this definition: (i) "Monthly Interest Shortfall" will be calculated for each monthly payment date and is the product of (A) the dollar amount of the prepayment divided by 12, and (B) the positive results, if any, from (1) the yield derived from compounding semi-annually the Mortgage Rate minus (2) the Replacement Treasury Rate. (ii) "Replacement Treasury Rate" means, the yield calculated by linear interpolation (rounded to one thousandth of one percent (i.e., 0.001%)) of the yields, as reported in Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the prepayment date, of U.S. Treasury constant maturities with terms (are longer and one shorter) most nearly approximating the remaining Weighted Average Life (as defined below) of the mortgage loan as of the prepayment date. In the event Release H.15 is no longer published, the lender will select a comparable publication to determine the Replacement Treasury Rate. (iii) "Weighted Averaged Life" of the mortgage loan is determined as of the prepayment date by (i) multiplying the amount of each monthly principal payment that would have been paid had the prepayment not occurred by the number of months from the prepayment date to each payment date, (ii) adding the results and (iii) dividing the sum by the balance remaining on the mortgage loan on the prepayment date multiplied by 12. Loan Nos. 760033701, 760032835, 760032833, 760032834, 760032563 and 760033033 have been assumed to be in this category for purposes of Annex A. 25. "Occupancy %" or "Occupancy Percent" means the percentage of Leasable Square Footage or Total Units/Rooms/Pads, as the case may be, of the Mortgaged Property that was occupied as of a specified date, as specified by the borrower or as derived from the Mortgaged Property's rent rolls, which generally are calculated by physical presence or, alternatively, collected rents as a percentage of potential rental revenues. A-4 26. "OPEN" means, with respect to any Mortgage Loan that such Mortgage Loan may be voluntarily prepaid without a Prepayment Premium. 27. "Periodic Treasury Yield" means (a) the annual yield to maturity of the actively traded noncallable United States Treasury fixed interest rate security (other than such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the maturity date (or if two or more securities have maturity dates equally close to the maturity date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth business day preceding the prepayment date, divided by (b) twelve, if scheduled payment dates are monthly, or four, if scheduled payment dates are quarterly. 28. "Related Loans" means two or more Mortgage Loans with respect to which the related Mortgaged Properties are either owned by the same entity or owned by two or more entities controlled by the same key principals. 29. "UPB" means, with respect to any Mortgage Loan, its unpaid principal balance. 30. "Units", "Rooms" and "Pads" respectively, mean: (i) in the case of a Mortgaged Property operated as multifamily housing, the number of apartments, regardless of the size of or number of rooms in such apartment (referred to in the schedule as "Units"); (ii) in the case of a Mortgaged Property operated as a hotel, the number of rooms (referred to in the schedule as "Rooms"); and (iii) in the case of a Mortgaged Property operated as a Manufactured Housing Community, the number of pads (referred to in the schedule as "Pads"). 31. "U/W DSCR", "Underwritten DSCR", "Underwritten Debt Service Coverage Ratio", "Underwriting DSCR" or "Underwriting Debt Service Coverage Ratio" means, with respect to any Mortgage Loan (a) the U/W Cash Flow for the related Mortgaged Property divided by (b) the Annual Debt Service for such Mortgage Loan. 32. "U/W Cash Flow", "Underwritten Cash Flow" or "Underwriting Cash Flow" means, with respect to any Mortgaged Property, the Cash Flow derived therefrom that was available for debt service, calculated as U/W Revenues less U/W Expenses, U/W Reserves and U/W tenant improvements and leasing commissions. See also "Cash Flow" above. (i) "U/W Revenues" are the anticipated Revenues in respect of a Mortgaged Property, generally determined by means of an estimate made at the origination of such Mortgage Loan or, as in some instances, as have been subsequently updated. U/W Revenues have generally been calculated (a) assuming that the occupancy rate for the Mortgaged Property was consistent with the Mortgaged Property's current or historical rate, or the relevant market rate, if such rate was less than the occupancy rate reflected in the most recent rent roll or operating statements, as the case may be, furnished by the related borrower, and (b) in the case of retail, office, industrial and warehouse Mortgaged Properties, assuming a level of reimbursements from tenants consistent with the terms of the related leases or historical trends at the Mortgaged Property, and in certain cases, assuming that a specified percentage of rent will become defaulted or otherwise uncollectible. In addition, in the case of retail, office, industrial and warehouse Mortgaged Properties, upward adjustments may have been made with respect to such revenues to account for all or a portion of the rents provided for under any new leases scheduled to take effect later in the year. Also, in the case of certain Mortgaged Properties that are operated as nursing home or hotel properties and are subject to an operating lease with a single operator, U/W Revenues were calculated based on revenues received by the operator rather than rental payments received by the related borrower under the operating lease. (ii) "U/W Expenses" are the anticipated Expenses in respect of a Mortgaged Property, generally determined by means of an estimate made at the origination of such Mortgage Loan or as in some instances as may be updated. U/W Expenses were generally assumed to be equal to historical annual expenses reflected in the operating statements and other A-5 information furnished by the borrower, except that such expenses were generally modified by (a) if there was no management fee or a below market management fee, assuming that a management fee was payable with respect to the Mortgaged Property in an amount approximately equal to a percentage of assumed gross revenues for the year, (b) adjusting certain historical expense items upwards or downwards to amounts that reflect industry norms for the particular type of property and/or taking into consideration material changes in the operating position of the related Mortgaged Property (such as newly signed leases and market data) and (c) adjusting for non-recurring items (such as capital expenditures) and tenant improvement and leasing commissions, if applicable (in the case of certain retail, office, industrial and warehouse Mortgaged Properties, adjustments may have been made to account for tenant improvements and leasing commissions at costs consistent with historical trends or prevailing market conditions and, in other cases, operating expenses did not include such costs). Actual conditions at the Mortgaged Properties will differ, and may differ substantially, from the assumed conditions used in calculating U/W Cash Flow. In particular, the assumptions regarding tenant vacancies, tenant improvements and leasing commissions, future rental rates, future expenses and other conditions if and to the extent used in calculating U/W Cash Flow for a Mortgaged Property, may differ substantially from actual conditions with respect to such Mortgaged Property. There can be no assurance that the actual costs of reletting and capital improvements will not exceed those estimated or assumed in connection with the origination or purchase of the Mortgage Loans. In most cases, U/W Cash Flow describes the cash flow available after deductions for capital expenditures such as tenant improvements, leasing commissions and structural reserves. In those cases where such "reserves" were so included, no cash may have been actually escrowed. No representation is made as to the future net cash flow of the properties, nor is U/W Cash Flow set forth herein intended to represent such future net cash flow. 33. "U/W Replacement Reserves" means, with respect to any Mortgaged Property, the aggregate amount of on-going reserves (generally for capital improvements and replacements) assumed to be maintained with respect to such Mortgaged Property. In each case, actual reserves, if any, may be less than the amount of U/W Reserves. 34. "U/W Replacement Reserves Per Unit" means, with respect to any Mortgaged Property, (a) the related U/W Reserves, divided by (b) the number of Units, Rooms, Leasable Square Footage or Pads, as applicable. 35. "YM" means, with respect to any Mortgage Loan, a yield maintenance premium. 36. For purposes of the calculation of the Net Mortgage Rate in Annex A to this prospectus supplement, such values were calculated without regard to the adjustment described in the definition of Net Mortgage Rates in this prospectus supplement under "Description of the Certificates--Pass-Through Rates". 37. Plaza 205: $2,500,000 cash escrow held as additional security for the loan, unless the borrower requests a redetermination by September 1, 2005, subject to extension to December 1, 2005, and the lender determines that certain requirements, including a 1.20 DSCR based on a 7.20% minimum constant, have been satisfied. If the borrower does not qualify or partially qualifies for the release, the escrow or the remaining escrow is required to be applied to the outstanding principal loan balance. For purposes of calculating DSCR, the debt service payment is based on netting out the $2,500,000 cash escrow from the original loan balance of $16,000,000. Recalculated debt service is $952,604 which produces a DSCR of 1.26. 38. Bluffton Commons: $852,000 cash escrow held as additional security for the loan until certain requirements, including a 1.20 DSCR based on a 7.25% minimum constant, have been satisfied. If the borrower does not qualify or partially qualifies for the escrow release by October 1, 2006, the lender has the option to hold the escrow or remaining escrow for the term or to apply the escrow or remaining escrow to the outstanding principal loan balance. For A-6 purposes of calculating DSCR, the debt service payment is based on netting out the $852,000 cash escrow from the original loan balance of $10,180,000. Recalculated debt service is $635,560 which produces a DSCR of 1.26. 39. "Holdback Loan" means, with respect to the five mortgage loans (Loan Nos. 760033366, 760033463, DBM20193, DBM20554 and DBM20555), the loan amounts used in this prospectus supplement for calculating the related debt service coverage ratios excludes the $2,500,000, $852,000, $11,700,000, $170,000 and $100,000 of holdback reserves, respectively. A-7 PREPAYMENT LOCK-OUT/PREPAYMENT ANALYSIS BASED ON OUTSTANDING PRINCIPAL BALANCE(1)(2)(3) ALL MORTGAGE LOANS NOV-04 NOV-05 NOV-06 NOV-07 --------------- --------------- --------------- --------------- Locked Out ............ 100.00% 97.58% 95.54% 93.42% Yield Maintenance(4) ....... 0.00% 2.42% 4.46% 6.58% Open .................. 0.00% 0.00% 0.00% 0.00% --------- --------- --------- --------- Total ................. 100.00% 100.00% 100.00% 100.00% --------- --------- --------- --------- Total Balance as of the Cut-off Date (in millions) ........ $ 1,362.13 $ 1,354.18 $ 1,343.14 $ 1,328.51 ---------- ---------- ---------- ---------- Percent of Mortgage Pool Balance .............. 100.00% 99.42% 98.61% 97.53% ---------- ---------- ---------- ---------- NOV-08 NOV-09 NOV-10 NOV-11 NOV-12 NOV-13 NOV-14 --------------- ------------- ------------- ------------- ------------- ------------- ------------- Locked Out ............ 91.43% 93.40% 93.41% 90.68% 90.64% 90.59% 90.34% Yield Maintenance(4) ....... 8.57% 6.60% 6.59% 7.97% 8.01% 8.05% 0.00% Open .................. 0.00% 0.00% 0.00% 1.35% 1.36% 1.36% 9.66% --------- ------- ------- ------- ------- ------- ------ Total ................. 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% --------- ------- ------- ------- ------- ------- ------ Total Balance as of the Cut-off Date (in millions) ........ $ 1,312.01 $ 901.92 $ 886.73 $ 559.20 $ 546.06 $ 532.07 $ 25.92 ---------- -------- -------- -------- -------- -------- -------- Percent of Mortgage Pool Balance .............. 96.32% 66.21% 65.10% 41.05% 40.09% 39.06% 1.90% ---------- -------- -------- -------- -------- -------- -------- NOV-15 NOV-16 NOV-17 NOV-18 ------------ ------------ ------------ ------------ Locked Out ............ 100.00% 100.00% 100.00% 100.00% Yield Maintenance(4) ....... 0.00% 0.00% 0.00% 0.00% Open .................. 0.00% 0.00% 0.00% 0.00% ------ ------ ------ ------ Total ................. 100.00% 100.00% 100.00% 100.00% ------ ------ ------ ------ Total Balance as of the Cut-off Date (in millions) ........ $ 22.95 $ 22.46 $ 21.95 $ 21.40 --------- --------- --------- --------- Percent of Mortgage Pool Balance .............. 1.68% 1.65% 1.61% 1.57% --------- --------- --------- --------- - ------- (1) Prepayment provisions in effect as a percentage of outstanding loan balances as of the indicated date assuming no prepayments on the Mortgage Loans, if any. (2) As of the Cut-off Date. (3) Numbers may not total to 100% due to rounding. (4) As of the Cut-off Date, 16 Mortgage Loans, representing 9.0% of the initial pool balance (10.6% of the group 1 balance and 1.7% of the group 2 balance) are subject to yield maintenance prepayment provisions after the lockout period. The remaining Mortgage Loans, representing 91.0% of the initial pool balance (89.4% of the group 1 balance and 98.3% of the group 2 balance) are subject to defeasance after an initial restriction period. A-8 MORTGAGE POOL PROPERTY TYPE % OF WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE MORTGAGED CUT-OFF DATE POOL UNDERWRITTEN PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR - ----------------------- ------------ ----------------- --------- -------------- Retail ................ 30 $ 315,684,137 23.2% 1.36x Anchored ............. 16 207,920,653 15.3 1.35x Shadow Anchored ........... 10 85,066,681 6.2 1.33x Unanchored ........... 4 22,696,802 1.7 1.53x Office ................ 16 313,159,600 23.0 1.73x Multifamily ........... 21 236,740,797 17.4 1.77x Manufactured Housing .............. 17 145,485,896 10.7 1.28x Mixed Use ............. 2 129,000,000 9.5 2.66x Self Storage .......... 22 102,944,610 7.6 1.42x Industrial ............ 8 82,864,029 6.1 1.39x Land .................. 1 18,500,000 1.4 1.13x Hotel ................. 2 17,750,000 1.3 1.61x -- -------------- ----- Total/Wtd Avg ......... 119 $1,362,129,068 100.0% 1.64x === ============== ===== WEIGHTED WEIGHTED MIN/MAX AVERAGE MIN/MAX AVERAGE UNDERWRITTEN CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR LTV RATIO LTV RATIO RATE - ----------------------- ---------------------- -------------- ---------------- ----------- Retail ................ 1.20x/1.88x 72.5% 46.6%/80.0% 5.806% Anchored ............. 1.20x/1.88x 72.7% 46.6%/80.0% 5.719% Shadow Anchored ........... 1.25x/1.61x 74.0% 57.2%/80.0% 5.985% Unanchored ........... 1.33x/1.68x 64.0% 54.2%/78.5% 5.932% Office ................ 1.24x/2.21x 61.3% 18.9%/79.6% 5.206% Multifamily ........... 1.20x/7.11x 60.7% 14.2%/80.0% 5.034% Manufactured Housing .............. 1.20x/1.74x 77.0% 67.8%/80.0% 5.201% Mixed Use ............. 2.37x/3.10x 48.4% 45.7%/52.5% 5.121% Self Storage .......... 1.26x/1.96x 68.8% 43.4%/75.3% 5.751% Industrial ............ 1.21x/1.86x 69.4% 53.6%/79.8% 5.408% Land .................. 1.13x/1.13x 81.5% 81.5%/81.5% 6.280% Hotel ................. 1.48x/1.64x 64.9% 63.5%/69.5% 5.765% Total/Wtd Avg ......... 1.13x/7.11x 65.6% 14.2%/81.5% 5.382% LOAN GROUP 1 PROPERTY TYPE % OF INITIAL WEIGHTED NUMBER OF AGGREGATE LOAN AVERAGE MORTGAGED CUT-OFF DATE GROUP 1 UNDERWRITTEN PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR - ----------------------- ------------ ----------------- --------- -------------- Retail ................ 30 $ 315,684,137 28.2% 1.36x Anchored ............. 16 207,920,653 18.6 1.35x Shadow Anchored ........... 10 85,066,681 7.6 1.33x Unanchored ........... 4 22,696,802 2.0 1.53x Office ................ 16 313,159,600 27.9 1.73x Mixed Use ............. 2 129,000,000 11.5 2.66x Manufactured Housing .............. 12 105,214,790 9.4 1.31x Self Storage .......... 22 102,944,610 9.2 1.42x Industrial ............ 8 82,864,029 7.4 1.39x Multifamily ........... 6 35,402,718 3.2 1.28x Land .................. 1 18,500,000 1.7 1.13x Hotel ................. 2 17,750,000 1.6 1.61x -- -------------- ----- Total/Wtd Avg ......... 99 $1,120,519,883 100.0% 1.61x == ============== ===== WEIGHTED WEIGHTED MIN/MAX AVERAGE MIN/MAX AVERAGE UNDERWRITTEN CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR LTV RATIO LTV RATIO RATE - ----------------------- ---------------------- -------------- ---------------- ----------- Retail ................ 1.20x/1.88x 72.5% 46.6%/80.0% 5.806% Anchored ............. 1.20x/1.88x 72.7% 46.6%/80.0% 5.719% Shadow Anchored ........... 1.25x/1.61x 74.0% 57.2%/80.0% 5.985% Unanchored ........... 1.33x/1.68x 64.0% 54.2%/78.5% 5.932% Office ................ 1.24x/2.21x 61.3% 18.9%/79.6% 5.206% Mixed Use ............. 2.37x/3.10x 48.4% 45.7%/52.5% 5.121% Manufactured Housing .............. 1.21x/1.74x 77.7% 67.8%/80.0% 5.039% Self Storage .......... 1.26x/1.96x 68.8% 43.4%/75.3% 5.751% Industrial ............ 1.21x/1.86x 69.4% 53.6%/79.8% 5.408% Multifamily ........... 1.20x/1.35x 79.1% 75.4%/80.0% 4.972% Land .................. 1.13x/1.13x 81.5% 81.5%/81.5% 6.280% Hotel ................. 1.48x/1.64x 64.9% 63.5%/69.5% 5.765% Total/Wtd Avg ......... 1.13x/3.10x 66.7% 18.9%/81.5% 5.434% LOAN GROUP 2 PROPERTY TYPE % OF INITIAL WEIGHTED NUMBER OF AGGREGATE LOAN AVERAGE MORTGAGED CUT-OFF DATE GROUP 2 UNDERWRITTEN PROPERTY TYPE PROPERTIES BALANCE BALANCE DSCR - ----------------------- ------------ -------------- --------- -------------- Multifamily ........... 15 $201,338,079 83.3% 1.85x Manufactured Housing .............. 5 40,271,106 16.7 1.22x -- ------------ ----- Total/Wtd Avg ......... 20 $241,609,185 100.0% 1.75x == ============ ===== WEIGHTED WEIGHTED MIN/MAX AVERAGE MIN/MAX AVERAGE UNDERWRITTEN CUT-OFF DATE CUT-OFF DATE MORTGAGE PROPERTY TYPE DSCR LTV RATIO LTV RATIO RATE - ----------------------- ---------------------- -------------- ---------------- ----------- Multifamily ........... 1.20x/7.11x 57.4% 14.2%/80.0% 5.045% Manufactured Housing .............. 1.20x/1.28x 75.1% 72.0%/80.0% 5.623% Total/Wtd Avg ......... 1.20x/7.11x 60.4% 14.2%/80.0% 5.141% A-9 MORTGAGE POOL CUT-OFF DATE BALANCES % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE CUT-OFF DATE MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE BALANCES LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------------ ----------- ----------------- --------- -------------- -------------- ----------- $1,150,630 -- $1,999,999...... 2 $ 2,670,630 0.2% 1.53x 53.7% 5.281% $2,000,000 -- $2,999,999...... 9 22,303,991 1.6 1.44x 69.3% 5.740% $3,000,000 -- $3,999,999...... 16 57,270,859 4.2 1.39x 72.2% 5.632% $4,000,000 -- $4,999,999...... 14 63,381,943 4.7 1.45x 71.7% 5.517% $5,000,000 -- $7,499,999...... 23 141,384,029 10.4 1.59x 68.6% 5.631% $7,500,000 -- $9,999,999...... 10 85,859,765 6.3 1.33x 72.0% 5.608% $10,000,000 -- $14,999,999.... 15 183,484,886 13.5 1.34x 75.3% 5.528% $15,000,000 -- $19,999,999.... 4 71,190,855 5.2 1.21x 77.6% 5.889% $20,000,000 -- $29,999,999.... 7 171,253,879 12.6 1.41x 66.3% 5.223% $30,000,000 -- $49,999,999.... 3 101,887,198 7.5 1.29x 74.3% 5.535% $50,000,000 -- $99,999,999.... 5 324,441,036 23.8 2.08x 55.8% 5.178% $100,000,000 -- $137,000,000.. 1 137,000,000 10.1 2.21x 49.3% 4.867% -- -------------- ----- Total/Wtd Avg ................ 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== LOAN GROUP 1 CUT-OFF DATE BALANCES % OF INITIAL WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE LOAN AVERAGE AVERAGE AVERAGE CUT-OFF DATE MORTGAGE CUT-OFF DATE GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE BALANCES LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------------ ----------- ----------------- --------- -------------- -------------- ----------- $1,150,630 -- $1,999,999...... 2 $ 2,670,630 0.2% 1.53x 53.7% 5.281% $2,000,000 -- $2,999,999...... 9 22,303,991 2.0 1.44x 69.3% 5.740% $3,000,000 -- $3,999,999...... 14 49,875,312 4.5 1.39x 71.4% 5.708% $4,000,000 -- $4,999,999...... 11 49,589,609 4.4 1.51x 70.0% 5.583% $5,000,000 -- $7,499,999...... 17 104,486,816 9.3 1.40x 69.1% 5.713% $7,500,000 -- $9,999,999...... 8 69,141,345 6.2 1.32x 70.5% 5.701% $10,000,000 -- $14,999,999.... 12 148,934,886 13.3 1.37x 75.2% 5.521% $15,000,000 -- $19,999,999.... 3 53,748,573 4.8 1.21x 78.9% 5.921% $20,000,000 -- $29,999,999.... 6 146,440,488 13.1 1.44x 68.0% 5.288% $30,000,000 -- $49,999,999.... 3 101,887,198 9.1 1.29x 74.3% 5.535% $50,000,000 -- $99,999,999.... 4 234,441,036 20.9 2.02x 60.7% 5.324% $100,000,000 -- $137,000,000.. 1 137,000,000 12.2 2.21x 49.3% 4.867% -- -------------- ----- Total/Wtd Avg ................ 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 CUT-OFF DATE BALANCES % OF INITIAL WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE LOAN AVERAGE AVERAGE AVERAGE CUT-OFF DATE MORTGAGE CUT-OFF DATE GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE BALANCES LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------------------- ----------- -------------- --------- -------------- -------------- ----------- $3,400,000 -- $3,999,999........... 2 $ 7,395,547 3.1% 1.38x 77.2% 5.126% $4,000,000 -- $4,999,999........... 3 13,792,334 5.7 1.24x 77.6% 5.281% $5,000,000 -- $7,499,999........... 6 36,897,213 15.3 2.14x 67.2% 5.398% $7,500,000 -- $9,999,999........... 2 16,718,419 6.9 1.38x 78.1% 5.222% $10,000,000 -- $14,999,999......... 3 34,550,000 14.3 1.22x 75.7% 5.559% $15,000,000 -- $19,999,999......... 1 17,442,282 7.2 1.20x 73.4% 5.789% $20,000,000 -- $29,999,999......... 1 24,813,391 10.3 1.23x 56.5% 4.840% $50,000,000 -- $90,000,000......... 1 90,000,000 37.3 2.22x 42.9% 4.797% - ------------ ----- Total/Wtd Avg ..................... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== A-10 MORTGAGE POOL GEOGRAPHIC DISTRIBUTION % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MORTGAGED CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE MORTGAGED PROPERTY LOCATION PROPERTIES BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------------ ------------ ----------------- --------- -------------- -------------- ----------- California ................... 19 $ 263,211,465 19.3% 1.86x 56.8% 5.212% New York ..................... 8 167,327,977 12.3 2.57x 47.3% 4.883% Florida ...................... 11 112,457,402 8.3 1.38x 73.1% 5.307% Pennsylvania ................. 2 79,841,036 5.9 1.26x 73.1% 5.771% Massachusetts ................ 1 77,000,000 5.7 2.37x 45.7% 5.426% Maryland ..................... 5 67,661,333 5.0 1.24x 76.3% 6.141% Illinois ..................... 8 65,629,438 4.8 1.22x 75.8% 5.452% Texas ........................ 12 64,122,547 4.7 1.37x 74.5% 5.525% Ohio ......................... 4 53,614,973 3.9 1.37x 75.0% 5.400% District of Columbia ......... 2 50,500,000 3.7 1.26x 74.5% 5.230% Nevada ....................... 9 45,457,587 3.3 1.33x 66.0% 5.794% Georgia ...................... 6 43,357,665 3.2 1.33x 76.5% 5.423% Arizona ...................... 4 42,016,152 3.1 1.37x 76.2% 5.372% Missouri ..................... 2 39,440,467 2.9 1.26x 77.8% 5.426% New Jersey ................... 4 30,963,391 2.3 1.24x 59.8% 4.987% Virginia ..................... 2 24,500,999 1.8 1.46x 70.4% 5.805% Oregon ....................... 2 18,217,757 1.3 1.29x 78.4% 5.735% South Carolina ............... 2 17,758,419 1.3 1.30x 78.2% 5.598% Colorado ..................... 3 17,238,971 1.3 1.45x 73.5% 5.613% Oklahoma ..................... 2 16,175,179 1.2 1.34x 68.0% 5.609% Alabama ...................... 2 14,060,341 1.0 1.47x 78.2% 5.745% Louisiana .................... 2 13,936,745 1.0 1.30x 71.6% 5.800% Indiana ...................... 2 13,573,966 1.0 1.30x 73.5% 5.274% Michigan ..................... 1 8,049,415 0.6 1.43x 78.9% 4.931% Tennessee .................... 1 5,610,000 0.4 1.31x 71.9% 5.120% Washington ................... 1 3,766,031 0.3 1.61x 66.7% 4.955% Hawaii ....................... 1 3,739,810 0.3 1.40x 74.8% 5.920% North Carolina ............... 1 2,900,000 0.2 1.25x 78.8% 5.750% -- -------------- ----- Total/Wtd Avg ................ 119 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== - ---------- [X] The Mortgaged Properties are located throughout 27 states and the District of Columbia. A-11 LOAN GROUP 1 GEOGRAPHIC DISTRIBUTION % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MORTGAGED CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE MORTGAGED PROPERTY LOCATION PROPERTIES BALANCE BALANCE DSCR LTV RATIO RATE - -------------------------------- ------------ ----------------- -------------- -------------- -------------- ----------- California ..................... 19 $ 263,211,465 23.5% 1.86x 56.8% 5.212% Florida ........................ 11 112,457,402 10.0 1.38x 73.1% 5.307% Pennsylvania ................... 2 79,841,036 7.1 1.26x 73.1% 5.771% Massachusetts .................. 1 77,000,000 6.9 2.37x 45.7% 5.426% New York ....................... 6 71,827,977 6.4 2.66x 55.4% 4.935% Maryland ....................... 5 67,661,333 6.0 1.24x 76.3% 6.141% District of Columbia ........... 2 50,500,000 4.5 1.26x 74.5% 5.230% Ohio ........................... 3 44,474,973 4.0 1.36x 74.0% 5.523% Missouri ....................... 2 39,440,467 3.5 1.26x 77.8% 5.426% Georgia ........................ 5 36,970,731 3.3 1.34x 75.9% 5.410% Arizona ........................ 3 35,892,363 3.2 1.39x 75.9% 5.401% Texas .......................... 8 33,737,000 3.0 1.46x 71.2% 5.785% Nevada ......................... 8 33,057,587 3.0 1.37x 63.6% 5.782% Illinois ....................... 3 25,358,332 2.3 1.23x 76.9% 5.180% Virginia ....................... 2 24,500,999 2.2 1.46x 70.4% 5.805% Oregon ......................... 2 18,217,757 1.6 1.29x 78.4% 5.735% Colorado ....................... 3 17,238,971 1.5 1.45x 73.5% 5.613% Oklahoma ....................... 2 16,175,179 1.4 1.34x 68.0% 5.609% Louisiana ...................... 2 13,936,745 1.2 1.30x 71.6% 5.800% Indiana ........................ 2 13,573,966 1.2 1.30x 73.5% 5.274% Alabama ........................ 1 10,660,341 1.0 1.51x 79.6% 5.820% South Carolina ................. 1 10,180,000 0.9 1.26x 80.0% 5.500% Michigan ....................... 1 8,049,415 0.7 1.43x 78.9% 4.931% New Jersey ..................... 2 6,150,000 0.5 1.30x 73.2% 5.580% Washington ..................... 1 3,766,031 0.3 1.61x 66.7% 4.955% Hawaii ......................... 1 3,739,810 0.3 1.40x 74.8% 5.920% North Carolina ................. 1 2,900,000 0.3 1.25x 78.8% 5.750% -- -------------- ----- Total/Wtd Avg .................. 99 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== - ---------- [X] The Mortgaged Properties are located throughout 26 states and the District of Columbia. A-12 LOAN GROUP 2 GEOGRAPHIC DISTRIBUTION % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MORTGAGED CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE MORTGAGED PROPERTY LOCATION PROPERTIES BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------------- ------------ -------------- -------------- -------------- -------------- ----------- New York .................... 2 $ 95,500,000 39.5% 2.50x 41.2% 4.843% Illinois .................... 5 40,271,106 16.7 1.22x 75.1% 5.623% Texas ....................... 4 30,385,547 12.6 1.27x 78.2% 5.236% New Jersey .................. 2 24,813,391 10.3 1.23x 56.5% 4.840% Nevada ...................... 1 12,400,000 5.1 1.20x 72.5% 5.827% Ohio ........................ 1 9,140,000 3.8 1.40x 80.0% 4.800% South Carolina .............. 1 7,578,419 3.1 1.35x 75.8% 5.730% Georgia ..................... 1 6,386,934 2.6 1.28x 79.8% 5.500% Arizona ..................... 1 6,123,788 2.5 1.28x 78.0% 5.200% Tennessee ................... 1 5,610,000 2.3 1.31x 71.9% 5.120% Alabama ..................... 1 3,400,000 1.4 1.35x 73.9% 5.510% - ------------ ----- Total/Wtd Avg ............... 20 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== - ---------- [X] The Mortgaged Properties are located throughout 11 states. MORTGAGE POOL UNDERWRITTEN DEBT SERVICE COVERAGE RATIO % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE RANGE OF MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE UNDERWRITTEN DSCR(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- ----------------- --------- -------------- -------------- ----------- 1.13x -- 1.19x ......... 2 $ 23,250,000 1.7% 1.14x 80.3% 6.039% 1.20x -- 1.24x ......... 21 305,240,459 22.4 1.22x 74.0% 5.606% 1.25x -- 1.29x ......... 19 196,904,371 14.5 1.27x 75.3% 5.513% 1.30x -- 1.34x ......... 14 93,828,052 6.9 1.32x 74.5% 5.612% 1.35x -- 1.39x ......... 14 124,181,464 9.1 1.37x 70.0% 5.455% 1.40x -- 1.49x ......... 13 126,893,874 9.3 1.43x 73.4% 5.339% 1.50x -- 1.59x ......... 9 45,128,340 3.3 1.53x 73.3% 5.634% 1.60x -- 1.69x ......... 6 46,093,198 3.4 1.65x 61.7% 5.545% 1.70x -- 1.79x ......... 1 1,520,000 0.1 1.74x 80.0% 4.931% 1.80x -- 1.89x ......... 3 30,954,011 2.3 1.88x 47.0% 5.414% 1.90x -- 1.99x ......... 2 6,635,298 0.5 1.96x 63.8% 5.631% 2.00x -- 2.99x ......... 3 304,000,000 22.3 2.25x 46.5% 4.988% 3.00x -- 7.11x ......... 2 57,500,000 4.2 3.49x 48.9% 4.757% -- -------------- ----- Total/Wtd Avg .......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== A-13 LOAN GROUP 1 UNDERWRITTEN DEBT SERVICE COVERAGE RATIO % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE RANGE OF MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE UNDERWRITTEN DSCR(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- ----------------- -------------- -------------- -------------- ----------- 1.13x -- 1.19x ......... 2 $ 23,250,000 2.1% 1.14x 80.3% 6.039% 1.20x -- 1.24x ......... 13 212,405,963 19.0 1.23x 75.8% 5.698% 1.25x -- 1.29x ......... 16 177,593,648 15.8 1.27x 74.8% 5.524% 1.30x -- 1.34x ......... 11 76,399,633 6.8 1.32x 74.2% 5.685% 1.35x -- 1.39x ......... 13 120,781,464 10.8 1.37x 69.9% 5.454% 1.40x -- 1.49x ......... 11 113,758,327 10.2 1.43x 72.6% 5.402% 1.50x -- 1.59x ......... 9 45,128,340 4.0 1.53x 73.3% 5.634% 1.60x -- 1.69x ......... 6 46,093,198 4.1 1.65x 61.7% 5.545% 1.70x -- 1.79x ......... 1 1,520,000 0.1 1.74x 80.0% 4.931% 1.80x -- 1.89x ......... 3 30,954,011 2.8 1.88x 47.0% 5.414% 1.90x -- 1.99x ......... 2 6,635,298 0.6 1.96x 63.8% 5.631% 2.00x -- 2.99x ......... 2 214,000,000 19.1 2.27x 48.0% 5.068% 3.00x -- 3.10x ......... 1 52,000,000 4.6 3.10x 52.5% 4.669% -- -------------- ----- Total/Wtd Avg .......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 UNDERWRITTEN DEBT SERVICE COVERAGE RATIO % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE RANGE OF MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE UNDERWRITTEN DSCR(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- -------------- -------------- -------------- -------------- ----------- 1.20x -- 1.24x ......... 8 $ 92,834,497 38.4% 1.22x 70.0% 5.398% 1.25x -- 1.29x ......... 3 19,310,723 8.0 1.28x 79.3% 5.412% 1.30x -- 1.34x ......... 3 17,428,419 7.2 1.33x 75.6% 5.293% 1.35x -- 1.39x ......... 1 3,400,000 1.4 1.35x 73.9% 5.510% 1.40x -- 1.99x ......... 2 13,135,547 5.4 1.40x 80.0% 4.800% 2.00x -- 2.99x ......... 1 90,000,000 37.3 2.22x 42.9% 4.797% 3.00x -- 7.11x ......... 1 5,500,000 2.3 7.11x 14.2% 5.590% - ------------ ----- Total/Wtd Avg .......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL CUT-OFF DATE LOAN-TO-VALUE RATIO % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE CUT-OFF DATE MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE LTV RATIO(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- ----------------- --------- -------------- -------------- ----------- 14.2% -- 29.9% ......... 2 $ 6,650,630 0.5% 6.09x 15.0% 5.617% 30.0% -- 49.9% ......... 5 330,662,779 24.3 2.22x 46.4% 5.021% 50.0% -- 59.9% ......... 8 112,566,270 8.3 2.18x 54.7% 5.081% 60.0% -- 64.9% ......... 8 67,622,669 5.0 1.47x 63.2% 5.577% 65.0% -- 69.9% ......... 16 120,013,830 8.8 1.44x 67.9% 5.419% 70.0% -- 74.9% ......... 26 254,040,718 18.7 1.30x 73.0% 5.690% 75.0% -- 79.9% ......... 35 378,432,174 27.8 1.29x 77.6% 5.512% 80.0% -- 81.5% ......... 9 92,140,000 6.8 1.29x 80.3% 5.449% -- -------------- ----- Total/Wtd Avg .......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== A-14 LOAN GROUP 1 CUT-OFF DATE LOAN-TO-VALUE RATIO % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE CUT-OFF DATE MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE LTV RATIO(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- ----------------- -------------- -------------- -------------- ----------- 18.9% -- 29.9% ......... 1 $ 1,150,630 0.1% 1.24x 18.9% 5.743% 30.0% -- 49.9% ......... 4 240,662,779 21.5% 2.22x 47.8% 5.105% 50.0% -- 59.9% ......... 7 87,752,880 7.8 2.45x 54.2% 5.149% 60.0% -- 64.9% ......... 8 67,622,669 6.0 1.47x 63.2% 5.577% 65.0% -- 69.9% ......... 16 120,013,830 10.7 1.44x 67.9% 5.419% 70.0% -- 74.9% ......... 21 208,711,946 18.6 1.32x 73.0% 5.700% 75.0% -- 79.9% ......... 27 322,645,151 28.8 1.29x 77.6% 5.529% 80.0% -- 81.5% ......... 6 71,960,000 6.4 1.28x 80.4% 5.567% -- -------------- ----- Total/Wtd Avg .......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 CUT-OFF DATE LOAN-TO-VALUE RATIO % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE CUT-OFF DATE MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE LTV RATIO(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- -------------- -------------- -------------- -------------- ----------- 14.2% -- 29.9% ......... 1 $ 5,500,000 2.3% 7.11x 14.2% 5.590% 30.0% -- 49.9% ......... 1 90,000,000 37.3 2.22x 42.9% 4.797% 50.0% -- 59.9% ......... 1 24,813,391 10.3 1.23x 56.5% 4.840% 70.0% -- 74.9% ......... 5 45,328,772 18.8 1.23x 72.8% 5.645% 75.0% -- 79.9% ......... 8 55,787,022 23.1 1.27x 77.6% 5.416% 80.0% -- 80.0% ......... 3 20,180,000 8.4 1.34x 80.0% 5.030% - ------------ ----- Total/Wtd Avg .......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL MATURITY DATE LOAN-TO-VALUE RATIO % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MATURITY DATE MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN MATURITY DATE MORTGAGE LTV RATIO(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- ----------------- --------- -------------- --------------- ----------- 12.0% -- 24.9% ......... 3 $ 31,464,020 2.3% 2.26x 21.9% 5.004% 25.0% -- 49.9% ......... 11 380,666,567 27.9 2.12x 45.1% 5.103% 50.0% -- 59.9% ......... 24 213,572,082 15.7 1.84x 54.2% 5.423% 60.0% -- 64.9% ......... 27 212,637,234 15.6 1.30x 63.6% 5.808% 65.0% -- 69.9% ......... 21 184,688,706 13.6 1.34x 67.1% 5.448% 70.0% -- 74.9% ......... 19 308,520,458 22.6 1.28x 71.9% 5.439% 75.0% -- 80.0% ......... 4 30,580,000 2.2 1.30x 77.4% 5.013% -- -------------- ----- Total/Wtd Avg .......... 109 $1,362,129,068 100.0% 1.64x 58.6% 5.382% === ============== ===== A-15 LOAN GROUP 1 MATURITY DATE LOAN-TO-VALUE RATIO % OF INITIAL WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE LOAN AVERAGE AVERAGE AVERAGE MATURITY DATE MORTGAGE CUT-OFF DATE GROUP 1 UNDERWRITTEN MATURITY DATE MORTGAGE LTV RATIO(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- ----------------- --------- -------------- --------------- ------------ 16.0% -- 24.9% ......... 1 $ 1,150,630 0.1% 1.24x 16.0% 5.743% 25.0% -- 49.9% ......... 10 290,666,567 25.9 2.10x 45.7% 5.198% 50.0% -- 59.9% ......... 24 213,572,082 19.1 1.84x 54.2% 5.423% 60.0% -- 64.9% ......... 23 171,816,533 15.3 1.32x 63.6% 5.818% 65.0% -- 69.9% ......... 16 148,341,494 13.2 1.36x 66.9% 5.442% 70.0% -- 74.1% ......... 16 294,972,577 26.3 1.28x 71.9% 5.445% -- -------------- ----- Total/Wtd Avg .......... 90 $1,120,519,883 100.0% 1.61x 59.7% 5.434% == ============== ===== LOAN GROUP 2 MATURITY DATE LOAN-TO-VALUE RATIO % OF INITIAL WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE LOAN AVERAGE AVERAGE AVERAGE MATURITY DATE MORTGAGE CUT-OFF DATE GROUP 2 UNDERWRITTEN MATURITY DATE MORTGAGE LTV RATIO(S) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ------------------------ ----------- -------------- --------- -------------- --------------- ----------- 12.0% -- 24.9% ......... 2 $ 30,313,391 12.5% 2.30x 22.2% 4.976% 25.0% -- 49.9% ......... 1 90,000,000 37.3 2.22x 42.9% 4.797% 60.0% -- 64.9% ......... 4 40,820,701 16.9 1.24x 63.7% 5.766% 65.0% -- 69.9% ......... 5 36,347,213 15.0 1.26x 67.5% 5.473% 70.0% -- 74.9% ......... 3 13,547,881 5.6 1.26x 72.8% 5.308% 75.0% -- 80.0% ......... 4 30,580,000 12.7 1.30x 77.4% 5.013% - ------------ ----- Total/Wtd Avg .......... 19 $241,609,185 100.0% 1.75x 53.5% 5.141% == ============ ===== MORTGAGE POOL MORTGAGE RATES % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MORTGAGE MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE RATES LOANS BALANCE BALANCE DSCR LTV RATIO RATE - -------------------------- ----------- ----------------- --------- -------------- -------------- ----------- 4.669% -- 4.749% ......... 2 $ 56,240,000 4.1% 2.97x 54.6% 4.674% 4.750% -- 4.999% ......... 13 385,655,426 28.3 1.84x 58.6% 4.869% 5.000% -- 5.249% ......... 9 111,373,229 8.2 1.34x 71.7% 5.153% 5.250% -- 5.499% ......... 8 182,226,586 13.4 1.86x 57.7% 5.400% 5.500% -- 5.749% ......... 40 287,112,112 21.1 1.48x 69.7% 5.609% 5.750% -- 5.999% ......... 26 237,493,901 17.4 1.31x 74.1% 5.862% 6.000% -- 6.249% ......... 9 51,027,815 3.7 1.30x 72.0% 6.063% 6.250% -- 6.280% ......... 2 51,000,000 3.7 1.20x 76.6% 6.280% -- -------------- ----- Total/Wtd Avg ............ 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== A-16 LOAN GROUP 1 MORTGAGE RATES % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MORTGAGE MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE RATES LOANS BALANCE BALANCE DSCR LTV RATIO RATE - -------------------------- ----------- ----------------- -------------- -------------- -------------- ----------- 4.669% -- 4.749% ......... 1 $ 52,000,000 4.6% 3.10x 52.5% 4.669% 4.750% -- 4.999% ......... 8 247,306,488 22.1 1.82x 62.5% 4.897% 5.000% -- 5.249% ......... 7 99,639,441 8.9 1.34x 71.2% 5.152% 5.250% -- 5.499% ......... 7 175,750,096 15.7 1.88x 57.2% 5.399% 5.500% -- 5.749% ......... 33 247,894,424 22.1 1.39x 69.9% 5.616% 5.750% -- 5.999% ......... 23 195,901,619 17.5 1.33x 74.2% 5.875% 6.000% -- 6.249% ......... 9 51,027,815 4.6 1.30x 72.0% 6.063% 6.250% -- 6.280% ......... 2 51,000,000 4.6 1.20x 76.6% 6.280% -- -------------- ----- Total/Wtd Avg ............ 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 MORTGAGE RATES % OF WEIGHTED WEIGHTED WEIGHTED RANGE OF NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MORTGAGE MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE RATES LOANS BALANCE BALANCE DSCR LTV RATIO RATE - -------------------------- ----------- -------------- -------------- -------------- -------------- ----------- 4.740% -- 4.749% ......... 1 $ 4,240,000 1.8% 1.32x 80.0% 4.740% 4.750% -- 4.999% ......... 5 138,348,937 57.3 1.89x 51.6% 4.819% 5.000% -- 5.249% ......... 2 11,733,788 4.9 1.29x 75.1% 5.162% 5.250% -- 5.499% ......... 1 6,476,490 2.7 1.22x 72.0% 5.436% 5.500% -- 5.749% ......... 7 39,217,687 16.2 2.10x 68.6% 5.566% 5.750% -- 5.827% ......... 3 41,592,282 17.2 1.21x 73.8% 5.801% - ------------ ----- Total/Wtd Avg ............ 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL ORIGINAL TERM TO MATURITY % OF WEIGHTED WEIGHTED WEIGHTED ORIGINAL TERM NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE TO MATURITY MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- --------- -------------- -------------- ----------- 60 -- 83 .............. 25 $ 407,349,125 29.9% 1.96x 58.5% 5.107% 84 -- 99 .............. 17 329,137,725 24.2 1.70x 64.8% 5.085% 100 -- 120 ............ 63 583,442,218 42.8 1.34x 71.0% 5.752% 121 -- 179 ............ 2 16,500,000 1.2 1.34x 79.8% 5.066% 180 ................... 2 25,700,000 1.9 2.67x 58.0% 5.350% -- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== A-17 LOAN GROUP 1 ORIGINAL TERM TO MATURITY % OF WEIGHTED WEIGHTED WEIGHTED ORIGINAL TERM NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE TO MATURITY MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- -------------- -------------- -------------- ----------- 60 -- 83 .............. 16 $ 266,744,755 23.8% 2.01x 60.0% 5.204% 84 -- 99 .............. 15 317,403,936 28.3 1.72x 64.4% 5.082% 100 -- 120 ............ 56 499,671,192 44.6 1.35x 71.2% 5.798% 121 -- 179 ............ 2 16,500,000 1.5 1.34x 79.8% 5.066% 180 ................... 1 20,200,000 1.8 1.47x 69.9% 5.285% -- -------------- ----- Total/Wtd Avg ......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 ORIGINAL TERM TO MATURITY % OF WEIGHTED WEIGHTED WEIGHTED ORIGINAL TERM NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE TO MATURITY MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- 60 -- 83 .............. 9 $140,604,371 58.2% 1.88x 55.6% 4.923% 84 -- 99 .............. 2 11,733,788 4.9 1.29x 75.1% 5.162% 100 -- 120 ............ 7 83,771,026 34.7 1.24x 69.3% 5.475% 180 ................... 1 5,500,000 2.3 7.11x 14.2% 5.590% - ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL ORIGINAL AMORTIZATION TERM(1) ORIGINAL % OF WEIGHTED WEIGHTED WEIGHTED AMORTIZATION NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE TERM MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- --------- -------------- -------------- ----------- Interest Only ......... 6 $ 320,300,000 23.5% 2.24x 50.9% 4.830% 180 -- 239 ............ 1 24,813,391 1.8 1.23x 56.5% 4.840% 240 -- 299 ............ 4 64,917,212 4.8 1.29x 71.0% 5.641% 300 -- 359 ............ 16 151,692,805 11.1 1.93x 56.4% 5.587% 360 ................... 82 800,405,661 58.8 1.38x 73.1% 5.560% -- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== - ---------- (1) For Mortgage Loans that accrue interest on the basis of actual days elapsed during each calendar month and a 360-day year, the amortization term is the term in which the loan would amortize if interest is paid on the basis of a 30-day month and a 360-day year. The actual amortization term would be longer. A-18 LOAN GROUP 1 ORIGINAL AMORTIZATION TERM(1) ORIGINAL % OF WEIGHTED WEIGHTED WEIGHTED AMORTIZATION NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE TERM MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- -------------- -------------- -------------- ----------- Interest Only ......... 3 $ 215,660,000 19.2% 2.32x 52.2% 4.838% 240 -- 299 ............ 4 64,917,212 5.8 1.29x 71.0% 5.641% 300 -- 359 ............ 16 151,692,805 13.5 1.93x 56.4% 5.587% 360 ................... 67 688,249,867 61.4 1.35x 73.2% 5.567% -- -------------- ----- Total/Wtd Avg ......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== - ---------- (1) For Mortgage Loans that accrue interest on the basis of actual days elapsed during each calendar month and a 360-day year, the amortization term is the term in which the loan would amortize if interest is paid on the basis of a 30-day month and a 360-day year. The actual amortization term would be longer. LOAN GROUP 2 ORIGINAL AMORTIZATION TERM(1) ORIGINAL % OF WEIGHTED WEIGHTED WEIGHTED AMORTIZATION NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE TERM MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- Interest Only ......... 3 $104,640,000 43.3% 2.08x 48.0% 4.813% 180 -- 359 ............ 1 24,813,391 10.3 1.23x 56.5% 4.840% 360 ................... 15 112,155,794 46.4 1.55x 72.7% 5.514% -- ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== - ---------- (1) For Mortgage Loans that accrue interest on the basis of actual days elapsed during each calendar month and a 360-day year, the amortization term is the term in which the loan would amortize if interest is paid on the basis of a 30-day month and a 360-day year. The actual amortization term would be longer. MORTGAGE POOL REMAINING TERM TO MATURITY RANGE OF REMAINING % OF WEIGHTED WEIGHTED WEIGHTED TERMS TO NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MATURITY MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- --------- -------------- -------------- ----------- 51 -- 59 .............. 20 $ 291,609,125 21.4% 1.93x 62.3% 5.183% 60 -- 79 .............. 5 115,740,000 8.5 2.05x 48.9% 4.916% 80 -- 99 .............. 17 329,137,725 24.2 1.70x 64.8% 5.085% 110 -- 119 ............ 58 501,342,218 36.8 1.35x 70.8% 5.692% 120 -- 139 ............ 7 98,600,000 7.2 1.28x 73.3% 5.942% 160 -- 180 ............ 2 25,700,000 1.9 2.67x 58.0% 5.350% -- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== A-19 LOAN GROUP 1 REMAINING TERM TO MATURITY RANGE OF REMAINING % OF WEIGHTED WEIGHTED WEIGHTED TERMS TO NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MATURITY MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ---------------- -------------- -------------- -------------- ----------- 51 -- 59 .............. 13 $ 245,244,755 21.9% 2.05x 59.3% 5.182% 60 -- 79 .............. 3 21,500,000 1.9 1.48x 68.1% 5.449% 80 -- 99 .............. 15 317,403,936 28.3 1.72x 64.4% 5.082% 110 -- 119 ............ 52 420,971,192 37.6 1.37x 71.1% 5.733% 120 -- 139 ............ 6 95,200,000 8.5 1.28x 73.2% 5.957% 160 -- 178 ............ 1 20,200,000 1.8 1.47x 69.9% 5.285% -- ------------- ----- Total/Wtd Avg ......... 90 1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============= ===== LOAN GROUP 2 REMAINING TERM TO MATURITY RANGE OF REMAINING % OF WEIGHTED WEIGHTED WEIGHTED TERMS TO NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE MATURITY MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- 56 -- 59 ............ 7 $ 46,364,371 19.2% 1.28x 78.0% 5.183% 60 -- 79 ............ 2 94,240,000 39.0 2.18x 44.5% 4.795% 80 -- 99 ............ 2 11,733,788 4.9 1.29x 75.1% 5.162% 110 -- 119 ............ 6 80,371,026 33.3 1.24x 69.1% 5.473% 120 -- 139 ............ 1 3,400,000 1.4 1.35x 73.9% 5.510% 140 -- 180 ............ 1 5,500,000 2.3 7.11x 14.2% 5.590% - ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL REMAINING STATED AMORTIZATION TERMS REMAINING % OF WEIGHTED WEIGHTED WEIGHTED STATED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE AMORTIZATION MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE TERMS (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ---------------- --------- -------------- -------------- ----------- Interest Only ......... 6 $ 320,300,000 23.5% 2.24x 50.9% 4.830% 175 -- 224 ............ 1 24,813,391 1.8 1.23x 56.5% 4.840% 225 -- 249 ............ 2 50,980,467 3.7 1.29x 70.9% 5.597% 275 -- 299 ............ 13 58,204,549 4.3 1.44x 68.4% 5.732% 300 -- 324 ............ 3 94,750,000 7.0 2.23x 49.3% 5.489% 325 -- 349 ............ 2 12,675,000 0.9 1.31x 71.5% 5.882% 350 -- 360 ............ 82 800,405,661 58.8 1.38x 73.1% 5.560% -- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== LOAN GROUP 1 REMAINING STATED AMORTIZATION TERMS REMAINING % OF WEIGHTED WEIGHTED WEIGHTED STATED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE AMORTIZATION MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE TERMS (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- -------------- -------------- -------------- ----------- Interest Only ......... 3 $ 215,660,000 19.2% 2.32x 52.2% 4.838% 225 -- 249 ............ 2 50,980,467 4.5 1.29x 70.9% 5.597% 275 -- 299 ............ 13 58,204,549 5.2 1.44x 68.4% 5.732% 300 -- 324 ............ 3 94,750,000 8.5 2.23x 49.3% 5.489% 325 -- 349 ............ 2 12,675,000 1.1 1.31x 71.5% 5.882% 350 -- 360 ............ 67 688,249,867 61.4 1.35x 73.2% 5.567% -- -------------- ----- Total/Wtd Avg ......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== A-20 LOAN GROUP 2 REMAINING STATED AMORTIZATION TERMS REMAINING % OF WEIGHTED WEIGHTED WEIGHTED STATED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE AMORTIZATION MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE TERMS (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- Interest Only ......... 3 $104,640,000 43.3% 2.08x 48.0% 4.813% 175 -- 349 ............ 1 24,813,391 10.3 1.23x 56.5% 4.840% 350 -- 360 ............ 15 112,155,794 46.4 1.55x 72.7% 5.514% -- ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL SEASONING % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE SEASONING MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- --------- -------------- -------------- ----------- 0 -- 4 ................ 102 $1,320,223,859 96.9% 1.64x 65.6% 5.384% 5 -- 12 ............... 6 28,305,210 2.1 1.47x 61.1% 5.529% 13 -- 15 .............. 1 13,600,000 1.0 1.35x 80.0% 4.920% --- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== LOAN GROUP 1 SEASONING % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE SEASONING MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- -------------- -------------- -------------- ----------- 0 -- 4 ................ 83 $1,078,614,674 96.3% 1.62x 66.7% 5.438% 5 -- 12 ............... 6 28,305,210 2.5 1.47x 61.1% 5.529% 13 -- 15 .............. 1 13,600,000 1.2 1.35x 80.0% 4.920% -- -------------- ----- Total/Wtd Avg ......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 SEASONING % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE SEASONING MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE (MONTHS) LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- 0 -- 4 ................ 19 $241,609,185 100.0% 1.75x 60.4% 5.141% -- ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL YEAR OF MORTGAGE ORIGINATION % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE YEAR OF MORTGAGE CUT-OFF-DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE ORIGINATION LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ---------------- --------- -------------- -------------- ----------- 2003 .................. 1 $ 13,600,000 1.0% 1.35x 80.0% 4.920% 2004 .................. 108 1,348,529,068 99.0 1.64x 65.5% 5.387% --- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== A-21 LOAN GROUP 1 YEAR OF MORTGAGE ORIGINATION % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE YEAR OF MORTGAGE CUT-OFF-DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE ORIGINATION LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ---------------- -------------- -------------- -------------- ----------- 2003 .................. 1 $ 13,600,000 1.2% 1.35x 80.0% 4.920% 2004 .................. 89 1,106,919,883 98.8 1.62x 66.6% 5.440% -- -------------- ----- Total/Wtd Avg ......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== LOAN GROUP 2 YEAR OF MORTGAGE ORIGINATION % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE YEAR OF MORTGAGE CUT-OFF-DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE ORIGINATION LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- 2004 .................. 19 $241,609,185 100.0% 1.75x 60.4% 5.141% -- ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== MORTGAGE POOL YEAR OF MORTGAGE MATURITY % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE YEAR OF MORTGAGE CUT-OFF DATE POOL UNDERWRITTEN CUT-OFF DATE MORTGAGE MATURITY LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- --------- -------------- -------------- ----------- 2009 .................. 25 $ 407,349,125 29.9% 1.96x 58.5% 5.107% 2011 .................. 17 329,137,725 24.2 1.70x 64.8% 5.085% 2014 .................. 65 599,942,218 44.0 1.34x 71.2% 5.733% 2019 .................. 2 25,700,000 1.9 2.67x 58.0% 5.350% -- -------------- ----- Total/Wtd Avg ......... 109 $1,362,129,068 100.0% 1.64x 65.6% 5.382% === ============== ===== LOAN GROUP 1 YEAR OF MORTGAGE MATURITY % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE YEAR OF MORTGAGE CUT-OFF DATE LOAN GROUP 1 UNDERWRITTEN CUT-OFF DATE MORTGAGE MATURITY LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- ----------------- -------------- -------------- -------------- ----------- 2009 .................. 16 $ 266,744,755 23.8% 2.01x 60.0% 5.204% 2011 .................. 15 317,403,936 28.3 1.72x 64.4% 5.082% 2014 .................. 58 516,171,192 46.1 1.35x 71.5% 5.775% 2019 .................. 1 20,200,000 1.8 1.47x 69.9% 5.285% -- -------------- ----- Total/Wtd Avg ......... 90 $1,120,519,883 100.0% 1.61x 66.7% 5.434% == ============== ===== A-22 LOAN GROUP 2 YEAR OF MORTGAGE MATURITY % OF WEIGHTED WEIGHTED WEIGHTED NUMBER OF AGGREGATE INITIAL AVERAGE AVERAGE AVERAGE YEAR OF MORTGAGE CUT-OFF DATE LOAN GROUP 2 UNDERWRITTEN CUT-OFF DATE MORTGAGE MATURITY LOANS BALANCE BALANCE DSCR LTV RATIO RATE - ----------------------- ----------- -------------- -------------- -------------- -------------- ----------- 2009 .................. 9 $140,604,371 58.2% 1.88x 55.6% 4.923% 2011 .................. 2 11,733,788 4.9 1.29x 75.1% 5.162% 2014 .................. 7 83,771,026 34.7 1.24x 69.3% 5.475% 2019 .................. 1 5,500,000 2.3 7.11x 14.2% 5.590% - ------------ ----- Total/Wtd Avg ......... 19 $241,609,185 100.0% 1.75x 60.4% 5.141% == ============ ===== A-23 (This Page Intentionally Left Blank) ANNEX B CAPITAL IMPROVEMENT, REPLACEMENT RESERVE AND ESCROW ACCOUNTS* LOAN SEQUENCE LOAN NUMBER GROUP PROPERTY NAME PROPERTY TYPE - ------------------------------------------------------------------------------------------------------------------------------------ 1 GA20599 2 Ocean Residences Multifamily 2 760032557 2 Princeton Arms & Court (Roll Up) Multifamily 3 58206 1 Abbey West Apartments Multifamily 4 57487 1 Sterling University Villa Multifamily 5 58340 2 Acerno Villas Apartments Multifamily 6 760032873 2 Saddlebrook Apartments Multifamily 7 58396 2 AMLI Timberglen Multifamily 8 760033071 2 Huntington Apartments Multifamily 9 DBM20554 1 Annunziata Multifamily Portfolio I (Roll Up) Multifamily 10 DBM20555 1 Annunziata Multifamily Portfolio II (Roll Up) Multifamily 11 760032702 2 Quail Run / Southpointe Multifamily 12 760032898 2 Summit Place Apartments Multifamily 13 760032111 2 Cascades Apts - Phoenix, AZ Multifamily 14 55832 2 CLK - Paddock Place Apartments Multifamily 15 DBM20218 2 Country Club Ridge Multifamily 16 760033784 2 Fairmeadow Apartments Multifamily 17 760033033 2 North Oak Apartments Multifamily 18 760032429 2 Brook Lyn Apartments Multifamily 19 58296 1 Simon - Cheltenham Square Mall Retail 20 DBM20193 1 Congressional Village Retail 21 DBM20192 1 Jefferson at Congressional (Land) Land 22 58118 1 James River Towne Center Retail 23 58421 1 Koreatown Galleria Retail 24 760033366 1 Plaza 205 Retail 25 58312 1 The Falls at Ocotillo Retail 26 760033841 1 Roswell Village Retail 27 58317 1 Richmond Hill Road Plaza Retail 28 760032781 1 Fredericksburg Westwood Center Retail Retail 29 760033463 1 Bluffton Commons Retail 30 760032500 1 Village of Woodland Hills Retail 31 58384 1 Villa Monaco Shopping Center Retail 32 58275 1 Beach Western Commons Retail 33 58310 1 Home Depot Center Retail 34 760032844 1 Prescott Valley Shopping Center Retail 35 58383 1 Shoppes at Victoria Square Retail 36 58137 1 The Marketplace at Hollywood Park Retail 37 58129 1 Santa Rosa Plaza Retail 38 58091 1 Milledgeville Shops Retail 39 760032563 1 Park Place Shopping Center Retail 40 760032538 1 Arts Industria Building Retail 41 760032349 1 Brookhollow Village Shopping Center Retail 42 58192 1 West Marine Plaza Retail 43 58202 1 Walgreens - Sacramento, CA Retail 44 58358 1 Office Depot/ Michael's Retail 45 58367 1 Sonterra Park Market Retail 46 DBM20423 1 Dutch Village Retail 47 760032273 1 Smoky Hill Town Center Phase II Retail 48 760032361 1 Texas Station Shopping Center Retail 49 760032371 1 Beechnut Retail 50 58399 1 Bank of America Center Office 51 760032545 1 ICG Portfolio (Roll Up) Office 52 DBM20357 1 Corporate Center Office 53 760032482 1 Omega Corporate Center Office 54 57840 1 Sunrise Medical Tower I & II (Roll Up) Office 55 57839 1 Sunrise Medical Tower III Office 56 57842 1 Sunrise Medical Tower V Office 57 57843 1 Sunrise Medical Tower IV Office 58 58419 1 Medical Mutual of Ohio - Toledo Office 59 760032106 1 Riverview Plaza Office 60 760032704 1 Truxtun Avenue Office 61 57851 1 Medical Family Health Center Office 62 760033688 1 3100 Weslayan Office 63 57855 1 Black Hills Medical Park Office 64 760032628 1 North County Corporate Center Industrial 65 58054 1 L'Oreal Warehouse Industrial 66 58144 1 Tamal Vista Warehouse Industrial 67 760032489 1 Commonwealth Commerces Center Industrial 68 760032401 1 1 Kimberly Road & 10 Alvin Court (Roll Up) Industrial 69 760032649 1 Rush Creek II Industrial 70 58381 1 TRAK Microwave Industrial Building Industrial 71 760032537 1 Stor All - Tchoupitoulas Self Storage 72 760032540 1 Stor All - Gentilly Self Storage 73 58435 1 All Storage Mustang Road Self Storage 74 760032832 1 Storage USA - Savi Ranch Self Storage 75 58404 1 Cypress Self Storage Self Storage 76 760032543 1 Malibu Self Storage Self Storage 77 58386 1 A-1 North Hollywood Self Storage Self Storage 78 760032730 1 Storage USA Waldorf Self Storage 79 58357 1 Nob Hill Self Storage Self Storage 80 760032835 1 Boulder Bins Self Storage Self Storage 81 760032833 1 American Self Storage Self Storage 82 760032834 1 Ross Valley Self Storage Self Storage 83 760032660 1 Summit Plaza Self Storage Self Storage 84 760032929 1 Storage USA - Tamarisk Self Storage 85 760032235 1 Power Self Storage Self Storage 86 760032565 1 Storage One at Tenaya Self Storage 87 760032967 1 Lockaway SS - Hollywood Self Storage 88 760032181 1 Storage Choice Sugar Land Self Storage 89 760032179 1 Storage Choice - Pearland Self Storage 90 58387 1 A-1 Santa Ana Self Storage Self Storage 91 760033072 1 Redline Self Storage Self Storage 92 760032184 1 Storage Columbus Macon Road Self Storage 93 GA20413 1 Charles Square Mixed Use 94 GA20315 1 Rentar Plaza Mixed Use 95 58215 1 Sun Communities Portfolio 4 (Roll Up) Manufactured Housing Communities 96 58216 1 Sun Communities - Southfork Manufactured Housing Communities 97 58232 1 Sun Communities Portfolio 13 (Roll Up) Manufactured Housing Communities 98 58212 1 Sun Communities - Bonita Lake Manufactured Housing Communities 99 58258 2 Zeman Portfolio - Alpine Village Manufactured Housing Communities 100 58284 1 Zeman Portfolio - Shady Oaks I & II Manufactured Housing Communities 101 58282 1 Zeman Portfolio - Pleasant Valley MHC and Self Storage Manufactured Housing Communities 102 58262 2 Zeman Portfolio - Edgebrook Manufactured Housing Communities 103 58270 2 Zeman Portfolio - Maple Grove Estates Manufactured Housing Communities 104 58290 2 Zeman Portfolio - Valley Oaks Manufactured Housing Communities 105 58261 2 Zeman Portfolio - Colonial Estates Manufactured Housing Communities 106 58287 1 Zeman Portfolio - Sunny Acres Manufactured Housing Communities 107 760032689 1 Kennedy Meadows MHC Manufactured Housing Communities 108 760033701 1 Courtyard Springfield Hotel 109 58448 1 Hampton Inn - Colton, CA Hotel - ------------------------------------------------------------------------------------------------------------------------------------ TOTALS B-1 INITIAL DEPOSIT TO CAPITAL INITIAL DEPOSIT TO ANNUAL DEPOSIT TO SEQUENCE IMPROVEMENT RESERVES REPLACEMENT RESERVES REPLACEMENT RESERVES - --------------------------------------------------------------------------------------------------------------------- 1 $1,207,500 $10,229 $122,748 2 147,996 3 53,900 4 45,500 5 20,819 6 3,125 44,820 7 67,080 8 42,600 63,600 9 16,500 8,500 10 18,438 5,250 11 $17,750 $64,020 12 12,563 32,460 13 21,180 14 3,508 75,134 84,000 15 16 45,250 36,420 17 9,938 33,000 18 18,840 19 20 20,124 21 22 46,000 36,315 23 5,281 24 3,000 25,164 25 19,000 8,440 26 20,438 27 95,813 26,903 28 17,400 29 13,140 30 30,625 64,500 31 32 13,056 33 18,750 3,151 34 29,375 20,940 35 36 37 9,432 38 39 2,500 11,784 40 3,240 41 $10,800 42 10,775 43 10,000 44 45 2,660 46 10,000 8,736 47 30,000 2,040 48 22,750 6,120 49 1,250 2,100 50 389,250 6,175,000 490,268 51 $201,850 $51,720 52 800,000 58,296 53 57,720 54 55 56 57 58 59 21,250 33,000 60 10,680 61 $42,000 62 15,540 63 112,000 64 65 66 26,500 70,000 19,653 67 18,500 57,060 68 76,333 24,120 69 77,500 17,160 70 71 $17,964 72 14,748 73 15,924 74 4,125 10,440 75 15,288 76 41,373 14,880 77 78 15,000 11,400 79 19,010 80 13,125 17,280 81 $1,250 $7,440 82 8,484 83 100,000 84 177,500 18,360 85 173,738 3,840 86 8,880 87 5,220 88 10,116 89 15,060 90 91 $5,160 92 9,120 93 2,000,000 37,211 94 55,290 172,368 95 96 97 98 99 126,000 31,356 100 28,125 105,000 18,204 101 $24,719 $176,000 102 34,563 53,000 12,348 103 42,000 10,800 104 31,000 6,600 105 121,000 9,156 106 35,000 10,896 107 4,356 4,980 108 3,125 310,140 109 60,531 - --------------------------------------------------------------------------------------------------------------------- $3,841,254 $9,350,003 $2,926,905 B-2 TAX AND INITIAL DEPOSIT TO ANNUAL DEPOSIT TO SEQUENCE INSURANCE ESCROW TI/LC ESCROW TI/LC ESCROW - -------------------------------------------------------------------------------------------- 1 Yes $25,095 $90,000 2 No 3 Yes 4 Tax Only 5 Yes 6 Tax Only 7 Yes 8 Yes 9 Yes 10 Yes 11 Yes 12 Yes 13 Yes 14 Tax Only 15 No 16 No 17 Yes 18 Yes 19 No 20 Yes 65,376 21 No 22 Yes 23 Yes 24 Yes 99,444 25 Tax Only 180,000 26 Yes 27 Yes 28 Yes 100,020 29 Yes 33,360 30 Yes 15,741 143,700 31 No $225,000 32 Tax Only 33 Tax Only 34 Yes 39,000 35 No 27,500 380,004 36 Yes 150,006 37 Yes 38 Tax Only 39 Yes 40 Yes 24,840 41 Yes $41,340 42 Yes 50,000 50,400 43 No 44 Yes 45 Yes 12,600 46 Yes 29,208 47 Yes 9,240 48 Yes 17,448 49 Yes 14,460 50 Yes 10,000,000 1,782,792 51 Yes $1,074,059 $446,400 52 Yes 1,660,000 342,912 53 No 521,580 54 No 55 No 56 No 57 No 58 No 59 Yes 164,460 60 Tax Only 65,820 61 No 62 Yes 77,580 63 No 64 No 65 No 66 Tax Only 221,500 67 Yes 117,180 68 Yes 70,260 69 Yes 110,880 70 No 71 Tax Only 72 Tax Only 73 Yes 74 Yes 75 Yes 76 Yes 77 Tax Only 78 Yes 79 Yes 80 Yes 81 Yes 82 Yes 83 Yes 84 Yes 85 Yes 86 Yes 87 Yes 88 Yes 89 Yes 90 Tax Only 91 Yes 92 Yes 93 Yes 1,043,734 248,801 94 Yes 670,000 156,000 95 No 96 No 97 No 98 No 99 Tax Only 100 Tax Only 101 Tax Only 102 Tax Only 103 Tax Only 104 Tax Only 105 Tax Only 106 Tax Only 107 Yes 108 No 109 Yes - -------------------------------------------------------------------------------------------- $15,117,635 $5,480,105 *Certain monthly reserves may be subject to caps. B-3 ANNEX B MULTIFAMILY SCHEDULE LOAN LOAN SEQUENCE NUMBER GROUP PROPERTY NAME CUT-OFF BALANCE - --------------------------------------------------------------------------------------------------------------- 1 GA20599 2 Ocean Residences $90,000,000 2.1 760032557 2 Princeton Court Apartments 12,887,137 2.2 760032557 2 Princeton Arms Apartments 11,926,254 2 760032557 2 PRINCETON ARMS & COURT (ROLL UP) 24,813,391 3 58206 1 Abbey West Apartments 13,952,718 4 57487 1 Sterling University Villa 13,600,000 5 58340 2 Acerno Villas Apartments 12,400,000 6 760032873 2 Saddlebrook Apartments 11,750,000 7 58396 2 AMLI Timberglen $10,400,000 8 760033071 2 Huntington Apartments 9,140,000 9.1 DBM20554 1 304 East 89th Street 2,514,706 9.2 DBM20554 1 406 EAST 64TH STREET 2,235,294 9 DBM20554 1 ANNUNZIATA MULTIFAMILY PORTFOLIO I (ROLL UP) 4,750,000 10.1 DBM20555 1 308 West 109th Street 1,623,810 10.2 DBM20555 1 462 West 51st Street 1,476,190 10 DBM20555 1 ANNUNZIATA MULTIFAMILY PORTFOLIO II (ROLL UP) 3,100,000 ---------------------- SUB-TOTAL CROSSED LOANS 7,850,000 11 760032702 2 Quail Run / Southpointe 7,578,419 12 760032898 2 Summit Place Apartments 6,386,934 13 760032111 2 Cascades Apts - Phoenix, AZ 6,123,788 14 55832 2 CLK - PADDOCK PLACE APARTMENTS 5,610,000 15 DBM20218 2 Country Club Ridge 5,500,000 16 760033784 2 Fairmeadow Apartments 4,240,000 17 760033033 2 North Oak Apartments 3,995,547 18 760032429 2 Brook Lyn Apartments 3,400,000 - --------------------------------------------------------------------------------------------------------------- TOTAL MULTIFAMILY LOANS $236,740,797 STUDIO 1 BEDROOM ------------------------------------------------------------ # OF AVG # OF AVG SEQUENCE UTILITIES TENANT PAYS/PAYMENT OF UTILITIES UNITS RENT UNITS RENT - --------------------------------------------------------------------------------------------------------------------------- 1 Electric 319 $2,214 151 $3,066 2.1 Electric, Gas 240 874 2.2 Electric, Gas 72 820 2 Electric, Gas 312 862 3 Electric, Gas, Sewer, Water 4 Water 5 Electric, Gas, Sewer, Water 69 693 6 Electric 104 689 7 Electric, Gas 176 $582 8 Electric, Gas, Sewer, Water 122 594 9.1 Electric, Gas 13 $1,071 5 1,732 9.2 Electric, Gas 16 $1,731 9 Electric, Gas 29 1,435 5 1,732 10.1 Electric, Gas 2 1,238 9 1,404 10.2 Electric, Gas 1 300 9 1,332 10 Electric, Gas 3 925 18 1,368 11 Electric 28 539 12 Electric 24 610 13 None 11 $698 36 735 14 Electric, Sewer, Water 80 405 15 None 48 16 Electric 80 466 17 Electric, Water 1 370 67 496 18 Electric - --------------------------------------------------------------------------------------------------------------------------- 2 BEDROOM 3 BEDROOM 4 BEDROOM -------------------------------------------------------------------------------------------- # OF AVG # OF AVG # OF AVG SEQUENCE UNITS RENT UNITS RENT UNITS RENT ELEVATORS - ------------------------------------------------------------------------------------------------------------------------ 1 19 $4,006 3 $5,598 Yes 2.1 64 967 No 2.2 216 914 No 2 280 926 No 3 24 871 130 $1,405 No 4 24 925 28 1,260 88 1,487 No 5 122 843 No 6 104 808 16 975 No 7 84 $727 No 8 90 760 No 9.1 No 9.2 No 9 No 10.1 No 10.2 No 10 No 11 228 596 No 12 88 689 16 800 No 13 48 951 Yes 14 160 495 No 15 119 79 No 16 44 631 No 17 40 642 24 751 No 18 86 555 8 710 No - ------------------------------------------------------------------------------------------------------------------------ (This Page Intentionally Left Blank) ANNEX C CLASS XP REFERENCE RATE SCHEDULE INTEREST CLASS XP INTEREST CLASS XP ACCRUAL DISTRIBUTION REFERENCE ACCRUAL DISTRIBUTION REFERENCE PERIOD DATE RATE PERIOD DATE RATE - ---------- -------------- ------------- ---------- -------------- ------------- 1 12/10/2004 5.28780% 43 6/10/2008 5.44880% 2 1/10/2005 5.28770% 44 7/10/2008 5.27190% 3 2/10/2005 5.28770% 45 8/10/2008 5.44850% 4 3/10/2005 5.28790% 46 9/10/2008 5.44840% 5 4/10/2005 5.46480% 47 10/10/2008 5.27160% 6 5/10/2005 5.28750% 48 11/10/2008 5.44530% 7 6/10/2005 5.46470% 49 12/10/2008 5.26850% 8 7/10/2005 5.28740% 50 1/10/2009 5.26840% 9 8/10/2005 5.46460% 51 2/10/2009 5.26830% 10 9/10/2005 5.46450% 52 3/10/2009 5.27650% 11 10/10/2005 5.28420% 53 4/10/2009 5.44380% 12 11/10/2005 5.46130% 54 5/10/2009 5.26710% 13 12/10/2005 5.28410% 55 6/10/2009 5.45690% 14 1/10/2006 5.28400% 56 7/10/2009 5.28530% 15 2/10/2006 5.28400% 57 8/10/2009 5.46780% 16 3/10/2006 5.28420% 58 9/10/2009 5.47470% 17 4/10/2006 5.46090% 59 10/10/2009 5.33310% 18 5/10/2006 5.28370% 60 11/10/2009 5.51400% 19 6/10/2006 5.46070% 61 12/10/2009 5.38530% 20 7/10/2006 5.28150% 62 1/10/2010 5.38520% 21 8/10/2006 5.45840% 63 2/10/2010 5.38520% 22 9/10/2006 5.45830% 64 3/10/2010 5.38590% 23 10/10/2006 5.28120% 65 4/10/2010 5.56550% 24 11/10/2006 5.45820% 66 5/10/2010 5.38500% 25 12/10/2006 5.28110% 67 6/10/2010 5.56540% 26 1/10/2007 5.28100% 68 7/10/2010 5.38490% 27 2/10/2007 5.28090% 69 8/10/2010 5.56530% 28 3/10/2007 5.28120% 70 9/10/2010 5.56520% 29 4/10/2007 5.45770% 71 10/10/2010 5.38470% 30 5/10/2007 5.28060% 72 11/10/2010 5.56510% 31 6/10/2007 5.45750% 73 12/10/2010 5.38450% 32 7/10/2007 5.28040% 74 1/10/2011 5.38450% 33 8/10/2007 5.45730% 75 2/10/2011 5.38440% 34 9/10/2007 5.45720% 76 3/10/2011 5.39670% 35 10/10/2007 5.28010% 77 4/10/2011 5.57670% 36 11/10/2007 5.45130% 78 5/10/2011 5.39580% 37 12/10/2007 5.27600% 79 6/10/2011 5.57660% 38 1/10/2008 5.44940% 80 7/10/2011 5.39570% 39 2/10/2008 5.27250% 81 8/10/2011 5.62750% 40 3/10/2008 5.27260% 82 9/10/2011 5.62160% 41 4/10/2008 5.44900% 83 10/10/2011 5.58210% 42 5/10/2008 5.27220% 84 11/10/2011 5.77890% C-1 (This Page Intentionally Left Blank) ANNEX D CLASS A-AB PLANNED PRINCIPAL BALANCE DISTRIBUTION DATE PLANNED PRINCIPAL BALANCE - ---------------------- -------------------------- 12/10/2004 $ 45,540,000.00 1/10/2005 $ 45,540,000.00 2/10/2005 $ 45,540,000.00 3/10/2005 $ 45,540,000.00 4/10/2005 $ 45,540,000.00 5/10/2005 $ 45,540,000.00 6/10/2005 $ 45,540,000.00 7/10/2005 $ 45,540,000.00 8/10/2005 $ 45,540,000.00 9/10/2005 $ 45,540,000.00 10/10/2005 $ 45,540,000.00 11/10/2005 $ 45,540,000.00 12/10/2005 $ 45,540,000.00 1/10/2006 $ 45,540,000.00 2/10/2006 $ 45,540,000.00 3/10/2006 $ 45,540,000.00 4/10/2006 $ 45,540,000.00 5/10/2006 $ 45,540,000.00 6/10/2006 $ 45,540,000.00 7/10/2006 $ 45,540,000.00 8/10/2006 $ 45,540,000.00 9/10/2006 $ 45,540,000.00 10/10/2006 $ 45,540,000.00 11/10/2006 $ 45,540,000.00 12/10/2006 $ 45,540,000.00 1/10/2007 $ 45,540,000.00 2/10/2007 $ 45,540,000.00 3/10/2007 $ 45,540,000.00 4/10/2007 $ 45,540,000.00 5/10/2007 $ 45,540,000.00 6/10/2007 $ 45,540,000.00 7/10/2007 $ 45,540,000.00 8/10/2007 $ 45,540,000.00 9/10/2007 $ 45,540,000.00 10/10/2007 $ 45,540,000.00 11/10/2007 $ 45,540,000.00 12/10/2007 $ 45,540,000.00 1/10/2008 $ 45,540,000.00 2/10/2008 $ 45,540,000.00 3/10/2008 $ 45,540,000.00 4/10/2008 $ 45,540,000.00 5/10/2008 $ 45,540,000.00 6/10/2008 $ 45,540,000.00 7/10/2008 $ 45,540,000.00 8/10/2008 $ 45,540,000.00 D-1 DISTRIBUTION DATE PLANNED PRINCIPAL BALANCE - ---------------------- -------------------------- 9/10/2008 $ 45,540,000.00 10/10/2008 $ 45,540,000.00 11/10/2008 $ 45,540,000.00 12/10/2008 $ 45,540,000.00 1/10/2009 $ 45,540,000.00 2/10/2009 $ 45,540,000.00 3/10/2009 $ 45,540,000.00 4/10/2009 $ 45,540,000.00 5/10/2009 $ 45,540,000.00 6/10/2009 $ 45,540,000.00 7/10/2009 $ 45,539,000.00 8/10/2009 $ 45,339,000.00 9/10/2009 $ 45,139,000.00 10/10/2009 $ 44,939,000.00 11/10/2009 $ 44,739,131.22 12/10/2009 $ 43,677,000.00 1/10/2010 $ 42,715,000.00 2/10/2010 $ 41,749,000.00 3/10/2010 $ 40,464,000.00 4/10/2010 $ 39,487,000.00 5/10/2010 $ 38,400,000.00 6/10/2010 $ 37,413,000.00 7/10/2010 $ 36,317,000.00 8/10/2010 $ 35,320,000.00 9/10/2010 $ 34,318,000.00 10/10/2010 $ 33,208,000.00 11/10/2010 $ 32,196,000.00 12/10/2010 $ 31,075,000.00 1/10/2011 $ 30,053,000.00 2/10/2011 $ 29,026,000.00 3/10/2011 $ 27,684,000.00 4/10/2011 $ 26,646,000.00 5/10/2011 $ 25,499,000.00 6/10/2011 $ 24,450,000.00 7/10/2011 $ 24,250,000.00 8/10/2011 $ 24,050,000.00 9/10/2011 $ 23,850,000.00 10/10/2011 $ 23,650,000.00 11/10/2011 $ 23,450,284.13 12/10/2011 $ 22,566,000.00 1/10/2012 $ 21,755,000.00 2/10/2012 $ 20,940,000.00 3/10/2012 $ 19,966,000.00 4/10/2012 $ 19,143,000.00 5/10/2012 $ 18,238,000.00 6/10/2012 $ 17,406,000.00 7/10/2012 $ 16,493,000.00 8/10/2012 $ 15,652,000.00 9/10/2012 $ 14,807,000.00 D-2 DISTRIBUTION DATE PLANNED PRINCIPAL BALANCE - ---------------------- -------------------------- 10/10/2012 $ 13,881,000.00 11/10/2012 $ 13,028,000.00 12/10/2012 $ 12,094,000.00 1/10/2013 $ 11,231,000.00 2/10/2013 $ 10,364,000.00 3/10/2013 $ 9,267,000.00 4/10/2013 $ 8,390,000.00 5/10/2013 $ 7,434,000.00 6/10/2013 $ 6,549,000.00 7/10/2013 $ 5,584,000.00 8/10/2013 $ 4,689,000.00 9/10/2013 $ 3,790,000.00 10/10/2013 $ 2,812,000.00 11/10/2013 $ 1,903,000.00 12/10/2013 $ 916,000.00 1/10/2014 $ 0.00 D-3 (This Page Intentionally Left Blank) ANNEX E - -------------------------------------------------------------------------------- BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: BofA NOTE A-3 ORIGINAL PRINCIPAL BALANCE: $137,000,000 FIRST PAYMENT DATE: October 1, 2004 TERM/AMORTIZATION: 84/0 months INTEREST ONLY PERIOD: 84 months MATURITY DATE: September 1, 2011 NOTE A-3 EXPECTED MATURITY BALANCE: $137,000,000 BORROWING ENTITY: 555 California Owners LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 80 payments Open: 4 payments UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $389,250 REPLACEMENT RESERVE: $6,175,000 TI/LC RESERVE: $10,000,000 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $40,856 TI/LC RESERVE: $148,566 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN CUT-OFF DATE BALANCE: $520,000,000 WHOLE LOAN CUT-OFF DATE BALANCE (EXCLUDING SUBORDINATE COMPONENT): $417,000,000 NOTE A-3 CUT-OFF DATE BALANCE: $137,000,000 SHADOW RATING (S&P/MOODY'S): AAA/A3 WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING NOTE A-1 NOTE A-1 SUBORDINATE SUBORDINATE COMPONENT)(1) COMPONENT)(1) ------------- ------------- CUT-OFF DATE LTV: 49.3% 61.5% MATURITY DATE LTV: 49.3% 61.5% UNDERWRITTEN DSCR(2): 2.21x(3) 1.73x(4) MORTGAGE RATE(5): 4.867% 5.080% - -------------------------------------------------------------------------------- (1) The subordinate component is subordinate to note A-1 senior component and note A-2 (which are not part of trust fund) as well as note A-3). (2) DSCR figures based on net cash flow unless otherwise noted. (3) The loan is interest only for its entire term. If debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.84x. Interest was calculated on a 30/360 amortization basis even though the Whole Loan is an Actual/360 Mortgage Loan. (4) The loan is interest only for its entire term. If debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.18x. Interest was calculated on a 30/360 amortization basis even though the Whole Loan is an Actual/360 Mortgage Loan. (5) The interest rate was rounded to three decimals. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB-TYPE: CBD LOCATION: San Francisco, CA YEAR BUILT/RENOVATED: 1921, 1969, 1971/NA NET RENTABLE SQUARE FEET: 1,780,748 CUT-OFF BALANCE PER SF: $234(a) OCCUPANCY AS OF 7/1/04: 94.2% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Shorenstein Realty Services, L.P. U/W NET CASH FLOW: $58,464,169 APPRAISED VALUE: $845,000,000(b) - -------------------------------------------------------------------------------- (a) Based on aggregate principal balance of $417,000,000 (the original whole loan excluding the subordinate portion of note A-1). (b) The as stabilized value is expected to be $862,000,000 as of September 1, 2005. E-1 - -------------------------------------------------------------------------------- BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- FULL YEAR FULL YEAR FULL YEAR UNDERWRITTEN (12/31/03) (12/31/02) (12/31/01) ------------ ---------- ---------- ---------- Effective Gross Income ............. $95,289,720 $93,715,964 $100,886,419 $95,344,572 Total Expenses ..................... $33,245,580 $33,784,205 $34,753,431 $35,525,900 Net Operating Income (NOI) ......... $62,044,140 $59,931,759 $66,132,988 $59,818,672 Cash Flow (CF) ..................... $58,464,169 $59,931,759 $66,132,988 $59,818,672 DSCR on NOI(1) ..................... 2.34x 2.27x 2.50x 2.26x DSCR on CF(1) ...................... 2.21x(2) 2.27x 2.50x 2.26x - --------------------------------------------------------------------------------------------------------------------- (1) Based on aggregate principal balance of $417,000,000 (the original whole loan excluding the subordinate portion of note A-1). (2) The loan is interest only for its entire term. If debt service had been calculated on such interest only payments, the resulting underwritten DSCR would have been approximately 2.84x. Interest was calculated on a 30/360 amortization basis even though the Whole Loan is an Actual/360 Mortgage Loan. - -------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------- RATINGS TENANT % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS(1) S&P/MOODY'S TOTAL SF TOTAL SF RENT PSF RENT RENT EXPIRATION -------------- ----------- -------- -------- -------- ---- ---- ---------- Bank of America, N.A. ......... A+/Aa2 662,524 37.2% $ 41.59 $27,555,388 34.0% 9/30/2015(2) Goldman, Sachs & Co. .......... A+/Aa3 90,504 5.1 $ 60.83 5,505,581 6.8 8/31/2010 Morgan Stanley & Co. .......... A+/Aa3 85,347 4.8 $ 65.88 5,622,943 6.9 10/31/2011 ------- ---- ----------- ---- TOTAL ......................... 838,375 47.1% $38,683,911 47.7% - -------------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from Underwritten Rent Roll except for Ratings (S&P/Moody's) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. Interest was calculated on a 30/360 amortization basis even though the Whole Loan is an Actual/360 Mortgage Loan. (2) Excluding one lease for 3,480 square feet representing 0.5% of the total Bank of America leased space. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - -------------------------------------------------------------------------------- # OF LEASES % OF TOTAL CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION(1) EXPIRING(2) EXPIRING SF SF TOTAL SF % OF TOTAL SF EXPIRING - --------------------- ----------- ----------- -- -------- ------------- -------- 2004 ................. 16 14,689 0.8% 14,689 0.8% $ 586,656 2005 ................. 19 68,810 3.9 83,499 4.7% $ 3,590,832 2006 ................. 25 201,448 11.3(3) 284,947 16.0% $11,717,624 2007 ................. 6 87,061 4.9 372,008 20.9% $ 4,028,880 2008 ................. 7 52,236 2.9 424,244 23.8% $ 2,631,923 2009 ................. 19 116,600 6.5 540,844 30.3% $ 3,843,736 2010 ................. 12 137,126 7.7 677,970 38.0% $ 8,943,889 2011 ................. 7 121,002 6.8 798,972 44.8% $ 9,635,731 2013 ................. 4 64,516 3.6 863,488 48.4% $ 3,132,905 2014 ................. 1 24,817 1.4 888,305 49.8% $ 992,680 2015 ................. 24 736,283 41.3 1,624,588 91.1% $30,505,894 2016 ................. 4 48,281 2.7 1,672,869 93.8% $ 1,420,949 Vacant ............... 111,178 6.2 1,784,047 100.0% -- ------- ------- TOTAL ................ 144 1,784,047 100.0% - ----------------------------------------------------------------------------------------------------------- (1) Information obtained from Underwritten Rent Roll. (2) For purposes of this column, each leased tenant space was considered a separate lease even if multiple tenant spaces were covered under the same lease. (3) Shearman and Sterling is currently on the Rent Roll for 46,275 square feet of this space. Sidley Austin Brown & Wood has signed a lease for such square footage after Shearman and Sterling vacates. E-2 - -------------------------------------------------------------------------------- BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- At underwriting the Bank of America Center Mortgaged Property was 94.2% occupied by a total of 35 office tenants at an average lease rate of $48 per square foot and 11 retail tenants at an average lease rate of $47 per square foot. At underwriting the four largest tenants, representing 51.3% of total net rentable area, were: o Bank of America Corporation (Rated "A+" by S&P and "Aa2" by Moody's), a diversified global financial services company, occupies 662,524 square feet (37.2%) under various leases generally expiring in September 2015. Incorporated in 1968 and headquartered in Charlotte, North Carolina, Bank of America Corporation operates through its banking and non-banking subsidiaries as a provider of financial services and products throughout the United States and in selected international markets. Bank of America Corporation manages its operations through four business segments: Consumer and Commercial Banking, Asset Management, Global Corporate and Investment Banking and Equity Investments. On October 27, 2003, Bank of America Corporation and FleetBoston Financial Corporation, a diversified financial services company, signed an agreement and plan of merger. The merger closed in April 2004. For the year ended December 31, 2003, Bank of America Corporation reported revenues of $49.0 billion and net income of $10.8 billion. As of June 30, 2004, the company reported total assets of $1.0 trillion and stockholders' equity of $95.8 billion. The subject spaces have various uses, including general office and a bank branch. o The Goldman Sachs Group, Inc. (Rated "A+" by S&P and "Aa3" by Moody's), a global investment banking, securities and investment management firm, leases 90,504 square feet (5.1%) under various leases expiring in August 2010. Founded in 1869 and headquartered in New York, New York, The Goldman Sachs Group, Inc. provides a range of services worldwide to a diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As of November 28, 2003, it operated offices in over 20 countries. The company's activities are divided into three segments: Investment Banking; Trading and Principal Investments; and Asset Management and Securities Services. For the fiscal year ended November 28, 2003, The Goldman Sachs Group, Inc. reported revenues of $23.6 billion and net income of $3.0 billion. As of May 28, 2004, the company reported total assets of $467.9 billion and stockholders' equity of $23.2 billion. The subject location serves as general office space for the company. o Morgan Stanley (Rated "A+" by S&P and "Aa3" by Moody's), a global financial services firm, occupies 85,347 square feet (4.8%) under various leases expiring in October 2011 and December 2013. Established in 1935 and headquartered in New York, New York, Morgan Stanley operates in four business segments: Institutional Securities, Individual Investor Group, Investment Management and Credit Services. For the fiscal year ended November 30, 2003, Morgan Stanley reported revenues of $34.9 billion and net income of $3.8 billion. As of May 31, 2004, the company reported total assets of $729.5 billion and stockholders' equity of $27.0 billion. The subject location serves as general office space for the company. o Ernst & Young (Not Rated) one of the "Big Four" global accounting firms, occupies 77,678 square feet (4.4%) under various leases expiring in December 2006. Established in 1989 (with predecessor firms founded in 1903 and 1906) and headquartered in New York, New York, Ernst & Young provides a range of services, including accounting and auditing, tax reporting and operations, tax advisory, business risk services, technology and security risk services, transaction advisory and human capital services. Globally, Ernst & Young focuses on seven major industry groups: financial services; technology, communications and entertainment; energy, chemicals and utilities; industrial products; retailing and consumer products; health sciences; and real estate, hospitality and construction. Ernst & Young reported over $13 billion in revenues in fiscal year 2003 and employs 103,000 people in over 140 countries around the world. The subject location serves as general office space for the firm. - -------------------------------------------------------------------------------- E-3 - -------------------------------------------------------------------------------- BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Bank of America Center Mortgage Loan is secured by a first mortgage on a 1,780,748 square foot Class A central business district office complex located in San Francisco, California. o The Bank of America Center Mortgage Loan, also referred to as the "note A-3" for purposes of this discussion, has a principal balance of $137,000,000 as of the cut-off date (shadow rated "AAA" by S&P and "A3" by Moody's, respectively), is pari passu with a $150,000,000 senior portion of a $253,000,000 note A-1 and with a $130,000,000 note A-2. The other senior notes (the $150,000,000 senior portion of the note A-1 and the note A-2) have the same interest rate, maturity date and amortization term as the Bank of America Center Mortgage Loan and are held outside of the trust. The remaining $103,000,000 of the note A-1 balance (the note A-1 junior portion) is subordinate to the senior portion of the note A-1, the entire note A-2 and the entire note A-3. THE BORROWER: o The borrower, 555 California Owners LLC (the "Bank of America Center Borrower"), is a single-purpose, bankruptcy-remote entity with two independent directors, for which the Bank of America Center Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Bank of America Center Borrower is owned 100% in succession by five mezzanine ownership entities (555 California Mezz-1 LLC, 555 California Mezz-2 LLC, 555 California Mezz-3 LLC, 555 California Mezz-4 LLC, and 555 California Mezz-5 LLC, respectively), each a Delaware limited liability company. 555 California Street LLC is owned: 2% by two entities, Shorenstein Capital 555 LLC and Shorenstein 555 California LLC, controlled and owned by Shorenstein Company LLC; and 98% owned by two entities, Giants Equities LLC and Warrior Equities LLC, controlled by Mark Karasick, a borrower principal, and wholly owned by Mark Karasick, IPC (US), Inc. ("IPC"), and certain other investors. David Yisrael is also a borrower principal. o Mark Karasick has been a New York City-based real estate syndicator for the past 15 years. Initially, he was a developer in New York State's Orange and Dutchess Counties. During the past eight years, Mr. Karasick has principaled numerous real estate transactions as both a syndicator and a managing member of various limited liability companies. Mr. Karasick has typically acquired properties or mortgages with a current yield, located primarily in New York and New Jersey. In addition, Mr. Karasick has real estate holdings outside the New York/New Jersey/Connecticut tri-state area such as the 430,000 square foot IBM office building in Hato Rey, Puerto Rico. Acquisitions during the past five years include properties totaling more than eight million square feet. o IPC is a subsidiary of the Toronto, Canada-based IPC US REIT. IPC US REIT beneficially owns an 89.0% economic interest in IPC (US), Inc. IPC has ownership interests in, and manages, 32 buildings in the United States (26 office and six retail) containing a total of 7.6 million square feet of rentable space. o As a San Francisco-based private owner and operator of Class A office buildings in the United States with a portfolio of more than 17 million square feet, Shorenstein Company LLC, through its affiliates, has owned and managed the Bank of America Center Mortgaged Property for over 15 years. THE PROPERTY: o The collateral for the Bank of America Center Mortgage Loan consists of the fee simple interest in a 1,780,748 square foot Class A central business district office complex. The collateral is comprised of three buildings: (1) 555 California Street, a 1,488,619 square foot, 52-story Class A office building with retail constructed in 1969; (2) 315 Montgomery Street, a 228,160 square foot, 16-story Class B office building with street level retail constructed in 1921; and (3) 345 Montgomery Street, a 63,969 square foot, two-story Bank of America branch constructed in 1971. The complex has on-site parking for 450 cars in a three level subterranean garage. The collateral is situated on approximately 2.80 acres in the North of Market Area Financial District in downtown San Francisco, California. o The Bank of America Center Borrower, at its sole cost and expense, is required to keep the Bank of America Center Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. Each of the insurance policies required under the Bank of America Center Whole Loan must contain clauses or endorsements to the effect that the related policy does not have an exclusion for acts of terrorism or similar acts of sabotage. o The soil and groundwater of the Bank of America Center Mortgaged Property has been contaminated due to petroleum leaks from underground storage formerly located on the Bank of America Center Mortgaged Property that belonged to the City and County of San Francisco ("San Francisco"). The prior owner of the Bank of America Center Mortgaged Property, 555 California Street LLC, initiated an action against San Francisco in relation to such contamination which resulted in a Settlement Agreement and Mutual Release dated December 10, 2003 by and between San Francisco and 555 California Street LLC (the "Settlement Agreement"). Pursuant to the terms of the Settlement Agreement, San Francisco is required to provide remediation and monitoring results (which the related borrower is required to provide to the mortgagee) until such time as there are four consecutive quarters of acceptable remediation and monitoring results. The related borrower is required to enforce San Francisco's obligations to monitor and remediate the contamination pursuant to the terms of the Settlement Agreement. The related borrower is required to use commercially reasonable efforts to deliver to mortgagee a letter from the City and County of San Francisco Department of Health-Local Oversight Program which will indicate that monitoring and remediation is no longer required under the Settlement Agreement. - -------------------------------------------------------------------------------- E-4 - -------------------------------------------------------------------------------- BANK OF AMERICA CENTER - -------------------------------------------------------------------------------- PROPERTY MANAGEMENT: o Shorenstein Realty Services, L.P., an affiliate of the Bank of America Center Borrower, manages the Bank of America Center Mortgaged Property. Headquartered in San Francisco, California, and in business for over 80 years, Shorenstein Realty Services is the wholly owned property services affiliate of Shorenstein Company LLC (www.shorenstein.com), a private owner and operator of Class A office buildings in the United States with a portfolio of more than 17 million square feet. Founded in the 1920's as a brokerage and management company, Shorenstein Company is engaged in all aspects of office building investment, development, financing, leasing, construction, and management. Since the early 1960's, the company has been an active investor in office projects. Since 1992, Shorenstein has sponsored a series of closed-end investment funds that have invested in Class A office projects located throughout the United States. Shorenstein Realty Services provides leasing, management and construction services to all of Shorenstein Company's properties. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o On September 2, 2004 : (A) Bank of America, N.A. made a mezzanine loan in the original principal amount of $34,000,000 to 555 California Mezz-1 LLC; (B) Bank of America, N.A. made a mezzanine loan in the original principal amount of $34,000,000 to 555 California Mezz-2 LLC; (C) BOFA Mezz Private Limited made a mezzanine loan in the original principal amount of $90,000,000 to 555 California Mezz-3 LLC; (D) BREF ONE, LLC-Series B made a mezzanine loan in the original principal amount of $45,000,000 to 555 California Mezz-4 LLC; and (E) BPO 555 California Mezz Ltd made a mezzanine loan in the original principal amount of $27,000,000 to 555 California Mezz-5 LLC; each of the mezzanine loans is a "BC Mezzanine Loan"; each of the mezzanine lenders is a "BC Mezzanine Lender" and are collectively the "BC Mezzanine Lenders"; and each of the mezzanine borrowers is a "BC Mezzanine Borrower" and are collectively the "BC Mezzanine Borrowers". The Bank of America Center Borrower is owned 100% by the BC Mezzanine Borrowers. Each BC Mezzanine Loan is secured by (among other things) a first priority security interest in 100% percent membership interest in the related BC Mezzanine Borrower. The relationship between the BC Mezzanine Lenders and the mortgagee is set forth in that certain mezzanine intercreditor agreement dated as of September 2, 2004 by and between the mortgagee and the BC Mezzanine Lenders. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. SUBORDINATE COMPONENT: o As will be set forth in more detail in the prospectus supplement, the holder of a designated class of certificates that is entitled to payments solely from the BC Pari Passu Note A-1 Mortgage Loan may (but is not obligated to) purchase the Bank of America Center Whole Loan at a price generally equal to the outstanding principal balance, accrued and unpaid interest, all related unreimbursed servicing advances (with interest, if any) including any servicing compensation, certain unreimbursed costs and expenses and additional trust fund expenses on such balances and any liquidation fees payable in connection with such purchase. - -------------------------------------------------------------------------------- E-5 - -------------------------------------------------------------------------------- OCEAN RESIDENCES - -------------------------------------------------------------------------------- OCEAN RESIDENCES - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: GACC ORIGINAL PRINCIPAL BALANCE: $90,000,000 FIRST PAYMENT DATE: December 1, 2004 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: November 1, 2009 EXPECTED MATURITY BALANCE: $90,000,000 BORROWING ENTITY: Ocean Prime LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 56 months Open: 4 payments UP-FRONT RESERVES: TAX RESERVE: Yes IMMEDIATE REPAIR RESERVE: $1,207,500 REPLACEMENT RESERVE: $10,229 LEASING RESERVE: $25,095 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $10,229 TI/LC RESERVE: $7,500 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $90,000,000 SHADOW RATING (S&P/MOODY'S): BBB-/Baa3 CUT-OFF DATE LTV: 42.9% MATURITY DATE LTV: 42.9% UNDERWRITTEN DSCR(1): 2.22x MORTGAGE RATE(2): 4.797% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. (2) Rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Multifamily PROPERTY SUB-TYPE: Mid-rise with retail LOCATION: New York, NY YEAR BUILT/RENOVATED: 1903/2000 UNITS: 492 CUT-OFF BALANCE PER UNIT: $182,927 OCCUPANCY AS OF 7/31/04: 96.5% OWNERSHIP INTEREST(A): Fee PROPERTY MANAGEMENT: Residential Management Group LLC (d/b/a Douglas Elliman Property Management) U/W NET CASH FLOW: $9,699,353 APPRAISED VALUE: $210,000,000 - -------------------------------------------------------------------------------- (a) Represents the fee interest in one unit of a three unit condominium. E-6 - -------------------------------------------------------------------------------- OCEAN RESIDENCES - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- FULL YEAR FULL YEAR UNDERWRITTEN (12/31/2003) (12/31/2002) ------------ ------------ ------------ Effective Gross Income ............. $ 16,168,723 $ 14,741,052 $ 13,696,979 Total Expenses ..................... $ 6,343,171 $ 5,569,333 $ 5,367,931 Net Operating Income (NOI) ......... $ 9,825,553 $ 9,171,719 $ 8,329,048 Cash Flow (CF) ..................... $ 9,699,353 $ 9,171,719 $ 8,329,048 DSCR on NOI ........................ 2.24x 2.10x 1.90x DSCR on CF ......................... 2.22x 2.10x 1.90x - ---------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM ------ --------- --------- --------- Number of Units ................ 319 151 19 3 Average Rent ................... $2,214 $3,066 $4,006 $5,598 Average Unit Size (SF) ......... 535 780 1,047 1,133 - ------------------------------------------------------------------------------------- E-7 - -------------------------------------------------------------------------------- OCEAN RESIDENCES - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Ocean Residences Mortgage Loan is secured by a first mortgage on the borrower's fee simple interest in one of three units in a mixed use condominium building located in downtown Manhattan in New York City. o The borrower's unit consists of 492 residential units, including the superintendent's unit, 12,000 square feet of professional office space, 4,000 square feet of grade level retail space, and a below grade parking garage with a 98-car capacity. The other two units are office use. o The financing consists of a $90 million first mortgage loan. THE BORROWER: o The borrower, Ocean Prime LLC, is a single purpose, bankruptcy remote entity, sponsored by Joseph Moinian and partners. Joseph Moinian controls and directs the management and policies of the borrower, and indirectly owns a 36.6% interest in the borrower. Joseph Moinian is a repeat sponsor of a Deutsche Bank borrower. o Mr. Moinian is the founder and CEO of The Moinian Group, which controls a portfolio totaling more than eight million square feet of commercial, industrial, residential, retail and hotel properties throughout the world. Currently, the firm is in the planning and construction stages of developing over 1.5 million square feet of office, retail, and residential space throughout Manhattan. In the last 12 months, Mr. Moinian, with various partners, has purchased interests in several assets, including the condominium unit that encompasses floors 1-13 (not part of the loan collateral) known as 17 Battery Place South for $52,500,000 from SL Green in August 2000. THE PROPERTY: o Originally built in 1903, Ocean Residences is a 492-unit rental apartment complex that occupies floors 14-31 of a mixed-use facility located at the southern tip of Manhattan in Battery Park City. The condominium unit that encompasses floors 1 -13, which is not part of the collateral, is class B office space owned by the sponsor of the Ocean Residences loan. Over $55.9 million of renovations were completed in December of 2000. Since purchasing the property, the borrower has spent approximately $605,000 on facade repairs and an estimated $1.5 million in garage renovations. o The apartment units are primarily leased to individuals with approximately 17% leased to corporate entities, including Goldman Sachs (leases 29 units) and Oakwood Corporation (leases 54 units). o The units feature ceiling heights in excess of ten feet, oversized windows with water views, light oak parquet floors, granite countertops and marble bathrooms. Many of the units also provide a technology package, which typically includes multiple telephone lines, cable TV and Internet access. Building amenities include a 24-hour doorman and concierge, dry cleaning, laundry, valet, fitness room and maid services, storage facilities, outdoor roof deck, business center and a 98-car on-site parking garage which is leased to a third party operator, Central Parking System of NY Inc. o Prior to September 11, 2001, the downtown residential market had average market rents for its buildings in the range of $50 to $55 per square foot. Despite the fact that tenancy in the downtown residential market bottomed out at approximately 75% after September 11, the sponsor was able to re-lease the property to its present 97% level due to a rapid stabilization of the downtown real estate market and rental subsidies provided by the government. As of September 1, 2004, rents at the property have risen to $48.55 per square foot (or more than 90% of pre-September 11 levels). PROPERTY MANAGEMENT: o Ocean Residences is managed by Residential Management Group LLC (d/b/a Douglas Elliman Property Management), the property management division of Douglas Elliman. Founded in 1911, Douglas Elliman handles residential sales and rentals, professional, retail and commercial sales and leasing, relocation, new development marketing and property management. The company is now affiliated with The Prudential Real Estate Affiliates, Inc. A borrower affiliate, Josephson LLC, also performs additional asset management activities at the property. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o There is a $40 million senior mezzanine loan and a $20 million junior mezzanine loan. Each mezzanine loan was made to a separate SPE borrower. The senior mezzanine loan is secured by a pledge of 100% of the equity interests in the borrower and the junior mezzanine loan is secured by a pledge of 100% of the equity interests in the senior mezzanine borrower. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not permitted. - -------------------------------------------------------------------------------- E-8 - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: GACC ORIGINAL PRINCIPAL BALANCE(1): $77,000,000 FIRST PAYMENT DATE: October 1, 2004 TERM/AMORTIZATION: 60/300 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: September 1, 2009 EXPECTED MATURITY BALANCE: $72,576,797 BORROWING ENTITY: Charles Square Cambridge LLC and KSA Realty Trust INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 56 payments Open: 4 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $1,000,000 TI/LC RESERVE: $1,043,734 FF&E RESERVE: $1,000,000 FREE RENT RESERVE: $432,959 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $3,101 TI/LC RESERVE: $20,733 FF&E RESERVE: 4% of Operating Income from hotel component of collateral. LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Refers to the Senior Component only. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN CUT-OFF DATE BALANCE: $82,500,000 SENIOR COMPONENT CUT-OFF DATE BALANCE: $77,000,000 SUBORDINATE COMPONENT CUT-OFF DATE BALANCE(A): $ 5,500,000 SENIOR COMPONENT SHADOW RATING (S&P/MOODY'S): BBB--/Baa2 SUBORDINATE COMPONENT SHADOW RATING (MOODY'S): Baa3 WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING SUBORDINATE SUBORDINATE COMPONENT) COMPONENT) ---------- ---------- CUT-OFF DATE LTV: 45.7% 48.9% MATURITY DATE LTV: 43.0% 46.1% UNDERWRITTEN DSCR: 2.37x 2.22x MORTGAGE RATE(B): 5.426% 5.399% - -------------------------------------------------------------------------------- (a) The Subordinate Component is included in the trust but does not back any certificates other than the Class CS Certificates. (b) The interest rate was rounded to three decimal places. The interest rate on the Senior Component is 5.426% and the interest rate on the Subordinate Component is 5.027%. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Class A Mixed-Use Development PROPERTY SUB-TYPE: Hotel-Office-Retail LOCATION: Cambridge, MA YEAR BUILT/RENOVATED: 1985/2003 KEYS: 293 NET RENTABLE SQUARE FEET: 109,295 (office) 39,550 (retail) CUT-OFF BALANCE PER KEY: $262,799* OCCUPANCY AS OF 9/30/04: 70.2% Hotel 97.2% Office-Retail OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Cambridge Hotel Associates (Hotel); Carpenter & Company, Inc. (Office-Retail); Propark, Inc. (Parking) U/W NET CASH FLOW: $13,352,532 APPRAISED VALUE: Hotel: $106,400,000 Office: $22,300,000 Retail: $10,600,000 Garage: $29,300,000 ------------ TOTAL: $168,600,000 - -------------------------------------------------------------------------------- * Based on the Senior Component Balance. E-9 - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- FULL YEAR FULL YEAR FULL YEAR UNDERWRITTEN(1) TTM 9/30/04(2) (12/31/03) (12/31/02) (12/31/01) --------------- -------------- ---------- ---------- ---------- EFFECTIVE GROSS INCOME Hotel ........................ $ 20,154,591 $ 20,154,591 $ 15,955,759 $ 16,194,977 $ 19,452,250 Office/Retail/Garage ......... $ 8,822,969 $ 7,836,255 $ 7,692,442 $ 8,561,634 $ 8,559,164 TOTAL EXPENSES Hotel ........................ $ 9,641,543 $ 9,641,543 $ 8,898,943 $ 8,625,039 $ 9,187,609 Office/Retail/Garage ......... $ 4,198,483 $ 4,153,704 $ 3,998,043 $ 3,952,169 $ 3,521,573 NET OPERATING INCOME (NOI) Hotel ........................ $ 10,513,048 $ 10,513,048 $ 7,056,816 $ 7,569,938 $ 10,264,641 Office/Retail/Garage ......... $ 4,624,487 $ 3,682,551 $ 3,694,399 $ 4,609,465 $ 5,037,591 CASH FLOW (CF) Hotel ........................ $ 9,009,705 $ 9,009,705 $ 5,730,080 $ 6,233,522 $ 8,776,605 Office/Retail/Garage ......... $ 4,342,826 $ 3,682,551 $ 3,694,399 $ 4,609,465 $ 5,037,591 DSCR ON NOI(3) ................ 2.69x 2.53x 1.91x 2.17x 2.72x DSCR ON CF(3) ................. 2.38x 2.26x 1.68x 1.93x 2.46x - --------------------------------------------------------------------------------------------------------------------------- (1) Underwritten financial information includes hotel data based on TTM as of September 2004. (2) TTM includes as of September 30, 2004 data for hotel and as of August 31, 2004 data for office/retail/garage. (3) Based on the Senior Component Balance. - -------------------------------------------------------------------------------- HISTORICAL PERFORMANCE - -------------------------------------------------------------------------------- KEY FIGURES 1999 2000 2001 2002 2003 TTM 9/04 U/W(1) - ----------- ---- ---- ---- ---- ---- -------- ------ HOTEL: Occupancy: ................... 81.1% 80.1% 70.5% 67.9% 67.1% 70.2% 70.2% ADR: ......................... $ 227 $ 258 $ 252 $ 229 $ 210 $ 236 $ 236 RevPAR: ...................... $ 184 $ 207 $ 177 $ 155 $ 141 $ 165 $ 165 Net Cash Flow: ............... $10,683,674 $12,875,045 $ 8,776,605 $ 6,233,522 $5,730,080 $ 9,009,705 $ 9,009,705 OFFICE, RETAIL, PKG: Office Occupancy: ............ 96% 96% 95% 77% 96% 96% Retail Occupancy: ............ 100% 100% 100% 100% 100% 100% Net Cash Flow: ............... $ 4,254,065 $ 4,928,435 $ 5,037,591 $ 4,609,465 $3,694,399 $ 3,682,551 $ 4,342,826 ----------- ----------- ----------- ----------- ---------- ----------- ----------- TOTAL NET CASH FLOW: ......... $14,937,739 $17,803,480 $13,814,197 $10,842,987 $9,424,479 $12,692,256 $13,352,532 - ------------------------------------------------------------------------------------------------------------------------------------ (1) Underwritten financial information includes hotel data based on TTM as of September 2004. - -------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------- % RATINGS TOTAL % OF POTENTIAL POTENTIAL LEASE TOP TENANTS S&P/MOODY'S TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION ----------- ----------- --------- -------- -------- ---- ---- ---------- Gradient Corporation ....................... Not Rated 21,550 14.5% $ 28.00 $ 603,400 15.1% 12/31/2009 Lexecon .................................... Not Rated 21,550 14.5 $ 21.00 452,550 11.3 10/31/2007 Institute for Healthcare Improvement(1)..... Not Rated 17,456 11.7 $ 30.00 523,680 13.1 1/31/2012 ------ ---- ---------- ---- TOTAL ...................................... 60,556 40.7% $1,579,630 39.5% - ------------------------------------------------------------------------------------------------------------------------------------ (1) The lease to Institute for Healthcare Improvement requires the tenant to take occupancy on the earlier of (a) three months after substantial completion of tenant's work and (b) February 1, 2005. According to the borrower, the tenant's work is substantially complete and a move-in date prior to December 15th, 2004 is projected. E-10 - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - -------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF(1) TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ -------- ----- -------- -------- ------------- -------- 2005 .............. 2 564 0.4% 564 0.4% $ 34,400 2007 .............. 2 24,968 16.8 25,532 17.2% $ 577,580 2008 .............. 1 710 0.5 26,242 17.6% $ 29,110 2009 .............. 10 80,135 53.8 106,378 71.5% $2,318,777 2010 .............. 1 6,262 4.2 112,640 75.7% $ 244,218 2012 .............. 1 17,456 11.7 130,096 87.4% $ 523,680 2018 .............. 4 11,480 7.7 141,576 95.1% $ 272,383 2023 .............. 1 489 0.3 142,065 95.4% 2024 .............. 2 1,265 0.8 143,330 96.3% 2028 .............. 1 1,290 0.9 144,620 97.2% Vacant ............ 4,225 2.8 148,845 100.0% -- ------ ----- TOTAL ............. 25 148,845 100.0% - ------------------------------------------------------------------------------------------------- (1) Expiring square footage includes approximately 16,505 square feet of space (restaurant, bar, common area) leased to tenants affiliated with the borrower which do not pay base rent. E-11 - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The property is 97.2% leased by 25 tenants (17 office and 8 retail) at an average lease rate of $27.66 per square foot. The three largest tenants representing 40.7% of the total net rentable area, are: o Gradient Corporation (Office) (Not Rated) Gradient Corporation occupies 21,550 square feet (14.5% of net rentable area, lease expiration in 2009) at a rental rate of $28.00 per square foot. Gradient Corporation is a consulting firm which specializes in risk and environmental sciences. Gradient presents talks, peer-reviewed technical papers, textbook material, Congressional testimony, and serves on agency advisory boards. Gradient also prepares a quarterly newsletter, each focusing on a timely topic of importance to both industry and regulators. o Lexecon (Office) (Not Rated) Lexecon occupies 21,550 square feet (14.5% of net rentable area, lease expiration in 2007) at a rental rate of $21.00 per square foot. Lexecon Inc. is an economics consulting firm that provides law firm, corporate, and government clients with analysis of complex economic issues for use in legal and regulatory proceedings, strategic decisions, and public policy debates. The Harvard Square office, formerly The Economics Resource Group, Inc., was founded in 1990 by Joseph P. Kalt. Foundation Professor of International Political Economy at the John F. Kennedy School of Government, Harvard University and joined Lexecon in July 1999. Lexecon's parent company is FTI Consulting, Inc. o Institute for Healthcare Improvement (Office) (Not Rated) The Institute for Healthcare Improvement occupies 17,456 square feet (11.7% of net rentable area, lease expiration in 2012) at a rental rate of $30.00 per square foot. The Institute for Healthcare Improvement is a not-for-profit organization driving the improvement of health by advancing the quality and value of health care. Other tenants include: o Wellbridge Athletic Club (Retail) (Not Rated) The Wellbridge Athletic Club occupies 9,833 square feet (6.6% of net rentable area, lease expiration in 2009) at a rental rate of $31.13 per square foot. Wellbridge Athletic Club is an upscale athletic club chain offering fitness programs for people of all ages and interests. Facilities include cardiovascular equipment, weight training equipment, an indoor pool, a group exercise studio, a whirlpool, a steam room, and locker rooms. o Legal Sea Foods Inc. (Retail) (Not Rated) Legal Sea Foods Inc. occupies 6,409 square feet (4.3% of net rentable area, lease expiration in 2018) at a rental rate of $42.50 per square foot. For over 50 years, Legal Sea Foods has been dedicated to serving the freshest fish in the seafood industry. The Charles Square location features low ceilings that create a tavern feel, and finishes include stone, brick, dark oak, stucco, and Mission-style copper light fixtures. The restaurant also has a separate dedicated "Take-Out" storefront immediately adjacent to the restaurant. o Le Pli Salon & Day Spa (Retail) (Not Rated) Le Pli occupies 2,534 square feet (1.7% of net rentable area, lease expiration in 2009) at a rental rate of $41.38 per square foot. Le Pli, in Cambridge since 1968, opened their Charles Square spa in 1985. Le Pli has won awards for its excellence, and has been featured in Vogue, Newsweek, and Town & Country. Le Pli's philosophy is to bring its clients the most innovative techniques in hair and spa services, with strong emphasis on service. - -------------------------------------------------------------------------------- E-12 - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Charles Square Mortgage loan is a $77.0 million loan secured by the borrower's fee simple interest in the Class A mixed use facility known as Charles Square, located in Cambridge, Massachusetts. The loan is also secured by a pledge of limited partnership interests in the Hotel Manager made by Carpenter Associates, Intercorp Limited Partnership and F&H Realty LLC, each affiliated with the borrower. o The Charles Square Mortgage loan is divided into a Senior Component and a Subordinate Component as further described herein. o As will be set forth in more detail in the preliminary prospectus supplement, the holder of the Class CS Certificates that is entitled to payments solely from the Charles Square Mortgage loan will be entitled in certain instances to exercise rights analogous to the rights of the Directing Certificateholder solely with respect to the Charles Square Mortgage loan. Such rights may include the review and/or approval of certain actions taken by the Master Servicer or the Special Servicer in connection with the Charles Square Mortgage loan. In addition, such holder may (but is not obligated to) purchase the Charles Square Mortgage loan, if the Mortgage loan is then considered a "Defaulted Mortgage Loan" as more particularly described in the preliminary prospectus supplement, at a price generally equal to its (a) fair value as determined by the Special Servicer (or the Master Servicer or Trustee if the Special Servicer and the option holder are the same person or affiliated) or (b) if the Special Servicer has not determined its fair value, the unpaid principal balance, plus accrued and unpaid interest on such balance, all unrelated unreimbursed advances (with interest, if any), and all accrued special servicing fees and additional trust fund expenses. THE BORROWER: o The borrower is comprised of KSA Realty Trust and Charles Square Cambridge LLC, each of which is a bankruptcy-remote, single- purpose entity. The borrower is sponsored by John L. Hall II, and Richard L. Friedman (Carpenter & Company, Inc.), a real estate firm that develops hotel, retail and mixed use properties. The fixed rate loan has a term of 60 months (5 years), is interest-only for the first 24 months and thereafter amortizes on a 25-year schedule. o Carpenter and Company, Inc. developed the property in 1985 and renovated the project in 1998-1999 at a cost of over $4 million. Former retail space was converted to the current Pavilion conference center. In 2003, the borrower invested an additional $7.5 million to renovate the property. Incorporated in 1973 by Richard Friedman, the current President and CEO, Carpenter & Company has maintained a very successful record in the development and management of large commercial facilities throughout the country. Carpenter & Company, Inc. specializes in mixed-use development projects. Past projects, which were developed by the sponsor and are similar to Charles Square, include the Logan Airport Hilton in Boston, Massachusetts (599 rooms), the Hyatt Regency in Cambridge, Massachusetts (469 rooms) and the Sheraton Headquarters Hotel at the Boston Convention and Exhibition Center in South Boston, Massachusetts (1,200 rooms). Carpenter & Company, Inc. is currently active in other hotel developments in Boston, such as the current conversion of the famous "Charles St. Jail," located near Beacon Hill, which will be converted into a hotel and is scheduled to open in 2005 and contain 310 rooms. Richard Friedman is a repeat sponsor of a Deutsche Bank borrower. THE PROPERTY: o Charles Square, located in the Harvard Square neighborhood in Cambridge, Massachusetts, is approximately 2 1/2 miles from Boston and less than 5-miles from Boston's Logan Airport. Charles Square is a Class A property consisting of a 293-key full service hotel, 109,295 square feet of office space, 29,739 square feet of retail space, the 9,811 square feet Pavilion Conference Center and a 568-car subterranean parking facility. Underwritten net cash flow attributable to the hotel portion accounts for approximately 67% of the overall underwritten net cash flow for the property. There is also a residential component, consisting of 87 condominiums, which does not serve as collateral for the loan. o The hotel is known as "The Charles Hotel in Harvard Square". The property underwent a $4 million renovation in 1998 and a $7.5 million renovation in 2003. The hotel's amenities include: (i) 293 rooms, (including 43 suites and one presidential suite), (ii) over 13,000 square feet of meeting and ballroom space, including a grand ballroom and the Pavilion Conference Center, (iii) three restaurants (Legal Sea Foods, Rialto and Henrietta's Table), (iv) Le Pli Day Spa, and (v) a full service, over 9,500 square foot fitness facility known as the Wellbridge Athletic Club. In addition, the hotel is equipped with a concierge, valet parking, Avis car rental, teleconferencing, laptop rental and laundry facilities. o The primary market area servicing the property is Cambridge, Massachusetts. Principal hotel usage is university related due to its close proximity to Harvard and Massachusetts Institute of Technology, and some usage also comes from Boston College, across the Charles River in Newton, Massachusetts. The Charles Hotel attracts students' relatives, university speakers and dignitaries to the university, especially the John F. Kennedy School of Government which is a direct neighbor of the property. The area in which the property is situated is known as the Harvard Square area of Mid Cambridge. Harvard Square consists primarily of retail and office buildings with some industrial uses interspersed throughout the area. In many of the neighborhood office buildings, retail uses occupy the first floor. Harvard Square is considered one of the premier retail locations within the Greater Boston area due to the heavy pedestrian traffic from both nearby students (Harvard College and Massachusetts Institute of Technology) as well as tourists. In addition, there is a large regional mall within the East Cambridge area known as the Cambridge-side Galleria. - -------------------------------------------------------------------------------- E-13 - -------------------------------------------------------------------------------- CHARLES SQUARE - -------------------------------------------------------------------------------- o The office portion of the property contains 109,295 square feet of net rentable area, which is 96.1% occupied. Office, retail and parking garage revenue accounts for 33% of Charles Square's total underwritten net cash flow. In-place rents at the property average $26.83 per square foot for office (compared to $33.00 per square foot for the office market average) and $29.77 per square foot for retail space (compared to $30.00 per square foot for the retail market average). The office portion of the property recently experienced a significant amount of rollover (2002: 33.5% and 2003: 21.1%), however, the property was promptly re-leased as noted by Gradient Corporation's recent execution of a 5 1/2 year lease for 21,550 square feet at a rental rate of $28.00 per square foot, and the Institute for Healthcare Improvement's execution of an eight-year lease for 17,456 square feet at a rental rate of $30.00 per square foot. These two new leases result in a current office occupancy rate of 96.1% (compared to 77% in year end 2003). There are currently two available office spaces in the building, totaling 4,225 square feet (portions are located on both the 2nd and 4th floors). o The property features two award-winning restaurants, a Northeast seafood chain and two bars. The Henrietta's Table (Hotel), Rialto (Hotel) and Legal Sea Foods (Retail) restaurants all generate significant revenue for the property. The property also includes the Regattabar Jazz Club, various outdoor seating venues and a public use courtyard. The hotel portion of the property benefits from diversified revenue (47.2% allocable to rooms and 49.2% allocable to food and beverage). PROPERTY MANAGEMENT: o The Charles Hotel in Harvard Square is managed by Cambridge Hotel Associates, which is a joint venture between Carpenter & Company, Inc. and Interstate Hotels (acquired by MeriStar Hospitality in May 2002). The office facility is managed by Carpenter and Company, Inc. and the parking garage is managed by Propark, Inc., a national parking garage operator. o MeriStar (NYSE:"MHX"), based in Arlington, Virginia, is the third largest hotel REIT. MeriStar was founded in August, 1998 through the merger of CapStar Hotel Company and American General Hospitality. Even though MeriStar and Interstate Hotels & Resorts operate independently, they are affiliates as evidenced by an intercompany agreement. Additionally, Interstate Hotels & Resorts (NYSE:"IHR") operates all but one of MeriStar's properties. MeriStar's portfolio consists of 76 full-service hotels and resorts located throughout 22 states, the District of Columbia and Canada, with a total of 21,210 rooms. The franchise affiliations of these hotels and resorts include: the Ritz Carlton, Hilton, Radisson, Sheraton, Marriott, Embassy Suites, Westin and Doubletree. As of June 30, 2004, MeriStar's market capitalization was $615 million. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o There is an existing $43,500,000 mezzanine loan. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - -------------------------------------------------------------------------------- E-14 - -------------------------------------------------------------------------------- SIMON -- CHELTENHAM SQUARE MALL - -------------------------------------------------------------------------------- SIMON -- CHELTENHAM SQUARE MALL - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: BofA ORIGINAL PRINCIPAL BALANCE: $54,941,036 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: July 1, 2014 EXPECTED MATURITY BALANCE: $51,393,858 BORROWING ENTITY: Cheltenham Square, L.P. INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/Defeasance: 113 payments Open: 7 payments LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $54,941,036 CUT-OFF DATE LTV: 76.8% MATURITY DATE LTV: 71.9% UNDERWRITTEN DSCR: 1.22x MORTGAGE RATE: 5.890% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Retail PROPERTY SUB-TYPE: Anchored LOCATION: Philadelphia, PA YEAR BUILT/RENOVATED: 1954/1981 NET RENTABLE SQUARE FEET: 423,440 CUT-OFF BALANCE PER SF: $130 OCCUPANCY AS OF 10/14/2004: 92.1% OWNERSHIP INTEREST: Fee/Leasehold PROPERTY MANAGEMENT: Simon Management Associates, LLC U/W NET CASH FLOW: $4,746,367 APPRAISED VALUE: $71,500,000 - -------------------------------------------------------------------------------- E-15 - -------------------------------------------------------------------------------- SIMON -- CHELTENHAM SQUARE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income.. ............. $ 10,481,229 $ 9,951,558 $ 10,339,521 Total Expenses. ...................... $ 5,437,376 $ 5,379,850 $ 5,296,589 Net Operating Income (NOI).. ......... $ 5,043,853 $ 4,571,708 $ 5,042,932 Cash Flow (CF). ...................... $ 4,746,367 $ 4,571,708 $ 5,042,932 DSCR on NOI. ......................... 1.29x 1.17x 1.29x DSCR on CF.. ......................... 1.22x 1.17x 1.29x - ----------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/MOODY'S TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ----------- ----------- --------- -------- -------- ---- ---- ---------- Burlington Coat Factory . Not Rated 80,100 18.9% $ 3.75 $ 300,375 4.8% 2/28/2007 Shop Rite ............... Not Rated 72,200 17.1 $ 8.48 612,360 9.9 3/31/2015 United Artist Theatre ... Not Rated 38,849 9.2 $ 12.41 481,943 7.8 8/31/2009 Seaman's Furniture ...... Not Rated 30,223 7.1 $ 8.01 242,000 3.9 9/30/2009 ------ ---- ---------- ---- TOTAL ................... 221,372 52.3% $1,636,678 26.3% - ------------------------------------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - -------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ -------- -- -------- -------- ------------- -------- 2004 .............. 1 1,484 0.4% 1,484 0.4% $ 40,000 2005 .............. 14 29,823 7.0 31,307 7.4% $ 501,569 2006 .............. 11 29,617 7.0 60,924 14.4% $ 513,455 2007 .............. 6 89,123 21.0 150,047 35.4% $ 572,806 2008 .............. 12 29,238 6.9 179,285 42.3% $ 645,299 2009 .............. 16 109,698 25.9 288,983 68.2% $1,542,798 2010 .............. 4 11,977 2.8 300,960 71.1% $ 189,362 2011 .............. 2 3,365 0.8 304,325 71.9% $ 75,000 2012 .............. 1 3,392 0.8 307,717 72.7% $ 54,400 2013 .............. 3 16,245 3.8 323,962 76.5% $ 415,168 2014 .............. 3 14,673 3.5 338,635 80.0% $ 251,612 2015 .............. 1 72,200 17.1 410,835 97.0% $ 612,360 Vacant ............ 12,605 3.0 423,440 100.0% -- ------- ----- TOTAL ............. 74 423,440 100.0% - -------------------------------------------------------------------------------------------------------------- E-16 - -------------------------------------------------------------------------------- SIMON -- CHELTENHAM SQUARE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The Simon -- Cheltenham Square Mall Mortgaged Property is 92.1% leased (on total owned gross leasable area) by a mix of national, regional, and local tenants, including four anchor tenants and approximately 73 in-line and freestanding tenants. The Simon -- Cheltenham Square Mall Mortgaged Property has two anchors and is shadow-anchored by Home Depot and Value City who own their respective stores. The stores aggregate 215,966 square feet and are subject to a ground lease with the related borrower. The Home Depot is not connected to the mall. The four largest tenants, representing 52.3% of total owned gross leasable area, are: o Burlington Coat Factory Warehouse Corporation (NYSE: "BCF") (Not Rated), a national department store retail chain, occupies 80,100 square feet (18.9%) on an original five-year lease extended for a five-year period expiring in February 2007 with no remaining renewal options. Founded in 1972 and headquartered in Burlington, New Jersey, Burlington Coat Factory offers current, designer merchandise at discounted prices compared to other department store prices. Its stores feature outerwear, apparel, shoes, accessories for the entire family, baby clothes, furniture, toys, home decor items, and gifts. As of September 21, 2004, Burlington Coat Factory operated 350 stores in 42 states nationwide. For the fiscal year ended May 29, 2004, Burlington Coat Factory reported revenues of $2.9 billion and net income of $67.6 million. As of May 29, 2004, the company reported total assets of $1.6 billion and stockholders' equity of $855.9 million. o ShopRite (Not Rated), a regional grocery store chain, occupies 72,200 square feet (17.1%) on a 20-year lease expiring in March 2015 with four, five-year renewal options. Established in 1951 and headquartered in Elizabeth, New Jersey, ShopRite is the largest retailer-owned cooperative in the United States and the largest employer in New Jersey. The cooperative is comprised of 43 members who individually own and operate supermarkets under the ShopRite banner. Today, the 190 ShopRite stores in New Jersey, New York, Connecticut, Pennsylvania and Delaware as well as Wakefern Food Corporation, the merchandising and distribution arm of the company, employ more than 50,000 people. o United Artist Theatre Circuit, Inc. ("UATC") (Not Rated), a movie theater operator, occupies 38,849 square feet (9.2%) on a 21-year lease expiring in August 2009 with no renewal options. United Artist Theatre is part of Knoxville, Tennessee-based Regal Entertainment Group (NYSE: "RGC") ("RGC"), the largest motion picture exhibitor in the world. RGC's theatre circuit, comprising Regal Cinemas, United Artist Theatre and Edwards Theatres, operates 6,119 screens in 562 locations in 39 states. This geographically diverse circuit represents over 20% of domestic box office receipts and includes theatres in 46 of the top 50 U.S. Designated Market Areas as well as locations in many growing suburban markets. For the fiscal year ended January 1, 2004, Regal Entertainment Group reported revenues of $2.5 billion and net income of $185.4 million. As of July 1, 2004, Regal Entertainment Group reported total assets of $2.5 billion and stockholders' equity of $79.5 million. As of July 1, 2004, UATC operated 904 screens in 114 theatres in 21 states. As of July 1, 2004, United Artist Theatre Circuit, Inc. reported total assets of $173.8 million and stockholders' equity of $109.9 million. o Seaman's Furniture (Not Rated), a regional furniture retail chain, occupies 30,223 square feet (7.1%) on a five-year lease expiring in September 2009 with two, three-year renewal options. Founded in 1933 and headquartered on Long Island, New York, Seaman Furniture Company Inc. operates 43 mainline showrooms, 10 Seaman's Kids stores and 6 clearance centers in the states of New York, New Jersey, Connecticut, and Pennsylvania. Seaman's employs more than 2,100 associates. As it is privately held, Seaman's does not report financial information on a company-wide basis. THE SIGNIFICANT GROUND LESSEES ARE: o Value City Department Store (Not Rated) occupies approximately 85,000 square feet on a ground lease dated September 30, 1980 extending for thirty years, with six, ten-year renewal option. The company is headquartered in Columbus, Ohio, originated in 1917 and has 9,000 employees operating 110 stores in 15 states. Retail Ventures, Inc. (NYSE: "RVI")(Not Rated) formerly Value City Department Stores, has three operating segments, Value City Department Stores (Value City), DSW Shoe Warehouse Inc. (DSW) and Filene's Basement Inc. Retail Ventures, Inc. reported net sales for the fourth quarter 2003 of $720.4 million. o Home Depot U.S.A., Inc. (NYSE: "HD"; rated "AA" by S&P and "Aa3" by Moody's) a home supply retailer, owns its store, which is approximately 131,418 square feet, 20,796 square feet of which is used as an outdoor garden center. The ground lease, dated May 1994, carries a 15-year term with nine, five-year options to renew. Home Depot is headquartered in Atlanta, Georgia and operates more than 1,707 stores across the United States, Canada and Mexico. The company with 299,000 employees, is the world's largest home improvement retailer, the second largest retailer in the United States and the third largest retailer on a global basis. As of the first quarter 2004, Home Depot reported net earnings of $1.1 billion. - -------------------------------------------------------------------------------- E-17 - -------------------------------------------------------------------------------- SIMON -- CHELTENHAM SQUARE MALL - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Simon -- Cheltenham Square Mall Mortgage Loan is secured by a first mortgage on a 423,440 square foot portion of Cheltenham Square Mall, a 639,406 square foot regional mall located in Philadelphia, Pennsylvania. THE BORROWER: o The borrower, Cheltenham Square, L.P. (the "Simon -- Cheltenham Square Mall Borrower"), is a single-purpose, bankruptcy-remote entity with at least two independent managers for which Simon -- Cheltenham Square Mall Borrower's legal counsel has delivered a non-consolidation opinion at loan closing. The Simon -- Cheltenham Square Mall Borrower is 99.5% owned by its sole limited partner, Simon Capital Limited Partnership, a Delaware limited partnership and CS Company, LLC owns 0.5% and is the sole general partner. There is no borrower principal. o The Simon -- Cheltenham Square Mall Borrower is sponsored by Simon Property Group, Inc. (NYSE: "SPG") (Rated "BBB+" by S&P and "Baa" by Moody's), ("SPG"), an Indianapolis-based real estate investment trust (a "REIT") primarily engaged in the ownership, operation, leasing, management, acquisition, expansion and development of primarily regional malls and community shopping centers. SPG is the largest publicly traded retail real estate company in North America with a total market capitalization of approximately $34 billion as of October 14, 2004. As of September 30, 2004, SPG owned or held an interest in 301 properties in North America containing an aggregate of 204 million square feet of gross leasable area, which consisted of 173 regional malls, 67 community shopping centers, and four office and mixed-use properties in 37 states plus Canada and Puerto Rico. SPG also owns interests in three parcels of land held for future development and has ownership interests in 48 shopping centers in Europe. For the year ended December 31, 2003, SPG had total revenues of $2.3 billion and net income of $368.7 million. As of June 30, 2004, SPG reported liquidity of $519.1 million, total assets of $16.3 billion, and shareholders' equity of $3.2 billion. THE PROPERTY: o The collateral for the Simon -- Cheltenham Square Mall Mortgage Loan consists of the fee simple interest in a 423,440 square foot portion of a regional mall totaling 639,406 gross leasable square feet. The Simon -- Cheltenham Square Mall Mortgaged Property was completed in 1954, renovated in the 1980's and 1990's, and is situated on 64.9 acres at Washington Lane and Cheltenham Avenue in Philadelphia, Pennsylvania. o The Simon -- Cheltenham Square Mall Borrower, at its sole cost and expense, is required to keep the Simon -- Cheltenham Square Mall Mortgaged Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. The Simon -- Cheltenham Square Mall Borrower is also required to maintain a comprehensive all risk insurance policy without an exclusion for acts of terrorism. PROPERTY MANAGEMENT: o Simon Management Associates, LLC ("SMA"), an affiliate of the Simon - Cheltenham Square Mall Borrower, manages the Simon -- Cheltenham Square Mall Mortgaged Property. Headquartered in Indianapolis, Indiana and in business for approximately 44 years, SMA is a wholly owned subsidiary of Simon Property Group, L.P., a majority-owned partnership subsidiary of SPG that owns all but one of SPG's real estate properties. SMA provides day-to-day property management functions including leasing, management and development services to most of the SPG properties. CURRENT MEZZANINE OR SUBORDINATE INDEBTENESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- E-18 - -------------------------------------------------------------------------------- RENTAR PLAZA - -------------------------------------------------------------------------------- RENTAR PLAZA - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: GACC ORIGINAL PRINCIPAL BALANCE(1): $52,000,000 FIRST PAYMENT DATE: October 1, 2004 TERM/AMORTIZATION: 60/0 months INTEREST ONLY PERIOD: 60 months MATURITY DATE: September 1, 2009 EXPECTED MATURITY BALANCE: $52,000,000 BORROWING ENTITY: Vertical Industrial Park Associates INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 56 payments Open: 4 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $55,290 TI/LC RESERVE: $670,000 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $14,364 TI/LC RESERVE: $13,000 LOCKBOX: Soft at Closing/Springing Hard - -------------------------------------------------------------------------------- (1) Refers to the Senior Component only. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- WHOLE LOAN CUT-OFF DATE BALANCE: $66,000,000 SENIOR COMPONENT CUT-OFF DATE BALANCE: $52,000,000 SUBORDINATE COMPONENT CUT-OFF DATE BALANCE(A): $14,000,000 SENIOR COMPONENT SHADOW RATING (S&P/MOODY'S): BBB--/A2 SUBORDINATE COMPONENT SHADOW RATING (MOODY'S): RP-1: A3 $5,029,000 RP-2: Baa1 $3,770,000 RP-3: Baa2 $2,828,000 RP-4: Baa3 $2,373,000 TOTAL $14,000,000 WHOLE LOAN WHOLE LOAN (EXCLUDING (INCLUDING SUBORDINATE SUBORDINATE COMPONENT) COMPONENT) ---------- ---------- CUT-OFF DATE LTV: 52.5% 66.7% MATURITY DATE LTV: 52.5% 66.7% UNDERWRITTEN DSCR: 3.10x 2.45x MORTGAGE RATE(B): 4.669% 4.660% - -------------------------------------------------------------------------------- (a) The Subordinate Components are included in the trust but do not back any certificates other than the Class RP Certificates. (b) The interest rates were rounded to three decimal places. The interest rate reflects the interest rate on the Rentar Plaza Whole Loan. The interest rate on the Senior Component is 4.669% and the interest rates on the Subordinate Components are 4.430%, 4.607%, 4.656% and 5.048% for the Class RP-1, Class RP-2, Class RP-3 and Class RP-4 Certificates, respectively. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Mixed-Use PROPERTY SUB-TYPE: Retail: 40.3% Industrial-Warehouse: 59.7% LOCATION: Middle Village, Queens, NY YEAR BUILT/RENOVATED: 1973/2002 NET RENTABLE SQUARE FEET: 1,567,208 CUT-OFF BALANCE PER SF: $33* OCCUPANCY AS OF 10/22/04: 100% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Rentars Development Corp. U/W NET CASH FLOW: $7,637,753 APPRAISED VALUE: $99,000,000 - -------------------------------------------------------------------------------- * Based on the Senior Component Balance. E-19 - -------------------------------------------------------------------------------- RENTAR PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- FULL YEAR FULL YEAR FULL YEAR UNDERWRITTEN (12/31/03) (12/31/02) (12/31/01) ------------ ------------ ------------ ------------ Effective Gross Income. ............. $ 16,527,018 $ 15,153,517 $ 14,768,887 $ 14,648,239 Total Expenses ...................... $ 8,569,086 $ 8,151,295 $ 7,635,080 $ 7,576,132 Net Operating Income (NOI). ......... $ 7,957,932 $ 7,002,222 $ 7,133,807 $ 7,072,107 Cash Flow (CF) ...................... $ 7,637,753 $ 7,002,222 $ 7,133,807 $ 7,072,107 DSCR on NOI(1) ...................... 3.23x 2.85x 2.90x 2.88x DSCR on CF(1). ...................... 3.10x 2.85x 2.90x 2.88x - ----------------------------------------------------------------------------------------------------------------- (1) Based on the Rentar Plaza Senior Component Balance. - -------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------- UNIT RATINGS TOTAL TOP TENANTS TYPE S&P/MOODY'S TENANT SF - --------------------------------------------- ---------------------- -------------- ----------- City of NY-General Services Association..... Industrial-Warehouse Not Rated/A2 486,115 Middle Village Associates(1) ............... Retail Not Rated 265,000 Levitz Furniture Corporation ............... Retail Not Rated 174,000 K-mart Corporation ......................... Retail Not Rated 146,821 City of NY-Dept of Transportation(2) ....... Industrial-Warehouse Not Rated/A2 120,000 Metropolitan Museum of Art ................. Industrial-Warehouse Not Rated 108,650 Abco Refrigeration Supply Corp ............. Industrial-Warehouse Not Rated 86,500 Pfizer,Inc. ................................ Industrial-Warehouse AAA/Aaa 66,000 Toys "R" Us ................................ Retail BB/Ba2 45,644 City of NY-Dept of Corrections ............. Industrial-Warehouse Not Rated 38,478 Decrotex, Inc. ............................. Industrial-Warehouse Not Rated 30,000 ------- TOTAL ...................................... 1,567,208 - --------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------- % OF ANNUAL % ANNUAL LEASE TOP TENANTS TOTAL SF RENT PSF RENT RENT EXPIRATION - --------------------------------------------- ---------- ---------- ------------- ---------- ------------- City of NY-General Services Association..... 31.0% $ 4.50 $ 2,187,518 21.9% 2/9/2006 Middle Village Associates(1) ............... 16.9 $ 7.40 1,961,000 19.6 9/30/2014 Levitz Furniture Corporation ............... 11.1 $ 6.28 1,092,277 10.9 3/31/2014 K-mart Corporation ......................... 9.4 $ 8.25 1,211,335 12.1 1/31/2014 City of NY-Dept of Transportation(2) ....... 7.7 $ 4.50 540,000 5.4 9/30/2006 Metropolitan Museum of Art ................. 6.9 $ 7.00 760,550 7.6 7/31/2013 Abco Refrigeration Supply Corp ............. 5.5 $ 4.75 410,875 4.1 12/31/2007 Pfizer,Inc. ................................ 4.2 $ 9.04 596,900 6.0 8/31/2013 Toys "R" Us ................................ 2.9 $ 15.25 696,079 7.0 1/31/2008 City of NY-Dept of Corrections ............. 2.5 $ 10.25 394,400 3.9 11/10/2010 Decrotex, Inc. ............................. 1.9 $ 5.25 157,500 1.6 7/31/2006 ----- ----------- ----- TOTAL ...................................... 100.0% $10,008,434 100.0% - --------------------------------------------------------------------------------------------------------------- (1) Middle Village Associates has master leased the Metro Mall portion of the property and subleased this space to a variety of tenants. See chart entitled "Top Middle Village Associates Subtenants" below. (2) The Department of Transportation has the right to terminate its lease upon 180 days notice and payment of the unamortized portions of the cost of certain tenant improvement work. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - -------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ -------- -- -------- -------- ------------- -------- 2006 .............. 3 636,115 40.6% 636,115 40.6% $2,885,018 2007 .............. 1 86,500 5.5% 722,615 46.1% $ 410,875 2008 .............. 1 45,644 2.9% 768,259 49.0% $ 696,079 2010 .............. 1 38,478 2.5% 806,737 51.5% $ 394,400 2013 .............. 2 174,650 11.1% 981,387 62.6% $1,357,450 2014 .............. 3 585,821 37.4% 1,567,208 100.0% $4,264,612 -- ------- ----- TOTAL ............. 11 1,567,208 100.0% - ----------------------------------------------------------------------------------------------------------------- E-20 - -------------------------------------------------------------------------------- RENTAR PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The property is 100% leased. The property currently consists of 631,465 square feet of retail space and 935,743 square feet of industrial/warehouse space. The retail portion of the property includes the following tenants: o Middle Village Associates (converted the warehouse space into the Metro Mall and subleased the retail space to approximately 23 tenants including a 135,254 square foot BJ's Warehouse), Levitz Furniture Corporation (60,900 square feet retail/113,100 square feet warehouse), Toys "R" US and Kmart Corporation. The warehouse/office portion of the property includes the following tenants: o The City of New York (General Services Association and Department of Transportation warehouse space and a Department of Corrections training facility), Metropolitan Museum of Art warehouse space, ABCO Refrigeration Supply Corporation, and Pfizer, Inc. (rated "AAA" by S&P and "Aaa" by Moody's). According to the appraiser's (CB Richard Ellis) comparable retail properties, anchor leases reflect a rental range of $18.75 to $38.91 per square foot, with an average rental rate of $27.96 per square foot. The appraiser concluded that retail market rents are $27.00 per square foot. Retail rental rates at the property range from $6.28 to $15.25 per square foot (K-mart, Levitz, Middle Village Associates, and Toys "R" Us). Based on the appraiser's market rent conclusion, it appears that the majority of existing retail tenants are paying significantly below market rents. In addition, the comparable retail properties all reflect occupancies of 100%. According to the appraiser, the average industrial/warehouse rental rate was $11.93 per square foot for the first quarter 2004. Industrial/Warehouse space at the property ranges from $4.50 to $10.25 per square foot. Based on the appraiser's market rent conclusion, it appears that most of the existing industrial/warehouse tenants at the property are paying significantly below market rents. In addition, the occupancy rates of the competitive industrial/warehouse properties range from 93% to 100%, with most at 100% occupancy. The average occupancy is 99.7%. Pfizer, Inc. (rated "AAA" by S&P and "Aaa" by Moody's) recently signed a lease consisting of 66,000 square feet at a cost of $9.04 per square foot, which rent, based on the appraiser's market rent conclusions, is below market rates. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP MIDDLE VILLAGE ASSOCIATES SUBTENANTS - -------------------------------------------------------------------------------- RATING SUBTENANT S&P/MOODY'S TOTAL TENANT SF ANNUAL RENT RENT/SF DATE - --------- ----------- --------------- ----------- ------- ---- BJ's Wholesale Club, Inc. ........................... Not Rated 135,254 $2,299,318 $ 17.00 9/30/2024 Alpha Management Group Co., Inc./Ooba Dooba ......... Not Rated 27,378 $ 532,000 $ 19.43 9/29/2004 Rentar Retail Realty Corp./Conway Stores ............ Not Rated 24,302 $ 534,644 $ 22.00 9/28/2014 Fashion Bug #84 ..................................... Not Rated 11,700 $ 351,000 $ 30.00 1/31/2008 The Musicland Group/Sam Goody/ #MO4665 .............. Not Rated 4,700 $ 189,410 $ 40.30 1/31/2007 IBM Corp. ........................................... A+/A1 3,462 $ 85,236 $ 24.62 9/28/2004 Tandy Corp./Radio Shack #01-2775 .................... A-/Baa1 2,695 $ 58,410 $ 21.67 11/20/2005 TOTAL (Top 7 Subtenants) ............................ 209,491 $4,050,018 $ 19.33 TOTAL (All 23 Subtenants) ........................... 230,609 $4,928,519 $ 21.37 - ------------------------------------------------------------------------------------------------------------------------------- E-21 - -------------------------------------------------------------------------------- RENTAR PLAZA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Rentar Plaza Mortgage loan is secured by a first mortgage on a 1,567,208 square foot mixed-use retail and industrial/warehouse building located in Middle Village, New York, a section of the Queens borough of New York City. o The Rentar Plaza Mortgage loan is divided into a Senior Component and a Subordinate Component as described further herein. o As will be set forth in more detail in the preliminary prospectus supplement, the holder of the Class RP Certificates that is entitled to payments solely from the Rentar Plaza Mortgage loan will be entitled in certain instances to exercise rights analogous to the rights of the Directing Certificateholder solely with respect to the Rentar Plaza Mortgage loan. Such rights may include the review and/or approval of certain actions taken by the Master Servicer or the Special Servicer in connection with the Rentar Plaza Mortgage loan. In addition, such holder may (but is not obligated to) purchase the Rentar Plaza Mortgage loan, if the loan is then considered a "Defaulted Mortgage Loan" as more particularly described in the preliminary prospectus supplement, at a price generally equal to its (a) fair value as determined by the Special Servicer (or the Master Servicer or Trustee if the Special Servicer and the option holder are the same person or affiliated) or (b) if the Special Servicer has not determined its fair value, the unpaid principal balance, plus accrued and unpaid interest on such balance, all unrelated unreimbursed advances (with interest, if any), and all accrued special servicing fees and additional trust fund expenses. THE BORROWER: o The borrower, Vertical Industrial Park Associates, is a single-purpose, bankruptcy-remote entity. The sponsors are Dennis, Arthur and Marvin Ratner. In addition to the property, the sponsors' portfolio includes nine other properties, including the property, consists of approximately 2.8 million square feet of commercial space. Based on square footage, the property is the largest asset in their portfolio, representing approximately 55.3% of their portfolio. The nine other properties are all located in the borough of Brooklyn in New York City. o The Ratner family has been involved in real estate for over 30 years. They have been involved in various real estate projects, many of which have involved development, lease-up, management and ownership of a variety of property types. Based on year end December 31, 2003 financials, the Ratners have a combined net worth of several million dollars. Dennis, Arthur and Marvin Ratner are repeat sponsors of a Deutsche Bank borrower. THE PROPERTY: o The collateral for the Rentar Plaza Mortgage loan consists of a fee simple interest in a 1,567,208 square foot mixed-use retail and industrial/warehouse building. The property consists of 59.7% industrial/warehouse and 40.3% retail. o The property was originally developed in 1973 as a 3-story mixed-use project containing industrial and retail space. In 1987 approximately 265,000 square feet of warehouse space on the lower level, previously occupied by Macy's (as warehouse space), was converted to a separate retail center known as the Metro Mall. o There have been various improvements to the property over the life of the building. Since 2001, the borrower has expended approximately $2.8 million on improvements at the property consisting primarily of the replacement of chillers and repairs to the roof. Additionally, the space leased to the various departments of the City of New York were all refurbished following the lease renewals in the mid 1990's and early 2000. o The property is located on Metropolitan Avenue, a major arterial road in Middle Village, Queens, New York. The property is accessible to a densely populated urban location: 82,387 people live within one mile of the property and 1,033,719 people live within three miles of the property. Three NYC bus lines and the NYC subway have stops located adjacent to Rentar Plaza. The property is located along Metropolitan Avenue east of Fresh Pond Road and west of 69th Street. The property is a shopping center coupled with an enclosed shopping mall known as the Metro Mall. Anchor tenants include K-Mart, Toys "R" Us and Levitz, while the Metro Mall is anchored by BJ's Wholesale Club. The property draws its patronage from Middle Village, Ridgewood and Woodhaven. The Long Island Expressway (I-495) and the Jackie Robinson Parkway are located approximately one and two miles, respectively to the North and South of the project. The property has 1,850 parking spaces, and 1,080 parking spaces on the roof. o Within the property's trade area there are few direct competitors due to the mixed use nature of the property, however, outside of the three-mile radius, there has recently been an influx of big box retailers. Major big box retailers situated within the borough of Queens include Home Depot, Staples, Edwards, Old Navy, Kids "R" Us, Sears, Bed Bath & Beyond, and Marshall's. These stores may serve as secondary competition to the property, since they are situated outside the subject's trade area. The retail vacancy rate for this market is less than 5% (property currently has no vacancy). PROPERTY MANAGEMENT: o The property is managed by Rentars Development Corp., an affiliate of the Borrower. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - -------------------------------------------------------------------------------- E-22 - -------------------------------------------------------------------------------- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: GACC ORIGINAL PRINCIPAL BALANCE: Total: $51,000,000 CV(1): $32,500,000 JC(1): $18,500,000 FIRST PAYMENT DATE: December 1, 2004 TERM/AMORTIZATION: 120/360 months INTEREST ONLY PERIOD: 12 months MATURITY DATE: November 1, 2014 EXPECTED MATURITY BALANCE: Total: $44,639,380 CV: $28,446,664 JC: $16,192,716 BORROWING ENTITY: CV Borrower, LLC/Congressional Village Associates, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/ defeasance: 116 payments Open: 4 payments UP-FRONT RESERVES(2): TAX/INSURANCE RESERVE: Yes PERFORMANCE RESERVE(3): $11,700,000 DEBT SERVICE RESERVE: $486,000 REI/STOREHOUSE RENT RESERVE(4): $350,000 TENANT ALLOWANCE RESERVE: $185,000 PARKING RESERVE(5): $38,000 ONGOING MONTHLY RESERVES(2): REPLACEMENT RESERVE: $1,677 TI/LC RESERVE: $5,448 LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) Congressional Village ("CV") and Jefferson at Congressional (Land) ("JC") are structured as two separate cross-collateralized loans to the same borrowers. (2) Except where otherwise noted, reserves shown are for Congressional Village. (3) In connection with an expansion of the Congressional Village property by 52,000 square feet (25,944 square feet to be occupied by REI, 11,000 square feet to be occupied by Storehouse and the remaining portion to be leased to certain smaller tenants), the borrower established this escrow. During the first two years of the term of the Congressional Village Mortgage loan, provided no event of the default has occurred and the DSCR is at least 1.25x, (i) $5,000,000 of this reserve may be released to the borrower on a quarterly basis provided the property is at least 85% occupied and (ii) the remaining balance of this reserve may be released on a quarterly basis to the borrower provided the property is at least 90% occupied and all construction at the property has been completed. Any amounts not released to the borrower during this two year period will remain in a lender controlled account as additional collateral for the Congressional Village Mortgage loan. (4) In connection with free rent periods, the borrower established this escrow. Funds in this escrow may be released to the borrower, a portion on the date REI commences rent payments (anticipated to be December 17, 2004) and the remaining portion on the date Storehouse commences rent payments (anticipated to be January 22, 2005). (5) Reserve for Jefferson at Congressional (Land) Mortgage loan. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: Total: $51,000,000 CV: $32,500,000 JC: $18,500,000 CUT-OFF DATE LTV: CV(b): 73.9% JC: 81.5% AVERAGE CUT-OFF DATE LTV: 76.5% MATURITY DATE LTV: CV(b): 64.7% JC: 71.3% AVERAGE MATURITY DATE LTV: 66.9% UNDERWRITTEN DSCR(A): CV(b): 1.25x JC: 1.13x AVERAGE UNDERWRITTEN DSCR(A): 1.19x MORTGAGE RATE: 6.280% - -------------------------------------------------------------------------------- (a) DSCR figures based on net cash flow unless otherwise noted. (b) DSCR calculations for Congressional Village are depicted, except where otherwise noted, net of the $11,700,000 Performance Reserve. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: CV: Retail JC: Land PROPERTY SUB-TYPE: CV: Shadow Anchored JC: Land, Development LOCATION: Rockville, MD YEAR BUILT/RENOVATED: CV: 2004*/NAP JC: NAP NET RENTABLE SQUARE FEET: CV: 100,439 JC: 317,180 CUT-OFF BALANCE PER SF: CV: $324 JC: $58 Avg.: $122 OCCUPANCY AS OF 10/25/04: CV: 78.7% (leased) OCCUPANCY AS OF 9/27/04 JC: 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Ronald Cohen Management U/W NET CASH FLOW: CV: $1,923,628 JC: $1,545,332 APPRAISED VALUE: Total: $66,700,000 CV: $44,000,000** JC: $22,700,000 - -------------------------------------------------------------------------------- * Substantially built in 2004. ** As stabilized appraised value. E-23 - -------------------------------------------------------------------------------- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- CONGRESSIONAL VILLAGE - -------------------------------------------------------------------------------- UNDERWRITTEN ------------ Effective Gross Income ...................................... $ 2,953,452 Total Expenses .............................................. $ 924,078 Net Operating Income (NOI) .................................. $ 2,029,374 Cash Flow (CF) .............................................. $ 1,923,628 DSCR on NOI(1) .............................................. 1.32x DSCR on CF(1) ............................................... 1.25x - -------------------------------------------------------------------------------- (1) DSCR is calculated net of $11,700,000 Performance Reserve. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- JEFFERSON AT CONGRESSIONAL (LAND) - -------------------------------------------------------------------------------- TRAILING-12 FULL YEAR UNDERWRITTEN (4/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income .......... $ 1,545,332 $ 1,363,100 $ 1,283,733 Total Expenses .................. NAP NAP NAP Net Operating Income (NOI) ...... $ 1,545,332 $ 1,363,100 $ 1,283,733 Cash Flow (CF) .................. $ 1,545,332 $ 1,363,100 $ 1,283,733 DSCR on NOI ..................... 1.13x .99x .94x DSCR on CF ...................... 1.13x .99x .94x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (COMBINED)(1) - -------------------------------------------------------------------------------- UNDERWRITTEN ------------ Effective Gross Income ..................................... $ 4,498,784 Total Expenses ............................................. $ 924,078 Net Operating Income (NOI) ................................. $ 3,574,706 Cash Flow (CF) ............................................. $ 3,468,960 DSCR on NOI(1) ............................................. 1.23x DSCR on CF(1) .............................................. 1.19x - -------------------------------------------------------------------------------- (1) DSCR for Congressional Village is calculated net of the $11,700,000 Performance Reserve - -------------------------------------------------------------------------------- TENANT INFORMATION -- CONGRESSIONAL VILLAGE - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/MOODY'S TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ----------- ----------- --------- -------- -------- ---- ---- ---------- REI ....................... Not Rated 25,944 25.8% $ 30.00 $ 778,320 21.0% 11/30/2019 Storehouse ................ Not Rated 11,000 11.0 $ 43.00 473,004 12.8 11/30/2009 Verizon Wireless .......... A+/Not Rated 6,668 6.6 $ 42.55 283,728 7.7 2/29/2008 Post Office ............... Not Rated 5,878 5.9 $ 19.00 111,672 3.0 4/30/2007 Beautiful Day Spa ......... Not Rated 4,562 4.5 $ 37.00 168,072 4.5 10/31/2009 Greek Taverna ............. Not Rated 4,127 4.1 $ 40.00 165,084 4.5 4/11/2014 Rockaway Bedding .......... Not Rated 4,000 4.0 $ 46.00 183,960 5.0 12/31/2014 ------ ---- ---------- ---- TOTAL ..................... 62,179 61.9% $2,163,840 58.4% - ---------------------------------------------------------------------------------------------------------------------- E-24 - -------------------------------------------------------------------------------- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TENANT INFORMATION -- JEFFERSON AT CONGRESSIONAL (LAND) - -------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL LEASE TENANT S&P/MOODY'S TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - ------ ----------- --------- -------- -------- ---- ---- ---------- Jefferson at Congressional Village LLC(1) .......... Not Rated 317,180 100.0% $ 4.30 $1,363,100 100.0% 11/30/2009 - -------------------------------------------------------------------------------------------------------------------- (1) There are seven 10-year automatic renewal options and one 3-year automatic renewal option, thereby having an effective lease term through 2082. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- CONGRESSIONAL VILLAGE - -------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - ------------------ -------- -- -------- -------- ------------- -------- 2005 .............. 1 3,000 3.0% 3,000 3.0% $114,000 2007 .............. 2 8,847 8.8% 11,847 11.8% $165,120 2008 .............. 3 13,046 13.0% 24,893 24.8% $561,648 2009 .............. 3 18,612 18.5% 43,505 43.3% $793,572 2013 .............. 1 1,500 1.5% 45,005 44.8% $ 48,360 2014 .............. 2 8,127 8.1% 53,132 52.9% $349,044 2019 .............. 1 25,944 25.8% 79,076 78.7% $778,320 Vacant ............ 21,363 21.3% 100,439 100.0% $892,243 -- ------ ----- TOTAL ............. 13 100,439 100.0% - ------------------------------------------------------------------------------------------------------------ E-25 - -------------------------------------------------------------------------------- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS -- CONGRESSIONAL VILLAGE - -------------------------------------------------------------------------------- The property is 78.7% leased by a total of 13 retail tenants at an average lease rate of $35.54 per square foot triple net lease. The two largest tenants, representing 36.8% of total net rentable area, are: o Recreational Equipment, Inc. ("REI") (Not Rated), founded in 1938, is a supplier of specialty outdoor gear and clothing that occupies 25,944 square feet (25.8%) under a 15-year lease that expires in November 2019, and provides for three 5-year renewal options. REI operates 66 retail stores in the U.S. and conducts direct sales via the internet (REI.com and REI-OUTLET.com), telephone and mail. REI is structured as a consumer cooperative and is the nation's largest consumer cooperative with more than 2 million members. While non-members are welcome to shop at REI, only members enjoy special benefits, including an annual member refund on eligible purchases. REI's disbursed refunds to its active members in 2003 totaling $41 million, and provided nearly $2 million in donations in support of the outdoors and outdoor recreation. As of December 31, 2003, REI had total assets of $501.2 million and member's equity of $248.7 million including cash and investments of $122.8 million. For the 12 months ended December 31, 2003, REI had sales of $805.3 million. o Storehouse (Not Rated), a furniture retailer, leases 11,000 square feet (11.0%) under a five-year lease which expires in November 2009 and provides for three 5-year renewal options. Storehouse is a division of The Rowe Companies (AMEX: "ROW"). Through its subsidiary Rowe Furniture, The Rowe Companies make upholstered and leather sofas, love seats and chairs in traditional, contemporary and country styles. Rowe Furniture supplies furniture to more than 1,200 retailers and runs a 60-store retail furniture chain which does business under the Storehouse name. Most of the Storehouse retailers are located in the mid-Atlantic and southern states, and sell Rowe products, as well as case goods, lamps, framed art, antiques and more. As of November 30, 2003, The Rowe Companies had total assets of $130.0 million (including liquidity of $3.71 million), and stockholders' equity of $51.9 million. For the year then ending November 30, 2003. The Rowe Companies had sales of $279.4 million. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS -- JEFFERSON AT CONGRESSIONAL (LAND) - -------------------------------------------------------------------------------- The borrower leases 100% of the property to Jefferson at Congressional LLC, an entity controlled by JPI, at an annual lease rate of $1,363,100 ($4.30 per square foot). Jefferson at Congressional LLC, an entity controlled by JPI, represents 100% of total net rentable area. o JPI is a fully-integrated real estate firm that specializes in the acquisition, development, construction and management of residential communities. JPI ground leases the subject property under a 7 year lease expiring November 30, 2009. The lease has ten 7-year extension options plus one final 3-year option. The lease expiration date inclusive of all renewal options is November 30, 2082. The options are automatic unless the lessee, which is constructing a 403 unit Class A apartment complex on the property, chooses to terminate the lease. Current ground lease rent is $1,363,100 annually (payable monthly). Effective June 1, 2006, the ground rent will begin increasing by 3% per annum. o JPI is headquartered in Irving, Texas. JPI's focus is building and acquiring apartment communities and student housing communities. Most of JPI's activity is conducted through an investment venture with General Electric Capital Services which has committed over $650 million in equity to JPI. JPI operates in markets throughout the United States, including California, the Midwest and the Pacific Northwest. JPI is a developer of residential real estate and one of the largest privately-owned multi-family real estate companies in the country. - ------------------------------------------------------------------------------- E-26 - -------------------------------------------------------------------------------- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE CONGRESSIONAL VILLAGE LOAN: o The Congressional Village Mortgage Loan is secured by a first mortgage on a 100,439 square foot retail center located in Rockville, Maryland. The Congressional Village Mortgage loan is cross-collateralized and cross-defaulted with the $18.5 million loan on the fee interest in the land underneath Jefferson at Congressional Village Apartments, which is located adjacent to the Congressional Village property. THE JEFFERSON AT CONGRESSIONAL (LAND) LOAN: o The Jefferson at Congressional (Land) Mortgage Loan is secured by a first mortgage on a 317,180 square foot (7.28 acres) parcel of land located in Rockville, Maryland. The loan is cross-collateralized and cross-defaulted with the $32,500,000 loan on the fee interest in the Congressional Village Shopping Center, which is located adjacent to the Jefferson at Congressional property. THE BORROWERS: o The borrowers, CV Borrower, LLC and Congressional Village Associates, LLC, are each single-purpose, bankruptcy-remote entities. Congressional Village Associates, LLC previously owned a hotel property (not part of the loan collateral) located adjacent to the Congressional Village and Jefferson at Congressional properties, but sold this parcel prior to entering into the subject loans. The loan sponsors are Bresler & Reiner, Inc. and Ronald Cohen of The Cohen Companies. o Bresler & Reiner, Inc. is a real estate development and management firm based in Washington, D.C. The company operates in two main areas: residential land development and construction, and rental property ownership and management. Rental properties include Class A and B office properties, retail properties, apartment properties and mixed-use developments. Bresler & Reiner, Inc.'s real estate assets include more than 1.4 million square feet of office, industrial and retail space located in the Washington, D.C. area and in Philadelphia. Bresler & Reiner, Inc. a repeat sponsor of a Deutsche Bank borrower, has been in operation for over 20 years, has approximately 65 employees, and operates primarily in the Washington, D.C./Baltimore area. As of December 31, 2003, Bresler & Reiner, Inc. had shareholders' equity of $128.09 million including liquidity of $79.06 million. o Ronald Cohen, a sponsor and the principal for this transaction, is an owner and operator of commercial real estate, primarily through his family-owned business. The Cohen Companies. Founded in 1973, The Cohen Companies specializes in the acquisition and management of urban and suburban office buildings, hotels, retail centers and residential properties in the Washington, D.C. metropolitan statistical area. The Cohen Companies currently controls over 3.5 million square feet of office, retail, hotel and multi-family space. The Congressional Village Mortgage Loan is 100% recourse to Ronald Cohen until (i) 90% of the leasable space is leased to bona fide third party tenants that are in occupancy and paying rent and (ii) the DSCR is at least 1.25x. o As of December 31, 2003, Ronald Cohen had a net worth of $105.55 million including liquidity of $6.35 million. Combined, the loan sponsors have a net worth of approximately $233.6 million including liquidity of approximately $85.4 million. THE CONGRESSIONAL VILLAGE PROPERTY: o The collateral for the Congressional Village Mortgage Loan consists of the fee simple interest in a 100,439 square foot retail center. The property is located in Rockville, Maryland, approximately seven miles north of Washington, D.C. The site is 5.86 acres and contains three retail buildings. o The original section of the main building was constructed in 1984 and expanded in 2003. The second retail building, a multi-tenant, single-story structure was also constructed in 1984 and expanded in 2003. The third building is an approximately 5,800 square feet freestanding building which has been operated as a post office since the mid 1960's. o There are 266 surface parking spaces on-site. In addition, 279 spaces in an adjacent parking garage (currently under construction and not collateral for this loan) have been allocated to the owner pursuant to a parking space easement agreement with the tenant of the Jefferson at Congressional property. Upon completion of the garage, there will be 390 spaces available, a ratio of 3.9 spaces per 1,000 square feet of net rentable area. o At present, the two main retail buildings are being expanded by a total of approximately 52,000 square feet of which 25,944 square feet will be occupied by REI, 11,000 square feet will be occupied by Storehouse (furniture). The remaining square feet will be leased to smaller shop tenants. THE JEFFERSON AT CONGRESSIONAL (LAND) PROPERTY: o The collateral for the Mortgage Loan consists of the fee interest of in a 317,180 square foot (7.28 acre) parcel of land located in Rockville, Maryland, approximately seven miles north of Washington, D.C. - -------------------------------------------------------------------------------- E-27 - -------------------------------------------------------------------------------- CONGRESSIONAL VILLAGE & JEFFERSON AT CONGRESSIONAL (LAND) (CROSSED POOL) - -------------------------------------------------------------------------------- o JPI is building a Class "A" 403-unit apartment complex known as Jefferson at Congressional Apartments on the Jefferson at Congressional (Land). The complex is approximately 75% developed and is expected to be completed in late 2004 or early 2005. Upon completion, the complex will have fourteen 4-story residential buildings, a 10,995 square foot clubhouse building and two parking structures. Gross building area will be 405,000 square feet; net rentable area will be 385,000 square feet (average apartment size of 955 square feet). o The property is located on the south side of Halpine Road just west of Rockville Pike, providing access to the City of Frederick to the north and the District of Columbia to the south. The property is visible from Rockville Pike. Access to the site is provided from Halpine Road and Jefferson Street. Adjacent properties include Congressional Village Shopping Center, a property also owned by the borrower, a Ramada Inn, residential garden apartments, Congressional Plaza Shopping Center, and high-rise apartments and general commercial properties. PROPERTY MANAGEMENT: o Ronald Cohen Management, a division of The Cohen Companies and an affiliate of the borrower, manages the property. The Cohen Companies, founded in 1973, specializes in the acquisition and management of urban and suburban office buildings, hotels, retail centers and residential properties in the Washington, DC metropolitan statistical area. The Cohen Companies currently own or operate over 3.5 million square feet of office, retail, hotel and multi-family space. RELEASE: o In connection with a defeasance of either of the Congressional Village property, or the Jefferson at Congressional property, the related loan documents permit the borrowers to obtain a release of the other property upon the delivery of defeasance collateral equal to 115% of the principal balance of the note related to defeased property (and subject to the sactisfaction of certain other conditions). In connection with such defeasance, the defeasance collateral will be transferred to a single-purpose bankruptcy-remote entity and the defeased loan will no longer be crossed with the other loan. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - -------------------------------------------------------------------------------- E-28 - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: GECC ORIGINAL PRINCIPAL BALANCE(1): $50,500,000 FIRST PAYMENT DATE: December 1, 2004 TERM/AMORTIZATION: 84/360 months INTEREST ONLY PERIOD: 36 months MATURITY DATE: November 1, 2011 EXPECTED MATURITY BALANCE: $47,633,026 BORROWING ENTITY: 1600 Capital Associates LLC and 2115 Capital Associates LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 81 payments Open: 3 payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes IMMEDIATE REPAIR RESERVE: $201,850 TENANT ESCROW(2): $1,074,059 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $4,310 TI/LC RESERVE(3): $37,200 LOCKBOX: Hard - -------------------------------------------------------------------------------- (1) At closing the borrower incurred additional financing of $3 million (4.4% of appraised value) in the form of a subordinated B-note, which is not included in the calculations herein. (2) $586,030 allocated to four tenants' tenant improvement costs. $177,345 allocated to three new executed leases to be disbursed when each tenant provides acceptable tenant estoppels, are open for business, and have commenced paying rent. $150,000 allocated to the tenants expiring in 2008 in the 2115 Wisconsin Avenue, NW property for TI/LC. $87,912 allocated to 11 tenants to be disbursed when each tenant commences paying increased rent. $72,772 allocated to three tenants to be disbursed upon Lender's receipt of a fully executed renewal lease at a rental rate at or above the existing rate for a minimum of five years. (3) Capped at $2,500,000 and if used must be funded back up to $2,500,000. Once the tenants expiring in 2008 in the 2115 Wisconsin Avenue, NW property have either renewed or the space has been re-leased at terms acceptable to the mortgagee, the cap on the rollover reserve will be reduced to $500,000. At the time of the cap reduction any amounts in excess of $500,000 in the TI/LC Reserve are required to remain in the reserve. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE(1) $50,500,000 CUT-OFF DATE LTV: 74.5% MATURITY DATE LTV: 70.3% UNDERWRITTEN DSCR: 1.26x MORTGAGE RATE: 5.23% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB-TYPE: Mixed LOCATION: Washington, DC YEAR BUILT/RENOVATED: 1600 K STREET, NW 1950/1999 2115 WISCONSIN AVENUE, 1988/NA NW NET RENTABLE SQUARE FEET: 259,184 CUT-OFF BALANCE PER SF: $195 OCCUPANCY AS OF 6/30/04: 94.1% 1600 K STREET, NW 80.4% 2115 WISCONSIN AVENUE, 100.0% NW OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Stoladi Property Group U/W NET CASH FLOW: $4,207,288 APPRAISED VALUE: $67,750,000 - -------------------------------------------------------------------------------- E-29 - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income ............. $ 7,533,426 $ 6,968,731 $ 7,175,819 Total Expenses ..................... $ 2,867,356 $ 2,552,841 $ 2,553,468 Net Operating Income (NOI) ......... $ 4,666,070 $ 4,415,890 $ 4,622,351 Cash Flow (CF) ..................... $ 4,207,288 $ 4,365,115 $ 4,520,875 DSCR on NOI ........................ 1.40x 1.32x 1.38x DSCR on CF ......................... 1.26x 1.31x 1.35x - ---------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TENANT INFORMATION -- 2115 WISCONSIN AVENUE, NW - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/MOODY'S TOTAL SF % TOTAL SF RENT SF RENT RENT EXPIRATION ----------- ----------- -------- ---------- ------- ---- ---- ---------- Medstar(1) .................... BBB/Baa2 66,873 37.0% $ 24.79 $ 1,657,979 37.1% 10/31/2008(2) Fannie Mae .................... AAA/Aaa 62,485 34.6 $ 24.95 1,559,147 34.8 4/30/2008(3) Georgetown University ......... BBB+/A3 50,334 27.8 $ 24.98 1,257,343 28.1 10/31/2008(4) ------ ---- ------------- ----- TOTAL ......................... 179,692 99.4% $4,474,469(5) 100.0% - --------------------------------------------------------------------------------------------------------------------------------- (1) Rating of parent company. (2) The Medstar lease has two, 5-year renewal options. (3) The Fannie Mae lease has two, 2-year renewal options. (4) The Georgetown University lease has two, 5-year renewal options. (5) In addition there is $439,051 of net parking income. - -------------------------------------------------------------------------------- TENANT INFORMATION -- 1600 K STREET, NW - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------- RATINGS TENANT POTENTIAL % POTENTIAL LEASE TOP TENANTS S&P/MOODY'S TOTAL SF % TOTAL SF RENT SF RENT RENT EXPIRATION ----------- ----------- -------- ---------- ------- ---- ---- ---------- Olives DC, LLC(1) ............ Not Rated 11,557 14.8% $ 43.00 $ 496,902 18.6% 11/30/2013 Radio Television News ........ Not Rated 8,670 11.1 $ 34.46 298,768 11.2 10/31/2011 Control Risks Group, LLC ..... Not Rated 6,509 8.3 $ 32.80 213,495 8.0 1/31/2013 ------ ---- ---------- ---- TOTAL ........................ 26,736 34.1% $1,009,165 37.7% - -------------------------------------------------------------------------------------------------------------------------- (1) Ground floor retail. E-30 - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LEASE ROLLOVER SHEET -- 2115 WISCONSIN AVENUE, NW - -------------------------------------------------------------------------------- NUMBER OF CUMULATIVE CUMULATIVE % BASE RENT YEAR OF EXPIRATION LEASES EXPIRING EXPIRING SF % TOTAL SF TOTAL SF TOTAL SF EXPIRING - ------------------ --------------- ----------- ---------- -------- -------- -------- 2008 .............. 3 179,692 99.4% 179,692 99.4% $4,474,469 TOTAL(1) .......... 3 179,692 99.4% - ------------------------------------------------------------------------------------------------------------ (1) Does not include 1,155 SF (0.64% of total SF) allocated to the Fitness Center which does not pay rent. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE -- 1600 K STREET, NW(1) - -------------------------------------------------------------------------------- NUMBER OF LEASES CUMULATIVE CUMULATIVE % BASE RENT YEAR OF EXPIRATION EXPIRING EXPIRING SF % TOTAL SF TOTAL SF TOTAL SF EXPIRING - -------------------------------------------------------------------------------------------------------------- 2004 .............. 1 183 0.2% 183 0.2% $ 2,196 2005 .............. 1 1,058 1.4 1,241 1.6% $ 15,479 2006 .............. 3 5,058 6.5 6,299 8.0% $183,632 2007 .............. 2 3,464 4.4 9,763 12.5% $ 72,337 2008 .............. 1 3,997 5.1 13,760 17.6% $153,285 2009 .............. 1 4,690 6.0 18,450 23.6% $157,865 2010 .............. 3 6,238 8.0 24,688 31.5% $186,283 2011 .............. 1 8,670 11.1 33,358 42.6% $298,768 2012 .............. 2 2,331 3.0 35,689 45.6% $ 69,705 2013 .............. 3 18,066 23.1 53,755 68.6% $710,397 2014 .............. 3 10,750 13.7 64,505 82.3% $408,450 Vacant ............ 13,832 17.7 78,337 100.0% -- ------ ----- TOTAL ............. 21 78,337 100.0% - -------------------------------------------------------------------------------------------------------------- (1) Information from Underwritten Rent Roll. E-31 - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- 2115 WISCONSIN AVENUE, NW o MedStar (Parent company Rated "BBB" by S&P and "Baa2" by Moody's) occupies a total of 66,873 square feet (37.0% of net rentable area of the property and 25.8% of net rentable area of the properties in the aggregate). It contributes $1,657,979 to the base rental income (37.1% of the property and 23.2% of the properties in the aggregate). MedStar Health is a not-for-profit, community-based healthcare organization that owns and operates seven major hospitals and other healthcare services in the Baltimore/Washington area. MedStar Health is the third-largest employer in the region with more than 22,000 employees and 4,000 affiliated physicians. Its hospitals and healthcare organizations serve more than half-a-million patients each year. o Fannie Mae (Rated "AAA" by S&P and "Aaa" by Moody's) occupies a total of 62,485 square feet (34.6% of net rentable area of the property and 24.1% of net rentable area of the properties in the aggregate). It contributes $1,559,147 to the base rental income (34.9% of the property and 21.8% of the properties in the aggregate). Fannie Mae, is a source of financing for home mortgages in the United States. Fannie Mae was chartered by the United States Congress to provide liquidity in the secondary mortgage market to increase the availability and affordability of homeownership for low-, moderate- and middle-income Americans. Fannie Mae's headquarters is located less than two miles from the property and shuttle service is available between the two locations. o Georgetown University (Rated "BBB+" by S&P and "A3" by Moody's) occupies 50,334 square feet (27.8% of the property and 19.4% of net rentable area of the properties in the aggregate). It contributes $1,257,343 to the base rental income (28.1% of the property and 17.6% of the properties in the aggregate). Founded in 1789, Georgetown is the nation's oldest Catholic university. Georgetown has four undergraduate schools, graduate programs, a law school and a medical school. There are over 13,000 students enrolled at Georgetown. Georgetown University uses this location for administration purposes. The Georgetown Alumni Association and the Office of Planned Giving, among other departments, are located at this property. 1600 K STREET, NW o Olive's DC, LLC (Not Rated) occupies a total of 11,557 square feet (14.8% of net rentable area of the property and 4.5% of net rentable area of the properties in the aggregate). It contributes $496,902 to the base rental income (18.6% of the property and 7.0% of the properties in the aggregate). Olive's is a Todd English sponsored restaurant which has four other locations throughout the US. In addition to Olive's, other Todd English sponsored restaurants include Tuscany, Bonfire, and Figs located in New York, Florida, Massachusetts and Connecticut. His restaurants are located throughout the world including the Cunard Line's ship, the Queen Mary 2. o Radio Television News (Not Rated) occupies a total of 8,670 square feet (11.1% of net rentable area of the property and 3.4% of net rentable area of the properties in the aggregate). It contributes $298,768 to the base rental income (11.2% of the property and 4.2% of the properties in the aggregate). The Radio and Television News Directors Association is the world's largest professional organization devoted exclusively to electronic journalism. The Radio and Television News Directors Association represents local and network news executives in broadcasting, cable and other electronic media in more than 30 countries. o Control Risks Group, LLC (Not Rated) occupies a total of 6,509 square feet (8.3% of net rentable area of the property and 2.5% of net rentable area of the properties in the aggregate). It contributes $213,495 to the base rental income (8.0% of the property and 3.0% of the properties in the aggregate). Founded in 1975, Control Risks Group is a leading, specialist, international business risk consultancy employing 375 people in 17 offices worldwide. - -------------------------------------------------------------------------------- E-32 - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN o The ICG Office Portfolio Loan is secured by a first mortgage on two office properties: 1600 K Street, NW, an 8-story office building containing 78,337 net rentable square feet located in the Washington, DC central business district and 2115 Wisconsin Avenue, NW, a 6-story office building containing 180,847 net rentable square feet located in Georgetown. o General Electric Capital Corporation provided the borrowers of the ICG Portfolio Loan an A Note in the amount of $50,500,000 and a B Note in the amount of $3,000,000 and assigned its interest in the B Note to CBA-Mezzanine Capital Finance, LLC. The A Loan and the B Loan are subject to an Intercreditor Agreement pursuant to which the B Loan is required to be at all times be junior, subject and subordinate to the A Loan. THE BORROWER o The borrowers are 1600 Capital Associates LLC and 2115 Capital Associates LLC, and are both single-purpose, bankruptcy remote entities, whose managing members each have independent directors. The non-managing member for the borrowers is Potomac Realty Holdings LLC with 99.5% interest in each borrower. Potomac Realty Holdings LLC is 100% owned by 1600/2115 Partners LLC. o The sponsors of the borrower include Darik Elwan, Ibraham Elwan and Rahdy Elwan who control Infrastructure Capital Group (ICG). ICG is a worldwide development company with offices located in Washington, DC and Dubai, UAE. The firm is engaged in the development of public infrastructure projects, primarily for third world countries and municipalities, as well as the development and acquisition of commercial real estate. The commercial real estate group, headquartered in Washington, DC, concentrates on development and acquisition opportunities throughout the Mid-Atlantic and Southeastern United States. In addition to owning the 1600 K. Street and 2115 Wisconsin Avenue properties, ICG owns 901 F Street, its Washington, DC headquarters and Courthouse Towers in Miami, Florida. THE PROPERTY o The collateral for the ICG Portfolio Loan consists of the fee simple interests in 1600 K Street, NW and 2115 Wisconsin Avenue, NW, Washington, DC. The properties have a combined 259,184 net rentable square feet, a weighted average occupancy of 94.1%, and 20 tenants; 69.3% of the net rentable square footage is leased to investment grade tenants. o 1600 K Street, NW is located at the southwest corner of 16th and K Street in Washington, DC and is located approximately two blocks north of the White House/Treasury Complex, in the heart of the central business district of Washington, DC. The appraiser reported that the immediate surroundings are comparable office and commercial properties, largely constructed in the same timeframe as 1600 K Street, NW. Notable properties within close proximity to 1600 K Street, NW are St. John's Church, the Hay Adams Hotel and several other hotels, the US Court of Appeals, the Army/Navy Club, the Blair and Decatur Houses, the Asian Development Bank and the Executive Office Buildings. o 1600 K Street, NW is an eight-story office building containing 78,337 net rentable square feet. The appraiser reported that the property was constructed in the 1950's and renovated in 1999. The property does not have a parking garage but is situated within two blocks of the McPherson Square and Farragut North Metro Rail Stations and the property is close to public parking. 1600 K Street is 80.4% leased to 17 tenants as of the June 2004 rent roll. o 2115 Wisconsin Avenue, NW is located on the east side of Wisconsin Avenue, situated between Whitehaven Street to the south and W Street to the north. It is part of the larger Georgetown Center complex, which includes an adjacent office building and the Observatory Residential Condominiums. It is located adjacent to the U.S. Naval Observatory, the Vice President's permanent home. Shopping and entertainment areas are located a few blocks south of the property in the Georgetown district. Both Georgetown University and Georgetown Hospital are a few blocks to the southwest. o 2115 Wisconsin Avenue, NW is a six-story office building containing 180,847 net rentable square feet and a related parking garage. It shares a brick common courtyard with the Observatory Condominiums and Georgetown Center I. Parking is provided in the four-level underground parking garage located under 2115 Wisconsin Avenue, NW and the Observatory Condominiums. 346 parking spaces are allocated to 2115 Wisconsin Avenue, NW with the remaining spaces allocated to other properties. 2115 Wisconsin Avenue, NW is 100% leased to three investment grade tenants as of the June 2004 rent roll. - -------------------------------------------------------------------------------- E-33 - -------------------------------------------------------------------------------- ICG PORTFOLIO - -------------------------------------------------------------------------------- PROPERTY MANAGEMENT o Stoladi Property Group manages the collateral of the ICG Portfolio Loan and is not affiliated with the borrower. The Stoladi Property Group was founded in Washington, DC in 1993, by Jim R. Stokes and Melise Fouladi. It currently manages a portfolio of approximately 2 million square feet in the Washington, DC area. CURRENT MEZZANINE OR SUBORDINATED INDEBTEDNESS o The borrower has incurred additional financing of $3,000,000 via a subordinate B-Note assigned to CBA-Mezzanine Capital Finance, LLC that is held outside the trust. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS o Not allowed. PARTIAL RELEASE o The loan documents permit partial release of collateral following the Defeasance Lockout period. The required partial defeasance amounts are as follows: 125% of the allocated loan amount for the 1600 K Street, NW property and 110% of the allocated loan amount for the 2115 Wisconsin Avenue, NW property. A partial release is permitted as long as certain conditions are satisfied including, (1) the debt service coverage ratio for the remaining property is equal to or greater than the greater of (a) the debt service coverage ratio for the previous 12-month period and (b) the debt service coverage ratio that existed at the time the loan was funded; and (2) the 1600 K Street, NW property cannot be released until the tenants expiring in 2008 in the 2115 Wisconsin Avenue, NW have been renewed on terms reasonably acceptable to mortgagee or at least 90% of such space has been re-leased with tenants and on terms reasonably acceptable to mortgagee. - -------------------------------------------------------------------------------- E-34 - -------------------------------------------------------------------------------- o SUN COMMUNITIES PORTFOLIO 4 & SOUTHFORK (CROSSED POOL) o SUN COMMUNITIES PORTFOLIO 13 & BONITA LAKE (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOANS: o The "Sun Communities Portfolio Loans" consist of the following Mortgage Loans which are secured by manufactured housing community or recreational vehicle properties (each a "Sun Communities Portfolio Property") owned by affiliates of Sun Communities Operating Limited Partnership ("SCOLP"): "Sun Communities Portfolio 4", "Sun Communities -- Southfork", "Sun Communities -- Bonita Lake" and "Sun Communities Portfolio 13". The Sun Communities Portfolio 4 Loan is secured by a first mortgage on three manufactured housing community properties located in Elkhart, Indiana, Warren, Michigan and Auburndale, Florida consisting of 757 pads and by a 412-space recreational vehicle property located in Naples, Florida and has a cut-off date balance of $27,620,542. The Sun Communities -- Southfork Loan is secured by a first mortgage on a 477-pad manufactured housing community property located in Belton, Missouri and has a cut-off date balance of $13,360,000. The Sun Communities -- Bonita Lake Loan is secured by a first mortgage on a 167-space recreational vehicle property located in Bonita Springs, Florida and has a cut-off date balance of $1,520,000. The Sun Communities Portfolio 13 Loan is secured by a first mortgage on a 309-pad manufactured housing community property located in Sauk Village, Illinois and by an 837-space recreational vehicle property located in Fort Myers, Florida and has a cut-off date balance of $36,487,198. o Sun Communities Portfolio 4 and Sun Communities -- Southfork are cross-collateralized and cross-defaulted. Sun Communities -- Bonita Lake and Sun Communities Portfolio 13 are cross-collateralized and cross-defaulted. THE BORROWERS: o Each of the loans in the Sun Communities Portfolio feature separate borrowers (collectively, the "Sun Communities Portfolio Borrowers"). Each Sun Communities Portfolio Borrower is a Michigan limited liability company that is a single-purpose, bankruptcy-remote entity and features two independent directors. In addition, each Sun Communities Portfolio Borrower's legal counsel delivered a non-consolidation opinion at the closing of the related Sun Communities Portfolio Loan. o Sun Communities, Inc., a Maryland corporation ("Sun"), is a fully integrated, self-administered and self-managed REIT, which owns, operates and develops manufactured housing communities concentrated in the Midwestern and Southeastern United States. Sun, together with affiliates and predecessors, has been in the business since 1975. Structured as an umbrella partnership REIT, or UPREIT, Sun is the sole general partner and holder of approximately 75% of the partnership interests in SCOLP, the related borrower principal and the entity through which Sun conducts substantially all of their operations, and which owns, either directly or indirectly through subsidiaries, all of the assets. o As of December 31, 2003, the REIT owned and operated a portfolio of 127 properties located in 17 states, consisting of 115 manufactured housing communities, five recreational vehicle communities and seven properties containing both manufactured housing and recreational vehicle sites. As of December 31, 2003, the Sun Communities Portfolio Properties contained an aggregate of 43,875 developed sites comprised of 38,797 developed manufactured housing sites and 5,078 recreational vehicle sites, plus an additional 6,756 manufactured housing sites suitable for development. THE PROPERTIES: o The collateral for each Sun Communities Portfolio Loan generally consists of the fee simple interest in the related Sun Communities Portfolio Property. Each Sun Communities Portfolio Property features certain amenities, which generally include clubhouses, swimming pools, basketball courts, volleyball courts, children's playgrounds and shuffleboard courts. Each Sun Communities Portfolio Property features access to public water and sewer service. o Each Sun Communities Portfolio Borrower is generally required at its sole cost and expense to keep the related Sun Communities Portfolio Property insured against loss or damage by fire and other risks addressed by coverage of a comprehensive all risk insurance policy. PROPERTY MANAGEMENT: o Each Sun Communities Portfolio Property is self-managed by its related Sun Communities Portfolio Borrower. SCOLP, through its subsidiaries, currently manages 43,875 developed sites comprised of 38,797 developed manufactured housing sites and 5,078 recreational vehicle sites, plus an additional 6,756 manufactured housing sites suitable for development. - -------------------------------------------------------------------------------- E-35 - -------------------------------------------------------------------------------- o SUN COMMUNITIES PORTFOLIO 4 & SOUTHFORK (CROSSED POOL) o SUN COMMUNITIES PORTFOLIO 13 & BONITA LAKE (CROSSED POOL) - -------------------------------------------------------------------------------- Each Sun Communities Portfolio Borrower neither receives nor pays any management fee or other compensation in connection with the management of the Sun Communities Portfolio Properties and none are subject to a formal management agreement. In the event any Sun Communities Portfolio Borrower elects to have the properties managed by a property manager, whether or not affiliated with the Sun Communities Portfolio Borrower, such property manager (if not affiliated with the Sun Communities Portfolio Borrower) shall be a qualified manager approved by mortgagee, and the Sun Communities Portfolio Borrower shall enter into an acceptable management agreement and subordination thereof that conforms to mortgagee's standards. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not allowed. - -------------------------------------------------------------------------------- E-36 - -------------------------------------------------------------------------------- SUN COMMUNITIES PORTFOLIO 4 & SOUTHFORK (CROSSED POOL) - -------------------------------------------------------------------------------- SUN COMMUNITIES PORTFOLIO 4 & SOUTHFORK (CROSSED POOL) - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: BofA ORIGINAL PRINCIPAL BALANCE: Portfolio 4 $27,620,542 Southfork 13,360,000 ----------- Total $40,980,542 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 84/360 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: July 1, 2011 EXPECTED MATURITY BALANCE: Portfolio 4 $25,489,500 Southfork 12,329,219 ----------- Total $37,818,719 BORROWING ENTITY: Sun Pool 4 LLC, Sun Lake Juliana LLC, and Sun Lake San Marino, LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 78 payments Open: 6 payments ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE(1): Springing REPLACEMENT RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: Portfolio 4 $27,620,542 Southfork 13,360,000 ----------- Total $40,980,542 CUT-OFF DATE LTV: Portfolio 4 78.9% Southfork 80.0% Average 79.3% MATURITY DATE LTV: Portfolio 4 72.8% Southfork 73.8% Average 73.2% UNDERWRITTEN DSCR: Portfolio 4 1.43x Southfork 1.33x Average 1.40x MORTGAGE RATE(A): 4.931% - -------------------------------------------------------------------------------- (a) The interest rate was rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufacturing Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Michigan, Florida, Indiana, Missouri YEAR BUILT/RENOVATED: Lafayette Place 1964 Lake San Marino 1970 Lake Juliana Landings 1986 Four Seasons 1989 Southfork 1987 PADS: Lafayette Place 254 Lake San Marino 412 Lake Juliana Landings 285 Four Seasons 218 Southfork 477 ----- Total 1,646 CUT-OFF BALANCE PER PAD: Portfolio 4 $23,628 Southfork $28,008 Average $24,897 OCCUPANCY: Lafayette Place 6/30/04 98.0% Lake San Marino (8/3/04) 100.0% Lake Juliana Landings (6/30/04) 82.1% Four Seasons (6/30/04) 99.1% Southfork (5/31/04) 83.4% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: Portfolio 4 $2,526,292 Southfork 1,138,748 ---------- Total $3,665,040 APPRAISED VALUE: Portfolio 4 $35,000,000 Southfork 16,700,000 ----------- Total $51,700,000 - -------------------------------------------------------------------------------- E-37 - -------------------------------------------------------------------------------- SUN COMMUNITIES PORTFOLIO 4 & SOUTHFORK (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- TOTAL - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- Effective Gross Income ......... $ 5,880,785 $ 6,184,679 $ 5,653,025 Total Expenses ................. $ 2,133,295 $ 1,916,410 $ 1,853,546 Net Operating Income (NOI) ..... $ 3,747,490 $ 4,268,270 $ 3,799,479 Cash Flow (CF) ................. $ 3,665,040 $ 4,268,270 $ 3,799,479 DSCR on NOI .................... 1.43x 1.63x 1.45 DSCR on CF ..................... 1.40x 1.63x 1.45 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- PORTFOLIO 4 - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income .......... $ 4,079,795 $ 4,416,108 $ 3,886,169 Total Expenses .................. $ 1,494,903 $ 1,375,940 $ 1,303,446 Net Operating Income (NOI) ...... $ 2,584,892 $ 3,040,168 $ 2,582,723 Cash Flow (CF) .................. $ 2,526,292 $ 3,040,168 $ 2,582,723 DSCR on NOI ..................... 1.46x 1.72x 1.46x DSCR on CF ...................... 1.43x 1.72x 1.46x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- SOUTHFORK - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (5/31/04) (12/31/03) ------------ --------- ---------- Effective Gross Income .......... $ 1,800,990 $ 1,768,571 $ 1,766,856 Total Expenses .................. $ 638,392 $ 540,470 $ 550,100 Net Operating Income (NOI) ...... $ 1,162,598 $ 1,228,102 $ 1,216,756 Cash Flow (CF) .................. $ 1,138,748 $ 1,228,102 $ 1,216,756 DSCR on NOI ..................... 1.36x 1.44x 1.42x DSCR on CF ...................... 1.33x 1.44x 1.42x - -------------------------------------------------------------------------------- E-38 - -------------------------------------------------------------------------------- SUN COMMUNITIES PORTFOLIO 13 & BONITA LAKE (CROSSED POOL) - -------------------------------------------------------------------------------- SUN COMMUNITIES -- PORTFOLIO 13 & BONITA LAKE - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: BofA ORIGINAL PRINCIPAL BALANCE: Portfolio 13 $36,487,198 Bonita Lake 1,520,000 ----------- Total $38,007,198 FIRST PAYMENT DATE: August 1, 2004 TERM/AMORTIZATION: 84/360 months INTEREST ONLY PERIOD: 24 months MATURITY DATE: July 1, 2011 EXPECTED MATURITY BALANCE: Portfolio 13 $33,672,055 Bonita Lake 1,402,725 ----------- Total $35,074,780 BORROWING ENTITY: Sun Candlelight Village LLC, Sun Siesta Bay LLC and Sun Bonita LLC INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout/defeasance: 78 payments Open: 6 payments ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE(1): Springing REPLACEMENT RESERVE(1): Springing LOCKBOX: Springing - -------------------------------------------------------------------------------- (1) Replacement and Tax/Insurance reserves spring if the DSCR for the Property and Crossed Property for the immediately preceding 3-month period is less than 1.10x to 1.00x and continue until the DSCR for the preceding 6-month period is not less than 1.10x to 1.00x. - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: Portfolio 13 $36,487,198 Bonita Lake 1,520,000 ----------- Total $38,007,198 CUT-OFF DATE LTV: Portfolio 13 78.5% Bonita Lake 80.0% ----- Average 78.5% MATURITY DATE LTV: Portfolio 13 72.4% Bonita Lake 73.8% ----- Average 72.5% UNDERWRITTEN DSCR: Portfolio 13 1.23x Bonita Lake 1.74x Average 1.25x MORTGAGE RATE(A): 4.931% - -------------------------------------------------------------------------------- (a) The interest rate was rounded to three decimal places. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Manufactured Housing PROPERTY SUB-TYPE: Manufactured Housing LOCATION: Florida and Illinois YEAR BUILT/RENOVATED: Siesta Bay 1984/NA Candlelight Village 1976/NA Bonita Lake 1970/NA PADS: Portfolio 13 1,146 Bonita Lake 167 ----- Total 1,313 CUT-OFF BALANCE PER PAD: Portfolio 13 $31,839 Bonita Lake 9,102 ------- Average $28,947 OCCUPANCY: Siesta Bay (6/30/04) 100.0% Candlelight Village (6/30/04) 93.9% Bonita Lake (8/03/04) 100.0% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Borrower/Owner Managed U/W NET CASH FLOW: Portfolio 13 $2,868,008 Bonita Lake 169,105 ---------- Total $3,037,113 APPRAISED VALUE: Portfolio 13 $46,500,000 Bonita Lake 1,900,000 ----------- Total $48,400,000 - -------------------------------------------------------------------------------- E-39 - -------------------------------------------------------------------------------- SUN COMMUNITIES PORTFOLIO 13 & BONITA LAKE (CROSSED POOL) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- TOTAL - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income. .......... $ 5,293,256 $ 5,853,528 $ 5,178,156 Total Expenses ................... $ 2,190,493 $ 1,976,172 $ 1,956,222 Net Operating Income (NOI). ...... $ 3,102,763 $ 3,877,355 $ 3,221,934 Cash Flow (CF) ................... $ 3,037,113 $ 3,877,355 $ 3,221,934 DSCR on NOI ...................... 1.28x 1.60x 1.33x DSCR on CF.. ..................... 1.25x 1.60x 1.33x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- PORTFOLIO 13 - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income. .......... $ 4,853,533 $ 5,207,166 $ 4,783,087 Total Expenses ................... $ 1,928,225 $ 1,710,900 $ 1,718,625 Net Operating Income (NOI). ...... $ 2,925,308 $ 3,496,266 $ 3,064,462 Cash Flow (CF) ................... $ 2,868,008 $ 3,496,266 $ 3,064,462 DSCR on NOI ...................... 1.25x 1.50x 1.31x DSCR on CF.. ..................... 1.23x 1.50x 1.31x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION -- BONITA LAKE - -------------------------------------------------------------------------------- ANNUALIZED MOST RECENT FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) ------------ --------- ---------- Effective Gross Income. ............. $ 439,723 $ 646,362 $ 395,069 Total Expenses ...................... $ 262,268 $ 265,272 $ 237,597 Net Operating Income (NOI). ......... $ 177,455 $ 381,089 $ 157,472 Cash Flow (CF) ...................... $ 169,105 $ 381,089 $ 157,472 DSCR on NOI ......................... 1.83x 3.92x 1.62x DSCR on CF.. ........................ 1.74x 3.92x 1.62x - -------------------------------------------------------------------------------- E-40 - -------------------------------------------------------------------------------- CORPORATE CENTER - -------------------------------------------------------------------------------- CORPORATE CENTER - -------------------------------------------------------------------------------- LOAN INFORMATION - -------------------------------------------------------------------------------- LOAN SELLER: GACC ORIGINAL PRINCIPAL BALANCE: $32,900,000 FIRST PAYMENT DATE: October 1, 2004 TERM/AMORTIZATION: 60/360 months INTEREST ONLY PERIOD: 12 months MATURITY DATE: September 1, 2009 EXPECTED MATURITY BALANCE: $31,114,632 Parmenter Corporate BORROWING ENTITY: Center LP, LLLP INTEREST CALCULATION: Actual/360 CALL PROTECTION: Lockout: 11 Payments; Greater of 1% or Yield Maintenance: 45 Payments Open: 4 Payments UP-FRONT RESERVES: TAX/INSURANCE RESERVE: Yes TI/LC RESERVE: $1,660,000 REPAIR RESERVE $800,000 CAPITAL REPAIR RESERVE $180,000 TENANT FREE RENT RESERVE $132,508 PARKING RESERVE $95,000 ONGOING MONTHLY RESERVES: TAX/INSURANCE RESERVE: Yes REPLACEMENT RESERVE: $4,858 TI/LC RESERVE: $28,576 LOCKBOX: Hard - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE BALANCE: $32,900,000 CUT-OFF DATE LTV: 70.0% MATURITY DATE LTV: 66.2% UNDERWRITTEN DSCR(1): 1.41x MORTGAGE RATE: 5.470% - -------------------------------------------------------------------------------- (1) DSCR figures based on net cash flow unless otherwise noted. - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- PROPERTY TYPE: Office PROPERTY SUB-TYPE: CBD LOCATION: Fort Lauderdale, FL YEAR BUILT/RENOVATED: 1982/1999 NET RENTABLE SQUARE FEET: 342,906 CUT-OFF BALANCE PER SF: $96 OCCUPANCY AS OF 8/5/04: 75.7% OWNERSHIP INTEREST: Fee PROPERTY MANAGEMENT: Parmenter Realty & Investment Company U/W NET CASH FLOW: $3,141,368 APPRAISED VALUE: $47,000,000 - -------------------------------------------------------------------------------- E-41 - -------------------------------------------------------------------------------- CORPORATE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- ANNUALIZED 6 MONTHS FULL YEAR FULL YEAR UNDERWRITTEN (6/30/04) (12/31/03) (12/31/02) ------------ --------- ---------- ---------- Effective Gross Income ............. $ 7,788,934 $ 7,778,006 $ 7,017,114 $ 6,697,218 Total Expenses ..................... $ 4,244,584 $ 3,275,569 $ 3,956,858 $ 3,535,163 Net Operating Income (NOI) ......... $ 3,544,350 $ 4,502,437 $ 3,060,256 $ 3,162,055 Cash Flow (CF) ..................... $ 3,141,368 $ 4,502,437 $ 3,060,256 $ 3,162,055 DSCR on NOI ........................ 1.59x 2.02x 1.37x 1.42x DSCR on CF. ........................ 1.41x 2.02x 1.37x 1.42x - ----------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TENANT INFORMATION - -------------------------------------------------------------------------------- RATINGS TOTAL % OF POTENTIAL % POTENTIAL TOP TENANTS(1) S&P/MOODY'S TENANT SF TOTAL SF RENT PSF RENT RENT EXPIRATION - -------------- ----------- --------- -------- -------- ---- ---- ---------- Certified Tours .............. Not Rated 77,710 22.7% $ 26.90 $2,090,399 25.0% 7/31/2007 Silversea Cruises, Ltd. ...... Not Rated 44,134 12.9 $ 26.40 1,165,138 13.9 12/31/2010 Stratis Business Centers ..... Not Rated 15,190 4.4 $ 15.67 238,102 2.9 10/31/2011 Broward County ............... Not Rated 11,922 3.5 $ 17.38 207,204 2.5 5/31/2009 State Farm Insurance Co. ..... AA/Not Rated 9,822 2.9 $ 26.50 260,283 3.1 10/31/2005 ------- ----- ---------- ---- TOTAL ........................ 158,778 46.3% $3,961,126 47.4% - ------------------------------------------------------------------------------------------------------------------------- (1) Information obtained from Underwritten Rent Roll except for Ratings (S&P/Moody's) and unless otherwise stated. Credit Ratings are of the parent company whether or not the parent company guarantees the lease. Calculations with respect to Rent PSF, Potential Rent and % of Potential Rent include base rent only and exclude common area maintenance expense and reimbursement. Underwritten rent for Silversea Cruises, Ltd. is lower than actual rent of $28.12 per SF. - -------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE - -------------------------------------------------------------------------------- # OF LEASES EXPIRING % OF CUMULATIVE CUMULATIVE BASE RENT YEAR OF EXPIRATION(1) EXPIRING SF TOTAL SF TOTAL SF % OF TOTAL SF EXPIRING - --------------------- -------- -- -------- -------- ------------- -------- 2004 ................. 2 3,166 0.9% 3,166 0.9% $ 92,614 2005 ................. 4 17,782 5.2 20,948 6.1% $ 451,320 2006 ................. 5 15,618 4.6 36,566 10.7% $ 404,676 2007 ................. 7 85,867 25.0 122,433 35.7% $2,263,488 2008 ................. 1 5,167 1.5 127,600 37.2% $ 136,409 2009 ................. 8 41,625 12.1 169,225 49.4% $ 950,241 2010 ................. 7 75,150 21.9 244,375 71.3% $1,958,558 2011 ................. 1 15,190 4.4 259,565 75.7% $ 238,102 Vacant ............... 83,341 24.3 342,906 100.0% $1,943,956 -- ------- ----- TOTAL ................ 35 342,906 100.0% - ------------------------------------------------------------------------------------------------------------------ (1) Information obtained from Underwritten Rent Roll. E-42 - -------------------------------------------------------------------------------- CORPORATE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SUMMARY OF SIGNIFICANT TENANTS - -------------------------------------------------------------------------------- The property is 75.7% leased by thirty-five tenants at an average lease rate of $24.61 per square foot. The two largest tenants representing 35.5% of the total net rentable area, are: o Certified Tours (Not Rated) occupies 77,710 square feet (22.7% of net rentable area). It contributes $2,090,399 of base rental income 25.0% to the property. The privately held wholesale travel company was founded in 1980 by Michael Egan, founder of Alamo Car Rental. Certified Tours specializes in designing, marketing and delivering vacation packages, managing such brands as Delta Vacations, Continental Airlines Vacations, American Express Vacations, and AAA vacations. Certified Tours offers packages to more than 50 cities worldwide, including Orlando and Walt Disney World vacations. Currently, Certified Tours has contracts with American Airlines, US Airways, Bahamas Air, Cayman Airlines, Air Jamaica, British Airways, Virgin Atlantic Airways, Aloha Airlines, and Aeromexico. Certified Tours has been a tenant at the property since 1990. o Silversea Cruises, Ltd. (Not Rated) occupies 44,134 square feet (12.9% of net rentable area). Silversea Cruises, Ltd contributes $1,165,138 of underwritten base rental income (13.9%) to the property (tenant pays actual rent of $1,241,160) and is a privately held cruise line. Silversea Cruises, Ltd. specializes in a fleet of cruise ships built for fewer guests, luxurious amenities, and the ability to dock at smaller, less accessible ports. Silversea Cruises, Ltd. owns four cruise ships and maintains an office in London. Silversea Cruises, Ltd. has been a tenant at the property since 1999 and has a lease term that extends beyond the term of the loan (expires December 31, 2010). - -------------------------------------------------------------------------------- E-43 - -------------------------------------------------------------------------------- CORPORATE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADDITIONAL INFORMATION - -------------------------------------------------------------------------------- THE LOAN: o The Corporate Center Mortgage loan is secured by a first mortgage on a 24-story, 342,906 square foot office building located in downtown Fort Lauderdale, Florida. THE BORROWER: o The borrower, Parmenter Corporate Center LP, LLLP, is a single-purpose, bankruptcy-remote entity. The borrower's capital is derived from its limited partner, a joint venture between the Parmenter Private Realty Fund II, LP and the Parmenter Realty Fund II, LP, named Parameter Realty Fund II Investments. Parmenter Realty Funds II Investments is required to maintain a minimum net worth of $5 million. Parmenter Private Realty Fund II, LP is an entity comprised of private individuals with partners' capital of approximately $5.7 million; Parmenter Realty Fund II, LP is solely comprised of a $50 million investment from the Stanford University Endowment fund. The loan sponsor, Darryl W. Parmenter, controls all of the above-mentioned entities and has over 30 years of real estate experience. Mr. Parmenter is the President and CEO of Parmenter Realty Partners. Founded in 1989 and headquartered in Miami, Parmenter Realty has acquired or developed 10 million square feet of real estate valued at over $1.5 billion. Mr. Parmenter was a limited partner of the selling entity and has managed the property since the seller purchased the property in March 1998. As of July 1, 2004, Mr. Parmenter had a net worth of $19,645,350. THE PROPERTY: o The collateral for the Corporate Center Mortgage loan consists of a fee simple interest in one 24-story central business district building; a 2-story mixed-use annex totaling 342,906 rentable square feet. The property was built in 1982 and is situated on approximately 1.59 acres. PROPERTY MANAGEMENT: o The property is managed by Parmenter Realty & Investment Company, an affiliate of the borrower that has managed the property since March of 1998. Mr. Darryl W. Parmenter, the loan sponsor, is the President and CEO of Parmenter Realty Partners, which, since 1989, has acquired or developed 10 million square feet of real estate, representing over $1.5 billion in value. Parmenter Realty Partners has offices in Jacksonville, Atlanta, St. Louis and Dallas, in addition to its headquarters in Miami. Parmenter Realty Partners has been involved in all aspects of management, leasing and construction at the property. The majority of the properties managed by Parmenter are located in the southeastern United States. CURRENT MEZZANINE OR SUBORDINATE INDEBTEDNESS: o None. FUTURE MEZZANINE OR SUBORDINATE INDEBTEDNESS: o Not Allowed. - -------------------------------------------------------------------------------- E-44