FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-226943-03 |
CD 2019-CD8
The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-226943) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by emailing: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us. This free writing prospectus does not contain all information that is required to be included in the prospectus.
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION
This material is for your information, and none of Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Cantor Fitzgerald & Co., MUFG Securities Americas Inc., Academy Securities, Inc. and Drexel Hamilton, LLC or any other underwriter, (collectively, the “Underwriters”) are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. The information contained herein is preliminary as of the date hereof. These materials are subject to change, completion or amendment from time to time. The information contained herein will be superseded by similar information delivered to you as part of the preliminary prospectus relating to the CD 2019-CD8 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series CD8 (the "Offering Document"). The information contained herein supersedes any such information previously delivered and should be reviewed only in conjunction with the entire Offering Document. All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document. The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The information contained herein will be more fully described elsewhere in the Offering Document. The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Underwriters or any of their respective affiliates makes any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities.
This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth herein. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the issuer’s view only as of the date hereof.
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Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system. |
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
% of | Mortgage | Cut-off | General | Detailed | Interest | Original | Remaining | Original | Remaining | |||||||||||
Initial Pool | # of | Loan | Original | Date | Maturity | Property | Property | Interest | Administrative | Accrual | Term to | Term to | Amortization | Amortization | Origination | |||||
Loan | ID | Property Name(2) | Balance | Properties | Seller(1) | Balance($)(3) | Balance($)(3) | or ARD Balance($) | Type(5) | Type | Rate(6) | Fee Rate(7) | Basis | Maturity or ARD | Maturity or ARD | Term | Term | Date | ||
Loan | 1 | 888 Figueroa | 9.2% | 1 | MPCC | 75,000,000 | 75,000,000 | 75,000,000 | Office | CBD | 3.7250% | 0.0242% | Actual/360 | 120 | 119 | 0 | 0 | 06/18/2019 | ||
Loan | 2 | Woodlands Mall(31)(32)(33) | 8.6% | 1 | GACC | 70,000,000 | 70,000,000 | 70,000,000 | Retail | Super Regional Mall | 4.2560% | 0.0141% | Actual/360 | 120 | 120 | 0 | 0 | 07/05/2019 | ||
Loan | 3 | Hilton Penn’s Landing | 8.6% | 1 | GACC | 70,000,000 | 70,000,000 | 70,000,000 | Hospitality | Full Service | 4.8800% | 0.0141% | Actual/360 | 120 | 120 | 0 | 0 | 07/10/2019 | ||
Loan | 4 | Uline Arena(33) | 5.2% | 1 | CCRE | 42,000,000 | 42,000,000 | 42,000,000 | Mixed Use | Office/Retail | 4.0400% | 0.0165% | Actual/360 | 120 | 120 | 0 | 0 | 07/29/2019 | ||
Loan | 5 | 171 N Aberdeen | 5.1% | 1 | MPCC | 41,000,000 | 41,000,000 | 41,000,000 | Mixed Use | Multifamily/Office/Retail | 4.6700% | 0.0228% | Actual/360 | 120 | 113 | 0 | 0 | 12/10/2018 | ||
Loan | 6 | Lakewood Square | 5.1% | 1 | GACC | 41,000,000 | 41,000,000 | 41,000,000 | Retail | Anchored | 3.9700% | 0.0141% | Actual/360 | 120 | 119 | 0 | 0 | 07/01/2019 | ||
Loan | 7 | 505 Fulton Street | 4.9% | 1 | CREFI | 40,000,000 | 40,000,000 | 40,000,000 | Retail | Anchored | 3.5300% | 0.0141% | Actual/360 | 120 | 119 | 0 | 0 | 07/03/2019 | ||
Loan | 8 | Pharr Town Center | 4.9% | 1 | GACC | 40,000,000 | 40,000,000 | 34,975,262 | Retail | Anchored | 4.4500% | 0.0166% | Actual/360 | 120 | 120 | 360 | 360 | 07/08/2019 | ||
Loan | 9 | Wind Creek Leased Fee | 4.9% | 1 | CCRE/GACC | 40,000,000 | 40,000,000 | 34,243,441 | Other | Leased Fee | 4.3800% | 0.0141% | Actual/360 | 120 | 120 | 420 | 420 | 07/23/2019 | ||
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | 4.2% | 1 | GACC | 34,450,000 | 34,450,000 | 34,450,000 | Office | Suburban | 3.7639% | 0.0141% | Actual/360 | 120 | 119 | 0 | 0 | 06/19/2019 | ||
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 4.2% | 1 | CREFI | 34,000,000 | 34,000,000 | 34,000,000 | Hospitality | Full Service | 4.1100% | 0.0141% | Actual/360 | 120 | 120 | 0 | 0 | 07/23/2019 | ||
Loan | 12 | Crescent Club(32) | 3.4% | 1 | CCRE | 27,500,000 | 27,500,000 | 27,500,000 | Multifamily | High-Rise | 3.1320% | 0.0341% | Actual/360 | 120 | 120 | 0 | 0 | 07/26/2019 | ||
Loan | 13 | Victory Plaza(33) | 3.3% | 1 | MPCC | 27,000,000 | 27,000,000 | 27,000,000 | Retail | Anchored | 4.8600% | 0.0528% | Actual/360 | 120 | 113 | 0 | 0 | 12/21/2018 | ||
Loan | 14 | Boca Raton Design Center | 3.0% | 1 | MPCC | 24,000,000 | 24,000,000 | 24,000,000 | Mixed Use | Industrial/Self Storage | 4.9500% | 0.0228% | Actual/360 | 120 | 113 | 0 | 0 | 12/28/2018 | ||
Loan | 15 | Liberty MA Portfolio | 2.5% | 3 | CCRE | 20,000,000 | 20,000,000 | 14,568,744 | Various | Various | 4.3000% | 0.0391% | Actual/360 | 120 | 120 | 300 | 300 | 07/26/2019 | ||
Property | 15.01 | 10-14 New Bond | 1.9% | 1 | CCRE | 15,042,254 | 15,042,254 | Industrial | Manufacturing | |||||||||||
Property | 15.02 | 151 West Boylston | 0.4% | 1 | CCRE | 3,154,930 | 3,154,930 | Industrial | Flex | |||||||||||
Property | 15.03 | 8 New Bond | 0.2% | 1 | CCRE | 1,802,817 | 1,802,817 | Mixed Use | Office/Industrial | |||||||||||
Loan | 16 | 1440 N Dayton | 2.3% | 1 | MPCC | 19,000,000 | 19,000,000 | 19,000,000 | Office | CBD | 4.0500% | 0.0228% | Actual/360 | 120 | 119 | 0 | 0 | 06/28/2019 | ||
Loan | 17 | 63 Spring Street | 2.3% | 1 | MPCC | 18,500,000 | 18,500,000 | 18,500,000 | Mixed Use | Multifamily/Retail | 4.1500% | 0.0228% | Actual/360 | 120 | 118 | 0 | 0 | 05/28/2019 | ||
Loan | 18 | Visions Hotel Portfolio II | 2.1% | 10 | CCRE | 17,000,000 | 16,979,965 | 13,770,668 | Hospitality | Various | 4.5500% | 0.0153% | Actual/360 | 120 | 119 | 360 | 359 | 06/11/2019 | ||
Property | 18.01 | Courtyard Horseheads | 0.3% | 1 | CCRE | 2,675,127 | 2,671,974 | Hospitality | Limited Service | |||||||||||
Property | 18.02 | Home2 Suites Oswego | 0.3% | 1 | CCRE | 2,157,360 | 2,154,818 | Hospitality | Limited Service | |||||||||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | 0.3% | 1 | CCRE | 2,071,066 | 2,068,625 | Hospitality | Full Service | |||||||||||
Property | 18.04 | Hampton Inn Corning Painted Post | 0.2% | 1 | CCRE | 1,898,477 | 1,896,240 | Hospitality | Limited Service | |||||||||||
Property | 18.05 | Home2 Suites Rochester Henrietta | 0.2% | 1 | CCRE | 1,725,888 | 1,723,854 | Hospitality | Limited Service | |||||||||||
Property | 18.06 | Holiday Inn Express Olean | 0.2% | 1 | CCRE | 1,605,076 | 1,603,184 | Hospitality | Limited Service | |||||||||||
Property | 18.07 | Fairfield Inn Watertown | 0.2% | 1 | CCRE | 1,397,970 | 1,396,322 | Hospitality | Limited Service | |||||||||||
Property | 18.08 | Holiday Inn Express Canandaigua | 0.2% | 1 | CCRE | 1,346,193 | 1,344,606 | Hospitality | Limited Service | |||||||||||
Property | 18.09 | Candlewood Suites Watertown | 0.2% | 1 | CCRE | 1,294,416 | 1,292,891 | Hospitality | Limited Service | |||||||||||
Property | 18.10 | Candlewood Suites Sayre | 0.1% | 1 | CCRE | 828,426 | 827,450 | Hospitality | Limited Service | |||||||||||
Loan | 19 | Hilton Garden Inn Sugarland | 2.1% | 1 | MPCC | 16,800,000 | 16,800,000 | 14,978,460 | Hospitality | Select Service | 5.3350% | 0.0228% | Actual/360 | 120 | 113 | 360 | 360 | 12/28/2018 | ||
Loan | 20 | Timlin Portfolio(33) | 1.8% | 14 | CREFI | 14,850,000 | 14,850,000 | 12,541,491 | Various | Various | 4.0900% | 0.0628% | Actual/360 | 120 | 120 | 360 | 360 | 07/19/2019 | ||
Property | 20.01 | Timlin Portfolio - Industrial | 1.1% | 12 | CREFI | 9,100,000 | 9,100,000 | Industrial | Warehouse/Distribution | |||||||||||
Property | 20.02 | Timlin Portfolio - Medical Office | 0.5% | 1 | CREFI | 4,250,000 | 4,250,000 | Office | Medical Office | |||||||||||
Property | 20.03 | Timlin Portfolio - Retail | 0.2% | 1 | CREFI | 1,500,000 | 1,500,000 | Retail | Unanchored | |||||||||||
Loan | 21 | The Real Real | 1.8% | 1 | GACC | 14,560,000 | 14,560,000 | 14,560,000 | Office | CBD | 4.5500% | 0.0141% | Actual/360 | 120 | 120 | 0 | 0 | 07/15/2019 | ||
Loan | 22 | Heritage & Villa Apartments | 1.5% | 2 | CCRE | 12,000,000 | 12,000,000 | 10,588,424 | Multifamily | Garden | 4.8500% | 0.0341% | Actual/360 | 120 | 120 | 360 | 360 | 07/26/2019 | ||
Property | 22.01 | Heritage Place Apartments | 0.8% | 1 | CCRE | 6,571,429 | 6,571,429 | Multifamily | Garden | |||||||||||
Property | 22.02 | Villa Glen Apartments | 0.7% | 1 | CCRE | 5,428,571 | 5,428,571 | Multifamily | Garden | |||||||||||
Loan | 23 | Cypress Corporate Plaza | 1.1% | 1 | GACC | 9,295,000 | 9,295,000 | 9,295,000 | Office | Suburban | 4.1500% | 0.0141% | Actual/360 | 120 | 119 | 0 | 0 | 06/10/2019 | ||
Loan | 24 | Bountiful Plaza | 1.1% | 1 | MPCC | 8,900,000 | 8,900,000 | 7,863,956 | Retail | Anchored | 4.9100% | 0.0228% | Actual/360 | 120 | 117 | 360 | 360 | 04/10/2019 | ||
Loan | 25 | Holiday Inn Express - Bluffton(33) | 1.1% | 1 | CREFI | 8,650,000 | 8,639,341 | 7,897,535 | Hospitality | Limited Service | 4.3500% | 0.0141% | Actual/360 | 60 | 59 | 360 | 359 | 07/05/2019 | ||
Loan | 26 | Walmart Palm Desert | 0.9% | 1 | MPCC | 7,425,000 | 7,425,000 | 7,425,000 | Retail | Single Tenant | 5.1300% | 0.0228% | Actual/360 | 120 | 112 | 0 | 0 | 11/15/2018 | ||
Loan | 27 | Surfside Storage | 0.9% | 1 | CREFI | 6,900,000 | 6,900,000 | 6,033,233 | Self Storage | Self Storage | 4.4500% | 0.0141% | Actual/360 | 120 | 120 | 360 | 360 | 07/10/2019 | ||
Loan | 28 | Crown on 7th | 0.8% | 1 | MPCC | 6,780,000 | 6,780,000 | 6,780,000 | Retail | Unanchored | 4.4000% | 0.0228% | Actual/360 | 120 | 120 | 0 | 0 | 07/16/2019 | ||
Loan | 29 | Compass Self Storage Largo | 0.8% | 1 | CREFI | 6,525,000 | 6,525,000 | 6,525,000 | Self Storage | Self Storage | 4.3900% | 0.0978% | Actual/360 | 120 | 119 | 0 | 0 | 06/18/2019 | ||
Loan | 30 | Floresta | 0.8% | 1 | MPCC | 6,300,000 | 6,300,000 | 5,348,938 | Industrial | Warehouse | 4.2800% | 0.0228% | Actual/360 | 120 | 119 | 360 | 360 | 06/26/2019 | ||
Loan | 31 | Giardino aPodments | 0.8% | 1 | CCRE | 6,240,000 | 6,240,000 | 6,240,000 | Multifamily | Mid-Rise | 4.5000% | 0.0341% | Actual/360 | 120 | 120 | 0 | 0 | 07/19/2019 | ||
Loan | 32 | Landmark Self Storage | 0.3% | 1 | CREFI | 2,775,000 | 2,775,000 | 2,775,000 | Self Storage | Self Storage | 3.7700% | 0.0141% | Actual/360 | 120 | 120 | 0 | 0 | 07/17/2019 | ||
Loan | 33 | 183 Eldert | 0.3% | 1 | CCRE | 2,700,000 | 2,700,000 | 2,700,000 | Multifamily | Low-Rise | 4.8500% | 0.0341% | Actual/360 | 120 | 120 | 0 | 0 | 07/18/2019 |
A-1-1
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Pari Passu | Pari Passu | ||||||||||||||||
First | Monthly | Annual | Companion Loan | Companion Loan | Remaining | Crossed | |||||||||||
Payment | Maturity | ARD Loan | Final | Debt | Debt | Monthly Debt | Annual Debt | Interest Only | Cash | With | Related | Underwritten | Underwritten | ||||
Loan | ID | Property Name(2) | Date | or ARD Date | (Yes/No) | Maturity Date | Service($)(8) | Service($)(8) | Service($) | Service($) | Period | Lockbox(9) | Management(10) | Other Loans | Borrower | NOI DSCR(8)(11) | NCF DSCR(8)(11) |
Loan | 1 | 888 Figueroa | 08/01/2019 | 07/01/2029 | No | 07/01/2029 | 236,046 | 2,832,552 | 125,891 | 1,510,694 | 119 | Springing Hard | Springing | No | 2.69x | 2.53x | |
Loan | 2 | Woodlands Mall(31)(32)(33) | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 251,715 | 3,020,578 | 638,636 | 7,663,637 | 120 | Hard | Springing | No | 4.04x | 3.95x | |
Loan | 3 | Hilton Penn’s Landing | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 288,620 | 3,463,444 | 120 | Hard | Springing | No | 2.52x | 2.12x | |||
Loan | 4 | Uline Arena(33) | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 143,364 | 1,720,367 | 266,247 | 3,194,967 | 120 | Hard | Springing | No | 1.81x | 1.75x | |
Loan | 5 | 171 N Aberdeen | 02/01/2019 | 01/01/2029 | No | 01/01/2029 | 161,774 | 1,941,293 | 113 | Hard | Springing | No | 1.90x | 1.86x | |||
Loan | 6 | Lakewood Square | 08/06/2019 | 07/06/2029 | No | 07/06/2029 | 137,526 | 1,650,307 | 119 | Hard | Springing | No | 2.23x | 2.10x | |||
Loan | 7 | 505 Fulton Street | 08/06/2019 | 07/06/2029 | No | 07/06/2029 | 119,301 | 1,431,611 | 134,214 | 1,610,562 | 119 | Springing Hard | Springing | No | 2.78x | 2.67x | |
Loan | 8 | Pharr Town Center | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 201,488 | 2,417,850 | 151,116 | 1,813,388 | 36 | Hard | Springing | No | 1.42x | 1.36x | |
Loan | 9 | Wind Creek Leased Fee | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 186,341 | 2,236,093 | 496,599 | 5,959,187 | Hard | In Place | No | 1.27x | 1.27x | ||
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | 08/06/2019 | 07/06/2029 | Yes | 06/06/2034 | 109,555 | 1,314,659 | 1,003,485 | 12,041,817 | 119 | Hard | In Place | No | 3.47x | 3.46x | |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 118,067 | 1,416,808 | 120 | Hard | Springing | No | 3.58x | 2.95x | |||
Loan | 12 | Crescent Club(32) | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 72,772 | 873,263 | 120 | Soft(Residential); Hard(Commercial) | In Place | No | 4.61x | 4.58x | |||
Loan | 13 | Victory Plaza(33) | 02/01/2019 | 01/01/2029 | No | 01/01/2029 | 110,869 | 1,330,425 | 113 | Springing Hard | Springing | No | Group 1 | 2.09x | 2.02x | ||
Loan | 14 | Boca Raton Design Center | 02/01/2019 | 01/01/2029 | No | 01/01/2029 | 100,375 | 1,204,500 | 113 | Springing Hard | Springing | No | 1.96x | 1.89x | |||
Loan | 15 | Liberty MA Portfolio | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 108,908 | 1,306,900 | 84,404 | 1,012,847 | Soft Springing Hard | Springing | No | 1.66x | 1.52x | ||
Property | 15.01 | 10-14 New Bond | |||||||||||||||
Property | 15.02 | 151 West Boylston | |||||||||||||||
Property | 15.03 | 8 New Bond | |||||||||||||||
Loan | 16 | 1440 N Dayton | 08/01/2019 | 07/01/2029 | No | 07/01/2029 | 65,016 | 780,188 | 119 | Hard | Springing | No | 2.19x | 2.14x | |||
Loan | 17 | 63 Spring Street | 07/01/2019 | 06/01/2029 | No | 06/01/2029 | 64,868 | 778,413 | 118 | Hard | Springing | No | 1.66x | 1.65x | |||
Loan | 18 | Visions Hotel Portfolio II | 08/06/2019 | 07/06/2029 | No | 07/06/2029 | 86,642 | 1,039,707 | 230,367 | 2,764,399 | Springing Hard | Springing | No | 2.33x | 2.08x | ||
Property | 18.01 | Courtyard Horseheads | |||||||||||||||
Property | 18.02 | Home2 Suites Oswego | |||||||||||||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | |||||||||||||||
Property | 18.04 | Hampton Inn Corning Painted Post | |||||||||||||||
Property | 18.05 | Home2 Suites Rochester Henrietta | |||||||||||||||
Property | 18.06 | Holiday Inn Express Olean | |||||||||||||||
Property | 18.07 | Fairfield Inn Watertown | |||||||||||||||
Property | 18.08 | Holiday Inn Express Canandaigua | |||||||||||||||
Property | 18.09 | Candlewood Suites Watertown | |||||||||||||||
Property | 18.10 | Candlewood Suites Sayre | |||||||||||||||
Loan | 19 | Hilton Garden Inn Sugarland | 02/01/2019 | 01/01/2029 | No | 01/01/2029 | 93,657 | 1,123,880 | 29 | Hard | Springing | No | 1.65x | 1.40x | |||
Loan | 20 | Timlin Portfolio(33) | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 71,669 | 860,026 | 24 | Springing Hard | Springing | No | 1.81x | 1.66x | |||
Property | 20.01 | Timlin Portfolio - Industrial | |||||||||||||||
Property | 20.02 | Timlin Portfolio - Medical Office | |||||||||||||||
Property | 20.03 | Timlin Portfolio - Retail | |||||||||||||||
Loan | 21 | The Real Real | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 55,973 | 671,681 | 120 | Hard | Springing | No | 1.87x | 1.80x | |||
Loan | 22 | Heritage & Villa Apartments | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 63,323 | 759,876 | 36 | Springing Soft | Springing | No | 1.42x | 1.33x | |||
Property | 22.01 | Heritage Place Apartments | |||||||||||||||
Property | 22.02 | Villa Glen Apartments | |||||||||||||||
Loan | 23 | Cypress Corporate Plaza | 08/06/2019 | 07/06/2029 | No | 07/06/2029 | 32,592 | 391,100 | 119 | Hard | Springing | No | 2.97x | 2.80x | |||
Loan | 24 | Bountiful Plaza | 06/01/2019 | 05/01/2029 | No | 05/01/2029 | 47,289 | 567,465 | 33 | Springing Hard | Springing | No | Group 1 | 1.59x | 1.51x | ||
Loan | 25 | Holiday Inn Express - Bluffton(33) | 08/06/2019 | 07/06/2024 | No | 07/06/2024 | 43,061 | 516,729 | Springing Hard | Springing | No | 2.39x | 2.13x | ||||
Loan | 26 | Walmart Palm Desert | 01/01/2019 | 12/01/2028 | No | 12/01/2028 | 32,183 | 386,193 | 112 | Hard | Springing | No | 1.75x | 1.68x | |||
Loan | 27 | Surfside Storage | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 34,757 | 417,079 | 36 | Springing Hard | Springing | No | 1.42x | 1.40x | |||
Loan | 28 | Crown on 7th | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 25,205 | 302,463 | 120 | Springing Hard | Springing | No | 2.23x | 2.13x | |||
Loan | 29 | Compass Self Storage Largo | 08/06/2019 | 07/06/2029 | No | 07/06/2029 | 24,202 | 290,426 | 119 | Springing Soft | Springing | No | 2.01x | 1.98x | |||
Loan | 30 | Floresta | 08/01/2019 | 07/01/2029 | No | 07/01/2029 | 31,103 | 373,236 | 23 | Springing Hard | Springing | No | 2.72x | 2.46x | |||
Loan | 31 | Giardino aPodments | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 23,725 | 284,700 | 120 | Springing Soft | Springing | No | 1.72x | 1.69x | |||
Loan | 32 | Landmark Self Storage | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 8,839 | 106,071 | 120 | Springing Hard | Springing | No | 3.23x | 3.15x | |||
Loan | 33 | 183 Eldert | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 11,064 | 132,769 | 120 | Springing Soft | Springing | No | 1.45x | 1.44x |
A-1-2
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
FIRREA | Cut-Off | ||||||||||||||
Grace | Payment | Appraised | Appraisal | Compliant | Date LTV | LTV Ratio at | Year | ||||||||
Loan | ID | Property Name(2) | Period(13) | Date | Value ($)(14)(15) | As-of Date | (Yes/No) | Ratio(11)(15) | Maturity or ARD(11)(15) | Address | City | County | State | Zip Code | Built |
Loan | 1 | 888 Figueroa | 5 | 1 | 210,000,000 | 04/18/2019 | Yes | 54.8% | 54.8% | 888 South Figueroa Street | Los Angeles | Los Angeles | CA | 90017 | 1985 |
Loan | 2 | Woodlands Mall(31)(32)(33) | 1 business day once every 12 month period | 1 | 953,400,000 | 04/20/2019 | Yes | 26.0% | 26.0% | 1201 Lake Woodlands Drive | The Woodlands | Montgomery | TX | 77380 | 1994; 2003; 2016 |
Loan | 3 | Hilton Penn’s Landing | 0 | 6 | 114,000,000 | 06/01/2019 | Yes | 61.4% | 61.4% | 201 South Christopher Columbus Boulevard | Philadelphia | Philadelphia | PA | 19106 | 2000 |
Loan | 4 | Uline Arena(33) | 0 | 6 | 212,000,000 | 07/01/2021 | Yes | 56.6% | 56.6% | 1140 3rd Street Northeast | Washington | District of Columbia | DC | 20002 | 1945 |
Loan | 5 | 171 N Aberdeen | 5 | 1 | 73,100,000 | 10/09/2018 | Yes | 56.1% | 56.1% | 171 North Aberdeen Street | Chicago | Cook | IL | 60607 | 2018 |
Loan | 6 | Lakewood Square | 0 | 6 | 63,500,000 | 05/02/2019 | Yes | 64.6% | 64.6% | 4949-5227 Lakewood Boulevard | Lakewood | Los Angeles | CA | 90712 | 1983 |
Loan | 7 | 505 Fulton Street | 0 | 6 | 175,000,000 | 06/18/2019 | Yes | 48.6% | 48.6% | 505 Fulton Street | Brooklyn | Kings | NY | 11201 | 1890 |
Loan | 8 | Pharr Town Center | 0 | 6 | 104,360,000 | 05/16/2019 | Yes | 67.1% | 58.6% | 600 North Jackson Road | Pharr | Hildalgo | TX | 78577 | 2013-2019 |
Loan | 9 | Wind Creek Leased Fee | 0 | 6 | 172,500,000 | 04/23/2019 | Yes | 85.0% | 72.8% | 77 Sands Boulevard | Bethlehem | Northampton | PA | 18015 | NAP |
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | 0 | 6 | 790,000,000 | 12/1/2019; 1/1/2020 | Yes | 44.3% | 44.3% | 1190 Discovery Way, 900 5th Avenue | Sunnyvale | Santa Clara | CA | 94089 | 2019 |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 0 | 6 | 63,700,000 | 07/01/2020 | Yes | 53.4% | 53.4% | 926 J Street | Sacramento | Sacramento | CA | 95814 | 2008 |
Loan | 12 | Crescent Club(32) | 0 | 1 | 97,200,000 | 06/21/2019 | Yes | 28.3% | 28.3% | 41-23 Crescent Street | Long Island City | Queens | NY | 11101 | 2012 |
Loan | 13 | Victory Plaza(33) | 5 | 1 | 54,900,000 | 10/17/2018 | Yes | 49.2% | 49.2% | 13003-13075 Victory Boulevard | North Hollywood | Los Angeles | CA | 91606 | 1949, 1977-1978 |
Loan | 14 | Boca Raton Design Center | 5 | 1 | 38,200,000 | 11/02/2018 | Yes | 62.8% | 62.8% | 3100-3500 Northwest 2nd Avenue | Boca Raton | Palm Beach | FL | 33431 | 1998 |
Loan | 15 | Liberty MA Portfolio | 0 | 1 | 53,660,000 | 07/02/2019 | Yes | 66.2% | 48.2% | Various | Worcester | Worcester | MA | 01606 | Various |
Property | 15.01 | 10-14 New Bond | 38,900,000 | 07/02/2019 | Yes | 10-14 New Bond Street | Worcester | Worcester | MA | 01606 | 1901 | ||||
Property | 15.02 | 151 West Boylston | 10,100,000 | 07/02/2019 | Yes | 151 West Boylston Drive | Worcester | Worcester | MA | 01606 | 1920 | ||||
Property | 15.03 | 8 New Bond | 4,660,000 | 07/02/2019 | Yes | 8 New Bond Street | Worcester | Worcester | MA | 01606 | 1890 | ||||
Loan | 16 | 1440 N Dayton | 5 | 1 | 29,600,000 | 05/28/2019 | Yes | 64.2% | 64.2% | 1440 and 1448 North Dayton Street | Chicago | Cook | IL | 60642 | 1923 |
Loan | 17 | 63 Spring Street | 5 | 1 | 29,800,000 | 02/05/2019 | Yes | 62.1% | 62.1% | 63 Spring Street | New York | New York | NY | 10012 | 1910 |
Loan | 18 | Visions Hotel Portfolio II | 0 | 6 | 105,000,000 | 05/01/2019 | Yes | 59.2% | 48.0% | Various | Various | Various | Various | Various | Various |
Property | 18.01 | Courtyard Horseheads | 15,500,000 | 05/01/2019 | Yes | 202 Colonial Drive | Horseheads | Chemung | NY | 14845 | 2016 | ||||
Property | 18.02 | Home2 Suites Oswego | 12,500,000 | 05/01/2019 | Yes | 252 New York State Route 104 | Oswego | Oswego | NY | 13126 | 2017 | ||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | 12,000,000 | 05/01/2019 | Yes | 800 Jefferson Road | Rochester | Monroe | NY | 14623 | 1968 | ||||
Property | 18.04 | Hampton Inn Corning Painted Post | 11,000,000 | 05/01/2019 | Yes | 248 Town Center Road | Painted Post | Steuben | NY | 14870 | 2014 | ||||
Property | 18.05 | Home2 Suites Rochester Henrietta | 10,000,000 | 05/01/2019 | Yes | 999 Jefferson Road | Rochester | Monroe | NY | 14623 | 2014 | ||||
Property | 18.06 | Holiday Inn Express Olean | 10,500,000 | 05/01/2019 | Yes | 101 Main Street | Olean | Cattaraugus | NY | 14760 | 1999 | ||||
Property | 18.07 | Fairfield Inn Watertown | 8,100,000 | 05/01/2019 | Yes | 250 Commerce Park Drive | Watertown | Jefferson | NY | 13601 | 2012 | ||||
Property | 18.08 | Holiday Inn Express Canandaigua | 7,800,000 | 05/01/2019 | Yes | 330 Eastern Boulevard & 4420 Routes 5 & 20 | Canandaigua | Ontario | NY | 14424 | 2012 | ||||
Property | 18.09 | Candlewood Suites Watertown | 7,500,000 | 05/01/2019 | Yes | 26513 Herrick Drive | Evans Mills | Jefferson | NY | 13637 | 2009 | ||||
Property | 18.10 | Candlewood Suites Sayre | 4,800,000 | 05/01/2019 | Yes | 2775 Elmira Street | Sayre | Bradford | PA | 18840 | 2014 | ||||
Loan | 19 | Hilton Garden Inn Sugarland | 5 | 1 | 30,800,000 | 12/07/2018 | Yes | 54.5% | 48.6% | 722 Bonaventure Way | Sugar Land | Fort Bend | TX | 77479 | 2007 |
Loan | 20 | Timlin Portfolio(33) | 0 | 6 | 20,420,000 | Various | Yes | 72.7% | 61.4% | Various | Various | Various | MI | Various | Various |
Property | 20.01 | Timlin Portfolio - Industrial | 12,050,000 | Various | Yes | Various | Various | Various | MI | Various | Various | ||||
Property | 20.02 | Timlin Portfolio - Medical Office | 5,640,000 | 06/01/2019 | Yes | 31815 Southfield Road | Beverly Hills | Oakland | MI | 48025 | 1970 | ||||
Property | 20.03 | Timlin Portfolio - Retail | 2,730,000 | 06/01/2019 | Yes | 30730-80 Orchard Lake Road | Farmington Hills | Oakland | MI | 48334 | 1989 | ||||
Loan | 21 | The Real Real | 0 | 6 | 22,400,000 | 12/01/2019 | Yes | 65.0% | 65.0% | 3317 Exposition Place | Los Angeles | Los Angeles | CA | 90018 | 1950 |
Loan | 22 | Heritage & Villa Apartments | 0 | 6 | 16,800,000 | Various | Yes | 71.4% | 63.0% | Various | Various | Various | Various | Various | Various |
Property | 22.01 | Heritage Place Apartments | 9,200,000 | 06/26/2019 | Yes | 3830 Poplar Springs Drive | Meridian | Lauderdale | MS | 39305 | 1968 | ||||
Property | 22.02 | Villa Glen Apartments | 7,600,000 | 06/24/2019 | Yes | 900 Division Street | Bessemer | Jefferson | AL | 35020 | 1973 | ||||
Loan | 23 | Cypress Corporate Plaza | 0 | 6 | 14,900,000 | 05/13/2019 | Yes | 62.4% | 62.4% | 10805 Holder Street | Cypress | Orange | CA | 90630 | 1989 |
Loan | 24 | Bountiful Plaza | 5 | 1 | 12,900,000 | 01/05/2019 | Yes | 69.0% | 61.0% | 123, 155, 195 West 500 South & 545 South 200 West | Bountiful | Davis | UT | 84010 | 1990, 2014 |
Loan | 25 | Holiday Inn Express - Bluffton(33) | 0 | 6 | 14,100,000 | 06/11/2020 | Yes | 61.3% | 56.0% | 35 Bluffton Road | Bluffton | Beaufort | SC | 29910 | 2002 |
Loan | 26 | Walmart Palm Desert | 5 | 1 | 13,500,000 | 10/11/2018 | Yes | 55.0% | 55.0% | 72314 Highway 111 | Palm Desert | Riverside | CA | 92260 | 1989 |
Loan | 27 | Surfside Storage | 0 | 6 | 10,490,000 | 06/24/2019 | Yes | 65.8% | 57.5% | 323 Alf Coleman Road | Panama City Beach | Bay | FL | 32407 | 2004-2017 |
Loan | 28 | Crown on 7th | 5 | 1 | 11,730,000 | 06/14/2019 | Yes | 57.8% | 57.8% | 5739, 5749 & 5801-5813 North 7th Street | Phoenix | Maricopa | AZ | 85014 | 1959, 1966, 1979 |
Loan | 29 | Compass Self Storage Largo | 0 | 6 | 10,250,000 | 04/23/2019 | Yes | 63.7% | 63.7% | 12700 Walsingham Road | Largo | Pinellas | FL | 33774 | 1981-2016 |
Loan | 30 | Floresta | 5 | 1 | 17,400,000 | 04/17/2019 | Yes | 36.2% | 30.7% | 3050, 3070, 3100 & 3120 Sirius Avenue | Las Vegas | Clark | NV | 89102 | 1963 |
Loan | 31 | Giardino aPodments | 0 | 6 | 9,600,000 | 05/30/2019 | Yes | 65.0% | 65.0% | 1514 Northwest 52nd Street | Seattle | King | WA | 98107 | 2018 |
Loan | 32 | Landmark Self Storage | 0 | 6 | 5,800,000 | 06/13/2019 | Yes | 47.8% | 47.8% | 5485 East Highway 150 | Lincolnton | Lincoln | NC | 28092 | 2007 |
Loan | 33 | 183 Eldert | 0 | 1 | 4,300,000 | 06/05/2019 | Yes | 62.8% | 62.8% | 183 Eldert Street | Brooklyn | Kings | NY | 11207 | 1905 |
A-1-3
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Net | Units | Loan per Net | Second Most | Second | Second | ||||||||||
Year | Rentable Area | of | Rentable Area | Prepayment Provisions | Most Recent Operating | Most Recent | Most Recent | Most Recent | Recent Operating | Most Recent | Most Recent | ||||
Loan | ID | Property Name(2) | Renovated | (SF/Units/Rooms)(4) | Measure | (SF/Units/Rooms) $(4)(11)(15) | (# of payments)(16)(17)(18) | Statements Date | EGI ($) | Expenses($) | NOI($)(12) | Statements Date | EGI($) | Expenses($) | |
Loan | 1 | 888 Figueroa | NAP | 404,136 | Sq. Ft. | 285 | L(25), DorYM1(88), O(7) | 03/31/2019 | 14,936,640 | 5,254,851 | 9,681,789 | 12/31/2018 | 14,908,171 | 5,100,819 | |
Loan | 2 | Woodlands Mall(31)(32)(33) | NAP | 758,231 | Sq. Ft. | 327 | L(24), D(91), O(5) | 05/31/2019 | 53,807,988 | 10,101,329 | 43,706,659 | 12/31/2018 | 52,962,351 | 9,785,492 | |
Loan | 3 | Hilton Penn’s Landing | 2017-2018 | 350 | Rooms | 200,000 | L(24), D(92), O(4) | 05/31/2019 | 34,817,309 | 25,895,644 | 8,921,665 | 12/31/2018 | 33,883,722 | 25,895,811 | |
Loan | 4 | Uline Arena(33) | 2016 | 248,381 | Sq. Ft. | 483 | YM1(24), DorYM1(90), O(6) | 05/31/2019 | 7,638,927 | 4,040,587 | 3,598,340 | 12/31/2018 | 6,513,196 | 3,653,287 | |
Loan | 5 | 171 N Aberdeen | NAP | 120,020 | Sq. Ft. | 342 | L(31), D(82), O(7) | ||||||||
Loan | 6 | Lakewood Square | 2002 | 187,542 | Sq. Ft. | 219 | L(25), D(90), O(5) | 03/31/2019 | 4,864,747 | 1,187,049 | 3,677,698 | 12/31/2018 | 4,853,269 | 1,155,774 | |
Loan | 7 | 505 Fulton Street | 2013 | 114,209 | Sq. Ft. | 744 | L(25), D(91), O(4) | 05/31/2019 | 8,282,436 | 825,128 | 7,457,308 | 12/31/2018 | 9,569,700 | 832,107 | |
Loan | 8 | Pharr Town Center | NAP | 437,815 | Sq. Ft. | 160 | L(24), D(92), O(4) | 03/31/2019 | 8,576,261 | 2,873,627 | 5,702,634 | 12/31/2018 | 8,282,654 | 2,827,010 | |
Loan | 9 | Wind Creek Leased Fee | NAP | 2,608,541 | Sq. Ft. | 56 | L(24), D(91), O(5) | ||||||||
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | NAP | 701,266 | Sq. Ft. | 499 | L(24), YM1(1), DorYM1(88), O(7) | ||||||||
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | NAP | 196 | Rooms | 173,469 | L(24), D(93), O(3) | 05/31/2019 | 22,354,546 | 16,501,536 | 5,853,010 | 12/31/2018 | 21,710,880 | 16,278,047 | |
Loan | 12 | Crescent Club(32) | NAP | 130 | Units | 211,538 | L(24), D(93), O(3) | 05/31/2019 | 5,334,258 | 1,109,303 | 4,224,955 | 12/31/2018 | 5,343,321 | 1,104,464 | |
Loan | 13 | Victory Plaza(33) | 2016-2017 | 136,580 | Sq. Ft. | 198 | L(17), YM1(96), O(7) | 03/31/2019 | 3,322,697 | 758,367 | 2,564,330 | 12/31/2018 | 3,169,173 | 715,508 | |
Loan | 14 | Boca Raton Design Center | NAP | 201,455 | Sq. Ft. | 119 | L(31), D(85), O(4) | 06/30/2019 | 3,286,733 | 956,632 | 2,330,101 | 12/31/2018 | 3,288,049 | 948,527 | |
Loan | 15 | Liberty MA Portfolio | Various | 360,469 | Sq. Ft. | 98 | L(24), D(93), O(3) | 04/30/2019 | 5,715,870 | 1,740,559 | 3,975,311 | 12/31/2018 | 5,498,954 | 1,740,559 | |
Property | 15.01 | 10-14 New Bond | 2008 | 277,575 | Sq. Ft. | 96 | 04/30/2019 | 3,711,639 | 847,161 | 2,864,478 | 12/31/2018 | 3,514,047 | 847,161 | ||
Property | 15.02 | 151 West Boylston | 2014 | 50,370 | Sq. Ft. | 111 | 04/30/2019 | 1,286,704 | 550,616 | 736,089 | 12/31/2018 | 1,285,484 | 550,616 | ||
Property | 15.03 | 8 New Bond | 2015 | 32,524 | Sq. Ft. | 98 | 04/30/2019 | 717,527 | 342,783 | 374,744 | 12/31/2018 | 699,422 | 342,783 | ||
Loan | 16 | 1440 N Dayton | 2018 | 65,614 | Sq. Ft. | 290 | L(25), D(90), O(5) | 03/31/2019 | 333,843 | 341,775 | -7,932 | 12/31/2018 | 313,477 | 321,529 | |
Loan | 17 | 63 Spring Street | 2014 | 5,540 | Sq. Ft. | 3,339 | L(26), D(90), O(4) | 3/31/2019 Annualized | 1,477,156 | 111,117 | 1,366,039 | 12/31/2018 | 1,445,152 | 114,796 | |
Loan | 18 | Visions Hotel Portfolio II | Various | 955 | Rooms | 65,054 | L(25), D(91), O(4) | 03/31/2019 | 24,478,404 | 15,120,031 | 9,358,373 | 12/31/2018 | 23,844,625 | 14,863,211 | |
Property | 18.01 | Courtyard Horseheads | NAP | 98 | Rooms | 99,758 | 03/31/2019 | 2,689,847 | 1,594,884 | 1,094,963 | 12/31/2018 | 2,622,608 | 1,580,289 | ||
Property | 18.02 | Home2 Suites Oswego | NAP | 89 | Rooms | 88,585 | 03/31/2019 | 2,549,099 | 1,147,217 | 1,401,882 | 12/31/2018 | 1,978,583 | 1,016,078 | ||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | 2019 | 120 | Rooms | 63,073 | 03/31/2019 | 3,292,028 | 2,373,446 | 918,582 | 12/31/2018 | 3,376,073 | 2,434,683 | ||
Property | 18.04 | Hampton Inn Corning Painted Post | NAP | 98 | Rooms | 70,796 | 03/31/2019 | 2,335,704 | 1,409,675 | 926,029 | 12/31/2018 | 2,367,623 | 1,434,682 | ||
Property | 18.05 | Home2 Suites Rochester Henrietta | NAP | 89 | Rooms | 70,868 | 03/31/2019 | 2,988,510 | 1,850,421 | 1,138,089 | 12/31/2018 | 2,941,519 | 1,788,068 | ||
Property | 18.06 | Holiday Inn Express Olean | 2016 | 76 | Rooms | 77,181 | 03/31/2019 | 2,292,219 | 1,387,128 | 905,091 | 12/31/2018 | 2,249,579 | 1,345,563 | ||
Property | 18.07 | Fairfield Inn Watertown | NAP | 103 | Rooms | 49,601 | 03/31/2019 | 2,460,572 | 1,625,424 | 835,149 | 12/31/2018 | 2,494,622 | 1,630,513 | ||
Property | 18.08 | Holiday Inn Express Canandaigua | NAP | 75 | Rooms | 65,596 | 03/31/2019 | 2,094,518 | 1,385,527 | 708,991 | 12/31/2018 | 1,998,337 | 1,308,081 | ||
Property | 18.09 | Candlewood Suites Watertown | NAP | 112 | Rooms | 42,236 | 03/31/2019 | 2,216,056 | 1,267,597 | 948,459 | 12/31/2018 | 2,251,932 | 1,280,974 | ||
Property | 18.10 | Candlewood Suites Sayre | NAP | 95 | Rooms | 31,868 | 03/31/2019 | 1,559,850 | 1,078,711 | 481,139 | 12/31/2018 | 1,563,748 | 1,044,280 | ||
Loan | 19 | Hilton Garden Inn Sugarland | NAP | 202 | Rooms | 83,168 | L(31), D(85), O(4) | 05/31/2019 | 6,894,320 | 5,074,867 | 1,819,453 | 12/31/2018 | 7,167,402 | 5,241,293 | |
Loan | 20 | Timlin Portfolio(33) | Various | 210,816 | Sq. Ft. | 70 | L(24), D(92), O(4) | 03/30/2019 | 1,956,038 | 397,090 | 1,558,947 | 12/31/2018 | 1,976,943 | 371,382 | |
Property | 20.01 | Timlin Portfolio - Industrial | Various | 171,287 | Sq. Ft. | 53 | 03/30/2019 | 1,095,249 | 155,231 | 940,018 | 12/31/2018 | 1,096,898 | 136,069 | ||
Property | 20.02 | Timlin Portfolio - Medical Office | 2015 | 30,878 | Sq. Ft. | 138 | 03/30/2019 | 655,411 | 204,388 | 451,022 | 12/31/2018 | 675,024 | 201,455 | ||
Property | 20.03 | Timlin Portfolio - Retail | 2005 | 8,651 | Sq. Ft. | 173 | 03/30/2019 | 205,378 | 37,471 | 167,907 | 12/31/2018 | 205,021 | 33,859 | ||
Loan | 21 | The Real Real | 2018 | 29,690 | Sq. Ft. | 490 | L(24), D(91), O(5) | ||||||||
Loan | 22 | Heritage & Villa Apartments | NAP | 243 | Units | 49,383 | L(24), D(93), O(3) | 05/31/2019 | 1,901,610 | 886,729 | 1,014,881 | 12/31/2017 | 1,760,030 | 884,571 | |
Property | 22.01 | Heritage Place Apartments | NAP | 127 | Units | 51,744 | 05/31/2019 | 1,032,234 | 496,149 | 536,085 | 12/31/2017 | 982,380 | 470,253 | ||
Property | 22.02 | Villa Glen Apartments | NAP | 116 | Units | 46,798 | 05/31/2019 | 869,376 | 390,580 | 478,796 | 12/31/2017 | 777,650 | 414,318 | ||
Loan | 23 | Cypress Corporate Plaza | NAP | 85,522 | Sq. Ft. | 109 | L(25), D(90), O(5) | 03/31/2019 | 1,384,205 | 852,057 | 532,148 | 12/31/2018 | 1,218,449 | 905,243 | |
Loan | 24 | Bountiful Plaza | NAP | 68,373 | Sq. Ft. | 130 | L(14), YM1(99), O(7) | 03/31/2019 | 1,167,717 | 313,129 | 854,588 | 12/31/2018 | 1,031,042 | 316,016 | |
Loan | 25 | Holiday Inn Express - Bluffton(33) | 2015 | 112 | Rooms | 77,137 | L(25), D(29), O(6) | 05/31/2019 | 3,438,489 | 2,167,458 | 1,271,031 | 12/31/2018 | 3,286,897 | 2,099,625 | |
Loan | 26 | Walmart Palm Desert | NAP | 45,648 | Sq. Ft. | 163 | L(32), D(84), O(4) | 03/31/2019 | 1,033,162 | 363,658 | 669,504 | 12/31/2018 | 721,721 | 57,176 | |
Loan | 27 | Surfside Storage | NAP | 81,450 | Sq. Ft. | 85 | L(24), D(91), O(5) | 06/30/2019 | 794,957 | 184,178 | 610,779 | 12/31/2018 | 785,108 | 192,888 | |
Loan | 28 | Crown on 7th | 2015, 2016, 2017 | 25,442 | Sq. Ft. | 266 | L(24), D(89), O(7) | 04/30/2019 | 837,628 | 197,277 | 640,351 | 12/31/2018 | 715,202 | 192,982 | |
Loan | 29 | Compass Self Storage Largo | NAP | 91,364 | Sq. Ft. | 71 | L(25), D(92), O(3) | 04/30/2019 | 953,272 | 323,113 | 630,159 | 12/31/2018 | 948,515 | 325,483 | |
Loan | 30 | Floresta | NAP | 199,435 | Sq. Ft. | 32 | L(25), D(91), O(4) | 4/30/2019 Annualized | 1,333,723 | 214,499 | 1,119,224 | 12/31/2018 | 1,124,609 | 256,940 | |
Loan | 31 | Giardino aPodments | NAP | 62 | Units | 100,645 | L(24), D(92), O(4) | ||||||||
Loan | 32 | Landmark Self Storage | 2017 | 84,120 | Sq. Ft. | 33 | L(24), YM1(93), O(3) | 05/31/2019 | 526,895 | 179,879 | 347,016 | 12/31/2018 | 490,491 | 174,676 | |
Loan | 33 | 183 Eldert | 2018 | 6 | Units | 450,000 | L(24), D(93), O(3) | 05/31/2019 | 194,064 | 20,303 | 173,761 |
A-1-4
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Second | Third Most | Third | Third | Third | ||||||||||||||
Most Recent | Recent Operating | Most Recent | Most Recent | Most Recent | Underwritten NOI | Underwritten NCF | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Ownership | Ground Lease | |||
Loan | ID | Property Name(2) | NOI($) | Statements Date | EGI($) | Expenses($) | NOI($) | Debt Yield(11) | Debt Yield(11) | Revenue($) | EGI($) | Expenses($) | NOI ($)(12) | Reserves($) | TI/LC($) | NCF ($) | Interest | Expiration(19) |
Loan | 1 | 888 Figueroa | 9,807,352 | 12/31/2017 | 14,519,558 | 4,343,871 | 10,175,687 | 10.1% | 9.5% | 19,934,661 | 17,410,098 | 5,742,216 | 11,667,882 | 80,827 | 606,204 | 10,980,851 | Fee Simple | |
Loan | 2 | Woodlands Mall(31)(32)(33) | 43,176,859 | 12/31/2017 | 51,530,705 | 10,009,375 | 41,521,330 | 17.4% | 17.0% | 56,897,203 | 53,931,267 | 10,814,593 | 43,116,674 | 151,646 | 758,231 | 42,206,797 | Fee Simple | |
Loan | 3 | Hilton Penn’s Landing | 7,987,911 | 12/31/2017 | 30,581,117 | 23,737,187 | 6,843,930 | 12.5% | 10.5% | 34,817,309 | 34,817,309 | 26,090,071 | 8,727,238 | 1,392,692 | 7,334,546 | Leasehold | 10/02/2029 | |
Loan | 4 | Uline Arena(33) | 2,859,908 | 7.4% | 7.2% | 14,470,452 | 13,322,582 | 4,431,507 | 8,891,075 | 24,838 | 248,381 | 8,617,856 | Fee Simple | |||||
Loan | 5 | 171 N Aberdeen | 9.0% | 8.8% | 5,174,334 | 4,908,103 | 1,215,032 | 3,693,071 | 26,404 | 60,010 | 3,606,657 | Fee Simple | ||||||
Loan | 6 | Lakewood Square | 3,697,495 | 12/31/2017 | 4,624,003 | 1,127,792 | 3,496,211 | 9.0% | 8.4% | 5,134,909 | 4,879,333 | 1,191,551 | 3,687,782 | 41,259 | 187,542 | 3,458,981 | Fee Simple | |
Loan | 7 | 505 Fulton Street | 8,737,593 | 12/31/2017 | 9,688,129 | 883,675 | 8,804,454 | 9.9% | 9.6% | 10,027,509 | 9,606,189 | 1,161,763 | 8,444,426 | 17,131 | 293,224 | 8,134,071 | Fee Simple | |
Loan | 8 | Pharr Town Center | 5,455,644 | 8.6% | 8.2% | 9,390,414 | 8,952,839 | 2,942,618 | 6,010,221 | 52,538 | 218,908 | 5,738,775 | Fee Simple | |||||
Loan | 9 | Wind Creek Leased Fee | 7.1% | 7.1% | 10,402,235 | 10,402,235 | 10,402,235 | 10,402,235 | Fee Simple | |||||||||
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | 13.2% | 13.2% | 59,107,320 | 57,629,637 | 11,259,997 | 46,369,641 | 145,025 | 46,224,616 | Fee Simple | |||||||
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 5,432,833 | 12/31/2017 | 20,601,861 | 15,840,158 | 4,761,703 | 14.9% | 12.3% | 22,354,546 | 22,354,546 | 17,279,442 | 5,075,104 | 894,182 | 4,180,922 | Fee Simple | ||
Loan | 12 | Crescent Club(32) | 4,238,857 | 12/31/2017 | 5,321,470 | 1,181,343 | 4,140,127 | 14.6% | 14.5% | 6,245,187 | 5,847,996 | 1,819,317 | 4,028,679 | 28,924 | 3,999,755 | Fee Simple | ||
Loan | 13 | Victory Plaza(33) | 2,453,665 | 12/31/2017 | 2,331,678 | 665,594 | 1,666,084 | 10.3% | 9.9% | 3,880,860 | 3,688,129 | 912,743 | 2,775,386 | 23,219 | 68,276 | 2,683,891 | Fee Simple | |
Loan | 14 | Boca Raton Design Center | 2,339,522 | 12/31/2017 | 3,181,622 | 980,412 | 2,201,210 | 9.8% | 9.5% | 3,430,442 | 3,290,829 | 934,514 | 2,356,315 | 38,229 | 39,912 | 2,278,174 | Fee Simple | |
Loan | 15 | Liberty MA Portfolio | 3,758,395 | 12/31/2017 | 4,686,493 | 1,458,815 | 3,227,678 | 10.9% | 10.0% | 6,169,598 | 5,713,521 | 1,854,129 | 3,859,392 | 54,070 | 270,352 | 3,534,970 | Fee Simple | |
Property | 15.01 | 10-14 New Bond | 2,666,887 | 12/31/2017 | 2,760,566 | 695,256 | 2,065,310 | 4,083,892 | 3,732,100 | 968,845 | 2,763,255 | 41,636 | 208,181 | 2,513,438 | Fee Simple | |||
Property | 15.02 | 151 West Boylston | 734,869 | 12/31/2017 | 1,246,603 | 473,362 | 773,241 | 1,346,935 | 1,279,588 | 541,003 | 738,585 | 7,556 | 37,778 | 693,252 | Fee Simple | |||
Property | 15.03 | 8 New Bond | 356,640 | 12/31/2017 | 679,324 | 290,197 | 389,127 | 738,771 | 701,832 | 344,280 | 357,552 | 4,879 | 24,393 | 328,280 | Fee Simple | |||
Loan | 16 | 1440 N Dayton | -8,052 | 9.0% | 8.8% | 2,489,221 | 2,304,521 | 597,247 | 1,707,274 | 13,123 | 23,918 | 1,670,233 | Fee Simple | |||||
Loan | 17 | 63 Spring Street | 1,330,356 | 12/31/2017 | 1,507,057 | 111,117 | 1,395,940 | 7.0% | 7.0% | 1,496,958 | 1,428,072 | 138,912 | 1,289,160 | 1,308 | 1,140 | 1,286,712 | Fee Simple | |
Loan | 18 | Visions Hotel Portfolio II | 8,981,414 | 12/31/2017 | 21,496,761 | 13,798,733 | 7,698,028 | 14.3% | 12.7% | 24,478,404 | 24,478,404 | 15,598,613 | 8,879,791 | 979,136 | 7,900,655 | Various | ||
Property | 18.01 | Courtyard Horseheads | 1,042,319 | 12/31/2017 | 2,345,420 | 1,477,187 | 868,233 | 2,689,847 | 2,689,847 | 1,650,391 | 1,039,456 | 107,594 | 931,862 | Fee Simple | ||||
Property | 18.02 | Home2 Suites Oswego | 962,505 | 12/31/2017 | 770,079 | 534,999 | 235,080 | 2,549,099 | 2,549,099 | 1,297,825 | 1,251,274 | 101,964 | 1,149,310 | Fee Simple | ||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | 941,390 | 12/31/2017 | 3,611,778 | 2,451,965 | 1,159,813 | 3,292,028 | 3,292,028 | 2,412,968 | 879,060 | 131,681 | 747,379 | Leasehold | 08/31/2050 | |||
Property | 18.04 | Hampton Inn Corning Painted Post | 932,941 | 12/31/2017 | 2,338,694 | 1,376,969 | 961,725 | 2,335,704 | 2,335,704 | 1,481,764 | 853,939 | 93,428 | 760,511 | Fee Simple | ||||
Property | 18.05 | Home2 Suites Rochester Henrietta | 1,153,451 | 12/31/2017 | 2,843,589 | 1,680,601 | 1,162,988 | 2,988,510 | 2,988,510 | 1,943,923 | 1,044,587 | 119,540 | 925,047 | Leasehold | 12/31/2051 | |||
Property | 18.06 | Holiday Inn Express Olean | 904,016 | 12/31/2017 | 2,120,985 | 1,328,436 | 792,549 | 2,292,219 | 2,292,219 | 1,398,357 | 893,862 | 91,689 | 802,173 | Fee Simple | ||||
Property | 18.07 | Fairfield Inn Watertown | 864,109 | 12/31/2017 | 2,395,724 | 1,559,674 | 836,050 | 2,460,572 | 2,460,572 | 1,599,236 | 861,336 | 98,423 | 762,913 | Fee Simple | ||||
Property | 18.08 | Holiday Inn Express Canandaigua | 690,256 | 12/31/2017 | 1,838,441 | 1,240,247 | 598,194 | 2,094,518 | 2,094,518 | 1,407,496 | 687,023 | 83,781 | 603,242 | Fee Simple | ||||
Property | 18.09 | Candlewood Suites Watertown | 970,958 | 12/31/2017 | 1,995,727 | 1,186,461 | 809,266 | 2,216,056 | 2,216,056 | 1,295,547 | 920,508 | 88,642 | 831,866 | Fee Simple | ||||
Property | 18.10 | Candlewood Suites Sayre | 519,468 | 12/31/2017 | 1,236,324 | 962,194 | 274,130 | 1,559,850 | 1,559,850 | 1,111,103 | 448,747 | 62,394 | 386,353 | Leasehold | 12/02/2041 | |||
Loan | 19 | Hilton Garden Inn Sugarland | 1,926,109 | 12/31/2017 | 7,542,542 | 5,254,537 | 2,288,005 | 11.0% | 9.4% | 6,896,970 | 6,896,970 | 5,044,321 | 1,852,649 | 275,879 | 1,576,770 | Fee Simple | ||
Loan | 20 | Timlin Portfolio(33) | 1,605,561 | 12/31/2017 | 1,847,003 | 379,433 | 1,467,570 | 10.5% | 9.6% | 2,367,322 | 2,163,710 | 607,475 | 1,556,235 | 59,428 | 69,771 | 1,427,037 | Fee Simple | |
Property | 20.01 | Timlin Portfolio - Industrial | 960,829 | 12/31/2017 | 1,000,358 | 145,784 | 854,574 | 1,329,675 | 1,263,191 | 333,838 | 929,353 | 46,247 | 21,960 | 861,146 | Fee Simple | |||
Property | 20.02 | Timlin Portfolio - Medical Office | 473,569 | 12/31/2017 | 631,091 | 203,143 | 427,948 | 738,843 | 616,655 | 204,703 | 411,951 | 10,499 | 24,121 | 377,332 | Fee Simple | |||
Property | 20.03 | Timlin Portfolio - Retail | 171,162 | 12/31/2017 | 215,554 | 30,506 | 185,048 | 298,805 | 283,865 | 68,934 | 214,931 | 2,682 | 23,690 | 188,559 | Fee Simple | |||
Loan | 21 | The Real Real | 8.6% | 8.3% | 1,482,218 | 1,410,387 | 154,021 | 1,256,365 | 4,750 | 44,535 | 1,207,080 | Fee Simple | ||||||
Loan | 22 | Heritage & Villa Apartments | 875,459 | 9.0% | 8.5% | 2,034,312 | 1,959,028 | 879,620 | 1,079,409 | 65,031 | 1,014,378 | Fee Simple | ||||||
Property | 22.01 | Heritage Place Apartments | 512,127 | 1,110,240 | 1,056,823 | 497,886 | 558,937 | 33,332 | 525,604 | Fee Simple | ||||||||
Property | 22.02 | Villa Glen Apartments | 363,331 | 924,072 | 902,205 | 381,733 | 520,472 | 31,698 | 488,774 | Fee Simple | ||||||||
Loan | 23 | Cypress Corporate Plaza | 313,206 | 12/31/2017 | 1,136,067 | 691,722 | 444,345 | 12.5% | 11.8% | 2,178,193 | 2,017,711 | 855,273 | 1,162,438 | 27,367 | 38,485 | 1,096,586 | Fee Simple | |
Loan | 24 | Bountiful Plaza | 715,026 | 12/31/2017 | 1,085,061 | 269,190 | 815,871 | 10.2% | 9.6% | 1,296,807 | 1,176,878 | 272,922 | 903,956 | 15,726 | 34,186 | 854,044 | Fee Simple | |
Loan | 25 | Holiday Inn Express - Bluffton(33) | 1,187,272 | 12/31/2017 | 3,241,890 | 2,106,300 | 1,135,590 | 14.3% | 12.7% | 3,438,489 | 3,438,489 | 2,201,287 | 1,237,202 | 137,540 | 1,099,662 | Fee Simple | ||
Loan | 26 | Walmart Palm Desert | 664,545 | 12/31/2017 | 988,391 | 246,534 | 741,857 | 9.1% | 8.7% | 1,050,310 | 997,794 | 320,934 | 676,860 | 6,847 | 22,824 | 647,189 | Fee Simple | |
Loan | 27 | Surfside Storage | 592,220 | 12/31/2017 | 766,014 | 177,718 | 588,297 | 8.6% | 8.5% | 892,949 | 794,957 | 201,166 | 593,791 | 8,145 | 585,646 | Fee Simple | ||
Loan | 28 | Crown on 7th | 522,220 | 12/31/2017 | 505,138 | 149,726 | 355,412 | 9.9% | 9.5% | 992,693 | 916,377 | 242,726 | 673,651 | 4,071 | 25,442 | 644,138 | Fee Simple | |
Loan | 29 | Compass Self Storage Largo | 623,032 | 12/31/2017 | 848,607 | 318,504 | 530,103 | 8.9% | 8.8% | 1,052,783 | 953,272 | 369,746 | 583,526 | 9,136 | 574,389 | Fee Simple | ||
Loan | 30 | Floresta | 867,669 | 12/31/2017 | 923,727 | 242,530 | 681,197 | 16.1% | 14.6% | 1,396,935 | 1,292,618 | 277,575 | 1,015,043 | 37,893 | 59,830 | 917,320 | Fee Simple | |
Loan | 31 | Giardino aPodments | 7.9% | 7.7% | 718,380 | 699,961 | 209,977 | 489,984 | 9,300 | 480,684 | Fee Simple | |||||||
Loan | 32 | Landmark Self Storage | 315,816 | 12/31/2017 | 435,147 | 165,945 | 269,202 | 12.4% | 12.1% | 694,980 | 526,895 | 183,873 | 343,022 | 8,412 | 334,610 | Fee Simple | ||
Loan | 33 | 183 Eldert | 7.1% | 7.1% | 230,640 | 223,721 | 31,426 | 192,295 | 1,500 | 190,795 | Fee Simple |
A-1-5
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Ground Lease | Lease | Lease | Lease | |||||||||
Loan | ID | Property Name(2) | Extension Terms(19) | Largest Tenant(21)(22)(23) | SF | Expiration | 2nd Largest Tenant(20)(21)(23) | SF | Expiration | 3rd Largest Tenant(20)(21)(22)(23) | SF | Expiration |
Loan | 1 | 888 Figueroa | NBC Operating (TJX Companies) | 98,467 | 12/31/2031 | State of CA | 49,180 | 11/30/2024 | GSA | 42,610 | 10/31/2029 | |
Loan | 2 | Woodlands Mall(31)(32)(33) | Forever 21 | 85,150 | 06/30/2025 | Dick’s Sporting Goods | 83,075 | 01/31/2027 | Barnes & Noble Bookseller | 30,471 | 01/31/2020 | |
Loan | 3 | Hilton Penn’s Landing | 1 24-year extension option, 1 21-year, 7 month extension opton | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 4 | Uline Arena(33) | Recreational Equipment, Inc. | 51,159 | 02/29/2032 | RGN National Business Center | 43,680 | 10/31/2033 | Pact, Inc. | 39,137 | 04/30/2035 | |
Loan | 5 | 171 N Aberdeen | Medici | 63,815 | 09/30/2028 | Industrious | 41,612 | 12/31/2027 | Northwestern Memorial Hospital | 5,995 | 06/30/2029 | |
Loan | 6 | Lakewood Square | Hobby Lobby | 48,857 | 07/31/2022 | Michaels Stores, Inc. | 20,800 | 07/31/2022 | Cost Plus | 20,032 | 01/31/2023 | |
Loan | 7 | 505 Fulton Street | Nordstrom Rack | 40,523 | 04/30/2024 | H&M | 29,600 | 01/31/2029 | Old Navy | 22,477 | 06/30/2025 | |
Loan | 8 | Pharr Town Center | Academy | 71,821 | 03/31/2031 | Cinemark | 63,504 | 12/31/2028 | Main Event | 58,000 | 08/31/2029 | |
Loan | 9 | Wind Creek Leased Fee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | Facebook, Inc. | 701,266 | 05/31/2034 | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 12 | Crescent Club(32) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 13 | Victory Plaza(33) | Vallarta Supermarket | 31,117 | 11/30/2033 | LA Fitness | 28,830 | 12/31/2025 | Petco | 15,000 | 01/31/2028 | |
Loan | 14 | Boca Raton Design Center | Broadbandone Inc. | 32,850 | 01/31/2021 | Twisters | 14,750 | 05/31/2020 | Kabafusion | 7,000 | 12/31/2019 | |
Loan | 15 | Liberty MA Portfolio | ||||||||||
Property | 15.01 | 10-14 New Bond | Central MA Spec. Ed | 118,068 | 08/31/2027 | A. Schulman, Inc. | 73,859 | 09/30/2020 | Reed Machinery, Inc | 25,242 | 12/31/2021 | |
Property | 15.02 | 151 West Boylston | Commonwealth of Mass (DCF East) | 24,268 | 08/03/2024 | Commonwealth of Mass (Lottery) | 17,400 | 01/22/2021 | U.S Government (USDA Asian Beetle) | 8,702 | 08/31/2019 | |
Property | 15.03 | 8 New Bond | Commonwealth of MA (DEP) | 32,524 | 11/16/2024 | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 16 | 1440 N Dayton | Ann & Robert H. Lurie Children’s Hospital of Chicago | 41,696 | 05/31/2031 | Fusion Learning, Inc. | 10,248 | 10/31/2027 | Nth Degree Fitness | 3,368 | 08/31/2024 | |
Loan | 17 | 63 Spring Street | L’Occitane | 800 | 01/31/2029 | Brodo | 300 | 03/31/2030 | Baked by Melissa (Window) | 40 | 08/31/2027 | |
Loan | 18 | Visions Hotel Portfolio II | ||||||||||
Property | 18.01 | Courtyard Horseheads | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.02 | Home2 Suites Oswego | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 18.04 | Hampton Inn Corning Painted Post | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.05 | Home2 Suites Rochester Henrietta | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Property | 18.06 | Holiday Inn Express Olean | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.07 | Fairfield Inn Watertown | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.08 | Holiday Inn Express Canandaigua | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.09 | Candlewood Suites Watertown | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 18.10 | Candlewood Suites Sayre | Yes | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Loan | 19 | Hilton Garden Inn Sugarland | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 20 | Timlin Portfolio(33) | ||||||||||
Property | 20.01 | Timlin Portfolio - Industrial | Dal-Tile Corporation | 21,744 | 06/30/2021 | World Stone Group | 17,250 | 05/31/2023 | Suburban Motors | 13,633 | 03/31/2020 | |
Property | 20.02 | Timlin Portfolio - Medical Office | Krystyna Ejsmont, Inc. | 3,750 | 02/28/2025 | Cari M. Zupko, DDS, MS, PLLC | 2,900 | 06/30/2022 | Body of Learning | 2,455 | 04/30/2024 | |
Property | 20.03 | Timlin Portfolio - Retail | Vitamin Shoppe | 4,672 | 10/31/2022 | Aspen + Grey | 2,080 | 05/31/2024 | Batteries Plus | 1,899 | 10/31/2023 | |
Loan | 21 | The Real Real | The Real Real | 29,690 | 06/30/2027 | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 22 | Heritage & Villa Apartments | ||||||||||
Property | 22.01 | Heritage Place Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Property | 22.02 | Villa Glen Apartments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 23 | Cypress Corporate Plaza | Exemplis, LLC | 22,889 | 01/31/2024 | Rockwell Automation | 17,622 | 11/22/2023 | Bowermaster and Associates Insurance Agency, Inc | 10,718 | 03/31/2022 | |
Loan | 24 | Bountiful Plaza | Savers (Subleased to DownEast) | 25,633 | 05/31/2024 | Planet Fitness | 18,472 | 05/31/2024 | Carl’s JR | 5,049 | 12/31/2027 | |
Loan | 25 | Holiday Inn Express - Bluffton(33) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 26 | Walmart Palm Desert | Walmart | 45,648 | 02/19/2027 | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 27 | Surfside Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 28 | Crown on 7th | The Smelly Dog | 4,936 | 10/31/2028 | Wildflower Bread Company | 4,111 | 07/31/2027 | Phoenix Ale Brewery Central Kitchen | 3,617 | 01/31/2026 | |
Loan | 29 | Compass Self Storage Largo | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 30 | Floresta | MMC Inc | 19,870 | 03/31/2022 | All American Finishing | 18,265 | 08/14/2019 | Vegas VIP, LLC | 15,000 | 03/31/2020 | |
Loan | 31 | Giardino aPodments | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 32 | Landmark Self Storage | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 33 | 183 Eldert | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-6
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Upfront | |||||||||||
Lease | Lease | Occupancy | Replacement | ||||||||
Loan | ID | Property Name(2) | 4th Largest Tenant(21)(23) | SF | Expiration | 5th Largest Tenant(20)(21)(23) | SF | Expiration | Occupancy | As-of Date | Reserves($)(25) |
Loan | 1 | 888 Figueroa | Englekirk Structural Engineers | 19,516 | 03/31/2029 | First Republic Bank | 15,093 | 09/30/2027 | 84.8% | 07/23/2019 | |
Loan | 2 | Woodlands Mall(31)(32)(33) | Woodlands Financial Group | 22,359 | 03/31/2027 | Macy’s Children’s | 17,161 | 01/31/2022 | 95.8% | 05/28/2019 | |
Loan | 3 | Hilton Penn’s Landing | NAP | NAP | NAP | NAP | NAP | NAP | 86.8% | 05/31/2019 | |
Loan | 4 | Uline Arena(33) | Davis Memorial Goodwill | 23,968 | 07/31/2035 | Antunovich Associates | 10,353 | 09/30/2029 | 92.1% | 07/26/2019 | |
Loan | 5 | 171 N Aberdeen | Dream Town Shoes | 3,546 | 07/31/2024 | Capriotti’s Sandwich Shop | 2,115 | 08/31/2027 | 100.0% | 06/19/2019 | |
Loan | 6 | Lakewood Square | CVS Pharmacy, Inc. | 14,000 | 07/31/2021 | CEC Entertainment, Inc. | 12,185 | 02/05/2024 | 100.0% | 03/31/2019 | |
Loan | 7 | 505 Fulton Street | TJ Maxx | 21,609 | 04/30/2024 | NAP | NAP | NAP | 100.0% | 07/01/2019 | |
Loan | 8 | Pharr Town Center | Ross Dress for Less | 28,000 | 01/31/2028 | Buy Buy Baby | 25,056 | 01/31/2028 | 97.3% | 06/25/2019 | |
Loan | 9 | Wind Creek Leased Fee | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | |
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 08/06/2019 | |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | NAP | NAP | NAP | NAP | NAP | NAP | 84.7% | 05/31/2019 | |
Loan | 12 | Crescent Club(32) | NAP | NAP | NAP | NAP | NAP | NAP | 96.2% | 06/24/2019 | 100,000 |
Loan | 13 | Victory Plaza(33) | CVS Pharmacy | 13,478 | 10/21/2022 | US Renal Care | 12,199 | 12/31/2029 | 100.0% | 07/22/2019 | |
Loan | 14 | Boca Raton Design Center | MDG Advertising Inc. | 5,950 | 08/31/2019 | Merle Wood Associates | 5,800 | 04/30/2020 | 95.9% | 07/19/2019 | |
Loan | 15 | Liberty MA Portfolio | 86.1% | 06/20/2019 | 100,000 | ||||||
Property | 15.01 | 10-14 New Bond | United Rentals | 10,150 | 02/28/2027 | NAP | NAP | NAP | 81.9% | 06/20/2019 | |
Property | 15.02 | 151 West Boylston | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 06/20/2019 | |
Property | 15.03 | 8 New Bond | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 06/20/2019 | |
Loan | 16 | 1440 N Dayton | Codeverse | 2,914 | 12/31/2026 | NAP | NAP | NAP | 88.7% | 06/28/2019 | |
Loan | 17 | 63 Spring Street | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 05/01/2019 | |
Loan | 18 | Visions Hotel Portfolio II | 64.1% | 03/31/2019 | |||||||
Property | 18.01 | Courtyard Horseheads | NAP | NAP | NAP | NAP | NAP | NAP | 55.7% | 03/31/2019 | |
Property | 18.02 | Home2 Suites Oswego | NAP | NAP | NAP | NAP | NAP | NAP | 61.5% | 03/31/2019 | |
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | NAP | NAP | NAP | NAP | NAP | NAP | 62.2% | 03/31/2019 | |
Property | 18.04 | Hampton Inn Corning Painted Post | NAP | NAP | NAP | NAP | NAP | NAP | 49.7% | 03/31/2019 | |
Property | 18.05 | Home2 Suites Rochester Henrietta | NAP | NAP | NAP | NAP | NAP | NAP | 78.3% | 03/31/2019 | |
Property | 18.06 | Holiday Inn Express Olean | NAP | NAP | NAP | NAP | NAP | NAP | 68.5% | 03/31/2019 | |
Property | 18.07 | Fairfield Inn Watertown | NAP | NAP | NAP | NAP | NAP | NAP | 65.7% | 03/31/2019 | |
Property | 18.08 | Holiday Inn Express Canandaigua | NAP | NAP | NAP | NAP | NAP | NAP | 61.8% | 03/31/2019 | |
Property | 18.09 | Candlewood Suites Watertown | NAP | NAP | NAP | NAP | NAP | NAP | 68.9% | 03/31/2019 | |
Property | 18.10 | Candlewood Suites Sayre | NAP | NAP | NAP | NAP | NAP | NAP | 69.5% | 03/31/2019 | |
Loan | 19 | Hilton Garden Inn Sugarland | NAP | NAP | NAP | NAP | NAP | NAP | 66.2% | 05/31/2019 | |
Loan | 20 | Timlin Portfolio(33) | 98.5% | 06/01/2019 | 228,234 | ||||||
Property | 20.01 | Timlin Portfolio - Industrial | NorthStar Sourcing | 13,633 | 04/30/2024 | Global Alliance | 12,657 | 06/30/2024 | 100.0% | 06/01/2019 | |
Property | 20.02 | Timlin Portfolio - Medical Office | Beverly Hills Group Therapy | 2,250 | 08/31/2026 | Paul Darmon, DDS, PC | 2,000 | 06/30/2024 | 90.0% | 06/01/2019 | |
Property | 20.03 | Timlin Portfolio - Retail | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 06/01/2019 | |
Loan | 21 | The Real Real | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 08/06/2019 | |
Loan | 22 | Heritage & Villa Apartments | 97.5% | 05/31/2019 | |||||||
Property | 22.01 | Heritage Place Apartments | NAP | NAP | NAP | NAP | NAP | NAP | 96.9% | 05/31/2019 | |
Property | 22.02 | Villa Glen Apartments | NAP | NAP | NAP | NAP | NAP | NAP | 98.3% | 05/31/2019 | |
Loan | 23 | Cypress Corporate Plaza | Tad PGS, Inc dba Adecco | 5,367 | 09/30/2024 | Reid Group Enterprises, Inc dba Twentytwenty Insurance Services | 5,037 | 05/31/2023 | 96.0% | 04/30/2019 | |
Loan | 24 | Bountiful Plaza | Corner Bakery | 3,850 | 07/31/2024 | Brain Balance Achievement Centers | 3,562 | 12/31/2022 | 92.8% | 05/31/2019 | |
Loan | 25 | Holiday Inn Express - Bluffton(33) | NAP | NAP | NAP | NAP | NAP | NAP | 71.3% | 05/31/2019 | |
Loan | 26 | Walmart Palm Desert | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 08/01/2019 | |
Loan | 27 | Surfside Storage | NAP | NAP | NAP | NAP | NAP | NAP | 98.3% | 06/30/2019 | |
Loan | 28 | Crown on 7th | Pubblico Italian Eatery | 2,647 | 11/30/2027 | The Womack | 2,155 | 10/31/2026 | 100.0% | 06/10/2019 | |
Loan | 29 | Compass Self Storage Largo | NAP | NAP | NAP | NAP | NAP | NAP | 89.1% | 04/17/2019 | |
Loan | 30 | Floresta | M-Core Construction | 14,930 | 09/30/2020 | All Convention Services, Inc. | 10,000 | 02/28/2022 | 97.5% | 06/26/2019 | |
Loan | 31 | Giardino aPodments | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 06/30/2019 | |
Loan | 32 | Landmark Self Storage | NAP | NAP | NAP | NAP | NAP | NAP | 80.1% | 06/10/2019 | |
Loan | 33 | 183 Eldert | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 06/24/2019 | 7,500 |
A-1-7
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Monthly | Upfront | Monthly | Upfront | Monthly | Upfront | Monthly | |||
Replacement | TI/LC | TI/LC | Tax | Tax | Insurance | Insurance | |||
Loan | ID | Property Name(2) | Reserves ($)(26)(27)(28) | Reserves ($)(25) | Reserves ($)(26)(28) | Reserves ($)(25) | Reserves ($)(26) | Reserves($)(25) | Reserves ($)(26) |
Loan | 1 | 888 Figueroa | 5,050 | 1,645,592 | 17,055 | 314,024 | 78,506 | Springing | |
Loan | 2 | Woodlands Mall(31)(32)(33) | Springing | Springing | Springing | Springing | |||
Loan | 3 | Hilton Penn’s Landing | Greatest of (i) four percent (4.0%) of the projected Gross Revenue for the Property for the prior month as set forth in the most recent Approved Annual Budget, (ii) the then-current amount required by the Management Agreement and (iii) the then-current amount required by the Franchise Agreement for Approved Capital Expenditures and the repair and replacement of the FF&E | 545,572 | 77,939 | 28,176 | 4,025 | ||
Loan | 4 | Uline Arena(33) | 2,070 | 20,698 | 1,215,000 | 202,500 | Springing | ||
Loan | 5 | 171 N Aberdeen | 500 | 705,700 | 1,000 | 83,596 | 13,933 | 48,192 | 5,355 |
Loan | 6 | Lakewood Square | 3,438 | 15,629 | 157,467 | 39,367 | Springing | ||
Loan | 7 | 505 Fulton Street | 1,428 | 77,234 | 38,617 | Springing | |||
Loan | 8 | Pharr Town Center | 4,378 | 101,284 | 18,242 | Springing | 37,602 | Springing | |
Loan | 9 | Wind Creek Leased Fee | Springing | Springing | Springing | ||||
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | Springing | 23,165,933 | 525,523 | 87,587 | Springing | ||
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | Greatest of (i) the deposit required by Franchisor on account of FF&E under the Franchise Agreement, (ii) 1/12th of 4% of the gross income for the Property during the immediately preceding calendar year, and (iii) 1/12th of 4% of the gross income for the Property in the projected budget for the immediately succeeding year | 131,970 | 26,394 | 98,383 | 6,887 | ||
Loan | 12 | Crescent Club(32) | Springing | 10,500 | 5,250 | 27,181 | 5,256 | ||
Loan | 13 | Victory Plaza(33) | 1,932 | 1,164,688 | 8,523 | 82,970 | 21,530 | Springing | |
Loan | 14 | Boca Raton Design Center | 3,183 | 3,326 | 67,050 | 33,525 | 110,838 | 12,758 | |
Loan | 15 | Liberty MA Portfolio | Springing | 500,000 | 22,529 | 50,850 | 50,850 | 100,000 | |
Property | 15.01 | 10-14 New Bond | |||||||
Property | 15.02 | 151 West Boylston | |||||||
Property | 15.03 | 8 New Bond | |||||||
Loan | 16 | 1440 N Dayton | 1,367 | 796,516 | 5,471 | 9,863 | 9,863 | 21,091 | 2,109 |
Loan | 17 | 63 Spring Street | 109 | 96 | 5,971 | 5,971 | 6,074 | 1,026 | |
Loan | 18 | Visions Hotel Portfolio II | 1/12th of 2% of the monthly Total Gross Revenues | 950,268 | 112,167 | 83,002 | 27,620 | ||
Property | 18.01 | Courtyard Horseheads | |||||||
Property | 18.02 | Home2 Suites Oswego | |||||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | |||||||
Property | 18.04 | Hampton Inn Corning Painted Post | |||||||
Property | 18.05 | Home2 Suites Rochester Henrietta | |||||||
Property | 18.06 | Holiday Inn Express Olean | |||||||
Property | 18.07 | Fairfield Inn Watertown | |||||||
Property | 18.08 | Holiday Inn Express Canandaigua | |||||||
Property | 18.09 | Candlewood Suites Watertown | |||||||
Property | 18.10 | Candlewood Suites Sayre | |||||||
Loan | 19 | Hilton Garden Inn Sugarland | 1/12th of 4% of the monthly Total Gross Revenues | 51,049 | 19,132 | 9,566 | |||
Loan | 20 | Timlin Portfolio(33) | 4,943 | 100,000 | 8,333 | 150,000 | Springing | 16,180 | 5,393 |
Property | 20.01 | Timlin Portfolio - Industrial | |||||||
Property | 20.02 | Timlin Portfolio - Medical Office | |||||||
Property | 20.03 | Timlin Portfolio - Retail | |||||||
Loan | 21 | The Real Real | 399 | 742,250 | 3,711 | 30,501 | 7,625 | 1,890 | 1,890 |
Loan | 22 | Heritage & Villa Apartments | 5,419 | 97,736 | 12,217 | 70,083 | 7,008 | ||
Property | 22.01 | Heritage Place Apartments | |||||||
Property | 22.02 | Villa Glen Apartments | |||||||
Loan | 23 | Cypress Corporate Plaza | 2,281 | 229,529 | 10,690 | 59,345 | 14,836 | 2,576 | 1,288 |
Loan | 24 | Bountiful Plaza | 1,310 | 223,437 | 5,679 | 40,947 | 6,825 | Springing | |
Loan | 25 | Holiday Inn Express - Bluffton(33) | Springing | 79,870 | 11,410 | 22,494 | 4,499 | ||
Loan | 26 | Walmart Palm Desert | 532 | 950 | Springing | Springing | |||
Loan | 27 | Surfside Storage | 679 | 23,007 | 2,556 | 5,915 | 1,972 | ||
Loan | 28 | Crown on 7th | 339 | 105,100 | 2,123 | 88,421 | 9,825 | 1,305 | 1,305 |
Loan | 29 | Compass Self Storage Largo | 761 | 64,510 | 7,168 | Springing | |||
Loan | 30 | Floresta | 3,158 | 2,500 | 59,004 | 4,917 | 27,324 | 2,732 | |
Loan | 31 | Giardino aPodments | 775 | 7,083 | 1,417 | Springing | |||
Loan | 32 | Landmark Self Storage | 701 | 1,744 | 1,744 | 5,795 | 828 | ||
Loan | 33 | 183 Eldert | Springing | 1,500 | 750 | 2,668 | 334 |
A-1-8
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Upfront | Upfront | Monthly | Other | Environmental | |||||
Engineering | Other | Other | Reserves | Report | Engineering | ||||
Loan | ID | Property Name(2) | Reserve($)(25) | Reserves ($)(25) | Reserves ($)(26)(27) | Description | Date(29)(30) | Report Date | PML/SEL (%) |
Loan | 1 | 888 Figueroa | 6,912,549 | Free Rent Reserve ($312,549); Earnout Reserve ($6,600,000) | 04/23/2019 | 04/23/2019 | 13.0%; 14.0% | ||
Loan | 2 | Woodlands Mall(31)(32)(33) | 2,174,886 | Springing | Tenant Improvement Reserve ($2,174,886); Major Anchor Sweep Reserve Funds (Monthly Springing: Excess Cash Flow) | 05/03/2019 | 04/28/2019 | NAP | |
Loan | 3 | Hilton Penn’s Landing | 51,250 | 483,334 | Ground Rent Funds (Upfront: $51,250, Monthly Springing: $17,083); Seasonal Working Capital Reserve ($483,334 September-November); PIP Reserve (Monthly Springing: Excess Cash Flow) | 06/13/2019 | 06/13/2019 | NAP | |
Loan | 4 | Uline Arena(33) | 22,995,169 | Springing | Major Tenant Cash Trap Reserve (Monthly Springing: Excess Cash Flow); Free Rent Reserve ($3,300,274); PACT Gap Rent Reserve ($1,533,592); Why Hotel Gap Rent Reserve ($56,708); PACT Additional Gap Rent Reserve (Upfront: $191,699, Monthly: Springing); PACT Free Rent Reserve ($4,156,468); PACT Mezzanine Space Reserve ($1,000,000); PACT Post-Delivery Work Item Reserve ($225,000); Occupancy Reserve ($3,800,000); Why Hotel Free Rent Reserve ($86,497); Why Hotel Landlord Work Reserve ($415,183); Initial TI/LC ($8,229,748) | 07/24/2019 | 07/24/2019 | NAP | |
Loan | 5 | 171 N Aberdeen | 3,837,929 | Free Rent ($537,929) Cash Collateral ($3,300,000) | 10/19/2018 | 10/17/2018 | NAP | ||
Loan | 6 | Lakewood Square | 45,000 | Springing | Approved Leasing Expenses Reserve ($45,000); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) | 05/14/2019 | 05/15/2019 | 12.00% | |
Loan | 7 | 505 Fulton Street | Springing | Condominium Common Charge Funds (Monthly: Springing) | 06/25/2019 | 06/25/2019 | NAP | ||
Loan | 8 | Pharr Town Center | Springing | Cinemark Tenant Sweep Account Funds (Monthly Springing: Excess Cash Flow) | 06/03/2019 | 06/03/2019 | NAP | ||
Loan | 9 | Wind Creek Leased Fee | 1,365,880 | Debt Service Reserve (Upfront: $1,365,879.90); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) | 07/17/2019 | NAP | NAP | ||
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | 16,127,329 | Springing | Rent Concession Reseve (Upfront: 16,127,329); Debt Service Reserve Funds (Monthly: Springing); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) | 05/13/2019 | 05/09/2019 | 3.00% | |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 24,375 | 6,147,912 | PIP Reserve | 06/28/2019 | 06/28/2019 | 16.00% | |
Loan | 12 | Crescent Club(32) | 55,770 | 07/10/2019 | 07/09/2019 | NAP | |||
Loan | 13 | Victory Plaza(33) | Springing | Vallarta Trigger Reserve (Springing) | 10/22/2018 | 10/22/2018 | 9.00% | ||
Loan | 14 | Boca Raton Design Center | 11/06/2018 | 11/06/2018 | NAP | ||||
Loan | 15 | Liberty MA Portfolio | 64,125 | Springing | A. Shulman Reserve (Monthly Springing: Excess Cash Flow); Central MA Special Ed. Reserve (Monthly Springing: Excess Cash Flow) | 07/11/2019 | 07/29/2019 | NAP | |
Property | 15.01 | 10-14 New Bond | 07/11/2019 | 07/29/2019 | NAP | ||||
Property | 15.02 | 151 West Boylston | 07/11/2019 | 07/29/2019 | NAP | ||||
Property | 15.03 | 8 New Bond | 07/11/2019 | 07/29/2019 | NAP | ||||
Loan | 16 | 1440 N Dayton | 162,792 | Free Rent Holdback ($62,792); ADA Compliance Escrow ($100,000) | 06/24/2019 | 10/12/2018 | NAP | ||
Loan | 17 | 63 Spring Street | 14,375 | Springing | L’Occitane Reserve (Springing) | 04/12/2019 | 04/12/2019 | NAP | |
Loan | 18 | Visions Hotel Portfolio II | 1,939,245 | Springing | PIP Reserve ($1,900,000); Ground Rent Reserve (Upfront: $39,245, Monthly: Springing) | Various | 05/01/2019 | NAP | |
Property | 18.01 | Courtyard Horseheads | 05/01/2019 | 05/01/2019 | NAP | ||||
Property | 18.02 | Home2 Suites Oswego | 05/01/2019 | 05/01/2019 | NAP | ||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | 05/01/2019 | 05/01/2019 | NAP | ||||
Property | 18.04 | Hampton Inn Corning Painted Post | 05/01/2019 | 05/01/2019 | NAP | ||||
Property | 18.05 | Home2 Suites Rochester Henrietta | 05/10/2019 | 05/01/2019 | NAP | ||||
Property | 18.06 | Holiday Inn Express Olean | 05/10/2019 | 05/01/2019 | NAP | ||||
Property | 18.07 | Fairfield Inn Watertown | 05/01/2019 | 05/01/2019 | NAP | ||||
Property | 18.08 | Holiday Inn Express Canandaigua | 05/02/2019 | 05/01/2019 | NAP | ||||
Property | 18.09 | Candlewood Suites Watertown | 05/01/2019 | 05/01/2019 | NAP | ||||
Property | 18.10 | Candlewood Suites Sayre | 05/01/2019 | 05/01/2019 | NAP | ||||
Loan | 19 | Hilton Garden Inn Sugarland | 5,264,750 | PIP Reserve (Springing) | 11/07/2018 | 11/07/2018 | NAP | ||
Loan | 20 | Timlin Portfolio(33) | 71,766 | 47,646 | Unfunded Obligations Reserve | Various | Various | NAP | |
Property | 20.01 | Timlin Portfolio - Industrial | 06/07/2019 | 06/07/2019 | NAP | ||||
Property | 20.02 | Timlin Portfolio - Medical Office | 06/07/2019 | 06/07/2019 | NAP | ||||
Property | 20.03 | Timlin Portfolio - Retail | 06/10/2019 | 06/06/2019 | NAP | ||||
Loan | 21 | The Real Real | 400,652 | 11,147 | Free Rent Reserve (Upfront: $400,652; Monthly: $11,147); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) | 06/13/2019 | 06/14/2019 | 14.00% | |
Loan | 22 | Heritage & Villa Apartments | 90,638 | Various | 07/24/2019 | NAP | |||
Property | 22.01 | Heritage Place Apartments | 06/13/2019 | 07/24/2019 | NAP | ||||
Property | 22.02 | Villa Glen Apartments | 06/12/2019 | 07/24/2019 | NAP | ||||
Loan | 23 | Cypress Corporate Plaza | 53,020 | Springing | Lease Sweep Funds (Monthly Springing: Excess Cash Flow) | 05/17/2019 | 05/17/2019 | 14.00% | |
Loan | 24 | Bountiful Plaza | Springing | Junior Anchor Lease First Renewal Reserve (Springing); Junior Anchor Lease Second Renewal Reserve (Springing) | 03/13/2019 | 01/17/2019 | 8.00% | ||
Loan | 25 | Holiday Inn Express - Bluffton(33) | 22,563 | 2,865,776 | PIP Reserve | 06/18/2019 | 06/18/2019 | NAP | |
Loan | 26 | Walmart Palm Desert | 10/11/2018 | 10/11/2018 | 13.00% | ||||
Loan | 27 | Surfside Storage | 05/16/2019 | 05/16/2019 | NAP | ||||
Loan | 28 | Crown on 7th | 4,362 | Free Rent Reserve | 06/12/2019 | 06/12/2019 | NAP | ||
Loan | 29 | Compass Self Storage Largo | 04/12/2019 | 04/10/2019 | NAP | ||||
Loan | 30 | Floresta | 46,191 | 4,533 | Code Violations Reserve | 04/24/2019 | 04/24/2019 | NAP | |
Loan | 31 | Giardino aPodments | 06/21/2019 | 06/21/2019 | 8.00% | ||||
Loan | 32 | Landmark Self Storage | 06/24/2019 | 06/24/2019 | NAP | ||||
Loan | 33 | 183 Eldert | 1,800 | 06/18/2019 | 07/23/2019 | NAP |
A-1-9
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Franchise | ||||||||
Expiration | Loan | |||||||
Loan | ID | Property Name(2) | Date | Purpose | Sponsor(24) | Guarantor | Previous Securitization | Non-Trust Pari Passu Original Balance |
Loan | 1 | 888 Figueroa | NAP | Refinance | David Taban | David Taban | NAP | 40,000,000 |
Loan | 2 | Woodlands Mall(31)(32)(33) | NAP | Refinance | Brookfield Property REIT Inc.; Brookfield Property Partners L.P.; Brookfield Asset Management Inc. | BPR OP, LP (F/K/A GGP Operating Partnership, LP) | NAP | 177,600,000 |
Loan | 3 | Hilton Penn’s Landing | 02/28/2035 | Refinance | Daniel J. Keating, III | Daniel J. Keating, III | NAP | |
Loan | 4 | Uline Arena(33) | NAP | Refinance | Norman Jemal | Norman Jemal | NAP | 78,000,000 |
Loan | 5 | 171 N Aberdeen | NAP | Refinance | Michael Golden; Thaddeus Wong | Michael Golden; Thaddeus Wong | NAP | |
Loan | 6 | Lakewood Square | NAP | Refinance | D. John Miller; Lindsay Parton; Eric Sahn | D. John Miller; Lindsay Parton; Eric Sahn | NAP | |
Loan | 7 | 505 Fulton Street | NAP | Refinance | Albert Laboz; Jason Laboz; Joseph Jody Laboz | Albert Laboz; Jason Laboz; Joseph Jody Laboz | NAP | 45,000,000 |
Loan | 8 | Pharr Town Center | NAP | Refinance | Herbert L. Levine | Herbert L. Levine | NAP | 30,000,000 |
Loan | 9 | Wind Creek Leased Fee | NAP | Recapitalization | Jeffery Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein | Jeffery Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein | NAP | 106,600,000 |
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | NAP | Refinance | The Jay Paul Company | Paul Guarantor LLC | NAP | 315,550,000 |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 09/01/2040 | Acquisition | Joao Woiler; Pedro Miranda | Joao Woiler; Pedro Miranda | NAP | |
Loan | 12 | Crescent Club(32) | NAP | Refinance | Leah Weiss; SW Trust | Leah Weiss; SW Trust | NAP | |
Loan | 13 | Victory Plaza(33) | NAP | Refinance | Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC | Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC | NAP | |
Loan | 14 | Boca Raton Design Center | NAP | Refinance | Timothy R. Lewis | Timothy R. Lewis | DBUBS 2011-LC2A | |
Loan | 15 | Liberty MA Portfolio | Refinance | Andrew M. Cable; Cabfam LLC | Andrew M. Cable; Cabfam LLC | NAP | 15,500,000 | |
Property | 15.01 | 10-14 New Bond | NAP | |||||
Property | 15.02 | 151 West Boylston | NAP | |||||
Property | 15.03 | 8 New Bond | NAP | |||||
Loan | 16 | 1440 N Dayton | NAP | Refinance | Sarah M. Potter; Thomas Melk | Sarah M. Potter; Thomas Melk | NAP | |
Loan | 17 | 63 Spring Street | NAP | Refinance | Jack Terzi | Jack Terzi | NAP | |
Loan | 18 | Visions Hotel Portfolio II | Refinance | Arun Patel; Hemant Patel | Arun Patel; Hemant Patel | MSC 2019-H7 | 45,200,000 | |
Property | 18.01 | Courtyard Horseheads | 04/01/2036 | |||||
Property | 18.02 | Home2 Suites Oswego | 06/01/2037 | |||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | 12/21/2031 | |||||
Property | 18.04 | Hampton Inn Corning Painted Post | 11/30/2033 | |||||
Property | 18.05 | Home2 Suites Rochester Henrietta | 02/28/2034 | |||||
Property | 18.06 | Holiday Inn Express Olean | 08/12/2030 | |||||
Property | 18.07 | Fairfield Inn Watertown | 08/31/2034 | |||||
Property | 18.08 | Holiday Inn Express Canandaigua | 01/25/2022 | |||||
Property | 18.09 | Candlewood Suites Watertown | 06/30/2034 | |||||
Property | 18.10 | Candlewood Suites Sayre | 12/28/2021 | |||||
Loan | 19 | Hilton Garden Inn Sugarland | 12/31/2033 | Acquisition | Tom Huang; Yongjian (Eugene) Ning; Ruoxu (Scott) Hu | Tom Huang; Yongjian (Eugene) Ning; Ruoxu (Scott) Hu | NAP | |
Loan | 20 | Timlin Portfolio(33) | Acquisition | Patrick Timlin | Patrick Timlin | NAP | ||
Property | 20.01 | Timlin Portfolio - Industrial | NAP | |||||
Property | 20.02 | Timlin Portfolio - Medical Office | NAP | |||||
Property | 20.03 | Timlin Portfolio - Retail | NAP | |||||
Loan | 21 | The Real Real | NAP | Refinance | Mark Borman; Jeffrey Michael Weller; Mory Barak | Mark Borman; Jeffrey Michael Weller; Mory Barak | NAP | |
Loan | 22 | Heritage & Villa Apartments | Refinance | Heyme Bleier | Heyme Bleier | NAP | ||
Property | 22.01 | Heritage Place Apartments | NAP | |||||
Property | 22.02 | Villa Glen Apartments | NAP | |||||
Loan | 23 | Cypress Corporate Plaza | NAP | Acquisition | Bryan S. Kang; Kyung Sup Choi | Bryan S. Kang; Kyung Sup Choi | NAP | |
Loan | 24 | Bountiful Plaza | NAP | Recapitalization | Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC; Duane Moss | Steven Usdan; Helena Usdan; CCA Acquisition Company, LLC; Duane Moss | NAP | |
Loan | 25 | Holiday Inn Express - Bluffton(33) | 07/03/2034 | Refinance | Rakesh Chauhan; Manoj Chauhan; Andy Chopra | Rakesh Chauhan; Manoj Chauhan; Andy Chopra | CGCMT 2014-GC23 | |
Loan | 26 | Walmart Palm Desert | NAP | Acquisition | Shayle Fox | Shayle Fox | NAP | |
Loan | 27 | Surfside Storage | NAP | Acquisition | Jacob Ramage | Jacob Ramage | NAP | |
Loan | 28 | Crown on 7th | NAP | Refinance | Niels Kreipke; Daniel W. Gosnell | Niels Kreipke; Daniel W. Gosnell | NAP | |
Loan | 29 | Compass Self Storage Largo | NAP | Acquisition | Robert J. Amsdell; Barry L. Amsdell | Robert J. Amsdell; Barry L. Amsdell | NAP | |
Loan | 30 | Floresta | NAP | Recapitalization | Robert A. Davidsohn; Luis Davidsohn | Robert A. Davidsohn; Luis Davidsohn | NAP | |
Loan | 31 | Giardino aPodments | NAP | Refinance | John Keister; Gary Mulhair; Sandra Mulhair; Dirk Mulhair | John Keister; Gary Mulhair; Sandra Mulhair; Dirk Mulhair | NAP | |
Loan | 32 | Landmark Self Storage | NAP | Refinance | Mark A. Robinson; Terrence L. Wilson | Mark A. Robinson; Terrence L. Wilson | NAP | |
Loan | 33 | 183 Eldert | NAP | Refinance | Pinchas Halperin; Avrohom N. Neiman | Pinchas Halperin; Avrohom N. Neiman | NAP |
A-1-10
CD 2019-CD8
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Existing | Future Debt | ||||||
Additional Sub Debt | Permitted | ||||||
Loan | ID | Property Name(2) | Non-Trust Pari Passu Cut-off Date Balance | Non-Trust Pari Passu Balloon Balance | Amount | Existing Additional Sub Debt Description(31)(32)(34) | Type(33) |
Loan | 1 | 888 Figueroa | 40,000,000 | 40,000,000 | None | NAP | |
Loan | 2 | Woodlands Mall(31)(32)(33) | 177,600,000 | 177,600,000 | 217,400,000 | $177,400,000 B Note; $40,000,000 Mezzanine | Mezzanine |
Loan | 3 | Hilton Penn’s Landing | None | NAP | |||
Loan | 4 | Uline Arena(33) | 78,000,000 | 78,000,000 | None | Mezzanine | |
Loan | 5 | 171 N Aberdeen | None | NAP | |||
Loan | 6 | Lakewood Square | None | NAP | |||
Loan | 7 | 505 Fulton Street | 45,000,000 | 45,000,000 | None | NAP | |
Loan | 8 | Pharr Town Center | 30,000,000 | 26,231,446 | None | NAP | |
Loan | 9 | Wind Creek Leased Fee | 106,600,000 | 91,258,770 | None | NAP | |
Loan | 10 | Moffett Towers II - Buildings 3 & 4(31)(32) | 315,550,000 | 315,550,000 | 240,000,000 | $155,000,000 B Note; $85,000,000 Mezzanine | NAP |
Loan | 11 | The Citizen Hotel Sacramento(31)(34) | 11,950,000 | $6,000,000 B Note; $5,950,000 Subordinate RASA Loan | NAP | ||
Loan | 12 | Crescent Club(32) | 34,000,000 | Mezzanine | NAP | ||
Loan | 13 | Victory Plaza(33) | None | Mezzanine | |||
Loan | 14 | Boca Raton Design Center | None | NAP | |||
Loan | 15 | Liberty MA Portfolio | 15,500,000 | 11,290,777 | None | NAP | |
Property | 15.01 | 10-14 New Bond | |||||
Property | 15.02 | 151 West Boylston | |||||
Property | 15.03 | 8 New Bond | |||||
Loan | 16 | 1440 N Dayton | None | NAP | |||
Loan | 17 | 63 Spring Street | None | NAP | |||
Loan | 18 | Visions Hotel Portfolio II | 45,146,730 | 36,613,777 | None | NAP | |
Property | 18.01 | Courtyard Horseheads | |||||
Property | 18.02 | Home2 Suites Oswego | |||||
Property | 18.03 | Holiday Inn & Suites Rochester Marketplace | |||||
Property | 18.04 | Hampton Inn Corning Painted Post | |||||
Property | 18.05 | Home2 Suites Rochester Henrietta | |||||
Property | 18.06 | Holiday Inn Express Olean | |||||
Property | 18.07 | Fairfield Inn Watertown | |||||
Property | 18.08 | Holiday Inn Express Canandaigua | |||||
Property | 18.09 | Candlewood Suites Watertown | |||||
Property | 18.10 | Candlewood Suites Sayre | |||||
Loan | 19 | Hilton Garden Inn Sugarland | None | NAP | |||
Loan | 20 | Timlin Portfolio(33) | None | Mezzanine | |||
Property | 20.01 | Timlin Portfolio - Industrial | |||||
Property | 20.02 | Timlin Portfolio - Medical Office | |||||
Property | 20.03 | Timlin Portfolio - Retail | |||||
Loan | 21 | The Real Real | None | NAP | |||
Loan | 22 | Heritage & Villa Apartments | None | NAP | |||
Property | 22.01 | Heritage Place Apartments | |||||
Property | 22.02 | Villa Glen Apartments | |||||
Loan | 23 | Cypress Corporate Plaza | None | NAP | |||
Loan | 24 | Bountiful Plaza | None | NAP | |||
Loan | 25 | Holiday Inn Express - Bluffton(33) | None | Mezzanine | |||
Loan | 26 | Walmart Palm Desert | None | NAP | |||
Loan | 27 | Surfside Storage | None | NAP | |||
Loan | 28 | Crown on 7th | None | NAP | |||
Loan | 29 | Compass Self Storage Largo | None | NAP | |||
Loan | 30 | Floresta | None | NAP | |||
Loan | 31 | Giardino aPodments | None | NAP | |||
Loan | 32 | Landmark Self Storage | None | NAP | |||
Loan | 33 | 183 Eldert | None | NAP |
A-1-11
FOOTNOTES TO ANNEX A-1
(1) | GACC—German American Capital Corporation or one of its affiliates; CCRE—Cantor Commercial Real Estate Lending, L.P.; CREFI—Citi Real Estate Funding Inc; MPCC— MUFG Principal Commercial Capital, or one of its affiliates. |
Loan No. 4 – Uline Arena— CCRE and Natixis Real Estate Capital LLC co-originated the Whole Loan. CCRE is contributing $42.0 million of the Uline Arena Mortgage Loan to CD 2019-CD8. | |
Loan No. 9 – Wind Creek Leased Fee—CCRE originated the Whole Loan, and is expected to sell a portion of its interest in the Whole Loan to DBR Investments Co. Limited (“DBRI”) DBRI is expected to subsequently sell its interest in the Whole Loan to its affiliate, GACC. CCRE is contributing $30.0 million and GACC is contributing $10.0 million of the Wind Creek Leased Fee Mortgage Loan to CD 2019-CD8. | |
Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – Barclays Capital Real Estate Inc., Goldman Sachs Bank USA and Deutsche Bank AG, acting through its New York branch (“DBNY”) co-originated the Whole Loan. DBNY subsequently sold its interest in the Whole Loan to its affiliate, GACC. GACC is contributing $34,450,000 of the Moffett Towers II – Buildings 3 & 4 Mortgage Loan to CD 2019-CD8. | |
Loan No. 18 –Visions Hotel Portfolio II – The loan is part of a whole loan that was originated by Starwood Mortgage Capital LLC, a portion of which was subsequently acquired by CCRE. | |
(2) | With respect to thepari passu loans referenced below, the Underwritten NOI DSCR, Underwritten NCF DSCR, Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield and Loan per Net Rentable Area (SF/Units/Rooms) ($) are calculated based on the Mortgage Loan included in the issuing entity and the relatedpari passucompanion loans in the aggregate and exclude the mezzanine debt and, in the case of any loans structured with A/B Notes, the secured subordinate debt. For additional information see“Description of the Mortgage Pool – The Whole Loans – General – Whole Loan Control Notes and Non-Control Notes” in this Preliminary Prospectus. |
● Loan No. 1 – 888 Figueroa | |
● Loan No. 2 – Woodlands Mall | |
● Loan No. 4 – Uline Arena | |
● Loan No. 7 – 505 Fulton Street | |
● Loan No. 8 – Pharr Town Center | |
● Loan No. 9 – Wind Creek Leased Fee | |
● Loan No. 10 – Moffett Towers II – Buildings 3 & 4 | |
● Loan No. 11 – The Citizen Hotel Sacramento | |
● Loan No. 15 – Liberty MA Portfolio | |
● Loan No. 18 – Visions Hotel Portfolio II | |
(3) | With respect to any Mortgaged Property securing a multi-property Mortgage Loan, the amounts listed under the headings “Original Balance ($)” and “Cut-off Date Balance ($)” reflect the Allocated Loan Amount related to such Mortgaged Property. |
● Loan No. 15 – Liberty MA Portfolio | |
● Loan No. 18 – Visions Hotel Portfolio II | |
● Loan No. 20 - Timlin Portfolio | |
● Loan No. 22 – Heritage & Villa Apartments |
A-1-12
With respect to Loan No. 20 – Timlin Portfolio - Industrial, the allocated loan amounts are set forth below (and in some cases individual appraised values were not obtained, as indicated below): |
Property Name | Address | Appraised Value ($) | Allocated Loan Amount | |||
600 Oliver property | 598-600 Oliver Street, Troy, Michigan | (1) | $777,500 | |||
1415 Combermere property | 1411-1415 Combermere Street, Troy, Michigan | (2) | $600,500 | |||
1441 Combermere property | 1441 Combermere Street, Troy, Michigan | (2) | $560,000 | |||
1465 Combermere property | 1463-1465 Combermere Street, Troy, Michigan | (2) | $712,000 | |||
Wayne property | 12830-12852 Wayne Road, Livonia, Michigan | $890,000 | $700,000 | |||
23460 Industrial property | 23460 Industrial Park Road Farmington Hills, Michigan | $730,000 | $512,000 | |||
Drake property | 24600, 24620 and 24640 Drake Road, Farmington Hills, Michigan | $2,250,000 | $1,725,000 | |||
1405 Combermere property | 1405 Combermere Street, Tory, Michigan | (2) | $524,100 | |||
1339 Combermere property | 1339 Combermere Street, Troy, Michigan | (2) | $672,000 | |||
1355 Combermere property | 1351-1355 Combermere Street, Troy, Michigan | (2) | $651,400 | |||
550 Oliver property | 550 Oliver Street, Troy, Michigan | (1) | $777,400 | |||
23640 Industrial property | 23630-23640 Industrial Park Road, Farmington Hills, Michigan | $1,110,000 | $888,000 |
(1) | Per the appraisal, the 600 Oliver property and the 550 Oliver property were valued at $2,130,000 and not as individual properties. |
(2) | Per the appraisal, the 1415 Combermere property, 1441 Combermere property, 1465 Combermere property, 1405 Combermere property, 1339 Combermere property, and the 1355 Combermere property were valued at $4,940,000 and not as individual properties. |
NRA | Office | Retail | Multifamily | Industrial | Self Storage | ||||||||||||
Loan No. | Mortgage Loan | sq. ft. | NRA | % of NRA | Occ | NRA | % of NRA | Occ | Units | % of NRA | Occ | NRA | % of NRA | Occ | NRA | % of NRA | Occ |
4 | Uline Arena | 248,381 | 181,685 | 73.1% | 92.3% | 66,696 | 26.9% | 91.5% | |||||||||
5 | 171 N Aberdeen | 120,020 | 41,612 | 34.7% | 100.0% | 14,593 | 12.2% | 100.0% | 75 | 53.2% | 100.0% | ||||||
14 | Boca Raton Design Center | 201,455 | 159,650 | 79.2% | 97.5% | 41,805 | 20.8% | 89.6% | |||||||||
15 | Liberty MA Portfolio | 360,469 | 183,562 | 50.9% | 100.0% | 176,907 | 49.1% | 100.0% | |||||||||
17 | 63 Spring Street | 5,540 | 1,140 | 20.6% | 100.0% | 4 | 79.4% | 100.0% | |||||||||
20 | Timlin Portfolio | 210,816 | 30,878 | 14.6% | 90.0% | 8,651 | 4.1% | 100.0% | 171,287 | 81.2% | 100.0% |
(4) | Loan No. 5 - 171 N Aberdeen – The Mortgaged Property is a mixed use building comprised of multifamily (100.0% leased to a co-living operator), office (100.0% leased to a co-working operator) and retail (100.0% leased to five tenants). These components generate 48.5%, 28.5% and 16.5% of Underwritten Revenue ($) respectively. The remainder of the Underwritten Revenues ($) is generated from parking income. |
Loan No. 14 – Boca Raton Design Center– The Mortgaged Property is a mixed use building comprised of warehouse space and self storage units. The industrial component of the Mortgaged Property is 97.5% leased to approximately 76 distinct warehouse tenants. In addition, approximately 18.6% of Underwritten Revenue ($) income is generated through 265 climate controlled storage units. The Most Recent Physical Occupancy is based upon the warehouse and self storage components of the Mortgaged Property while the Second Most Recent Occupancy and Third Most Recent Occupany are based only on the industrial component of the Mortgaged Property. | |
Loan No. 15 – Liberty MA Portfolio – The Mortgaged Property consists of 183,562 sq. ft. of office space (50.9% of NRA) and 176,907 sq. ft. of industrial/warehouse space (49.1% of NRA). | |
Loan No. 17 – 63 Spring Street – The Mortgaged Property is a mixed use building comprised of multifamily and retail. The retail portion of the Mortgaged Property is 100.0% leased to three retail tenants. In addition, approximately 22.0% of Underwritten Revenue ($) income is generated through four free market residential units, of which one unit is month-to-month. | |
(5) | Loan No. 3 – Hilton Penn’s Landing – The ground sublease requires (i) that the Mortgaged Property be operated as a full service, open market, first class hotel affiliated by a flag with a nationally recognized hotel company containing no less than 300 nor more than 400 rooms, meeting rooms, ballroom, swimming pool, fitness center and other amenities, and a kitchen, storage, offices, gift shop, and a restaurant and club and a parking garage containing a minimum of 500 parking spaces which is open to the general public 365 days per year, (ii) that the ground subtenant will use not less than 5,000 square feet for ballroom space, not more than 4,000 sq. ft. for a restaurant, not more than 2,500 sq. ft. for ground floor retail use and not more than 750 sq. ft. for a gift shop, (iii) that the ground subtenant must reserve 10 parking spaces for the Independence Seaport Museum, five parking spaces for the ground sublessor, and make available 100 spaces to the ground sublessor, at the ground sublessor’s option, at an agreed upon rate, and (iv) that the ground subtenant may not change the hotel brand except to another brand reasonably approved by the ground sublessor with such approval based on industry standards for a first class full hotel in the city of Philadelphia, and may not change the hotel manager except to a hotel management company approved by the ground sublessor in its reasonable discretion. |
(6) | Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – The related Mortgage Loan has an anticipated repayment date (the “ARD”) of July 6, 2029 and a stated maturity date of June 6, 2034. If the Moffett Towers II – Buildings 3 & 4 Whole Loan is not paid by the ARD, from and after the ARD, the Moffett Towers II – Buildings 3 & 4 Senior Loans (as defined in Annex A-3 to the Preliminary Prospectus) and the Moffett Towers II – Buildings 3 & 4 Subordinate Loans (as definedin Annex A-3 to the Preliminary Prospectus) will accrue interest at the adjusted interest rate; however, interest accrued at the excess of the adjusted interest rate over the initial interest rate (“Excess Interest”) will be deferred. In addition, from and after the ARD, all excess cash flow from the Moffett Towers II – Buildings 3 & 4 Property after the payment of the reserves for tax and insurance, and mortgage and mezzanine loan interest calculated at the initial interest rate will be applied (i) first, to repay the outstanding principal balance of the Moffett |
A-1-13
Towers II – Buildings 3 & 4 Senior Loans, in the amount required to fully amortize (based on a 30-year amortization schedule) the outstanding principal balance of the entire Moffett Towers II – Buildings 3 & 4 Whole Loan, (ii) second, if the Moffett Towers II – Buildings 3 & 4 Senior Loan has been repaid in full, to repay the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Subordinate Loans, in the amount required to fully amortize (based on a 30-year amortization schedule) the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Whole Loan, (iii) third, if lender elects, to make reserve payments for capital expenditures, (iv) fourth, to pay operating costs, (v) fifth, to repay the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Senior Loans until the entire outstanding principal balance is paid, (vi) sixth, to repay the outstanding principal balance of the Moffett Towers II – Buildings 3 & 4 Subordinate Loans until the entire outstanding principal balance is paid, (vii) seventh, to the payment of Excess Interest under the Moffett Towers II – Buildings 3 & 4 Senior Loans and (viii) eighth, to the payment of Excess Interest under the Moffett Towers II – Buildings 3 & 4 Subordinate Loans. | |
(7) | The Administrative Cost Rate includes the respective per annum rates applicable to the calculation of the servicing fee, any sub-servicing fee, trustee/certificate administrator fee, operating advisor fee, and CREFC® license fee with respect to each Mortgage Loan. For purposes of this Annex A-1, the definition of Administrative Fee Rate as it relates to any Non-Serviced Mortgage Loan includes the related Pari Passu Loan Primary Servicing Fee Rate which includes the “primary servicing fee rate” (as defined or set forth in the applicable pooling and servicing agreement) and any other related servicing or any sub-servicing fee rate (other than those payable to the applicable special servicer) applicable to such Non-Serviced Mortgage Loan that constitutes a portion of the “servicing fee rate” applicable to the other master servicer under the applicable other pooling and servicing agreement. See “Summary of Terms – Offered Certificates – Servicing and Administration Fees – Non-Serviced Whole Loans” in this Preliminary Prospectus. |
(8) | Annual Debt Service ($), Monthly Debt Service ($), Underwritten NOI DSCR and Underwritten NCF DSCR for Mortgage Loans (i) except as described above for loans with planned amortization, with partial interest only periods are shown based on the monthly debt service payment immediately following the expiration of the interest only period and (ii) that are interest only until the related maturity date are shown based on the interest only payments during the 12 month period following the Cut off Date (or, in the case of Monthly Debt Service ($), the average of such interest only payments) without regard to leap year adjustments. |
(9) | “Hard” generally means each tenant is required to transfer its rent directly to the lender controlled lockbox account. However, with respect to hospitality properties, “Hard” means all credit card receipts are deposited directly into the lockbox by the card processing company and all over the-counter cash and equivalents are required to be deposited by the property manager or borrower into the lockbox. “Soft” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Soft” means that upon the occurrence of a trigger event (as specified in the related Mortgage Loan Documents), the borrower is required to establish a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Hard” means that upon a trigger event (as specified in the related Mortgage Loan Documents), each tenant will be required to transfer its rent directly to a lender controlled lockbox. “Soft Springing Hard” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account, but upon a trigger event (as specified in the related Mortgage Loan Documents), each tenant will be required to transfer its rent directly to a lender controlled lockbox. |
(10) | In Place” means that related property cash flows go through a waterfall of required reserve or other payment amounts due before the lender either (i) disburses excess cash to the related borrower or (ii) retains excess cash as additional collateral for the Mortgage Loan. “Springing” means that upon the occurrence of a trigger event, as defined in the related Mortgage Loan Documents, In Place cash management (as described above) will take effect, and will generally continue until all trigger events are cured (to the extent a cure is permitted under the related Mortgage Loan Documents). |
Loan No. 9 – Wind Creek Leased Fee – The Wind Creek Leased Fee Whole Loan requires a hard lockbox and in place cash management. The borrower is required to establish a cash management account (which will also function as a lockbox account), and enter into a cash management agreement, within 45 days of the loan origination date. |
A-1-14
(11) | With respect to the loans referenced below structured with A/B Notes, the Underwritten NOI DSCR, Underwritten NCF DSCR, Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield and Loan per Net Rentable Area (SF/Units/Rooms) ($) calculations exclude the subordinate secured debt.
|
(12) | Loan No. 1 – 888 Figueroa – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is primarily due to six new tenants for a total of approximately $1.87 million in U/W Base Rent. This is comprised of GSA: Office of Disability Adjudication & Review ($578,707 U/W Base Rent), State of CA: Dept of Rehabilitation ($537,360 U/W Base Rent), State of CA: Dept of Social Services-State Hearings ($348,720 U/W Base Rent), State of CA: Dept of Social Services ($236,200 U/W Base Rent), Dr. Jennifer Nguyen, DDS ($75,652 U/W Base Rent) and James Y. Wang MD ($96,478 U/W Base Rent). In addition, United Valet Parking, Inc. recently signed an amendment which increased annual rent by $420,000 effective May 1, 2019. |
Loan No. 4 – Uline Arena –The increase from Historical NOI to Underwritten NOI ($) is primarily due to recently executed leases. U/W Base Rent includes contractual first year rent associated with Pact, Inc. ($2,300,388) and WHYHOTEL, Inc. ($340,250), which tenants have signed leases but are not yet in occupancy or paying rent. At origination, the Uline Arena borrower deposited $1,781,999 million into a gap rent reserve, which represents the total gap rent for Pact, Inc. and WHYHOTEL, Inc. Additionally, the increase in U/W Base Rent from T-12 5/31/2019 includes $2,075,116 of rent attributed to four new leases (15.8% of NRA) and one lease extension (19.3% of NRA) at the Uline Arena Property since April 2019. At origination, the Uline Arena borrower reserved $3,228,430 in a free rent reserve in connection with these leases. | |
Loan No. 7 – 505 Fulton Street – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is attributable to $245,250 of contractual rent steps through September 1, 2019 for H&M and $277,778 which represents the present value of rent steps for Old Navy. In addition, in December of 2018, H&M indicated that they had overpaid their percentage rent by $708,739. Subsequently, the landlord gave them a credit for $227,083 in December. In 2019, after further review, they H&M indicated that they had overpaid their percentage rent by an additional $236,754 for which they received a credit from January-April 2019, which represents the decrease in base rent in Most Recent NOI($) (if past 2018) The credit for their overpaid percentage rent is fully used. H&M is not currently paying percentage rent. | |
Loan No. 16 - 1440 N Dayton – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is primarily attributable to new leasing at the Mortgaged Property following the gut renovation and addition of the fourth floor that occurred between 2016 and 2018 with the first tenant taking occupancy in May 2017. | |
Loan No. 23 – Cypress Corporate Plaza – The increase from Most Recent NOI($) (if past 2018) to Underwritten NOI ($) is primarily attributable to leases executed in April 2019 accounting for 13.7% of NRA and 14.0% of Underwritten Base Rent at the Mortgaged Property, respectively. | |
Loan No. 28 – Crown on 7th – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to new leasing at the Mortgaged Property. | |
(13) | The grace periods noted under “Grace Period” reflect the number of days of grace before a payment default is an event of default. Certain jurisdictions impose a statutorily longer grace period. Certain of the Mortgage Loans may additionally be subject to grace periods with respect to the occurrence of an event of default (other than a payment default) and/or commencement of late charges which are not addressed in Annex A 1 to this Preliminary Prospectus. Loan No. 2 — Woodlands Mall - A grace period of one business day for monthly debt service is permitted once in every 12 month period. |
(14) | In certain cases, in addition to an “as-is” value, the appraisal states an “as complete” or “as-stabilized” or “hypothetical” value for the related Mortgaged Property that assumes that certain events will occur with respect to retenanting, construction, renovation or repairs at such Mortgaged Property. The Appraised Value set forth on Annex A-1 is the “as-is” value unless otherwise specified in this Preliminary Prospectus. With respect to the Mortgaged Properties that secure the Mortgage Loans listed in the following table, the respective Cut-off Date LTV |
A-1-15
Ratio was calculated using the related “as complete”, “as-stabilized” or “hypothetical” Appraised Values, as opposed to the “as-is” Appraised Values, each as set forth in the following table: |
Mortgage Loan | % of initial Pool Balance | Mortgage Loan Cut-off Date LTV Ratio (Other Than “As-Is”) | Mortgage Loan LTV Ratio at Maturity or ARO Ratio (Other Than “As-Is”) | Appraised Value (Other Than “As-Is”) | Mortgage Loan Cut-off Date LTV Ratio (“As-Is”) | Mortgage Loan LTV Ratio at Maturity or ARD Ratio (“As-ls”) | Appraised Value (“As-ls”) | |||||||
888 Figueroa(1) | 9.2% | 54.8% | 54.8% | $210,000,000 | 56.1% | 56.1% | $205,000,000 | |||||||
Uilne Arena(2) | 5.2% | 56.6% | 56.6% | $212,000,000 | 61.9% | 61.9% | $194,000,000 | |||||||
Moffett Towers II – Buildings 3 & 4(3) | 4.2% | 44.3% | 44.3% | $790,000,000 | 48.2% | 48.2% | $726,000,000 | |||||||
The Citizen Hotel Sacramento(4) | 4.2% | 53.4% | 53.4% | $63,700,000 | 59.3% | 59.3% | $57,300,000 | |||||||
1440 N Dayton(5) | 2.3% | 64.2% | 64.2% | $29,600,000 | 66.0% | 66.0% | $28,800,000 | |||||||
Visions Hotel Portfolio II(6) | 2.1% | 59.2% | 48.0% | $105,000,000 | 63.7% | 51.6% | $97,600,000 | |||||||
Hilton Garden Inn Sugarland(7) | 2.1% | 54.5% | 48.6% | $30,800,000 | 69.1% | 61.6% | $24,300,000 | |||||||
The Real Real(8) | 1.8% | 65.0% | 65.0% | $22,400,000 | 71.4% | 71.4% | $20,400,000 | |||||||
Holiday Inn Express – Bluffton(9) | 1.1% | 61.3% | 56.0% | $14,100,000 | 78.5% | 71.8% | $11,000,000 |
(1) The Appraised Value (Other Than As-Is) reflects the “Hypothetical As-Leased value” appraised value, as of April 18, 2019, which assumes that (i) with respect to Suites 360, 700 and 900, the State of California and (ii) with respect to Suite 800, the GSA have taken occupancy and are paying rent and all lease up costs were incurred. Reserves were taken at origination for outstanding free rent for GSA and for all outstanding tenant improvements and leasing commissions. | |
(2) The Appraised Value (Other Than As-Is) is based on the “prospective value upon completion” appraised value as of July 1, 2021, which assumes that all tenants with executed leases are in occupancy and paying rent. The occupancy as of July 26, 2019 is 92.1%, which includes 69,901 sq. ft. that is leased to three different tenants but not yet occupied by such tenants. In addition, pursuant to certain leases, certain tenants are now or will at a future date be in a full or partial rent abatement period. At origination, the borrower reserved approximately $1.8 million for gap rent (related to the period prior to rent commencement with respect to two tenants) and $7.5 million for free (or partial) rent obligations (related to current or future rent abatement provisions in certain leases). The “as is” appraised value is $194 million. | |
(3) The Appraised Value (Other Than As-Is) is based on the “prospective market value upon stabilization” appraised value as of December 1, 2019 and January 1, 2020, which assumes that any remaining construction costs have been paid and that Facebook, the sole tenant, has taken occupancy, completed construction, and commenced rental payments (expected January 1, 2020 for Building 3 and December 1, 2019 for Building 4, pursuant to its leases). At origination, the borrower reserved $23,165,933 for remaining construction costs and $16,127,329 representing 100% of the free rent. The “as-is” appraised value of the Mortgaged Property as of May 3, 2019 was $726.0 million. The appraisal also employs the extraordinary assumption that the Mortgaged Property can be subdivided so that each building can be sold separately. Additionally, the Loan-to-Value Ratio is calculated including any related Pari Passu Companion Loans, but excludes the related Subordinate Companion Loans. | |
(4) The Appraised Value (Other Than As-Is) represents the “as complete” value of $63,700,000, effective July 1, 2020, which assumes the completion of certain required PIP at the Mortgaged Property. At origination, the borrower reserved $6,147,912, representing approximately 125% of the anticipated cost of completion of the PIP. | |
(5) The Appraised Value (Other Than As-Is) reflects the “Hypothetical As-Leased value” Appraised Value, as of May 28, 2019, which assumes that all lease-up costs for Ann & Robert H. Lurie Children’s Hospital of Chicago, Nth Degree Fitness and Codeverse, the first, third and fourth largest tenants, representing approximately 73.1% of NRA in the aggregate, have been expended. Reserves of approximately $859,308 were taken at origination for all outstanding free rent and tenant improvements and leasing commissions. | |
(6) The Appraised Value (Other Than As-Is) reflects an approximate 5.3% portfolio premium to the aggregate “As-Is” and “Hypothetical – As-Complete” Appraised Value of the individual Mortgaged Properties and an approximate 7.6% premium to the aggregate “As-Is” Appraised Value of the individual Mortgaged Properties. The aggregate “As-Is” and “Hypothetical – As-Complete” Appraised Value for the individual Mortgaged Properties as of May 1, 2019 is $99,700,000, based on the “As-Is” Appraised Value of each Mortgaged Property other than the Fairfield Inn Watertown Mortgaged Property and Candlewood Suites Watertown Mortgaged Property, for which “Hypothetical – As-Complete Market Values” of $8,100,000 and $7,500,000 (that assume scheduled property improvement plans have been completed at each property) are used. Based on such “Hypothetical – As Complete Market Values” and the “As-Is” Appraised Values of the other Mortgaged Properties, the Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD Ratio are 62.4% and 50.7%, respectively. At origination, the related borrower deposited $500,000 and $1,400,000 for PIP work at the Fairfield Inn Watertown Mortgaged Property and the Candlewood Suites Watertown Mortgaged Property, respectively. The “As-Is” Appraised Values for the Fairfield Inn Watertown Mortgaged Property and the Candlewood Suites Watertown Mortgaged Property are $7,500,000 and $6,000,000, respectively. |
A-1-16
(7) The Appraised Value (Other Than As-Is) reflects the “As-Complete” Appraised Value, as of December 7, 2019, which assumes completion of the franchisor-mandated PIP at the Mortgaged Property. At origination, the borrower deposited $5,264,750 with the lender, for the cost to complete the PIP at the Mortgaged Property. | |
(8) The Appraised Value (Other Than As-Is) is based on the “Prospective at Stabilization” appraised value as of December 1, 2019, which assumes the Mortgaged Property has achieved stabilization as of the future date. The appraisal notes that the Mortgaged Property may or may not achieve stabilization as of that date, and that four months of free rent remain after the stabilization date. The appraisal also notes that its prospective value by default assumes the tenant is in place and paying rent, and also that the Mortgaged Property has a certificate of occupancy and all final city approvals for use as a creative office. The tenant is expected to take occupancy in or around August 2019. The tenant has three months of free rent from September through November 2019, totaling $320,652, which was reserved for at origination. The tenant also has free rent for the months of August and September 2020 and August and September 2021, which were not reserved for at origination, other than an initial deposit of $80,000. The borrower is required to deposit with the lender $11,147 on each payment date from August 2019 through July 2020, and $17,814 on each payment date from August 2020 through July 2021, to be held and applied to pay the foregoing free rent for 2020 and 2021. The “as is” appraised value of the Mortgaged Property as of May 20, 2019 was $20,400,000. | |
(9) The Appraised Value (Other than As-Is) represents the “as complete” value of $14,100,000 as of June 11, 2020, which assumes the completion of certain required PIP at the Mortgaged Property. At origination, the borrower reserved $2,865,776, representing approximately 110% of the anticipated cost of completion of the PIP. | |
(15) | Loan No. 9 – Wind Creek Leased Fee – The Net Rentable Area (SF/Units/Rooms) shown is based on the total square footage of the land. |
Loan No. 9 – Wind Creek Leased Fee – The Cut-off Date LTV and LTV Ratio at Maturity or ARD Ratios are based on the “as is” appraised value of the leased fee interest. The “as is” appraised value, inclusive of the Wind Creek Casino and Resort Bethlehem improvements is $1.14 billion, which results in a Cut-off Date LTV Ratio of 12.9%. | |
(16) | Prepayment Provisions are shown from the respective Mortgage Loan First Payment Date. |
“L(x)” means lock-out for x payments. | |
“D(x)” means may be defeased for x payments. | |
“YM(x)” means may be prepaid for x payments with payment of a yield maintenance charge. | |
“YM1(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 1% of the amount prepaid. | |
“DorYM1(x)” means may be prepaid for x payments with either defeasance or a yield maintenance charge or 1% of the amount prepaid. | |
“O(x)” means freely prepayable for x payments, including the maturity date or anticipated repayment date. | |
Certain of the Mortgage Loans permit the release of a portion of a Mortgaged Property (or an individual Mortgaged Property, in connection with a portfolio Mortgage Loan) under various circumstances, as described in this Preliminary Prospectus. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases” in this Preliminary Prospectus. In addition, certain of the Mortgage Loans permit the borrower to prepay a portion of the Mortgage Loan to avoid or cure a cash sweep period due to a low debt yield or debt service coverage ratio trigger. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Voluntary Prepayments” in this Preliminary Prospectus. | |
(17) | Loan No. 1 – 888 Figueroa – The lockout period will be at least 25 payment dates beginning with and including the first payment date of August 1, 2019. The borrower has the option to (i) prepay the full $115.0 million 888 Figueroa Whole Loan after August 31, 2021, with payment of a yield maintenance premium, or (ii) defease the full $115.0 million 888 Figueroa Whole Loan at any time after the date that is the earlier to occur of (i) 25 payments after the closing date of the securitization that includes the last pari passu note to be securitized or (ii) August 1, 2023. For the purposes of this Preliminary Prospectus, the assumed lockout period of 25 payments is based upon the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer. |
Loan No. 2 – Woodlands Mall – The lockout period will be at least 24 payments beginning with and including the first payment date of September 1, 2019. The borrower has the option to defease the full $425.0 million Woodlands Mall Whole Loan after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) the third anniversary of the first payment date. The actual lockout period may be longer. |
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Loan No. 4 – Uline Arena – The lockout period for defeasance will be at least 24 payment dates beginning with and including the first payment date of September 6, 2019. Defeasance of the full $120.0 million Uline Arena Whole Loan is permitted after the date that is the earlier to occur of (i) September 6, 2022 or (ii) two years after the closing date of the securitization that includes the lastpari passunote to be securitized. The assumed defeasance lockout period of 24 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual defeasance lockout period may be longer. In the case of a prepayment using Yield Maintenance, there is no lockout period. | |
Loan No. 7 – 505 Fulton Street - The lockout period will be at least 25 payment dates beginning with and including the First Due Date of August 6, 2019. Defeasance of the full $85.0 million 505 Fulton Whole Loan is permitted after the date that is the earlier to occur of (i) July 8, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the lastpari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected CGCMT 2019-GC41 securitization closing date in August 2019. The actual lockout period may be longer | |
Loan No. 8 – Pharr Town Center - The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 6, 2019. Defeasance of the full $70.0 million Pharr Town Center Whole Loan is permitted after the date that is the earlier to occur of (i) July 8, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the lastpari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer. | |
Loan No. 9 – Wind Creek Leased Fee – The lockout period will be at least 24 payment dates beginning with and including the first payment date of September 6, 2019. Defeasance of the full $146.6 million Wind Creek Leased Fee Whole Loan is permitted after the date that is the earlier to occur of (i) July 23, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the lastpari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer. | |
Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – The lockout period will be at least 25 payment dates beginning with and including the first payment date of August 6, 2019. Defeasance of the full $505.0 million Moffett Towers II – Buildings 3 & 4 Whole Loan is permitted after the date that is the earlier to occur of (i) June 19, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the lastpari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer. | |
Loan No. 15 – Liberty MA Portfolio – The lockout period for defeasance will be at least 24 payment dates beginning with and including the first payment date of September 1, 2019. Following the lockout period, the borrower has the right to defease the Whole Loan in whole, but not in part, on any date after August 31, 2021. The lockout period will expire on the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized or (ii) June 1, 2023. The assumed lockout period of 24 months is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer. | |
Loan No. 18 – Visions Hotel Portfolio II – The lockout period will be at least 25 payment dates beginning with and including the first payment date of August 6, 2019. Defeasance of the full $62.2 million Visions Hotel Portfolio II Whole Loan is permitted after the date that is the earlier to occur of (i) June 11, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the lastpari passu note to be securitized. The assumed lockout period of 25 payments is based on the expected CD 2019-CD8 securitization closing date in August 2019. The actual lockout period may be longer. | |
(18) | Partial release in connection with a partial prepayment or partial defeasance or substitution or a free release is permitted for the following loans. See“Description of the Mortgage Pool – Certain Terms of the Mortgage Loans – Partial Releases” in this Preliminary Prospectus for the terms of the releases. |
● Loan No. 2 – Woodlands Mall | |
● Loan No. 15 – Liberty MA Portfolio | |
● Loan No. 18 – Visions Hotel Portfolio II | |
● Loan No. 20 - Timlin Portfolio | |
(19) | Loan No. 3 – Hilton Penn’s Landing - The initial term of the borrower’s ground lease with the Delaware River Waterfront Corporation expires in October 2029, at which point there are two (2) remaining extension options. The |
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first extension option is for a term of 24 years, and the second for a term of 21 years and 7 months, providing for over 55 years of fully-extended term remaining. Annual rent through the remainder of the current term is fixed at $205,000. Annual rent during the first extension period increases to $292,000, and annual rent during the second extension period increases to $503,000. | |
Loan No. 18 – Visions Hotel Portfolio II – The Visions Hotel Portfolio II has three properties, Holiday Inn & Suites Rochester Marketplace, Home2 Suites Rochester Henrietta and Candlewood Suites Sayre, that operate under a ground lease. The Holiday Inn & Suites Rochester Marketplace ground lease expires in August 2050 and has no extension options. Annual rent under the Holiday Inn & Suites Rochester Marketplace ground lease is currently estimated by the appraiser to be $73,675 and is subject to increases as described in the ground lease. The Home2 Suites Rochester Henrietta ground lease expires in December 2051 and has no extension options. Annual rent under the Home2 Suites Rochester Henrietta ground lease is currently estimated by the appraiser to be $69,396 and is subject to increases as described in the ground lease. The intial term of the Candlewood Suites Sayre ground lease expires in December 2041, at which point there are four (5) remaining extension options. All four extension options are for a term of five (5) years. Annual rent under the Candlewood Suites Sayre ground lease is currently $59,400 and is subject to increases as described in the ground lease. | |
(20) | Loan No. 1 – 888 Figueroa – The 2nd Largest Tenant, State of CA, leases 49,180 sq. ft. at the Mortgaged Property that is comprised of six different suites (five different state agencies) with Lease Expirations that range from 2023 to 2027 (5,565 sq. ft. in 2023, 16,412 sq. ft. in 2024, 9,133 sq. ft. in 2026, and 18,070 sq. ft. in 2027). The 3rd Largest Tenant, GSA, leases a total of 42,610 sq. ft. of space that is comprised of seven different suites (all different agencies) with Lease Expirations that range from 2024 to 2029 (8,638 sq. ft. in 2024, 2,079 sq. ft. in 2025, 4,624 sq. ft. in 2026, 10,921 sq. ft. in 2027, 1,902 sq. ft. in 2028 and 14,446 sq. ft. in 2029).See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this Preliminary Prospectus. |
Loan No. 14 – Boca Raton Design Center – The 5th Largest Tenant, Merle Wood Associates, leases 3,200 sq. ft. of space that expires on March 31, 2020 and 2,600 sq. ft. of space that expires on April 30, 2020. | |
Loan No. 23 – Cypress Corporate Plaza – The 2nd Largest Tenant, Rockwell Automation, leases 15,090 sq. ft. of space for which the lease term expires on November 22, 2023, and an additional 2,532 sq. ft. of space for which the lease term expires on September 22, 2023. | |
Loan No. 30 – Floresta – The 2nd Largest Tenant, All American Finishing, leases 13,330 sq. ft. of space that expires on August 14, 2019 and 4,935 sq. ft. of space that expires on August 31, 2020. | |
(21) | Loan No. 1 - 888 Figueroa – The Largest Tenant, NBC Operating (TJX Companies), has a one-time right to terminate its lease effective January 31, 2029 if the landlord cannot accommodate tenant’s request for a premises expansion. The 2nd Largest Tenant, State of CA leases six different suites, which include: the entire 2nd floor (16,412 sq. ft. expiring in 2024; on-going termination option beginning in 2020); 9,133 sq. ft. on the 3rd floor expiring in 2026 (on-going termination option beginning in 2022); 7,205 sq. ft. on the 7th floor expiring in 2027 (on-going termination option beginning in 2023); 10,865 sq. ft. on the 9th floor expiring in 2027 (on-going termination option beginning in 2023); and 5,565 sq. ft. on the 20th floor expiring in 2023 (on-going termination option beginning in November 2019). All termination options are subject to notice periods ranging from 30 days to 60 days. The 3rd Largest Tenant, GSA, leases seven different suites, which include: 6,555 sq. ft. on the 4th floor expiring in 2027 (on-going termination option in 2022); 2,079 sq. ft. on the 6th floor expiring in 2025 (on-going termination option beginning in 2020); 14,446 sq. ft. on the 8th floor expiring in 2029 (on-going termination option beginning in 2024); 4,366 sq. ft. on the 10th floor expiring in 2027 (on-going termination option beginning in 2022); 4,624 sq. ft. on the 11thfloor expiring in 2026 (on-going termination option beginning in 2021); 8,638 sq. ft. on the 17th floor expiring in 2024 (termination option at any time with 90 days’ notice); and 1,902 sq. ft. on the 20th floor expiring in 2028 (on-going termination option beginning in 2023). All termination options are subject to notice periods ranging from 30 days to 120 days. Additionally there are termination options for Suites 700 and 900 if not delivered on time. |
Loan No. 2 – Woodlands Mall - The Largest Tenant, Forever 21, has the right to terminate its lease at any time upon 180 days’ notice and payment of a termination fee equal to twelve months of minimum annual rent. | |
Loan No. 4 – Uline Arena – The 5th Largest Tenant, Antunovich Associates, has a one-time right to terminate its lease on October 1, 2025 if the tenant has not exercised its right of first offer to lease the space directly contiguous to the leased premises, provided Antunovich Associates provides the Uline Arena Borrower with 12 months prior written notice. | |
Loan No. 5 - 171 N Aberdeen – The 2nd Largest Tenant, Industrious, has a one-time right to terminate its lease effective April 30, 2026 with 12 months’ notice and payment of a termination fee equal to the unamortized tenant improvement allowance, rental abatement and leasing commissions discounted at an 8.0% rate. The 3rd Largest |
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Tenant, Northwestern Memorial Hospital, has a one-time right to terminate its lease effective August 31, 2025 with nine months’ notice and payment of a termination fee equal to $341,586.56. | |
Loan No. 6 – Lakewood Square – The largest tenant, Hobby Lobby, has the right to terminate its lease at any time upon six months’ notice, provided that Hobby Lobby is not in default under its lease, if Hobby Lobby determines that the premises has become uneconomical for its current use. | |
Loan No. 13 – Victory Plaza – The Largest Tenant, Vallarta Supermarket, has a one-time right to terminate its lease effective November 30, 2022 if it is unable to obtain permits for tenant’s work by December 31, 2019 (“Required Permit Date”) by providing written notice to landlord on or prior to the Required Permit Date. In the event of such termination, (i) tenant may not proceed with tenant’s work and landlord shall have no TI allowance obligation ($1,000,000); and (ii) rent shall remain at $4.24 per sq. ft. from December 1, 2019 through November 30, 2022 (vs. bumping up to $7.49 per sq. ft.). The 5th Largest Tenant, US Renal Care, is currently terminable by either party upon written notice delivered to the other party by August 23, 2019. In addition, if the borrower fails to deliver the premises within 90 days after the required delivery date, US Renal Care has the right to terminate upon written notice; however, if the borrower causes the term commencement to occur within 10 business days after receipt of written notice, the termination notice is null and void. US Renal Care also has a one-time right to terminate its lease in year five of its lease term with written notice any time during the first 60 day of the 5th lease year and payment of a termination fee equal to the sum of (i) the unamortized amount of the tenant improvement allowance and leasing comissions, (ii) six months of minimum rent and estimated reimbursement charges that would have been payable by tenant during the six month period after the effective termination date and (iii) unamortized amount of the broker commissions paid by the lender. | |
Loan No. 16 – 1440 N Dayton – The 4th Largest Tenant, Codeverse, has a one-time right to terminate its lease effective June 30, 2024 with 9 months’ notice and payment of a termination fee equal to nine monthly base rent payments plus nine monthly escalation rent payments in addition to the unamortized amount, as of the early termination date, of the brokerage commissions and legal fees paid or incurred by landlord as well as all rent abatements and cash allowances provided by landlord which unamortized costs include interest at a rate of 8.0% per annum. | |
Loan No. 23 – Cypress Corporate Plaza – The 2nd Largest Tenant, Rockwell Automation, has a termination option commencing the last day of the 36th full calendar month of its lease (July 26, 2021), upon at least 180 days notice and payment of a termination fee. The 4th Largest Tenant, Tad PGS, has a termination option commencing the last day of the 48th full calendar month of its lease (February 3, 2022) upon at least 270 days notice and payment of a termination fee. | |
(22) | The following major tenants (listed on Annex A-1) are currently subleasing all or a significant portion of its leased space: |
Loan No. 4 – Uline Arena – The Largest Tenant at the Uline Arena Property, Recreational Equipment, Inc., has subleased 1,052 sq. ft. of its space to La Columbe, which uses the space to operate a coffee shop within Recreational Equipment, Inc. La Columbe’s sublease expires in January 2027 and includes one five-year extension option. Under the sublease, La Columbe has an option to terminate if it fails to meet or exceed $600,000 in gross receipts for any calendar year after the fourth sublease year (2020) and Recreational Equipment, Inc. has a right to terminate the sublease if La Columbe fails to produce its gross receipt report. Notwithstanding the sublease, Recreational Equipment, Inc. remains liable for its obligations under the primary lease with the Uline Arena borrower. | |
Loan No. 5 - 171 N Aberdeen – The 3rd Largest tenant, Northwestern Memorial Hospital (5.0% of NRA), subleases its entire leased space to an affiliate, Northwestern Medical Faculty Foundation d/b/a Northwestern Medical Group. | |
Loan No. 24 - Bountiful Plaza – The Largest Tenant, Savers, (37.5% of NRA), subleases its space to DownEast through April 30, 2024, which is one month prior to the Savers lease expiration. | |
(23) | Tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten NOI and/or Occupancy may not be in physical occupancy, may not have begun paying rent or may be in negotiation. With respect to the largest 15 Mortgage Loans and certain tenants representing more than 25% of the NRA of a Mortgaged Property, see “Description of the Mortgage Pool—Tenant Issues—Other” in this Preliminary Prospectus. |
The tenants shown in the Annex A-1 have signed leases but may or may not be open for business as of the Cut-off Date of the securitization. |
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Loan No. 1 – 888 Figueroa – The 2nd Largest Tenant, the State of California (“State of CA”), is leasing 49,180 sq. ft. of space through six separately leased suites, three of which, totaling 23,008 sq. ft. (5.7% of NRA), are not yet in occupancy. The State of CA is projected to take occupancy of and begin paying rent for said three suites between September 2019 and November 2019. In addition, the 3rd Largest Tenant, the General Services Administration (“GSA”), is leasing 42,610 sq. ft. of space through seven separately leased suites, one of which, consisting of 14,446 sq. ft. (3.58% of NRA), is not yet in occupancy or paying rent. The GSA is projected to take occupancy in November 2019. The GSA has four months of free rent for this suite. | |
Loan No. 4 – Uline Arena – The 3rd Largest Tenant, Pact, Inc., executed a lease in April 2019 for 37,144 sq. ft. of traditional office space and 1,993 sq. ft. of mezzanine office space, each of which expire in April 2035 and include one five-year renewal option and no termination options. The Pact, Inc. space is currently being built out, and Pact. Inc. is not in occupancy or paying rent under the lease. Per the terms of the Pact, Inc. lease, Pact, Inc. is required to take occupancy and begin paying rent by May 1, 2020 (absent construction delays caused by the landlord). With respect to the 1,993 sq.ft of mezzanine office space, such space requires government approval before any construction may commence. In the event the tenant does not receive government approval for all or a portion of the space, the total space leased by Pact, Inc. may be reduced. | |
Loan No. 4 – Uline Arena – The 4th Largest Tenant, Davis Memorial Goodwill, executed its lease in April 2019. It expires in July 2035, and includes one five-year renewal option and no termination options. Davis Memorial Goodwill is in the process of building out its space and is not yet in occupancy. Davis Memorial Goodwill is anticipated to take occupancy in October 2019. | |
Loan No. 10 – Moffett Towers II – Buildings 3 & 4 – The Sole Tenant, Facebook, has not completed its build-out. The leases commenced when Facebook took possession on May 1, 2019 with respect to Building 4 and June 1, 2019 with respect to Building 3. Facebook is required to begin paying rent on the rent commencement date, which is expected to occur on December 1, 2019 with respect to Building 4 and January 1, 2020 with respect to Building 3. At origination, the borrower funded a reserve in the amount of $16,127,329 in connection with such free rent periods. In addition, total rental income is inclusive of straight-line office rent and straight-line amenities rent. | |
Loan No. 13 – Victory Plaza – The 5th Largest Tenant, US Renal Care, executed a lease after loan origination and is not in occupancy or paying rent. The US Renal Care lease is expected to commence upon delivery of the possession of the premises to US Renal Care with the borrower’s work substantially completed, which delivery is required to occur within six weeks after the issuance of permits for the borrower’s work. Rent will commence 120 days from lease commencement. | |
Loan No. 21 –The Real Real—The Sole Tenant, The Real Real, is not yet in occupancy. The tenant is expected to take occupancy in or around August 2019. The tenant has three months of free rent from September through November 2019, totaling $320,652, which was reserved for at origination. The tenant also has free rent for the months of August and September 2020 and August and September 2021, which were not reserved for at origination, other than an initial deposit of $80,000. The borrower is required to deposit with the lender $11,147 on each payment date from August 2019 through July 2020, and $17,814 on each payment date from August 2020 through July 2021, to be held and applied to pay the foregoing free rent for 2020 and 2021. | |
(24) | The following loans have one or more borrowers that own all or a portion of the related Mortgaged Property as tenants-in-common. See“Description of the Mortgage Pool – Mortgage Pool Characteristics – Tenancies-in-Common”in this Preliminary Prospectus for further information. |
● Loan No. 23 – Cypress Corporate Plaza | |
● Loan No. 24 – Bountiful Plaza | |
● Loan No. 26 – Walmart Palm Desert | |
(25) | All upfront reserve balances reflect the upfront reserve amount at loan origination. The current balance may be less than the amount shown. |
(26) | All ongoing reserve balances reflect the ongoing reserve amount at loan origination. The current balance may be greater than or less than the amount shown. Monthly reserves required to be deposited in such accounts may be capped pursuant to the related Mortgage Loan documents. |
Loan No. 3 – Hilton Penn’s Landing - Monthly seasonality reserve deposits will commence in September of the first year of the Mortgage Loan term, three months prior to the annual shortfall period (which is December through |
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February). The monthly deposits are equivalent to one third of the annual seasonality reserve (115.0% of the estimated total debt service shortfall). | |
Loan No. 4 – Uline Arena - The Uline Arena borrower is required to make monthly deposits in an amount equal to $20,698 into a rollover reserve account, subject to a cap of $496,762. The cap will be suspended if (i) occupancy at the Uline Arena Property falls below 80.0%, (ii) the debt service coverage ratio falls below 1.15x, or (iii) a cash trap period occurs. | |
Loan No. 9 – Wind Creek Leased Fee - On a monthly basis, immediately following the date on which a quarterly installment of base rent is paid under the ground lease (other than the first installment of rent due on July 30, 2019 under the ground lease documents), the borrower is required to deposit an amount equal to the monthly debt service payment amount due on each of the next two succeeding monthly payment dates, which amounts are required to be transferred into the interest reserve account. | |
Loan No 12 – Crescent Club – Monthly replacement reserve deposits will be suspended after the amount of funds in the replacement reserve equals or exceeds $100,000. After the amount of funds in the replacement reserve is less than $75,000, monthly replacement reserve deposits will be reinstated until the amount of funds in the replacement reserve again equals or exceeds $100,000. | |
Loan No. 15 – Liberty MA Portfolio - The borrower will not be obligated to make the monthly TI/LC reserve deposit at such time that (i) no event of default is continuing, (ii) the Central MA Spec. Ed. lease is extended for three years past the maturity date of the Liberty MA Portfolio Whole Loan, such extension is acceptable to the lender, and Central MA Special Education delivers an acceptable estoppel to the lender, and (iii) the debt service coverage ratio is greater than or equal to 1.25x. | |
(27) | Loan No. 3 – Hilton Penn’s Landing - With respect to Mortgage Loan No. 3, Hilton Penn’s Landing, the borrowers are required to make monthly seasonal working capital reserve deposits equal to $483,334 in September through November of 2019, and thereafter, on each monthly payment date from June through November of each year, the borrower is required to make monthly deposits of $241,667. |
Loan No. 10 – Moffett Towers II – Buildings 3 & 4 - The Monthly Other Reserves ($) are capped at $24,544,310 (i.e., $35.00 per rentable square foot that is leased pursuant to the lease sweep lease in existence on the date hereof); or (ii) with respect to a lease sweep trigger continuing solely pursuant to clause (i)(b) of the defined term lease sweep period, $35.00 per rentable square foot of terminated space; or (iii) with respect to a lease sweep trigger continuing pursuant to a dark period event (clause (i)(c) of the defined term “Lease Sweep Period”), whether or not a lease sweep trigger pursuant to clauses (i)(b) and/or (i)(d) of the defined term “Lease Sweep Period” is concurrently continuing, $50.00 per rentable square foot of dark space; or (iv) with respect to a lease sweep trigger continuing pursuant to a Facebook downgrade event (clause (i)(f) of the defined term “Lease Sweep Period”), whether or not a lease sweep trigger pursuant to clauses (i)(b), (i)(c) and/or (i)(d) of the defined term “Lease Sweep Period” is concurrently continuing, $35,063,300. | |
Loan No. 18 – Visions Hotel Portfolio II - With respect to Mortgage Loan No. 18, Visions Hotel Portfolio II, the borrowers are required to make monthly FF&E deposits equal to 1/12 of: (i) 2% of annual gross revenue for the first two years of the loan term, (ii) 3% of annual gross revenue for the third, fourth and fifth years of the loan term and (iii) 4% of annual gross revenue thereafter. | |
Loan No. 24 - Bountiful Plaza – In the event either Savers or Planet Fitness fail to renew their leases 12 months prior to their respective lease expirations, the borrower is required to deposit either cash or a letter of credit in an amount equal to $120,000. If the borrower does not deposit said funds by June 1, 2023, then commencing on July 1, 2023 and continuing until November 1, 2023, the borrower must deposit $24,000 per month. In the event either Savers or Planet Fitness still has not renewed their leases six months prior to their respective lease expirations, the borrower must deposit either cash or a letter of credit in an amount equal to an additional $120,000. If the borrower does not deposit said funds by December 1, 2023, then commencing on January 1, 2024 and continuing until May 1, 2024, the borrower must deposit $24,000 per month. Failure to make said deposits will constitute a trigger event under the Bountiful Plaza loan documents. | |
(28) | Loan No. 1 – 888 Figueroa – On each payment date, the borrower is required to deposit $5,050 into a replacement reserve subject to a cap of $60,600. If during the loan term, the debt service coverage ratio is less than 1.25x, the monthly deposit is required to increase to $6,733 subject to a cap of $80,797. On each payment date, the borrower is required to deposit $17,055 into a TI/LC reserve subject to a cap of $204,660. If during the loan term, the debt service coverage ratio is less than 1.25x, the monthly deposit is required to increase to $34,110 subject to a cap of $409,320. |
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Loan No. 18 – Visions Hotel Portfolio II - With respect to Mortgage Loan No. 18, Visions Hotel Portfolio II, the borrowers are required to make monthly FF&E deposits equal to 1/12 of: (i) 2% of annual gross revenue for the first two years of the loan term, (ii) 3% of annual gross revenue for the third, fourth and fifth years of the loan term and (iii) 4% of annual gross revenue thereafter. | |
Loan No. 19 - Hilton Garden Inn Sugarland – Commencing on the first payment date and continuing until the Mortgage Loan is paid in full, the borrower is required to deposit with the lender a monthly amount equal to $24,966.00 per month for FF&E Replacements, which amount shall be equal to 1/12 of four percent (4%) of the monthly Total Gross Revenues pursuant to the borrower’s current fiscal year budget for the Mortgaged Property approved by the lender to cover the projected cost of the FF&E Replacements. The monthy amount will be adjusted quarterly based on the lender’s review of the current fiscal year budget for the Mortgaged Property. | |
(29) | With respect to the Mortgage Loans identified below, the lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a sponsor or (iii) to address environmental conditions or concerns. For additional information, see “Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses” and“Description of the Mortgage Pool – Mortgage Pool Characteristics – Environmental Considerations” in this Preliminary Prospectus. |
Loan No. | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % of Initial Outstanding Pool Balance | Maximum Policy Amount | Premium Paid in Full | Expiration Date | ||||||
9 | Wind Creek Leased Fee(1) | $40,000,000 | 4.9% | $10,000,000 | Yes | 05/31/2029 | ||||||
15 | Liberty MA Portfolio | $20,000,000 | 2.5% | $3,000,000 | Yes | 07/26/2032 | ||||||
18 | Visions Hotel Portfolio II(2) | $16,979,965 | 2.1% | $1,000,000 | Yes | 06/11/2032 |
(1) | The policy was purchased at the borrower’s election and was not required by the lender. The policy is cancellable at the borrower’s option. |
(2) | The environmental insurance policy obtained only covers the Holiday Inn Express Olean Property. |
(30) | Loan No. 14 - Boca Raton Design Center – The Phase I environmental report recommended that a Phase II report be completed for the Boca Raton Design Center Mortgaged Property to assess impacts to groundwater as a result of historical truss manufacturing facility. The Phase II investigation was completed and no further action is recommended at the Boca Raton Design Center Mortgaged Property. |
Loan No. 16 - 1440 N Dayton – The Phase I environmental report recommended that a Phase II report be completed for the 1440 N Dayton Mortgaged Property to assess any potential impact related to historical operations. The Phase II investigation was completed and no further action is recommended at the 1440 N Dayton Mortgaged Property. | |
(31) |
Loan No. | Mortgage Loan | A-Note Cut-off Date Balance | B-Note Cut-off Date Balance | Total Mortgage Debt Cut-off Date Balance(1) | Total Senior Notes U/W NCF DSCR | Total NCF DSCR | Total Senior Notes Cut-off Date LTV | Total Mortgage Debt Cut- off Date LTV Ratio | Total Senior Notes U/W NOI Debt Yield | Total Mortgage Debt U/W NOI Debt Yield | ||||||||||
2 | Woodlands Mall | $247,600,000 | $177,400,000 | $425,000,000 | 3.95X | 2.30x | 26.0% | 44.6% | 17.4% | 10.1% | ||||||||||
10 | Moffett Towers II – Buildings 3 & 4 | $350,000,000 | $155,000,000 | $505,000,000 | 3.46X | 2.40x | 44.3% | 63.9% | 13.2% | 9.2% | ||||||||||
11 | The Citizen Hotel Sacramento | $34,000,000 | $6,000,000 | $40,000,000 | 2.95X | 2.06X | 53.4% | 62.8% | 14.9% | 12.7% |
(1) | Total mortgage debt includes additionalpari passudebt and excludes mezzanine debt. |
(32) |
Loan No. | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % or Initial Outstanding Pool Balance | Mezzanine Debt Cut-off Date Balance | Annual Interest Rate on Mezzanine Loan | Mezzanine Loan Maturity Date or ARD | Intercreditor Agreement | Total Debt Cut-off Date LTV Ratio(1) | Total NCF | Total Debt U/W NOI Debt Yield(1) | ||||||||||
2 | Woodlands Mall | $70,000,000 | 8.6% | $40,000,000 | 5.50000% | 8/1/2029 | Yes | 48.8% | 1.79x | 9.3% | ||||||||||
10 | Moffett Towers II–Buildings 3& 4 | $34,450,000 | 4.2% | $85,000,000 | 5.75000% | 7/6/2029 | Yes | 74.7% | 1.91x | 79% | ||||||||||
12 | Crescent Club | $27,500,000 | 3.4% | $34,000,000 | 5.10000% | 8/1/2029 | Yes | 63.3% | 1.08x(2) | 66% |
(1) | Calculated including any relatedpari passu companion loan(s), related subordinate companion loan (s) and mezzanine debt. |
(2) | With respect to the Crescent Club mortgage loan,thetotal Debt U/W NCF DSCR is calculated (only for the mezzanine loan) based on an annual debt service amount equal to the aggregate of the first12principal and interest payments based on an assumed principal payment schedule. |
A-1-23
(33) |
Loan No. | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % of Initial Outstanding Pool Balance | Intercreditor Agreement Required | Combined Minimum DSCR | Combined Maximum LTV | Combined Minimum Debt Yield | |||||||
2 | Woodlands Mall(1) | $70,000,000 | 8.6% | Yes | 1.25x | 52.0% | 8.6% | |||||||
4 | Uline Arena | $42,000,000 | 5.2% | Yes | 1.75x | 57.7% | 7.18% | |||||||
13 | Victory Plaza(2) | $27,000,000 | 3.3% | Yes | (2) | 49.0% | 8.6% | |||||||
20 | Timlin Portfolio | $14,850,000 | 1.8% | Yes | 1.20x | 80.0% | N/A | |||||||
25 | Holiday Inn Express- Bluffton | $8,639,341 | 1.1% | Yes | 2.10x | 61.35% | 12.4% |
(1) | Borrower shall have a one-time right to cause a Permitted Mezzanine Borrower to incur additional indebtedness in the form of a mezzanine loan, that will be in no event greater than $35,000,000. |
(2) | The Combined Minimum DSCR can be no less than what it was at loan origination Which was 1.75x. Also subject to a lease rollover for any given year not greater than 30%. |
(34) | Loan No. 11 – The Citizen Hotel Sacramento -The Mortgaged Property is subject to and encumbered by two (2) deeds of trust held by the Redevelopment Agency Successor Agency of the City of Sacramento (“RASA”), securing the repayment of (1) a $5,100,000 loan (the “Hotel Development Loan”) made in connection with the development of the hotel portion of The Citizen Hotel Sacramento Property and (2) $850,000 loan (the “Restaurant Development Loan” and collectively with the Hotel Development Loan, the “RASA Loans”). The Hotel Development Loan matures in 50 years following the date that amortization payments are first required, and The Restaurant Development Loan was recently extended and matures on December 1, 2023. Both the Hotel Development Loan and the Restaurant Development Loan bear no interest. |
A-1-24