FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-226943-04 | ||
Benchmark 2019-B13 | ||
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., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Academy Securities, Inc., 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 Benchmark 2019-B13 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-B13 (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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Benchmark 2019-B13
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 | |||||
Loan | ID | Property Name | Balance | Properties | Seller(1) | Balance($)(3) | Balance($)(3) | or ARD Balance($) | Type(4)(5) | Type | Rate | Fee Rate(6) | Basis | Maturity or ARD | Maturity or ARD | Term | Term | ||
Loan | 1 | Sunset North(2) | 7.9% | 1 | JPMCB | 75,000,000 | 75,000,000 | 75,000,000 | Office | Suburban | 3.2500% | 0.01416% | Actual/360 | 120 | 120 | 0 | 0 | ||
Loan | 2 | Mac Commons | 5.6% | 1 | CREFI | 53,450,000 | 53,450,000 | 44,440,574 | Retail | Anchored | 4.0200% | 0.01283% | Actual/360 | 120 | 119 | 360 | 360 | ||
Loan | 3 | Osborn Triangle(2)(31) | 5.3% | 3 | JPMCB | 50,000,000 | 50,000,000 | 50,000,000 | Mixed Use | Office/Laboratory | 3.7970% | 0.01283% | Actual/360 | 120 | 116 | 0 | 0 | ||
Property | 3.01 | 610 Main Street North | 2.1% | 1 | JPMCB | 20,182,609 | 20,182,609 | Mixed Use | Office/Laboratory | ||||||||||
Property | 3.02 | 1 Portland Street | 1.9% | 1 | JPMCB | 17,826,087 | 17,826,087 | Mixed Use | Office/Laboratory | ||||||||||
Property | 3.03 | 700 Main Street | 1.3% | 1 | JPMCB | 11,991,304 | 11,991,304 | Mixed Use | Office/Laboratory | ||||||||||
Loan | 4 | Grand Canal Shoppes(2)(31) | 5.3% | 1 | JPMCB | 50,000,000 | 50,000,000 | 50,000,000 | Retail | Specialty Retail | 3.7408% | 0.01283% | Actual/360 | 120 | 117 | 0 | 0 | ||
Loan | 5 | Rivertowne Commons(2) | 4.7% | 1 | CREFI | 45,000,000 | 45,000,000 | 45,000,000 | Retail | Anchored | 3.6900% | 0.01505% | Actual/360 | 120 | 120 | 0 | 0 | ||
Loan | 6 | 900 & 990 Stewart Avenue(2) | 4.7% | 1 | JPMCB | 45,000,000 | 45,000,000 | 45,000,000 | Office | Suburban | 4.4900% | 0.01505% | Actual/360 | 60 | 58 | 0 | 0 | ||
Loan | 7 | City Hyde Park(2) | 4.7% | 1 | JPMCB | 45,000,000 | 45,000,000 | 41,308,903 | Mixed Use | Multifamily/Retail | 4.7000% | 0.01727% | Actual/360 | 120 | 120 | 360 | 360 | ||
Loan | 8 | 9533 Brighton Way | 4.5% | 1 | JPMCB | 43,000,000 | 43,000,000 | 43,000,000 | Mixed Use | Retail/Office | 4.1700% | 0.01283% | Actual/360 | 120 | 120 | 0 | 0 | ||
Loan | 9 | Wind Creek Leased Fee(2) | 4.4% | 1 | GACC | 41,600,000 | 41,521,017 | 35,613,179 | Other | Leased Fee | 4.3800% | 0.01968% | Actual/360 | 120 | 118 | 420 | 418 | ||
Loan | 10 | 30 Hudson Yards(2)(31) | 4.2% | 1 | GACC | 40,000,000 | 40,000,000 | 40,000,000 | Office | CBD | 3.1100% | 0.01283% | Actual/360 | 120 | 117 | 0 | 0 | ||
Loan | 11 | Beverly Hills BMW(2) | 4.1% | 1 | GACC | 39,490,000 | 39,490,000 | 39,490,000 | Retail | Other | 3.9000% | 0.02222% | Actual/360 | 120 | 119 | 0 | 0 | ||
Loan | 12 | 3 Columbus Circle(2)(31) | 3.9% | 1 | JPMCB | 37,500,000 | 37,500,000 | 37,500,000 | Office | CBD | 3.9140% | 0.01408% | Actual/360 | 120 | 113 | 0 | 0 | ||
Loan | 13 | Ensemble | 3.6% | 1 | CREFI | 34,500,000 | 34,500,000 | 34,500,000 | Multifamily | High Rise | 3.9300% | 0.01283% | Actual/360 | 120 | 120 | 0 | 0 | ||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 3.2% | 1 | GACC | 30,000,000 | 30,000,000 | 30,000,000 | Retail | Super Regional Mall | 4.2560% | 0.01283% | Actual/360 | 120 | 118 | 0 | 0 | ||
Loan | 15 | Northpoint Tower(2) | 2.6% | 1 | CREFI | 25,000,000 | 25,000,000 | 25,000,000 | Office | CBD | 3.3000% | 0.02158% | Actual/360 | 60 | 59 | 0 | 0 | ||
Loan | 16 | Dearborn IHG Portfolio | 2.4% | 2 | CREFI | 22,500,000 | 22,455,601 | 16,134,486 | Hospitality | Various | 3.9000% | 0.01283% | Actual/360 | 120 | 119 | 300 | 299 | ||
Property | 16.01 | Staybridge Suites Dearborn | 1.4% | 1 | CREFI | 13,800,000 | 13,772,768 | Hospitality | Extended Stay | ||||||||||
Property | 16.02 | Holiday Inn Express Dearborn | 0.9% | 1 | CREFI | 8,700,000 | 8,682,832 | Hospitality | Limited Service | ||||||||||
Loan | 17 | SkyEast | 2.4% | 1 | JPMCB | 22,500,000 | 22,500,000 | 22,500,000 | Multifamily | High Rise | 4.2500% | 0.01283% | Actual/360 | 120 | 120 | 0 | 0 | ||
Loan | 18 | 951 Madison Street | 2.1% | 1 | CREFI | 20,200,000 | 20,200,000 | 20,200,000 | Mixed Use | Multifamily/Retail/Self Storage | 3.7900% | 0.01283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Loan | 19 | Canyon Corporate Center | 1.9% | 1 | JPMCB | 18,460,000 | 18,460,000 | 18,460,000 | Office | Suburban | 3.7000% | 0.01283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Loan | 20 | Philadelphia Metro Storage Portfolio | 1.7% | 2 | CREFI | 16,450,000 | 16,450,000 | 14,966,742 | Self Storage | Self Storage | 4.1500% | 0.01283% | Actual/360 | 120 | 118 | 360 | 360 | ||
Property | 20.01 | Metro Self Storage - Pennsauken Township | 0.9% | 1 | CREFI | 8,500,000 | 8,500,000 | Self Storage | Self Storage | ||||||||||
Property | 20.02 | Metro Self Storage - Philadelphia | 0.8% | 1 | CREFI | 7,950,000 | 7,950,000 | Self Storage | Self Storage | ||||||||||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 1.6% | 1 | JPMCB | 15,700,000 | 15,700,000 | 12,759,982 | Hospitality | Full Service | 4.6500% | 0.01283% | Actual/360 | 120 | 120 | 360 | 360 | ||
Loan | 22 | Concord Center | 1.5% | 1 | JPMCB | 14,025,000 | 14,025,000 | 12,041,984 | Mixed Use | Retail/Office | 4.7000% | 0.06158% | Actual/360 | 120 | 118 | 360 | 360 | ||
Loan | 23 | Gramercy Tavern(33) | 1.5% | 1 | JPMCB | 14,000,000 | 14,000,000 | 14,000,000 | Retail | Single Tenant | 4.6000% | 0.01283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Loan | 24 | Hampton Inn & Suites Knoxville | 1.4% | 1 | JPMCB | 13,500,000 | 13,482,543 | 10,952,738 | Hospitality | Limited Service | 4.6000% | 0.01283% | Actual/360 | 120 | 119 | 360 | 359 | ||
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 1.4% | 1 | JPMCB | 13,480,000 | 13,480,000 | 10,961,273 | Hospitality | Limited Service | 4.6650% | 0.01283% | Actual/360 | 120 | 120 | 360 | 360 | ||
Loan | 26 | Fern Marketplace(32) | 1.3% | 1 | JPMCB | 12,500,000 | 12,500,000 | 12,500,000 | Retail | Anchored | 5.1500% | 0.04158% | Actual/360 | 60 | 59 | 0 | 0 | ||
Loan | 27 | Scottsdale Crossing | 1.2% | 1 | JPMCB | 11,300,000 | 11,300,000 | 10,263,566 | Retail | Shadow Anchored | 4.0500% | 0.01283% | Actual/360 | 120 | 119 | 360 | 360 | ||
Loan | 28 | Tradecor Retail Portfolio | 1.2% | 4 | CREFI | 11,100,000 | 11,100,000 | 11,100,000 | Various | Various | 3.5700% | 0.04283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Property | 28.01 | Bell Rd & Litchfield Rd | 0.6% | 1 | CREFI | 5,445,000 | 5,445,000 | Retail | Unanchored | ||||||||||
Property | 28.02 | Power Rd & US 60 | 0.4% | 1 | CREFI | 3,583,000 | 3,583,000 | Retail | Unanchored | ||||||||||
Property | 28.03 | Bullard Ave & McDowell Rd | 0.1% | 1 | CREFI | 1,094,000 | 1,094,000 | Retail | Single Tenant | ||||||||||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | 0.1% | 1 | CREFI | 978,000 | 978,000 | Other | Leased Fee | ||||||||||
Loan | 29 | Hotel Indigo Birmingham | 1.1% | 1 | GACC | 10,710,000 | 10,694,706 | 8,523,449 | Hospitality | Limited Service | 4.0500% | 0.01283% | Actual/360 | 120 | 119 | 360 | 359 | ||
Loan | 30 | The BC Remedy Building | 1.1% | 1 | CREFI | 10,500,000 | 10,480,873 | 9,254,167 | Office | CBD | 4.4500% | 0.01283% | Actual/360 | 60 | 59 | 300 | 299 | ||
Loan | 31 | Courtyard Warner Robins | 1.1% | 1 | JPMCB | 10,500,000 | 10,475,174 | 8,577,050 | Hospitality | Select Service | 4.8000% | 0.01283% | Actual/360 | 120 | 118 | 360 | 358 | ||
Loan | 32 | Two Guys Commons | 1.0% | 1 | CREFI | 9,800,000 | 9,800,000 | 8,454,317 | Retail | Anchored | 3.8900% | 0.01283% | Actual/360 | 120 | 119 | 360 | 360 | ||
Loan | 33 | 47 Clinton Street | 0.9% | 1 | JPMCB | 9,000,000 | 9,000,000 | 9,000,000 | Mixed Use | Multifamily/Retail | 5.2500% | 0.01283% | Actual/360 | 60 | 51 | 0 | 0 | ||
Loan | 34 | TownePlace Suites Albany | 0.9% | 1 | JPMCB | 8,400,000 | 8,380,139 | 6,861,639 | Hospitality | Extended Stay | 4.8000% | 0.01283% | Actual/360 | 120 | 118 | 360 | 358 | ||
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 0.8% | 1 | CREFI | 7,650,000 | 7,639,076 | 6,088,178 | Hospitality | Select Service | 4.0500% | 0.01283% | Actual/360 | 120 | 119 | 360 | 359 | ||
Loan | 36 | Double Door | 0.8% | 1 | CREFI | 7,500,000 | 7,500,000 | 7,500,000 | Mixed Use | Multifamily/Retail | 4.4000% | 0.01283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Loan | 37 | Albertsons Corinth | 0.5% | 1 | CREFI | 5,090,000 | 5,090,000 | 5,090,000 | Retail | Single Tenant | 4.4600% | 0.01283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Loan | 38 | 2975 Breckinridge Boulevard | 0.5% | 1 | CREFI | 4,900,000 | 4,887,436 | 4,477,298 | Office | Suburban | 4.4000% | 0.01283% | Actual/360 | 60 | 58 | 360 | 358 | ||
Loan | 39 | JJL Retail Portfolio | 0.4% | 2 | CREFI | 3,851,000 | 3,851,000 | 3,851,000 | Retail | Various | 4.3500% | 0.06283% | Actual/360 | 120 | 119 | 0 | 0 | ||
Property | 39.01 | Palm Desert | 0.2% | 1 | CREFI | 2,160,500 | 2,160,500 | Retail | Unanchored | ||||||||||
Property | 39.02 | Lake Elsinore | 0.2% | 1 | CREFI | 1,690,500 | 1,690,500 | Retail | Single Tenant | ||||||||||
Loan | 40 | 738 East 6th Street | 0.4% | 1 | JPMCB | 3,800,000 | 3,800,000 | 3,800,000 | Multifamily | Mid Rise | 4.2500% | 0.01283% | Actual/360 | 120 | 120 | 0 | 0 |
Benchmark 2019-B13
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 | ||||||||||
Origination | Payment | Maturity | ARD Loan | Final | Debt | Debt | Monthly Debt | Annual Debt | Interest Only | Cash | With | Related | ||||
Loan | ID | Property Name | Date | Date | or ARD Date | (Yes/No) | Maturity Date | Service($)(7) | Service($)(7) | Service($) | Service($) | Period | Lockbox(8) | Management(9) | Other Loans | Borrower |
Loan | 1 | Sunset North(2) | 09/10/2019 | 11/01/2019 | 10/01/2029 | No | 10/01/2029 | 205,946 | 2,471,354 | 205,946 | 2,471,354 | 120 | Hard | Springing | No | No |
Loan | 2 | Mac Commons | 09/05/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 255,795 | 3,069,542 | 17 | Hard | Springing | No | No | ||
Loan | 3 | Osborn Triangle(2)(31) | 05/16/2019 | 07/01/2019 | 06/01/2029 | No | 06/01/2029 | 160,406 | 1,924,868 | 1,219,083 | 14,628,997 | 116 | Hard | Springing | No | No |
Property | 3.01 | 610 Main Street North | ||||||||||||||
Property | 3.02 | 1 Portland Street | ||||||||||||||
Property | 3.03 | 700 Main Street | ||||||||||||||
Loan | 4 | Grand Canal Shoppes(2)(31) | 06/03/2019 | 08/01/2019 | 07/01/2029 | No | 07/01/2029 | 158,031 | 1,896,378 | 2,244,047 | 26,928,564 | 117 | Hard | Springing | No | No |
Loan | 5 | Rivertowne Commons(2) | 09/09/2019 | 11/06/2019 | 10/06/2029 | No | 10/06/2029 | 140,297 | 1,683,563 | 65,472 | 785,663 | 120 | Springing Hard | Springing | No | No |
Loan | 6 | 900 & 990 Stewart Avenue(2) | 07/25/2019 | 09/01/2019 | 08/01/2024 | No | 08/01/2024 | 170,714 | 2,048,562 | 147,952 | 1,775,421 | 58 | Hard | In Place | No | No |
Loan | 7 | City Hyde Park(2) | 09/09/2019 | 11/01/2019 | 10/01/2029 | No | 10/01/2029 | 233,387 | 2,800,644 | 347,487 | 4,169,848 | 60 | Springing Soft (Multifamily); Springing Hard (Retail) | Springing | No | No |
Loan | 8 | 9533 Brighton Way | 09/06/2019 | 11/01/2019 | 10/01/2029 | No | 10/01/2029 | 151,500 | 1,818,004 | 120 | Hard | Springing | No | No | ||
Loan | 9 | Wind Creek Leased Fee(2) | 07/23/2019 | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 193,795 | 2,325,536 | 489,145 | 5,869,743 | 0 | Hard | In Place | No | No |
Loan | 10 | 30 Hudson Yards(2)(31) | 06/14/2019 | 08/06/2019 | 07/06/2029 | No | 07/06/2029 | 105,106 | 1,261,278 | 2,837,875 | 34,054,500 | 117 | Hard | Springing | No | No |
Loan | 11 | Beverly Hills BMW(2) | 08/14/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 130,125 | 1,561,500 | 65,903 | 790,833 | 119 | Hard | Springing | No | No |
Loan | 12 | 3 Columbus Circle(2)(31) | 03/12/2019 | 04/11/2019 | 03/11/2029 | No | 03/11/2029 | 124,011 | 1,488,135 | 1,496,403 | 17,956,834 | 113 | Hard | In Place | No | No |
Loan | 13 | Ensemble | 09/11/2019 | 11/06/2019 | 10/06/2029 | No | 10/06/2029 | 114,557 | 1,374,681 | 120 | Springing Hard | Springing | No | No | ||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 07/05/2019 | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 107,878 | 1,294,533 | 782,473 | 9,389,682 | 118 | Hard | Springing | No | No |
Loan | 15 | Northpoint Tower(2) | 08/09/2019 | 10/06/2019 | 09/06/2024 | No | 09/06/2024 | 69,705 | 836,458 | 182,627 | 2,191,521 | 59 | Hard | Springing | No | No |
Loan | 16 | Dearborn IHG Portfolio | 08/22/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 117,524 | 1,410,294 | 0 | Springing Hard | Springing | No | No | ||
Property | 16.01 | Staybridge Suites Dearborn | ||||||||||||||
Property | 16.02 | Holiday Inn Express Dearborn | ||||||||||||||
Loan | 17 | SkyEast | 09/11/2019 | 11/05/2019 | 10/05/2029 | No | 10/05/2029 | 80,794 | 969,531 | 120 | Springing Soft | Springing | No | Yes - A | ||
Loan | 18 | 951 Madison Street | 08/19/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 64,684 | 776,213 | 119 | Springing | Springing | No | No | ||
Loan | 19 | Canyon Corporate Center | 08/20/2019 | 10/01/2019 | 09/01/2029 | No | 09/01/2029 | 57,709 | 692,506 | 119 | Springing Hard | Springing | No | No | ||
Loan | 20 | Philadelphia Metro Storage Portfolio | 07/30/2019 | 09/06/2019 | 08/06/2029 | No | 08/06/2029 | 79,964 | 959,568 | 58 | Springing Hard | Springing | No | No | ||
Property | 20.01 | Metro Self Storage - Pennsauken Township | ||||||||||||||
Property | 20.02 | Metro Self Storage - Philadelphia | ||||||||||||||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 09/09/2019 | 11/01/2019 | 10/01/2029 | No | 10/01/2029 | 80,955 | 971,460 | 0 | Hard | Springing | No | No | ||
Loan | 22 | Concord Center | 07/19/2019 | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 72,739 | 872,867 | 22 | Hard | Springing | No | No | ||
Loan | 23 | Gramercy Tavern(33) | 08/26/2019 | 10/01/2019 | 09/01/2029 | No | 09/01/2029 | 54,412 | 652,944 | 119 | Hard | Springing | No | No | ||
Loan | 24 | Hampton Inn & Suites Knoxville | 08/05/2019 | 10/01/2019 | 09/01/2029 | No | 09/01/2029 | 69,207 | 830,484 | 0 | Hard | Springing | No | No | ||
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 09/05/2019 | 11/01/2019 | 10/01/2029 | No | 10/01/2029 | 69,629 | 835,549 | 0 | Hard | Springing | No | No | ||
Loan | 26 | Fern Marketplace(32) | 08/07/2019 | 10/01/2019 | 09/01/2024 | No | 09/01/2024 | 54,391 | 652,691 | 59 | Hard | In Place | No | No | ||
Loan | 27 | Scottsdale Crossing | 08/09/2019 | 10/01/2019 | 09/01/2029 | No | 09/01/2029 | 54,274 | 651,290 | 59 | Hard | Springing | No | No | ||
Loan | 28 | Tradecor Retail Portfolio | 08/22/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 33,481 | 401,774 | 119 | Springing Hard | Springing | No | No | ||
Property | 28.01 | Bell Rd & Litchfield Rd | ||||||||||||||
Property | 28.02 | Power Rd & US 60 | ||||||||||||||
Property | 28.03 | Bullard Ave & McDowell Rd | ||||||||||||||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | ||||||||||||||
Loan | 29 | Hotel Indigo Birmingham | 08/30/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 51,440 | 617,285 | 0 | Hard | Springing | No | No | ||
Loan | 30 | The BC Remedy Building | 09/06/2019 | 10/06/2019 | 09/06/2024 | No | 09/06/2024 | 58,065 | 696,778 | 0 | Hard | Springing | No | No | ||
Loan | 31 | Courtyard Warner Robins | 07/18/2019 | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 55,090 | 661,078 | 0 | Hard | Springing | No | Yes - B | ||
Loan | 32 | Two Guys Commons | 08/19/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 46,167 | 554,008 | 35 | Springing Hard | Springing | No | No | ||
Loan | 33 | 47 Clinton Street | 12/17/2018 | 02/01/2019 | 01/01/2024 | No | 01/01/2024 | 39,922 | 479,063 | 51 | Soft | In Place | No | No | ||
Loan | 34 | TownePlace Suites Albany | 07/18/2019 | 09/01/2019 | 08/01/2029 | No | 08/01/2029 | 44,072 | 528,863 | 0 | Hard | Springing | No | Yes - B | ||
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 08/28/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 36,743 | 440,918 | 0 | Hard | Springing | No | No | ||
Loan | 36 | Double Door | 08/20/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 27,882 | 334,583 | 119 | Springing Hard | Springing | No | No | ||
Loan | 37 | Albertsons Corinth | 09/06/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 19,181 | 230,167 | 119 | Hard | Springing | No | No | ||
Loan | 38 | 2975 Breckinridge Boulevard | 07/30/2019 | 09/06/2019 | 08/06/2024 | No | 08/06/2024 | 24,537 | 294,447 | 0 | Springing Hard | Springing | No | No | ||
Loan | 39 | JJL Retail Portfolio | 09/06/2019 | 10/06/2019 | 09/06/2029 | No | 09/06/2029 | 14,154 | 169,845 | 119 | Springing | Springing | No | No | ||
Property | 39.01 | Palm Desert | ||||||||||||||
Property | 39.02 | Lake Elsinore | ||||||||||||||
Loan | 40 | 738 East 6th Street | 09/11/2019 | 11/05/2019 | 10/05/2029 | No | 10/05/2029 | 13,645 | 163,743 | 120 | Springing Soft | Springing | No | Yes - A |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
FIRREA | Cut-Off | |||||||||||||||
Underwritten | Underwritten | Grace | Payment | Appraised | Appraisal | Compliant | Date LTV | LTV Ratio at | ||||||||
Loan | ID | Property Name | NOI DSCR(7)(10) | NCF DSCR(7)(10) | Period(12) | Date | Value ($)(13) | As-of Date | (Yes/No) | Ratio(10)(13)(14) | Maturity or ARD(10)(13)(14) | Address | City | County | State | Zip Code |
Loan | 1 | Sunset North(2) | 2.75x | 2.63x | 0 | 1 | 227,100,000 | 08/21/2019 | Yes | 66.1% | 66.1% | 3120, 3150 & 3180 139th Avenue Southeast | Bellevue | King | WA | 98005 |
Loan | 2 | Mac Commons | 1.52x | 1.44x | 0 | 6 | 73,500,000 | 07/01/2019 | Yes | 72.7% | 60.5% | 2631 MacArthur Road | Whitehall | Lehigh | PA | 18052 |
Loan | 3 | Osborn Triangle(2)(31) | 3.25x | 3.12x | 0 | 1 | 1,158,000,000 | 04/11/2019 | Yes | 37.1% | 37.1% | Various | Cambridge | Middlesex | MA | 02139 |
Property | 3.01 | 610 Main Street North | 462,000,000 | 04/11/2019 | Yes | 610 Main Street | Cambridge | Middlesex | MA | 02139 | ||||||
Property | 3.02 | 1 Portland Street | 416,000,000 | 04/11/2019 | Yes | 1 Portland Street | Cambridge | Middlesex | MA | 02139 | ||||||
Property | 3.03 | 700 Main Street | 280,000,000 | 04/11/2019 | Yes | 700 Main Street | Cambridge | Middlesex | MA | 02139 | ||||||
Loan | 4 | Grand Canal Shoppes(2)(31) | 2.53x | 2.46x | 2 (once per year) | 1 | 1,640,000,000 | 04/03/2019 | Yes | 46.3% | 46.3% | 3377 Las Vegas Boulevard South | Las Vegas | Clark | NV | 89109 |
Loan | 5 | Rivertowne Commons(2) | 2.35x | 2.23x | 0 | 6 | 106,000,000 | 07/10/2019 | Yes | 62.3% | 62.3% | 6163 Oxon Hill Road | Oxon Hill | Prince George’s | MD | 20745 |
Loan | 6 | 900 & 990 Stewart Avenue(2) | 2.01x | 1.95x | 0 | 1 | 121,400,000 | 05/02/2019 | Yes | 69.2% | 69.2% | 900 & 990 Stewart Avenue | Garden City | Nassau | NY | 11530 |
Loan | 7 | City Hyde Park(2) | 1.08x | 1.06x | 0 | 1 | 151,800,000 | 06/03/2019 | Yes | 73.8% | 67.7% | 5105 South Harper Avenue | Chicago | Cook | IL | 60615 |
Loan | 8 | 9533 Brighton Way | 1.59x | 1.58x | 5 | 1 | 67,600,000 | 08/18/2019 | Yes | 63.6% | 63.6% | 9533 Brighton Way | Beverly Hills | Los Angeles | CA | 90210 |
Loan | 9 | Wind Creek Leased Fee(2) | 1.27x | 1.27x | 0 | 6 | 172,500,000 | 04/23/2019 | Yes | 84.8% | 72.8% | 77 Sands Boulevard | Bethlehem | Northampton | PA | 18015 |
Loan | 10 | 30 Hudson Yards(2)(31) | 3.46x | 3.45x | 0 | 6 | 2,200,000,000 | 05/23/2019 | Yes | 50.9% | 50.9% | 530 West 33rd Street | New York | New York | NY | 10001 |
Loan | 11 | Beverly Hills BMW(2) | 1.00x | 1.00x | 0 | 6 | 70,000,000 | 07/16/2019 | Yes | 85.0% | 85.0% | 5070 & 5151 Wilshire Boulevard | Los Angeles | Los Angeles | CA | 90036 |
Loan | 12 | 3 Columbus Circle(2)(31) | 3.11x | 2.91x | 0 | 11 | 1,080,000,000 | 01/01/2019 | Yes | 45.4% | 45.4% | 3 Columbus Circle | New York | New York | NY | 10019 |
Loan | 13 | Ensemble | 1.69x | 1.68x | 0 | 6 | 50,000,000 | 01/09/2019 | Yes | 69.0% | 69.0% | 824-840 East New York Avenue | Brooklyn | Kings | NY | 11203 |
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 4.04x | 3.95x | 1 (once per year) | 1 | 953,400,000 | 04/20/2019 | Yes | 26.0% | 26.0% | 1201 Lake Woodlands Drive | The Woodlands | Montgomery | TX | 77380 |
Loan | 15 | Northpoint Tower(2) | 3.37x | 3.31x | 0 | 6 | 145,300,000 | 07/18/2019 | Yes | 62.3% | 62.3% | 901-1001 Lakeside Avenue East | Cleveland | Cuyahoga | OH | 44114 |
Loan | 16 | Dearborn IHG Portfolio | 2.16x | 1.95x | 0 | 6 | 38,000,000 | 07/12/2019 | Yes | 59.1% | 42.5% | Various | Dearborn | Wayne | MI | 48124 |
Property | 16.01 | Staybridge Suites Dearborn | 20,500,000 | 07/12/2019 | Yes | 24105 Michigan Avenue | Dearborn | Wayne | MI | 48124 | ||||||
Property | 16.02 | Holiday Inn Express Dearborn | 17,500,000 | 07/12/2019 | Yes | 24041 Michigan Avenue | Dearborn | Wayne | MI | 48124 | ||||||
Loan | 17 | SkyEast | 1.57x | 1.55x | 0 | 5 | 33,500,000 | 05/30/2019 | Yes | 67.2% | 67.2% | 636 East 11th Street | New York | New York | NY | 10009 |
Loan | 18 | 951 Madison Street | 1.83x | 1.80x | 0 | 6 | 33,400,000 | 06/19/2019 | Yes | 60.5% | 60.5% | 951 Madison Street | Brooklyn | Kings | NY | 11221 |
Loan | 19 | Canyon Corporate Center | 3.09x | 3.05x | 5 | 1 | 28,450,000 | 07/10/2019 | Yes | 64.9% | 64.9% | 3870, 3880, 3890 Murphy Canyon Road | San Diego | San Diego | CA | 92123 |
Loan | 20 | Philadelphia Metro Storage Portfolio | 1.48x | 1.46x | 0 | 6 | 24,450,000 | Various | Yes | 67.3% | 61.2% | Various | Various | Various | Various | Various |
Property | 20.01 | Metro Self Storage - Pennsauken Township | 11,790,000 | 06/01/2019 | Yes | 6400-6504 South Crescent Boulevard | Pennsauken | Camden | NJ | 08109 | ||||||
Property | 20.02 | Metro Self Storage - Philadelphia | 12,660,000 | 06/05/2019 | Yes | 2240 Island Avenue | Philadelphia | Philadelphia | PA | 19142 | ||||||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 1.87x | 1.87x | 5 (once per year) | 1 | 26,000,000 | 08/01/2019 | Yes | 60.4% | 49.1% | 725 Woodlake Drive | Chesapeake | Chesapeake City | VA | 23320 |
Loan | 22 | Concord Center | 1.50x | 1.46x | 0 | 1 | 22,000,000 | 06/11/2019 | Yes | 63.8% | 54.7% | 445-455 East Eisenhower Parkway & 2900 South State Street | Ann Arbor | Washtenaw | MI | 48108 & 48104 |
Loan | 23 | Gramercy Tavern(33) | 1.83x | 1.80x | 5 (once per year) | 1 | 24,800,000 | 06/25/2019 | Yes | 56.5% | 56.5% | 42 East 20th Street | New York | New York | NY | 10003 |
Loan | 24 | Hampton Inn & Suites Knoxville | 1.77x | 1.77x | 0 | 1 | 20,200,000 | 05/24/2019 | Yes | 66.7% | 54.2% | 618 West Main Street | Knoxville | Knox | TN | 37902 |
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 2.24x | 2.24x | 0 | 1 | 20,600,000 | 06/01/2019 | Yes | 65.4% | 53.2% | 20065 Lakeview Center Plaza | Ashburn | Loudoun | VA | 20147 |
Loan | 26 | Fern Marketplace(32) | 1.78x | 1.76x | 0 | 1 | 23,150,000 | 04/22/2019 | Yes | 54.0% | 54.0% | 1370 East 70th Street | Shreveport | Caddo | LA | 71105 |
Loan | 27 | Scottsdale Crossing | 1.79x | 1.69x | 5 | 1 | 18,500,000 | 06/26/2019 | Yes | 61.1% | 55.5% | 2765, 2805, 2825 & 2845 North Scottsdale Road | Scottsdale | Maricopa | AZ | 85257 |
Loan | 28 | Tradecor Retail Portfolio | 2.73x | 2.60x | 0 | 6 | 19,880,000 | 07/11/2019 | Yes | 55.8% | 55.8% | Various | Various | Maricopa | AZ | Various |
Property | 28.01 | Bell Rd & Litchfield Rd | 9,300,000 | 07/11/2019 | Yes | 16811 North Litchfield Road | Surprise | Maricopa | AZ | 85374 | ||||||
Property | 28.02 | Power Rd & US 60 | 6,600,000 | 07/11/2019 | Yes | 1438 South Power Road | Mesa | Maricopa | AZ | 85206 | ||||||
Property | 28.03 | Bullard Ave & McDowell Rd | 2,120,000 | 07/11/2019 | Yes | 14681 West McDowell Road | Goodyear | Maricopa | AZ | 85395 | ||||||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | 1,860,000 | 07/11/2019 | Yes | North of NWC McDowell Road & Pebble Creek Parkway | Goodyear | Maricopa | AZ | 85338 | ||||||
Loan | 29 | Hotel Indigo Birmingham | 2.12x | 1.93x | 0 | 6 | 15,300,000 | 09/03/2019 | Yes | 69.9% | 55.7% | 1023 20th Street South | Birmingham | Jefferson | AL | 35205 |
Loan | 30 | The BC Remedy Building | 1.68x | 1.54x | 0 | 6 | 16,200,000 | 06/17/2019 | Yes | 64.7% | 57.1% | 407 & 423 Morris Street | Durham | Durham | NC | 27701 |
Loan | 31 | Courtyard Warner Robins | 1.82x | 1.82x | 0 | 1 | 18,300,000 | 05/06/2019 | Yes | 57.2% | 46.9% | 589 Carl Vinson Parkway | Warner Robins | Houston | GA | 31088 |
Loan | 32 | Two Guys Commons | 1.64x | 1.51x | 0 | 6 | 13,400,000 | 06/12/2019 | Yes | 73.1% | 63.1% | 905 Loucks Road | York | York | PA | 17404 |
Loan | 33 | 47 Clinton Street | 1.17x | 1.16x | 0 | 1 | 14,300,000 | 08/15/2018 | Yes | 62.9% | 62.9% | 47 Clinton Street | New York | New York | NY | 10002 |
Loan | 34 | TownePlace Suites Albany | 2.60x | 2.60x | 0 | 1 | 14,000,000 | 06/30/2019 | Yes | 59.9% | 49.0% | 3014 Kensington Court | Albany | Dougherty | GA | 31721 |
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 2.43x | 2.18x | 0 | 6 | 11,500,000 | 07/02/2020 | Yes | 66.4% | 52.9% | 60 Entrada Drive | Los Alamos | Los Alamos | NM | 87544 |
Loan | 36 | Double Door | 1.89x | 1.83x | 0 | 6 | 12,100,000 | 10/25/2019 | Yes | 62.0% | 62.0% | 1572 North Milwaukee Avenue | Chicago | Cook | IL | 60647 |
Loan | 37 | Albertsons Corinth | 1.83x | 1.71x | 0 | 6 | 8,670,000 | 08/03/2019 | Yes | 58.7% | 58.7% | 4351 FM 2181 | Corinth | Denton | TX | 76210 |
Loan | 38 | 2975 Breckinridge Boulevard | 2.40x | 2.01x | 0 | 6 | 9,650,000 | 06/27/2019 | Yes | 50.6% | 46.4% | 2975 Breckinridge Boulevard | Duluth | Gwinnet | GA | 30096 |
Loan | 39 | JJL Retail Portfolio | 2.00x | 1.89x | 0 | 6 | 6,420,000 | 07/20/2019 | Yes | 60.0% | 60.0% | Various | Various | Riverside | CA | Various |
Property | 39.01 | Palm Desert | 3,500,000 | 07/20/2019 | Yes | 34260 Monterey Avenue | Palm Desert | Riverside | CA | 92211 | ||||||
Property | 39.02 | Lake Elsinore | 2,920,000 | 07/20/2019 | Yes | 18428 Collier Avenue | Lake Elsinore | Riverside | CA | 92530 | ||||||
Loan | 40 | 738 East 6th Street | 1.57x | 1.55x | 0 | 5 | 6,200,000 | 06/25/2019 | Yes | 61.3% | 61.3% | 738 East 6th Street | New York | New York | NY | 10009 |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Net | Units | Loan per Net | |||||||||||
Year | Year | Rentable Area | of | Rentable Area | Prepayment Provisions | Most Recent Operating | Most Recent | Most Recent | Most Recent | ||||
Loan | ID | Property Name | Built | Renovated | (SF/Units/Rooms)(4)(14) | Measure | (SF/Units/Rooms) $(4)(10) | (# of payments)(15)(16)(17) | Statements Date | EGI ($) | Expenses($) | NOI($)(11) | |
Loan | 1 | Sunset North(2) | 1999, 2000 | 2016-2019 | 464,061 | Sq. Ft. | 323 | L(24), D(92), O(4) | 07/31/2019 | 11,557,212 | 4,758,188 | 6,799,024 | |
Loan | 2 | Mac Commons | 1952 | 2019 | 361,806 | Sq. Ft. | 148 | L(25), D(91), O(4) | 05/31/2019 | 5,732,850 | 1,328,059 | 4,404,791 | |
Loan | 3 | Osborn Triangle(2)(31) | Various | Various | 676,947 | Sq. Ft. | 635 | L(25), YM1(88), O(7) | 03/31/2019 | 60,868,091 | 15,860,286 | 45,007,805 | |
Property | 3.01 | 610 Main Street North | 2016 | NAP | 278,738 | Sq. Ft. | 623 | 03/31/2019 | 26,172,221 | 6,322,623 | 19,849,598 | ||
Property | 3.02 | 1 Portland Street | 2013 | NAP | 229,330 | Sq. Ft. | 668 | 03/31/2019 | 21,060,689 | 4,968,008 | 16,092,681 | ||
Property | 3.03 | 700 Main Street | Late 1800s | 2002, 2012 | 168,879 | Sq. Ft. | 611 | 03/31/2019 | 13,635,181 | 4,569,654 | 9,065,526 | ||
Loan | 4 | Grand Canal Shoppes(2)(31) | 1999 | 2007 | 759,891 | Sq. Ft. | 1,000 | L(27), D(88), O(5) | 03/31/2019 | 102,473,435 | 31,007,624 | 71,465,811 | |
Loan | 5 | Rivertowne Commons(2) | 1987 | NAP | 384,304 | Sq. Ft. | 172 | L(24), D(91), O(5) | 07/31/2019 | 7,546,879 | 2,552,644 | 4,994,234 | |
Loan | 6 | 900 & 990 Stewart Avenue(2) | 1987, 1988 | 2014, 2018 | 461,820 | Sq. Ft. | 182 | L(25), YM1(32), O(3) | 12/31/2018 | 11,627,171 | 7,149,331 | 4,477,840 | |
Loan | 7 | City Hyde Park(2) | 2015 | NAP | 180 | Units | 622,222 | L(24), D(90), O(6) | 06/30/2019 | 9,137,147 | 2,989,676 | 6,147,471 | |
Loan | 8 | 9533 Brighton Way | 1930 | 2016 | 14,294 | Sq. Ft. | 3,008 | L(24), D(91), O(5) | 06/30/2019 | 2,477,140 | 649,288 | 1,827,852 | |
Loan | 9 | Wind Creek Leased Fee(2) | NAP | NAP | 2,608,541 | Sq. Ft. | 56 | L(26), D(89), O(5) | |||||
Loan | 10 | 30 Hudson Yards(2)(31) | 2019 | NAP | 1,463,234 | Sq. Ft. | 765 | L(27), DorYM1(88), O(5) | |||||
Loan | 11 | Beverly Hills BMW(2) | 2010 | NAP | 339,000 | Sq. Ft. | 175 | L(25), D(91), O(4) | |||||
Loan | 12 | 3 Columbus Circle(2)(31) | 1927 | 2010-2013 | 753,713 | Sq. Ft. | 650 | L(31), D(84), O(5) | 12/31/2018 | 57,324,235 | 17,233,200 | 40,091,035 | |
Loan | 13 | Ensemble | 2019 | NAP | 93 | Units | 370,968 | L(24), D(90), O(6) | |||||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 1994, 2003, 2016 | NAP | 758,231 | Sq. Ft. | 327 | L(26), D(89), O(5) | 05/31/2019 | 53,807,988 | 10,101,329 | 43,706,659 | |
Loan | 15 | Northpoint Tower(2) | 1985 | 2017-2019 | 873,335 | Sq. Ft. | 104 | L(25), D(30), O(5) | 06/30/2019 | 16,770,993 | 8,378,781 | 8,392,212 | |
Loan | 16 | Dearborn IHG Portfolio | 2016 | NAP | 206 | Rooms | 109,008 | L(25), D(90), O(5) | 06/30/2019 | 7,548,787 | 4,411,812 | 3,136,975 | |
Property | 16.01 | Staybridge Suites Dearborn | 2016 | NAP | 99 | Rooms | 139,119 | 06/30/2019 | 4,287,178 | 2,351,833 | 1,935,345 | ||
Property | 16.02 | Holiday Inn Express Dearborn | 2016 | NAP | 107 | Rooms | 81,148 | 06/30/2019 | 3,261,609 | 2,059,978 | 1,201,631 | ||
Loan | 17 | SkyEast | 2005 | NAP | 41 | Units | 548,780 | L(24), D(92), O(4) | 08/31/2019 | 1,968,982 | 437,631 | 1,531,351 | |
Loan | 18 | 951 Madison Street | 2018 | NAP | 37 | Units | 545,946 | L(25), YM1(92), O(3) | T-6 3/31/2019 Ann. | 1,136,056 | 173,414 | 962,641 | |
Loan | 19 | Canyon Corporate Center | 1988 | 2014 | 132,248 | Sq. Ft. | 140 | L(25), DorYM1(90), YM1(1), O(4) | 12/31/2018 | 2,541,872 | 464,482 | 2,077,389 | |
Loan | 20 | Philadelphia Metro Storage Portfolio | Various | Various | 149,845 | Sq. Ft. | 110 | L(26), D(89), O(5) | 06/30/2019 | 2,280,758 | 826,888 | 1,453,870 | |
Property | 20.01 | Metro Self Storage - Pennsauken Township | 1950 | 2002 | 69,085 | Sq. Ft. | 123 | 06/30/2019 | 1,105,083 | 388,168 | 716,915 | ||
Property | 20.02 | Metro Self Storage - Philadelphia | 1927 | 2003 | 80,760 | Sq. Ft. | 98 | 06/30/2019 | 1,175,675 | 438,720 | 736,955 | ||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 1986 | 2017-2018 | 228 | Rooms | 68,860 | L(24), D(93), O(3) | 07/31/2019 | 7,668,989 | 5,800,938 | 1,868,051 | |
Loan | 22 | Concord Center | 1987 | 2017-2019 | 99,352 | Sq. Ft. | 141 | L(26), D(91), O(3) | 03/31/2019 | 1,932,323 | 949,872 | 982,451 | |
Loan | 23 | Gramercy Tavern(33) | 1910 | 1994 | 14,030 | Sq. Ft. | 998 | L(25), YM1(92), O(3) | |||||
Loan | 24 | Hampton Inn & Suites Knoxville | 2006 | 2019 | 85 | Rooms | 158,618 | L(25), D(92), O(3) | 08/31/2019 | 3,753,073 | 2,283,383 | 1,469,690 | |
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 2009 | 2017 | 132 | Rooms | 102,121 | L(25), YM1(92), O(3) | 06/30/2019 | 4,890,068 | 3,015,294 | 1,874,774 | |
Loan | 26 | Fern Marketplace(32) | 2016 | NAP | 67,725 | Sq. Ft. | 185 | L(25), YM1(11), O(24) | 05/31/2019 | 1,500,316 | 533,477 | 966,839 | |
Loan | 27 | Scottsdale Crossing | 1991 | 2001 | 52,850 | Sq. Ft. | 214 | L(25), YM1(92), O(3) | 08/31/2019 | 1,429,174 | 301,705 | 1,127,469 | |
Loan | 28 | Tradecor Retail Portfolio | Various | Various | 29,001 | Sq. Ft. | 383 | L(25), D(91), O(4) | |||||
Property | 28.01 | Bell Rd & Litchfield Rd | 2006 | NAP | 12,500 | Sq. Ft. | 436 | 05/31/2019 | 617,539 | 115,680 | 501,859 | ||
Property | 28.02 | Power Rd & US 60 | 2013 | NAP | 8,252 | Sq. Ft. | 434 | 04/30/2019 | 419,925 | 79,501 | 340,424 | ||
Property | 28.03 | Bullard Ave & McDowell Rd | 2009 | NAP | 6,249 | Sq. Ft. | 175 | 05/31/2019 | 206,833 | 206,833 | |||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | NAP | NAP | 2,000 | Sq. Ft. | 489 | ||||||
Loan | 29 | Hotel Indigo Birmingham | 1932 | 2018 | 63 | Rooms | 169,757 | L(25), D(91), O(4) | 07/31/2019 | 2,748,489 | 1,574,312 | 1,174,177 | |
Loan | 30 | The BC Remedy Building | 1928 | 1995 | 67,087 | Sq. Ft. | 156 | L(25), D(32), O(3) | 06/30/2019 | 1,762,232 | 494,402 | 1,267,830 | |
Loan | 31 | Courtyard Warner Robins | 2010 | NAP | 106 | Rooms | 98,822 | L(26), D(91), O(3) | 07/31/2019 | 3,982,846 | 2,803,025 | 1,179,821 | |
Loan | 32 | Two Guys Commons | 1970 | 2016 | 110,980 | Sq. Ft. | 88 | L(25), D(91), O(4) | 04/30/2019 | 1,646,240 | 602,970 | 1,043,270 | |
Loan | 33 | 47 Clinton Street | 1900 | 2014 | 10 | Units | 900,000 | L(25), YM1(29), O(6) | 05/31/2019 | 499,641 | 79,068 | 420,573 | |
Loan | 34 | TownePlace Suites Albany | 2018 | NAP | 80 | Rooms | 104,752 | L(26), D(91), O(3) | 07/31/2019 | 2,932,576 | 1,503,096 | 1,429,479 | |
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 2009 | NAP | 86 | Rooms | 88,826 | L(25), D(90), O(5) | 06/30/2019 | 2,885,410 | 1,816,825 | 1,068,585 | |
Loan | 36 | Double Door | 1902 | 2018 | 11 | Units | 681,818 | L(25), D(89), O(6) | 06/30/2019 | 308,769 | 112,049 | 196,720 | |
Loan | 37 | Albertsons Corinth | 1997 | 2017 | 57,574 | Sq. Ft. | 88 | L(25), D(92), O(3) | |||||
Loan | 38 | 2975 Breckinridge Boulevard | 1998 | 2008 | 70,393 | Sq. Ft. | 69 | L(26), D(30), O(4) | 06/30/2019 | 1,118,416 | 439,884 | 678,532 | |
Loan | 39 | JJL Retail Portfolio | Various | NAP | 13,979 | Sq. Ft. | 275 | L(25), DorYM1(91), O(4) | |||||
Property | 39.01 | Palm Desert | 2007 | NAP | 5,979 | Sq. Ft. | 361 | 06/30/2019 | 247,510 | 48,945 | 198,565 | ||
Property | 39.02 | Lake Elsinore | 2019 | NAP | 8,000 | Sq. Ft. | 211 | ||||||
Loan | 40 | 738 East 6th Street | 1900 | 2018-2019 | 11 | Units | 345,455 | L(24), D(92), O(4) | 08/31/2019 | 340,375 | 126,998 | 213,377 |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Second Most | Second | Second | Second | Third Most | Third | Third | Third | |||||||||||||
Recent Operating | Most Recent | Most Recent | Most Recent | Recent Operating | Most Recent | Most Recent | Most Recent | Underwritten NOI | Underwritten NCF | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Underwritten | Ownership | |||
Loan | ID | Property Name | Statements Date | EGI($) | Expenses($) | NOI($) | Statements Date | EGI($) | Expenses($) | NOI($) | Debt Yield(7)(10) | Debt Yield(7)(10) | Revenue($) | EGI($) | Expenses($) | NOI ($)(11) | Reserves($) | TI/LC($) | NCF ($) | Interest |
Loan | 1 | Sunset North(2) | 12/31/2018 | 18,368,132 | 4,822,445 | 13,545,687 | 12/31/2017 | 15,446,081 | 4,538,540 | 10,907,542 | 9.1% | 8.7% | 21,030,283 | 19,978,769 | 6,362,971 | 13,615,798 | 148,500 | 464,061 | 13,003,237 | Fee Simple |
Loan | 2 | Mac Commons | 12/31/2018 | 5,848,393 | 1,539,422 | 4,308,971 | 12/31/2017 | 5,701,680 | 1,355,424 | 4,346,256 | 8.7% | 8.3% | 6,420,963 | 6,099,915 | 1,442,978 | 4,656,938 | 54,271 | 176,707 | 4,425,960 | Fee Simple |
Loan | 3 | Osborn Triangle(2)(31) | 12/31/2018 | 59,626,445 | 15,721,797 | 43,904,648 | 12/31/2017 | 55,887,418 | 13,850,608 | 42,036,811 | 12.5% | 12.0% | 71,076,352 | 70,789,429 | 17,055,013 | 53,734,416 | 182,776 | 1,878,551 | 51,673,090 | Leasehold |
Property | 3.01 | 610 Main Street North | 12/31/2018 | 25,653,185 | 6,363,502 | 19,289,683 | 12/31/2017 | 24,392,158 | 5,060,066 | 19,332,091 | 30,235,850 | 30,351,909 | 6,775,685 | 23,576,224 | 75,259 | 23,500,965 | Leasehold | |||
Property | 3.02 | 1 Portland Street | 12/31/2018 | 20,777,288 | 4,849,523 | 15,927,766 | 12/31/2017 | 19,154,337 | 4,220,162 | 14,934,175 | 24,166,129 | 24,096,635 | 5,282,690 | 18,813,944 | 61,919 | 1,081,864 | 17,670,161 | Leasehold | ||
Property | 3.03 | 700 Main Street | 12/31/2018 | 13,195,972 | 4,508,772 | 8,687,199 | 12/31/2017 | 12,340,923 | 4,570,379 | 7,770,545 | 16,674,373 | 16,340,886 | 4,996,638 | 11,344,248 | 45,597 | 796,687 | 10,501,964 | Leasehold | ||
Loan | 4 | Grand Canal Shoppes(2)(31) | 12/31/2018 | 103,110,653 | 31,784,180 | 71,326,473 | 12/31/2017 | 107,586,327 | 33,160,381 | 74,425,947 | 9.6% | 9.3% | 104,029,334 | 104,029,334 | 31,007,624 | 73,021,709 | 2,023,806 | 70,997,903 | Fee Simple/Leasehold | |
Loan | 5 | Rivertowne Commons(2) | 12/31/2018 | 8,256,332 | 2,460,130 | 5,796,202 | 12/31/2017 | 8,040,686 | 2,413,105 | 5,627,581 | 8.8% | 8.4% | 8,575,528 | 8,355,800 | 2,552,434 | 5,803,365 | 84,547 | 204,419 | 5,514,400 | Fee Simple |
Loan | 6 | 900 & 990 Stewart Avenue(2) | 12/31/2017 | 10,887,285 | 6,689,472 | 4,197,812 | 12/31/2016 | 12,150,135 | 7,167,351 | 4,982,784 | 9.1% | 8.9% | 16,021,690 | 14,329,713 | 6,653,537 | 7,676,175 | 92,364 | 136,604 | 7,447,208 | Leasehold |
Loan | 7 | City Hyde Park(2) | 12/31/2018 | 8,181,154 | 3,120,842 | 5,060,312 | 12/31/2017 | 6,203,491 | 1,932,207 | 4,271,284 | 6.7% | 6.6% | 9,097,022 | 10,396,195 | 2,862,031 | 7,534,164 | 52,509 | 98,900 | 7,382,754 | Fee Simple |
Loan | 8 | 9533 Brighton Way | 12/31/2018 | 2,188,857 | 630,133 | 1,558,724 | 6.7% | 6.7% | 3,879,443 | 3,623,740 | 728,470 | 2,895,270 | 2,335 | 28,588 | 2,864,347 | Fee Simple | ||||
Loan | 9 | Wind Creek Leased Fee(2) | 7.1% | 7.1% | 10,402,235 | 10,402,235 | 10,402,235 | 10,402,235 | Fee Simple | |||||||||||
Loan | 10 | 30 Hudson Yards(2)(31) | 10.9% | 10.9% | 169,372,247 | 164,291,079 | 42,267,893 | 122,023,186 | 292,647 | 121,730,539 | Fee Simple | |||||||||
Loan | 11 | Beverly Hills BMW(2) | 4.0% | 4.0% | 1,200,000 | 2,437,753 | 78,975 | 2,358,779 | 2,358,779 | Fee Simple | ||||||||||
Loan | 12 | 3 Columbus Circle(2)(31) | 12/31/2017 | 50,952,874 | 16,254,125 | 34,698,749 | 12/31/2016 | 50,161,202 | 14,968,652 | 35,192,550 | 12.3% | 11.5% | 80,992,881 | 79,416,007 | 18,918,555 | 60,497,452 | 150,743 | 3,752,630 | 56,594,080 | Fee Simple |
Loan | 13 | Ensemble | 7.1% | 7.0% | 2,686,600 | 2,689,872 | 361,027 | 2,328,845 | 23,735 | 485 | 2,304,625 | Fee Simple | ||||||||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 12/31/2018 | 52,962,351 | 9,785,492 | 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 | 15 | Northpoint Tower(2) | 12/31/2018 | 16,412,448 | 8,412,634 | 7,999,814 | 12/31/2017 | 17,403,580 | 8,558,873 | 8,844,707 | 11.3% | 11.1% | 20,660,897 | 18,661,374 | 8,452,084 | 10,209,290 | 174,667 | 10,034,623 | Fee Simple/Leasehold | |
Loan | 16 | Dearborn IHG Portfolio | 12/31/2018 | 7,878,907 | 4,307,917 | 3,570,990 | 12/31/2017 | 6,842,421 | 3,995,443 | 2,846,978 | 13.6% | 12.3% | 7,471,657 | 7,548,787 | 4,495,735 | 3,053,052 | 301,951 | 2,751,101 | Fee Simple | |
Property | 16.01 | Staybridge Suites Dearborn | 12/31/2018 | 4,432,912 | 2,220,877 | 2,212,035 | 12/31/2017 | 3,774,254 | 2,119,462 | 1,654,791 | 4,260,149 | 4,287,178 | 2,406,513 | 1,880,665 | 171,487 | 1,709,178 | Fee Simple | |||
Property | 16.02 | Holiday Inn Express Dearborn | 12/31/2018 | 3,445,995 | 2,087,040 | 1,358,955 | 12/31/2017 | 3,068,167 | 1,875,981 | 1,192,186 | 3,211,508 | 3,261,609 | 2,089,222 | 1,172,387 | 130,464 | 1,041,923 | Fee Simple | |||
Loan | 17 | SkyEast | 12/31/2018 | 1,907,396 | 384,017 | 1,523,379 | 12/31/2017 | 1,946,140 | 383,138 | 1,563,002 | 6.7% | 6.7% | 2,216,280 | 2,036,280 | 518,897 | 1,517,383 | 10,250 | 1,507,133 | Fee Simple | |
Loan | 18 | 951 Madison Street | 7.0% | 6.9% | 1,841,639 | 1,626,507 | 206,928 | 1,419,579 | 11,959 | 13,546 | 1,394,073 | Fee Simple | ||||||||
Loan | 19 | Canyon Corporate Center | 12/31/2017 | 1,974,801 | 447,091 | 1,527,710 | 12/31/2016 | 1,953,693 | 417,792 | 1,535,902 | 11.6% | 11.4% | 3,727,566 | 3,220,722 | 1,080,035 | 2,140,687 | -105,000 | 132,248 | 2,113,439 | Fee Simple |
Loan | 20 | Philadelphia Metro Storage Portfolio | 12/31/2018 | 2,244,928 | 830,925 | 1,414,003 | 12/31/2017 | 2,079,993 | 719,142 | 1,360,851 | 8.6% | 8.5% | 2,403,304 | 2,281,973 | 861,922 | 1,420,050 | 14,985 | 1,405,066 | Fee Simple | |
Property | 20.01 | Metro Self Storage - Pennsauken Township | 12/31/2018 | 1,076,357 | 387,522 | 688,835 | 12/31/2017 | 984,798 | 372,573 | 612,224 | 1,148,152 | 1,106,298 | 393,509 | 712,789 | 6,909 | 705,880 | Fee Simple | |||
Property | 20.02 | Metro Self Storage - Philadelphia | 12/31/2018 | 1,168,570 | 443,402 | 725,168 | 12/31/2017 | 1,095,195 | 346,569 | 748,627 | 1,255,152 | 1,175,675 | 468,413 | 707,262 | 8,076 | 699,186 | Fee Simple | |||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 12/31/2018 | 6,819,466 | 5,484,427 | 1,335,039 | 12/31/2017 | 6,896,726 | 5,600,142 | 1,296,584 | 11.6% | 11.6% | 7,668,989 | 7,668,989 | 5,851,093 | 1,817,896 | 1,817,896 | Fee Simple | ||
Loan | 22 | Concord Center | 12/31/2018 | 1,862,672 | 972,018 | 890,653 | 9.3% | 9.1% | 2,512,822 | 2,428,084 | 1,120,235 | 1,307,849 | 19,870 | 11,270 | 1,276,708 | Fee Simple | ||||
Loan | 23 | Gramercy Tavern(33) | 8.5% | 8.4% | 1,597,872 | 1,549,936 | 357,872 | 1,192,064 | 2,105 | 14,030 | 1,175,929 | Fee Simple | ||||||||
Loan | 24 | Hampton Inn & Suites Knoxville | 12/31/2018 | 3,709,622 | 2,344,028 | 1,365,594 | 12/31/2017 | 3,626,107 | 2,365,802 | 1,260,305 | 10.9% | 10.9% | 3,785,398 | 3,785,398 | 2,314,691 | 1,470,707 | 1,470,707 | Fee Simple | ||
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 12/31/2018 | 4,858,332 | 3,009,554 | 1,848,778 | 12/31/2017 | 4,500,368 | 2,945,521 | 1,554,847 | 13.9% | 13.9% | 4,890,068 | 4,890,068 | 3,015,373 | 1,874,695 | 1,874,695 | Fee Simple | ||
Loan | 26 | Fern Marketplace(32) | 12/31/2018 | 1,428,875 | 528,288 | 900,587 | 9.3% | 9.2% | 2,089,533 | 1,727,778 | 569,184 | 1,158,593 | -19,149 | 29,308 | 1,148,435 | Fee Simple | ||||
Loan | 27 | Scottsdale Crossing | 12/31/2018 | 1,379,623 | 296,579 | 1,083,044 | 12/31/2017 | 1,382,883 | 298,323 | 1,084,560 | 10.3% | 9.8% | 1,534,770 | 1,468,831 | 304,937 | 1,163,893 | 8,456 | 52,850 | 1,102,587 | Fee Simple |
Loan | 28 | Tradecor Retail Portfolio | 9.9% | 9.4% | 1,458,095 | 1,385,190 | 286,791 | 1,098,399 | 9,595 | 44,751 | 1,044,052 | Fee Simple | ||||||||
Property | 28.01 | Bell Rd & Litchfield Rd | 12/31/2018 | 661,016 | 118,278 | 542,738 | 12/31/2017 | 662,283 | 116,215 | 546,068 | 696,462 | 661,639 | 121,891 | 539,748 | 4,750 | 18,251 | 516,747 | Fee Simple | ||
Property | 28.02 | Power Rd & US 60 | 12/31/2018 | 350,086 | 75,390 | 274,697 | 12/31/2017 | 311,917 | 71,840 | 240,077 | 461,633 | 438,551 | 77,241 | 361,310 | 1,733 | 17,891 | 341,687 | Fee Simple | ||
Property | 28.03 | Bullard Ave & McDowell Rd | 12/31/2018 | 208,500 | 208,500 | 12/31/2017 | 209,000 | 209,000 | 205,000 | 194,750 | 83,273 | 111,477 | 2,812 | 5,951 | 102,714 | Fee Simple | ||||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | 95,000 | 90,250 | 4,387 | 85,863 | 300 | 2,658 | 82,905 | Fee Simple | ||||||||||
Loan | 29 | Hotel Indigo Birmingham | 12.2% | 11.1% | 2,501,135 | 2,973,348 | 1,664,994 | 1,308,354 | 118,934 | 1,189,420 | Fee Simple/Leasehold | |||||||||
Loan | 30 | The BC Remedy Building | 12/31/2018 | 1,723,552 | 455,722 | 1,267,830 | 12/31/2017 | 1,749,940 | 482,110 | 1,267,830 | 11.2% | 10.2% | 1,891,216 | 1,796,655 | 623,386 | 1,173,269 | 16,772 | 86,295 | 1,070,203 | Fee Simple |
Loan | 31 | Courtyard Warner Robins | 12/31/2018 | 3,817,902 | 2,715,392 | 1,102,510 | 12/31/2017 | 3,840,257 | 2,773,094 | 1,067,163 | 11.5% | 11.5% | 3,992,494 | 3,992,494 | 2,787,773 | 1,204,721 | 1,204,721 | Fee Simple | ||
Loan | 32 | Two Guys Commons | 12/31/2018 | 1,629,049 | 580,351 | 1,048,698 | 12/31/2017 | 1,536,237 | 607,823 | 928,414 | 9.3% | 8.5% | 1,622,457 | 1,484,710 | 576,699 | 908,012 | 16,647 | 56,176 | 835,188 | Fee Simple |
Loan | 33 | 47 Clinton Street | 12/31/2018 | 476,269 | 82,653 | 393,616 | 12/31/2017 | 500,698 | 68,883 | 431,815 | 6.2% | 6.2% | 695,868 | 641,592 | 82,175 | 559,417 | 3,170 | 556,247 | Fee Simple | |
Loan | 34 | TownePlace Suites Albany | 12/31/2018 | 2,592,699 | 1,492,429 | 1,100,270 | 16.4% | 16.4% | 2,890,280 | 2,890,280 | 1,515,627 | 1,374,653 | 1,374,653 | Fee Simple | ||||||
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 12/31/2018 | 2,864,318 | 1,747,224 | 1,117,095 | 12/31/2017 | 2,485,942 | 1,574,525 | 911,417 | 14.0% | 12.6% | 2,746,022 | 2,788,238 | 1,716,458 | 1,071,780 | 111,530 | 960,250 | Fee Simple | |
Loan | 36 | Double Door | 8.4% | 8.2% | 852,000 | 811,850 | 181,048 | 630,803 | 3,500 | 13,750 | 613,553 | Fee Simple | ||||||||
Loan | 37 | Albertsons Corinth | 8.3% | 7.7% | 457,489 | 434,615 | 13,038 | 421,576 | 8,636 | 19,118 | 393,822 | Fee Simple | ||||||||
Loan | 38 | 2975 Breckinridge Boulevard | 12/31/2018 | 1,093,218 | 406,147 | 687,070 | 12/31/2017 | 885,738 | 438,203 | 447,535 | 14.4% | 12.1% | 1,381,488 | 1,157,685 | 452,468 | 705,217 | 49,979 | 64,009 | 591,229 | Fee Simple |
Loan | 39 | JJL Retail Portfolio | 8.8% | 8.3% | 532,190 | 505,580 | 166,087 | 339,493 | 4,048 | 15,219 | 320,226 | Fee Simple | ||||||||
Property | 39.01 | Palm Desert | 288,794 | 274,354 | 82,692 | 191,663 | 3,408 | 8,303 | 179,952 | Fee Simple | ||||||||||
Property | 39.02 | Lake Elsinore | 243,396 | 231,226 | 83,396 | 147,830 | 640 | 6,916 | 140,274 | Fee Simple | ||||||||||
Loan | 40 | 738 East 6th Street | 6.8% | 6.7% | 442,816 | 395,416 | 138,787 | 256,629 | 2,750 | 253,879 | Fee Simple |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Ground Lease | Ground Lease | Lease | Lease | Lease | |||||||||
Loan | ID | Property Name | Expiration(18) | Extension Terms(18) | Largest Tenant(19)(20)(21)(22) | SF | Expiration | 2nd Largest Tenant(21)(22) | SF | Expiration | 3rd Largest Tenant(21) | SF | Expiration |
Loan | 1 | Sunset North(2) | Intellectual Ventures | 152,633 | 05/31/2025 | ArenaNet | 96,839 | 05/31/2029 | WeWork | 78,303 | 12/31/2031 | ||
Loan | 2 | Mac Commons | Giant | 65,711 | 06/30/2031 | Burlington Coat Factory | 56,284 | 02/28/2030 | Dick’s Sporting Goods | 50,441 | 01/31/2024 | ||
Loan | 3 | Osborn Triangle(2)(31) | |||||||||||
Property | 3.01 | 610 Main Street North | Pfizer | 270,056 | 12/31/2031 | Sulmona Restaurant Group | 3,355 | 02/28/2027 | Café Luna | 2,328 | 03/31/2027 | ||
Property | 3.02 | 1 Portland Street | Pfizer | 229,330 | 01/31/2024 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Property | 3.03 | 700 Main Street | Novartis Institutes for Biomedical Research, Inc. | 99,883 | 07/31/2024 | Lab Central Inc. | 68,996 | 03/31/2027 | NAP | NAP | NAP | ||
Loan | 4 | Grand Canal Shoppes(2)(31) | 5/14/2093 (Venetian Casino Resort); 2/28/2097 (Palazzo Hotel and Casino); 2/29/2064 (Walgreens) | One, 40 years (Walgreens); None (Venetian Hotel and Casino and Palazzo Resort and Casino) | The Venetian Casino Resort | 81,105 | 05/31/2029 | Tao Nightclub | 49,441 | 01/31/2025 | Madame ‘Tussaud Las Vegas | 28,235 | 07/31/2024 |
Loan | 5 | Rivertowne Commons(2) | Target | 84,640 | 09/30/2034 | Safeway | 49,035 | 10/31/2022 | AMC Theatres | 37,560 | 04/30/2030 | ||
Loan | 6 | 900 & 990 Stewart Avenue(2) | 1/31/2030 (900 Stewart Avenue); 7/31/2050 (990 Stewart Avenue) | Four, 10 years and one, 14 years (900 Stewart Avenue); Two, 10 years and one, 14 years (990 Stewart Avenue) | AON | 60,143 | 09/01/2028 | Wright Risk Management | 37,550 | 06/01/2029 | Meyer, Suozzi, English & Klein | 35,578 | 02/01/2026 |
Loan | 7 | City Hyde Park(2) | Whole Foods | 30,326 | 06/30/2036 | Marshalls | 26,020 | 05/31/2026 | Michaels | 18,141 | 02/28/2026 | ||
Loan | 8 | 9533 Brighton Way | Isaia | 3,087 | 06/30/2025 | Monogram Capital | 2,962 | 03/31/2024 | Berluti | 2,923 | 01/31/2028 | ||
Loan | 9 | Wind Creek Leased Fee(2) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 10 | 30 Hudson Yards(2)(31) | WarnerMedia | 1,463,234 | 06/30/2034 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 11 | Beverly Hills BMW(2) | Sonic Automotive | 339,000 | 06/19/2024 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 12 | 3 Columbus Circle(2)(31) | Young & Rubicam, Inc. | 375,236 | 07/31/2033 | Emerge 212 3CC LLC | 57,359 | 11/30/2027 | Nordstrom | 46,991 | 10/31/2039 | ||
Loan | 13 | Ensemble | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | Forever 21 | 85,150 | 06/30/2025 | Dick’s Sporting Goods | 83,075 | 01/31/2027 | Barnes & Noble | 30,471 | 01/31/2020 | ||
Loan | 15 | Northpoint Tower(2) | 10/31/2059 | None | Jones Day | 342,641 | 06/30/2026 | GSA | 79,151 | 10/31/2029 | CGI Technologies & Solutions | 32,919 | 07/31/2020 |
Loan | 16 | Dearborn IHG Portfolio | |||||||||||
Property | 16.01 | Staybridge Suites Dearborn | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Property | 16.02 | Holiday Inn Express Dearborn | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 17 | SkyEast | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 18 | 951 Madison Street | Betances Health Center | 8,222 | 11/30/2047 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 19 | Canyon Corporate Center | Sedgwick Claims Management Services | 26,614 | 12/01/2022 | Rady Children’s Physician Management | 19,962 | 05/01/2024 | Gerdau Reinforcing Steel | 16,969 | 07/01/2022 | ||
Loan | 20 | Philadelphia Metro Storage Portfolio | |||||||||||
Property | 20.01 | Metro Self Storage - Pennsauken Township | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Property | 20.02 | Metro Self Storage - Philadelphia | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 21 | Delta Hotels Chesapeake Norfolk | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 22 | Concord Center | Cost Plus Inc | 20,907 | 01/31/2023 | Mediterrano Inc | 9,256 | 12/31/2030 | Olive Garden | 8,554 | 08/08/2028 | ||
Loan | 23 | Gramercy Tavern(33) | Gramercy Tavern | 14,030 | 08/31/2039 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 24 | Hampton Inn & Suites Knoxville | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 26 | Fern Marketplace(32) | Whole Foods Market, Inc. | 36,235 | 10/31/2036 | Grub Burger Bar | 4,021 | 02/28/2026 | First Watch | 3,500 | 02/28/2028 | ||
Loan | 27 | Scottsdale Crossing | You Fit Health Clubs | 17,351 | 02/28/2023 | Massage Envy | 2,933 | 02/29/2020 | Ahipoki Bowl | 2,434 | 06/30/2024 | ||
Loan | 28 | Tradecor Retail Portfolio | |||||||||||
Property | 28.01 | Bell Rd & Litchfield Rd | Pacific Dental | 5,200 | 04/30/2029 | Verizon Wireless | 3,000 | 12/31/2024 | Chipotle | 2,600 | 02/08/2027 | ||
Property | 28.02 | Power Rd & US 60 | Verizon Wireless | 4,247 | 05/31/2024 | National Vision | 4,005 | 07/31/2028 | NAP | NAP | NAP | ||
Property | 28.03 | Bullard Ave & McDowell Rd | P.F. Chang’s | 6,249 | 10/31/2023 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 29 | Hotel Indigo Birmingham | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 30 | The BC Remedy Building | Measurement Incorporated | 67,087 | 12/31/2028 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 31 | Courtyard Warner Robins | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 32 | Two Guys Commons | Ashley Furniture | 36,904 | 12/31/2021 | Tractor Supply Company | 25,000 | 05/31/2024 | Aldi | 21,697 | 06/30/2024 | ||
Loan | 33 | 47 Clinton Street | Unfade Hair Studio, LLC | 900 | 04/30/2026 | The Rivera Group, LLC | 900 | 05/31/2023 | NAP | NAP | NAP | ||
Loan | 34 | TownePlace Suites Albany | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 35 | Holiday Inn Express and Suites Los Alamos | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 36 | Double Door | Yeti | 5,000 | 01/31/2029 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 37 | Albertsons Corinth | Albertson’s LLC | 57,574 | 06/30/2039 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 38 | 2975 Breckinridge Boulevard | The Reynolds & Reynolds Co. | 31,065 | 11/30/2023 | Data Recognition Corporation | 28,035 | 09/30/2023 | NAP | NAP | NAP | ||
Loan | 39 | JJL Retail Portfolio | |||||||||||
Property | 39.01 | Palm Desert | Pho Vu | 3,522 | 11/30/2023 | T-Mobile West, LLC | 2,457 | 12/31/2023 | NAP | NAP | NAP | ||
Property | 39.02 | Lake Elsinore | Skechers | 8,000 | 02/28/2029 | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 40 | 738 East 6th Street | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Upfront | Monthly | |||||||||||
Lease | Lease | Occupancy | Replacement | Replacement | ||||||||
Loan | ID | Property Name | 4th Largest Tenant(21) | SF | Expiration | 5th Largest Tenant(19) | SF | Expiration | Occupancy(22) | As-of Date | Reserves($)(24) | Reserves ($)(25)(26)(27) |
Loan | 1 | Sunset North(2) | Farmers | 61,327 | 05/31/2029 | GM Cruise | 32,331 | 11/30/2026 | 98.8% | 09/30/2019 | 12,375 | 12,375 |
Loan | 2 | Mac Commons | Big Lots | 35,418 | 01/31/2022 | TJ Maxx | 35,018 | 01/31/2024 | 96.3% | 06/23/2019 | 648,858 | 4,523 |
Loan | 3 | Osborn Triangle(2)(31) | 100.0% | Various | ||||||||
Property | 3.01 | 610 Main Street North | Boston Burger | 1,984 | 09/30/2027 | Revela | 1,015 | 07/31/2027 | 100.0% | 05/01/2019 | ||
Property | 3.02 | 1 Portland Street | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/01/2019 | ||
Property | 3.03 | 700 Main Street | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 05/01/2019 | ||
Loan | 4 | Grand Canal Shoppes(2)(31) | Regis Galerie | 28,099 | 05/31/2025 | Grand Lux Café | 19,100 | 12/31/2029 | 94.0% | 05/31/2019 | Springing | |
Loan | 5 | Rivertowne Commons(2) | Ross Dress for Less | 25,069 | 01/31/2024 | Staples | 24,000 | 05/31/2022 | 97.0% | 09/04/2019 | 7,046 | |
Loan | 6 | 900 & 990 Stewart Avenue(2) | Contour Mortgage | 21,566 | 10/01/2025 | Nationwide | 18,787 | 08/01/2023 | 88.6% | 06/11/2019 | 1,000,000 | |
Loan | 7 | City Hyde Park(2) | RGN-Chicago XXXII LLC | 16,614 | 07/31/2026 | Hyde Park OneFish TwoFish LLC | 5,255 | 07/31/2027 | 96.7% | 06/03/2019 | 4,834 | 4,834 |
Loan | 8 | 9533 Brighton Way | Vhernier USA | 1,642 | 01/31/2028 | Boglioli | 1,490 | 01/31/2029 | 88.6% | 08/20/2019 | 195 | 195 |
Loan | 9 | Wind Creek Leased Fee(2) | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | Springing | |
Loan | 10 | 30 Hudson Yards(2)(31) | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/06/2019 | Springing | |
Loan | 11 | Beverly Hills BMW(2) | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/06/2019 | Springing | |
Loan | 12 | 3 Columbus Circle(2)(31) | Jazz at Lincoln Center, Inc. | 30,653 | 04/30/2028 | Josephson | 22,742 | 12/31/2032 | 97.2% | 01/01/2019 | Springing | |
Loan | 13 | Ensemble | NAP | NAP | NAP | NAP | NAP | NAP | 79.6% | 08/29/2019 | 1,978 | |
Loan | 14 | Woodlands Mall(2)(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 | Springing | |
Loan | 15 | Northpoint Tower(2) | Willis Towers Watson US LLC | 28,135 | 12/31/2025 | RSM US LLP | 25,753 | 05/31/2021 | 79.5% | 5/16/2019 & 7/16/2019 | 14,556 | |
Loan | 16 | Dearborn IHG Portfolio | 75.5% | 06/30/2019 | 25,366 | |||||||
Property | 16.01 | Staybridge Suites Dearborn | NAP | NAP | NAP | NAP | NAP | NAP | 86.4% | 06/30/2019 | ||
Property | 16.02 | Holiday Inn Express Dearborn | NAP | NAP | NAP | NAP | NAP | NAP | 65.5% | 06/30/2019 | ||
Loan | 17 | SkyEast | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 06/01/2019 | 854 | 854 |
Loan | 18 | 951 Madison Street | NAP | NAP | NAP | NAP | NAP | NAP | 83.8% | 07/16/2019 | 771 | |
Loan | 19 | Canyon Corporate Center | Braemer Manufacturing, LLC | 8,008 | 05/01/2020 | Terra Costa Consulting Group | 6,331 | 03/01/2021 | 86.6% | 05/31/2019 | 800,000 | Springing |
Loan | 20 | Philadelphia Metro Storage Portfolio | 91.2% | 07/21/2019 | 170,131 | 1,249 | ||||||
Property | 20.01 | Metro Self Storage - Pennsauken Township | NAP | NAP | NAP | NAP | NAP | NAP | 92.0% | 07/21/2019 | ||
Property | 20.02 | Metro Self Storage - Philadelphia | NAP | NAP | NAP | NAP | NAP | NAP | 90.5% | 07/21/2019 | ||
Loan | 21 | Delta Hotels Chesapeake Norfolk | NAP | NAP | NAP | NAP | NAP | NAP | 68.8% | 07/31/2019 | 31,954 | 31,954 |
Loan | 22 | Concord Center | Nique-Elle’s Inc | 7,600 | 09/01/2031 | Five Twenty Four Inc | 7,112 | 01/31/2026 | 95.4% | 07/18/2019 | 1,133,483 | 1,656 |
Loan | 23 | Gramercy Tavern(33) | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/01/2019 | 292 | |
Loan | 24 | Hampton Inn & Suites Knoxville | NAP | NAP | NAP | NAP | NAP | NAP | 80.0% | 08/31/2019 | 12,620 | 12,620 |
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | NAP | NAP | NAP | NAP | NAP | NAP | 79.4% | 06/30/2019 | Springing | |
Loan | 26 | Fern Marketplace(32) | Orange Theory Fitness | 3,148 | 07/31/2027 | Hollywood Feed | 3,000 | 06/30/2023 | 85.7% | 07/31/2019 | 847 | 847 |
Loan | 27 | Scottsdale Crossing | On Communications | 2,434 | 06/30/2022 | Einstein Bagels | 2,407 | 04/30/2026 | 97.1% | 06/11/2019 | 705 | 705 |
Loan | 28 | Tradecor Retail Portfolio | 100.0% | Various | 11,500 | 800 | ||||||
Property | 28.01 | Bell Rd & Litchfield Rd | FedEx | 1,700 | 04/30/2027 | NAP | NAP | NAP | 100.0% | 06/30/2019 | ||
Property | 28.02 | Power Rd & US 60 | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 12/03/2018 | ||
Property | 28.03 | Bullard Ave & McDowell Rd | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/06/2019 | ||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
Loan | 29 | Hotel Indigo Birmingham | NAP | NAP | NAP | NAP | NAP | NAP | 71.7% | 07/31/2019 | Greater of (i) 4.0% of the projected Gross Revenue for the Property for the prior month, (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 | |
Loan | 30 | The BC Remedy Building | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/06/2019 | 77,000 | 1,398 |
Loan | 31 | Courtyard Warner Robins | NAP | NAP | NAP | NAP | NAP | NAP | 72.2% | 07/31/2019 | 13,310 | 13,310 |
Loan | 32 | Two Guys Commons | Crunch Fitness | 15,254 | 02/28/2027 | NAP | NAP | NAP | 89.1% | 05/31/2019 | 1,387 | |
Loan | 33 | 47 Clinton Street | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 05/29/2019 | 178 | 178 |
Loan | 34 | TownePlace Suites Albany | NAP | NAP | NAP | NAP | NAP | NAP | 80.0% | 07/31/2019 | 9,650 | 9,650 |
Loan | 35 | Holiday Inn Express and Suites Los Alamos | NAP | NAP | NAP | NAP | NAP | NAP | 85.6% | 06/30/2019 | 9,294 | |
Loan | 36 | Double Door | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 08/02/2019 | 292 | |
Loan | 37 | Albertsons Corinth | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/06/2019 | Springing | |
Loan | 38 | 2975 Breckinridge Boulevard | NAP | NAP | NAP | NAP | NAP | NAP | 84.0% | 06/27/2019 | 7,245 | |
Loan | 39 | JJL Retail Portfolio | 100.0% | Various | 337 | |||||||
Property | 39.01 | Palm Desert | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 08/15/2019 | ||
Property | 39.02 | Lake Elsinore | NAP | NAP | NAP | NAP | NAP | NAP | 100.0% | 10/06/2019 | ||
Loan | 40 | 738 East 6th Street | NAP | NAP | NAP | NAP | NAP | NAP | 90.9% | 05/29/2019 | 229 | 229 |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Upfront | Monthly | Upfront | Monthly | Upfront | Monthly | Upfront | Upfront | Monthly | Other | |||
TI/LC | TI/LC | Tax | Tax | Insurance | Insurance | Engineering | Other | Other | Reserves | |||
Loan | ID | Property Name | Reserves ($)(24) | Reserves ($)(25)(26) | Reserves ($)(24) | Reserves ($)(25) | Reserves($)(24) | Reserves ($)(25) | Reserve($)(24) | Reserves ($)(24) | Reserves ($)(25) | Description |
Loan | 1 | Sunset North(2) | 38,672 | 38,672 | 153,562 | 153,562 | 166,282 | 33,256 | 14,787,464 | Outstanding TI/LC Reserve (Upfront: 14,380,753.87); Free Rent Reserve (Upfront: 406,709.78) | ||
Loan | 2 | Mac Commons | 15,075 | 58,523 | 58,523 | 50,324 | 10,065 | 8,750 | 2,733,582 | Unfunded Obligations Reserve (Upfront: 2,691,215.82); Condominium Assessment Reserve Funds (Upfront: 42,365.74) | ||
Loan | 3 | Osborn Triangle(2)(31) | Springing | Springing | ||||||||
Property | 3.01 | 610 Main Street North | ||||||||||
Property | 3.02 | 1 Portland Street | ||||||||||
Property | 3.03 | 700 Main Street | ||||||||||
Loan | 4 | Grand Canal Shoppes(2)(31) | Springing | Springing | Springing | 13,527,940 | Springing | Outstanding TI/LC Reserve (Upfront: 12,309,694); Gap Rent Reserve (Upfront: 1,218,246); Ground Rent Reserve (Monthly: Springing) | ||||
Loan | 5 | Rivertowne Commons(2) | 12,500 | Springing | Springing | 9,375 | Environmental Reserve | |||||
Loan | 6 | 900 & 990 Stewart Avenue(2) | 7,000,000 | 520,691 | 173,564 | 46,815 | 16,073 | 2,774,228 | Springing | Outstanding TI/LC Reserve (Upfront: 1,595,038); Master Lease Reserve (Upfront: 831,093; Monthly: Springing); Free Rent Reserve (Upfront: 327,772); Ground Lease Reserve (Upfront: 20,325; Monthly: Springing) | ||
Loan | 7 | City Hyde Park(2) | 11,465 | 11,465 | 360,081 | 120,027 | 70,907 | 8,863 | 446,473 | Outstanding TI/LC Reserve (Upfront: 421,473); OneFish TwoFish Reserve (Upfront: 25,000) | ||
Loan | 8 | 9533 Brighton Way | 2,382 | 2,382 | 170,489 | 42,623 | Springing | 567,106 | Outstanding TI Reserve (Upfront: 525,188); Free Rent Reserve (Upfront: 41,918) | |||
Loan | 9 | Wind Creek Leased Fee(2) | Springing | Springing | Springing | 1,365,880 | Springing | Debt Service Reserve (Upfront: 1,365,879.90); Lease Sweep Funds (Monthly Springing: Excess Cash Flow) | ||||
Loan | 10 | 30 Hudson Yards(2)(31) | Springing | Springing | Springing | Springing | Condominium Reserve | |||||
Loan | 11 | Beverly Hills BMW(2) | Springing | 1,534,640 | 6,581 | Springing | 500,000 | Springing | Debt Service Reserve | |||
Loan | 12 | 3 Columbus Circle(2)(31) | Springing | Springing | Springing | 2,668,685 | Springing | Outstanding TI/LC Reserve (Upfront: 1,820,891.36); Free Rent Reserve (Upfront: 847,793.62); Young & Rubicam Reserve (Monthly Springing: Excess Cash Flow) | ||||
Loan | 13 | Ensemble | 40,780 | 71,035 | 7,104 | 2,209,363 | Springing | Economic Holdback Reserve (Upfront: $1,720,000); 421-a Tax Reserve (Upfront: $489,363; Monthly: Springing) | ||||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | Springing | Springing | Springing | 2,174,886 | Springing | Tenant Improvement Reserve (2,174,886); Major Anchor Sweep Reserve Funds (Monthly Springing: Excess Cash Flow) | ||||
Loan | 15 | Northpoint Tower(2) | 10,500,000 | Springing | 1,379,655 | 344,914 | Springing | 3,409,497 | 85,758 | Unfunded Obligations Reserve (Upfront: 2,109,853); Free Rent Reserve (Upfront: 1,259,644; Monthly: 75,758); Ground Rent Reserve (Upfront: 40,000; Monthly: 1/12 of annual ground rent) | ||
Loan | 16 | Dearborn IHG Portfolio | 79,736 | 39,868 | 25,595 | 5,119 | Springing | PIP Reserve | ||||
Property | 16.01 | Staybridge Suites Dearborn | ||||||||||
Property | 16.02 | Holiday Inn Express Dearborn | ||||||||||
Loan | 17 | SkyEast | 65,682 | 21,784 | Springing | 2,450,000 | Accretive Leasing Reserve (Upfront: 2,000,000); Municipal Violation Reserve (Upfront: 250,000); Community Space Work Reserve (Upfront: 200,000) | |||||
Loan | 18 | 951 Madison Street | Springing | 6,205 | 1,551 | 11,053 | 3,684 | 750 | 216,039 | Springing | 421-a Reserve Funds (Upfront: 216,039.25); Condominium Assessment Reserve Funds (Monthly: Springing) | |
Loan | 19 | Canyon Corporate Center | 1,050,000 | Springing | 168,951 | 28,159 | Springing | 57,012 | Free Rent Reserve | |||
Loan | 20 | Philadelphia Metro Storage Portfolio | 40,066 | 20,033 | 4,788 | 4,788 | 49,700 | 150,000 | Environmental Reserve | |||
Property | 20.01 | Metro Self Storage - Pennsauken Township | ||||||||||
Property | 20.02 | Metro Self Storage - Philadelphia | ||||||||||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 36,521 | 14,267 | Springing | Springing | PIP Reserve | |||||
Loan | 22 | Concord Center | 10,349 | 10,349 | 38,614 | 38,614 | Springing | 78,838 | 130,317 | Free Rent Reserve (Upfront: 74,624); Outstanding TI Reserve (Upfront: 55,693) | ||
Loan | 23 | Gramercy Tavern(33) | 68,495 | 22,832 | 144,869 | Springing | ||||||
Loan | 24 | Hampton Inn & Suites Knoxville | 110,320 | 13,790 | Springing | Springing | PIP Reserve (Monthly: Springing); Franchise Trigger Reserve (Monthly: Springing) | |||||
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 73,117 | 15,153 | Springing | 7,425 | 150,645 | Springing | PIP Reserve | |||
Loan | 26 | Fern Marketplace(32) | 101,588 | Springing | 215,734 | 31,741 | Springing | 619,937 | Accretive Leasing Reserve (Upfront: 503,633); Outstanding TI Reserve (Upfront: 93,757.53); Free Rent Reserve (Upfront: 22,546.85) | |||
Loan | 27 | Scottsdale Crossing | 4,404 | 4,404 | 48,668 | 8,111 | Springing | 15,685 | 7,000 | Outstanding TI Reserve | ||
Loan | 28 | Tradecor Retail Portfolio | 3,729 | 121,617 | 15,202 | 705 | 705 | 9,446 | 42,500 | Unfunded Obligations Reserve | ||
Property | 28.01 | Bell Rd & Litchfield Rd | ||||||||||
Property | 28.02 | Power Rd & US 60 | ||||||||||
Property | 28.03 | Bullard Ave & McDowell Rd | ||||||||||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | ||||||||||
Loan | 29 | Hotel Indigo Birmingham | 10,108 | 1,011 | Springing | 7,000 | 750,000 | Earn-Out Reserve (Upfront: 430,000); Parking Reserve (Upfront: 320,000) | ||||
Loan | 30 | The BC Remedy Building | 6,988 | 130,833 | 13,083 | 1,596 | 1,596 | 1,875 | 111,660 | Environmental Work Reserve | ||
Loan | 31 | Courtyard Warner Robins | 49,075 | 5,453 | Springing | 917,374 | PIP Reserve | |||||
Loan | 32 | Two Guys Commons | 150,000 | Springing | Springing | Springing | 31,900 | Water Tower Reserve (Upfront: 31,400); O&M Plan Reserve (Upfront: 500) | ||||
Loan | 33 | 47 Clinton Street | 75 | 75 | 2,537 | 2,537 | Springing | |||||
Loan | 34 | TownePlace Suites Albany | 68,455 | 7,606 | Springing | Springing | PIP Reserve | |||||
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 27,782 | 4,630 | Springing | 2,239,473 | Springing | PIP Reserve | ||||
Loan | 36 | Double Door | Springing | 32,691 | 8,173 | 2,203 | 1,102 | 703,928 | Unfunded Obligations Reserve | |||
Loan | 37 | Albertsons Corinth | Springing | Springing | ||||||||
Loan | 38 | 2975 Breckinridge Boulevard | 5,866 | 89,310 | 8,119 | 10,879 | 989 | 186,246 | Unfunded Obligations Reserve (Upfront: 126,157.50); Free Rent Reserve (Upfront: 60,088.36) | |||
Loan | 39 | JJL Retail Portfolio | 1,268 | 37,902 | 6,317 | 356 | 356 | 5,250 | ||||
Property | 39.01 | Palm Desert | ||||||||||
Property | 39.02 | Lake Elsinore | ||||||||||
Loan | 40 | 738 East 6th Street | 7,541 | 7,510 | Springing | 9,816 | Municipal Violation Reserve |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Environmental | Franchise | ||||||||
Report | Engineering | Expiration | Loan | ||||||
Loan | ID | Property Name | Date(28)(29) | Report Date | PML/SEL (%) | Date | Purpose | Sponsor(23) | Guarantor(30) |
Loan | 1 | Sunset North(2) | 08/28/2019 | 08/28/2019 | 7%-9% | NAP | Acquisition | Kennedy-Wilson Holdings, Inc. | Kennedy-Wilson Holdings, Inc. |
Loan | 2 | Mac Commons | 07/02/2019 | 07/02/2019 | NAP | NAP | Refinance | Peter C. Abrams | Peter C. Abrams |
Loan | 3 | Osborn Triangle(2)(31) | 04/10/2019 | 04/10/2019 | NAP | Acquisition | NAP | NAP | |
Property | 3.01 | 610 Main Street North | 04/10/2019 | 04/10/2019 | NAP | NAP | |||
Property | 3.02 | 1 Portland Street | 04/10/2019 | 04/10/2019 | NAP | NAP | |||
Property | 3.03 | 700 Main Street | 04/10/2019 | 04/10/2019 | NAP | NAP | |||
Loan | 4 | Grand Canal Shoppes(2)(31) | 05/15/2019 | 03/18/2019 | NAP | NAP | Refinance | Grand Canal Shoppes Holdings, LLC | BPR Nimbus LLC |
Loan | 5 | Rivertowne Commons(2) | 08/07/2019 | 08/09/2019 | NAP | NAP | Refinance | Daniel Massry; Saul Tawil | Daniel Massry; Saul Tawil |
Loan | 6 | 900 & 990 Stewart Avenue(2) | 01/23/2019 | 01/21/2019 | NAP | NAP | Acquisition | Leibel Lederman | Leibel Lederman |
Loan | 7 | City Hyde Park(2) | 06/13/2019 | 06/10/2019 | NAP | NAP | Refinance | Antheus Capital | LARP Holdings, LLC |
Loan | 8 | 9533 Brighton Way | 08/12/2019 | 08/13/2019 | 19.0% | NAP | Refinance | David Dushey | David Dushey |
Loan | 9 | Wind Creek Leased Fee(2) | 07/17/2019 | NAP | NAP | NAP | Recapitalization | Jeffrey Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein | Jeffrey Gural; Barry Gosin; James Kuhn; Michael Perrucci; Richard Fischbein |
Loan | 10 | 30 Hudson Yards(2)(31) | 05/30/2019 | 06/03/2019 | NAP | NAP | Acquisition | 30 HY WM REIT Owner LP | NAP |
Loan | 11 | Beverly Hills BMW(2) | 05/08/2019 | 07/24/2019 | 10.0% | NAP | Acquisition | KAFAM Properties, Inc. | KAFAM Properties, Inc. |
Loan | 12 | 3 Columbus Circle(2)(31) | 01/22/2019 | 01/22/2019 | NAP | NAP | Refinance | Joseph Moinian | Joseph Moinian |
Loan | 13 | Ensemble | 07/29/2019 | 07/26/2019 | NAP | NAP | Refinance | Joel Wertzberger | Joel Wertzberger |
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 05/03/2019 | 04/28/2019 | NAP | 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) |
Loan | 15 | Northpoint Tower(2) | 07/31/2019 | 07/29/2019 | NAP | NAP | Refinance | William Z. Hertz; Isaac Hertz; Sarah Hertz | William Z. Hertz; Isaac Hertz; Sarah Hertz |
Loan | 16 | Dearborn IHG Portfolio | 07/22/2019 | 07/19/2019 | NAP | Refinance | Malik Abdi Abdulnoor | Malik Abdi Abdulnoor | |
Property | 16.01 | Staybridge Suites Dearborn | 07/22/2019 | 07/19/2019 | NAP | 04/13/2036 | |||
Property | 16.02 | Holiday Inn Express Dearborn | 07/22/2019 | 07/19/2019 | NAP | 07/25/2036 | |||
Loan | 17 | SkyEast | 06/07/2019 | 06/07/2019 | NAP | NAP | Refinance | Benjamin Shaoul | Benjamin Shaoul |
Loan | 18 | 951 Madison Street | 07/31/2019 | 07/31/2019 | NAP | NAP | Refinance | David Feldman; Daniel Gerard; Henry Hewes; Tucker Hewes T/U/A; Justin Stern | David Feldman; Daniel Gerard; Henry Hewes; Tucker Hewes T/U/A; Justin Stern |
Loan | 19 | Canyon Corporate Center | 07/08/2019 | 07/08/2019 | 10.0% | NAP | Acquisition | Stephen M. Zotovich | Stephen M. Zotovich |
Loan | 20 | Philadelphia Metro Storage Portfolio | Various | 06/14/2019 | NAP | Acquisition | Jacob Ramage | Jacob Ramage | |
Property | 20.01 | Metro Self Storage - Pennsauken Township | 06/20/2019 | 06/14/2019 | NAP | NAP | |||
Property | 20.02 | Metro Self Storage - Philadelphia | 06/18/2019 | 06/14/2019 | NAP | NAP | |||
Loan | 21 | Delta Hotels Chesapeake Norfolk | 05/06/2019 | 05/07/2019 | NAP | 12/06/2036 | Refinance | Malay H. Thakkar; Neel D. Desai | Malay H. Thakkar; Neel D. Desai |
Loan | 22 | Concord Center | 06/07/2019 | 06/07/2019 | NAP | NAP | Refinance | Jeff Hauptman | Jeff Hauptman |
Loan | 23 | Gramercy Tavern(33) | 07/10/2019 | 07/10/2019 | NAP | NAP | Refinance | Union Square Hospitality Group, LLC | Union Square Hospitality Group, LLC |
Loan | 24 | Hampton Inn & Suites Knoxville | 05/24/2019 | 05/30/2019 | NAP | 04/20/2026 | Refinance | Shailesh V. Patel | Shailesh V. Patel |
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 07/18/2019 | 07/22/2019 | NAP | 09/05/2039 | Acquisition | Waheed Ashiq; Vipul Kapila; Khurram Sindhu | Waheed Ashiq; Vipul Kapila; Khurram Sindhu |
Loan | 26 | Fern Marketplace(32) | 05/09/2019 | 05/07/2019 | NAP | NAP | Refinance | Jeffrey A. Read; C. Ewing King | Jeffrey A. Read; C. Ewing King |
Loan | 27 | Scottsdale Crossing | 07/09/2019 | 07/09/2019 | NAP | NAP | Refinance | Alan C. Fox | Alan C. Fox |
Loan | 28 | Tradecor Retail Portfolio | Various | Various | NAP | Acquisition | Danielle B. Carlson; DML Trust U/T/A dated November 28, 2012 | Danielle B. Carlson; DML Trust U/T/A dated November 28, 2012 | |
Property | 28.01 | Bell Rd & Litchfield Rd | 06/27/2019 | 08/09/2019 | NAP | NAP | |||
Property | 28.02 | Power Rd & US 60 | 06/28/2019 | 08/09/2019 | NAP | NAP | |||
Property | 28.03 | Bullard Ave & McDowell Rd | 06/26/2019 | 08/07/2019 | NAP | NAP | |||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | 06/26/2019 | NAP | NAP | NAP | |||
Loan | 29 | Hotel Indigo Birmingham | 08/06/2019 | 08/06/2019 | NAP | 04/21/2038 | Refinance | Sonial Patel; Monica Patel | Sonial Patel; Monica Patel |
Loan | 30 | The BC Remedy Building | 07/09/2019 | 07/09/2019 | NAP | NAP | Refinance | Henry H. Scherich | Henry H. Scherich |
Loan | 31 | Courtyard Warner Robins | 06/05/2019 | 06/04/2019 | NAP | 12/17/2030 | Refinance | PeachState Hospitality, LLC | Dilipkumar Patel; Nareshbhai Patel; Bharat Patel |
Loan | 32 | Two Guys Commons | 08/27/2019 | 08/28/2019 | NAP | NAP | Acquisition | Leo S. Ullman; Robert F. Whalen, Jr. | Leo S. Ullman; Robert F. Whalen, Jr. |
Loan | 33 | 47 Clinton Street | 09/18/2018 | 08/31/2018 | NAP | NAP | Refinance | Icon Realty Management | Terrence Lowenberg; Todd Cohen |
Loan | 34 | TownePlace Suites Albany | 06/05/2019 | 06/04/2019 | NAP | 01/08/2038 | Refinance | PeachState Hospitality, LLC | Dilipkumar Patel; Hiteshbhai Patel; Bharat Patel; Mamtaben Patel |
Loan | 35 | Holiday Inn Express and Suites Los Alamos | 07/08/2019 | 07/08/2019 | NAP | 08/28/2034 | Acquisition | Brian Patrick Martin; N. Leonard Fox; Edward D. Herrick | Brian Patrick Martin; N. Leonard Fox; Edward D. Herrick |
Loan | 36 | Double Door | 05/02/2019 | 05/02/2019 | NAP | NAP | Refinance | CA Residential, LLC | CA Residential, LLC |
Loan | 37 | Albertsons Corinth | 09/06/2019 | 09/06/2019 | NAP | NAP | Acquisition | Anthony Francis; Anthony J. Francis Living Trust | Anthony Francis; Anthony J. Francis Living Trust |
Loan | 38 | 2975 Breckinridge Boulevard | 07/01/2019 | 07/01/2019 | NAP | NAP | Refinance | Michael Mammon; Anthony Mammon; Laurence Mammon | Michael Mammon; Anthony Mammon; Laurence Mammon |
Loan | 39 | JJL Retail Portfolio | Various | 08/07/2019 | Various | Acquisition | Jonathan J. Lee; June Lee; J & E Real Estate Trust | Jonathan J. Lee; June Lee; J & E Real Estate Trust | |
Property | 39.01 | Palm Desert | 08/09/2019 | 08/07/2019 | 9.0% | NAP | |||
Property | 39.02 | Lake Elsinore | 08/08/2019 | 08/07/2019 | 11.0% | NAP | |||
Loan | 40 | 738 East 6th Street | 06/07/2019 | 06/07/2019 | NAP | NAP | Refinance | Benjamin Shaoul | Benjamin Shaoul |
Benchmark 2019-B13
ANNEX A-1 - CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
Existing | Future Debt | ||||||||
Additional Sub Debt | Permitted | ||||||||
Loan | ID | Property Name | Previous Securitization | Non-Trust Pari Passu Original Balance | Non-Trust Pari Passu Cut-off Date Balance | Non-Trust Pari Passu Balloon Balance | Amount | Existing Additional Sub Debt Description | Type |
Loan | 1 | Sunset North(2) | 75,000,000 | 75,000,000 | 75,000,000 | None | NAP | ||
Loan | 2 | Mac Commons | BSPRT 2018-FL3 | None | NAP | ||||
Loan | 3 | Osborn Triangle(2)(31) | 380,000,000 | 380,000,000 | 380,000,000 | 145,000,000 | B Note | NAP | |
Property | 3.01 | 610 Main Street North | 153,387,826 | 153,387,826 | 153,387,826 | ||||
Property | 3.02 | 1 Portland Street | 135,478,261 | 135,478,261 | 135,478,261 | ||||
Property | 3.03 | 700 Main Street | 91,133,913 | 91,133,913 | 91,133,913 | ||||
Loan | 4 | Grand Canal Shoppes(2)(31) | GSMS 2012-SHOP | 710,000,000 | 710,000,000 | 710,000,000 | 215,000,000 | B Note | NAP |
Loan | 5 | Rivertowne Commons(2) | JPMBB 2013-C17 | 21,000,000 | 21,000,000 | 21,000,000 | None | NAP | |
Loan | 6 | 900 & 990 Stewart Avenue(2) | 39,000,000 | 39,000,000 | 39,000,000 | None | NAP | ||
Loan | 7 | City Hyde Park(2) | 67,000,000 | 67,000,000 | 61,504,367 | None | NAP | ||
Loan | 8 | 9533 Brighton Way | None | NAP | |||||
Loan | 9 | Wind Creek Leased Fee(2) | 105,000,000 | 104,800,645 | 89,889,032 | None | NAP | ||
Loan | 10 | 30 Hudson Yards(2)(31) | 1,080,000,000 | 1,080,000,000 | 1,080,000,000 | 310,000,000 | B Note | NAP | |
Loan | 11 | Beverly Hills BMW(2) | 20,000,000 | 20,000,000 | 20,000,000 | None | NAP | ||
Loan | 12 | 3 Columbus Circle(2)(31) | CGCMT 2015-GC29 | 452,500,000 | 452,500,000 | 452,500,000 | 105,000,000 | B Notes | NAP |
Loan | 13 | Ensemble | None | NAP | |||||
Loan | 14 | Woodlands Mall(2)(31)(32)(33) | 217,600,000 | 217,600,000 | 217,600,000 | 216,903,446 | $177,400,000 B Note; $39,503,446 Mezzanine | Mezzanine | |
Loan | 15 | Northpoint Tower(2) | JPMCC 2017-FL10 | 65,500,000 | 65,500,000 | 65,500,000 | None | NAP | |
Loan | 16 | Dearborn IHG Portfolio | None | NAP | |||||
Property | 16.01 | Staybridge Suites Dearborn | |||||||
Property | 16.02 | Holiday Inn Express Dearborn | |||||||
Loan | 17 | SkyEast | None | NAP | |||||
Loan | 18 | 951 Madison Street | None | NAP | |||||
Loan | 19 | Canyon Corporate Center | None | NAP | |||||
Loan | 20 | Philadelphia Metro Storage Portfolio | None | NAP | |||||
Property | 20.01 | Metro Self Storage - Pennsauken Township | |||||||
Property | 20.02 | Metro Self Storage - Philadelphia | |||||||
Loan | 21 | Delta Hotels Chesapeake Norfolk | None | NAP | |||||
Loan | 22 | Concord Center | None | NAP | |||||
Loan | 23 | Gramercy Tavern(33) | None | Mezzanine | |||||
Loan | 24 | Hampton Inn & Suites Knoxville | None | NAP | |||||
Loan | 25 | SpringHill Suites Ashburn-Dulles North(32) | 3,000,000 | Mezzanine Debt | NAP | ||||
Loan | 26 | Fern Marketplace(32) | 3,000,000 | Mezzanine Debt | NAP | ||||
Loan | 27 | Scottsdale Crossing | None | NAP | |||||
Loan | 28 | Tradecor Retail Portfolio | None | NAP | |||||
Property | 28.01 | Bell Rd & Litchfield Rd | |||||||
Property | 28.02 | Power Rd & US 60 | |||||||
Property | 28.03 | Bullard Ave & McDowell Rd | |||||||
Property | 28.04 | Pebble Creek Parkway & McDowell Rd | |||||||
Loan | 29 | Hotel Indigo Birmingham | None | NAP | |||||
Loan | 30 | The BC Remedy Building | None | NAP | |||||
Loan | 31 | Courtyard Warner Robins | None | NAP | |||||
Loan | 32 | Two Guys Commons | VNO 2010-VNO | None | NAP | ||||
Loan | 33 | 47 Clinton Street | None | NAP | |||||
Loan | 34 | TownePlace Suites Albany | None | NAP | |||||
Loan | 35 | Holiday Inn Express and Suites Los Alamos | None | NAP | |||||
Loan | 36 | Double Door | None | NAP | |||||
Loan | 37 | Albertsons Corinth | None | NAP | |||||
Loan | 38 | 2975 Breckinridge Boulevard | None | NAP | |||||
Loan | 39 | JJL Retail Portfolio | None | NAP | |||||
Property | 39.01 | Palm Desert | |||||||
Property | 39.02 | Lake Elsinore | |||||||
Loan | 40 | 738 East 6th Street | None | NAP |
Benchmark 2019-B13 | |
FOOTNOTES TO ANNEX A-1 | |
(1) | GACC—German American Capital Corporation or one of its affiliates; JPMCB—JPMorgan Chase Bank, National Association or one of its affiliates; CREFI—Citi Real Estate Funding Inc. or one of its affiliates. |
Loan Number | Mortgage Loan Seller | Property Name | Cut-off Date Balance ($) | Non-Trust Pari Passu Cut-off Date Balance | Controlling Note | Governing PSA | |
1 | JPMCB | Sunset North | $75,000,000 | $75,000,000 | Yes | Benchmark 2019-B13 | |
3 | JPMCB | Osborn Triangle | $50,000,000 | $380,000,000 | No | JPMCC 2019-OSB | |
4 | JPMCB | Grand Canal Shoppes | $50,000,000 | $710,000,000 | No | MSC 2019-H7 | |
5 | CREFI | Rivertowne Commons | $45,000,000 | $21,000,000 | Yes | Benchmark 2019-B13 | |
6 | JPMCB | 900 & 990 Stewart Avenue | $45,000,000 | $39,000,000 | Yes | Benchmark 2019-B13 | |
(2) | 7 | JPMCB | City Hyde Park | $45,000,000 | $67,000,000 | Yes | Benchmark 2019-B13 |
9 | GACC | Wind Creek Leased Fee | $41,521,017 | $104,800,645 | Yes | Benchmark 2019-B13 | |
10 | GACC | 30 Hudson Yards | $40,000,000 | $1,080,000,000 | No | Hudson Yards 2019-30HY | |
11 | GACC | Beverly Hills BMW | $39,490,000 | $20,000,000 | Yes | Benchmark 2019-B13 | |
12 | JPMCB | 3 Columbus Circle | $37,500,000 | $452,500,000 | No | Benchmark 2019-B10 | |
14 | GACC | Woodlands Mall | $30,000,000 | $217,600,000 | No | Benchmark 2019-B12 | |
15 | CREFI | Northpoint Tower | $25,000,000 | $65,500,000 | No | GSMS 2019-GC42 |
* Prior to the applicable servicing shift securitization date, the related whole loans will be serviced under the pooling and servicing agreement for this transaction. From and after the related servicing shift securitization date, the related servicing shift whole loan will be serviced under the related servicing shift pooling and servicing agreement. | |
(3) | With respect to any Mortgaged Property securing a multi-property Mortgage Loan, the amounts listed under the headings “Original Balance ($)” and “Cut-off Date Balance ($)” reflect the Allocated Loan Amount for such Mortgaged Property. |
● Loan No. 3 – Osborn Triangle | |
● Loan No. 16 – Dearborn IHG Portfolio | |
● Loan No. 20 – Philadelphia Metro Storage Portfolio | |
● Loan No. 28 – Tradecor Retail Portfolio | |
● Loan No. 39 – JJL Retail Portfolio |
(4) | Office | Retail | Multifamily | Self Storage | |||||||||||
Loan No. | Mortgage Loan | Total NRA | NRA | Occ. | % of GPR | NRA | Occ. | % of GPR | Units | Occ. | % of GPR | NRA | Occ. | % of GPR | |
(sq. ft.) | (sq. ft.) | (sq. ft.) | (sq. ft.) | ||||||||||||
3 | Osborn Triangle | ||||||||||||||
7 | City Hyde Park(1) | 110,062 | 100.00% | 45.20% | 180 | 96.70% | 52.70% | ||||||||
8 | 9533 Brighton Way | 14,294 | 3,812 | 77.70% | 9.30% | 10,482 | 92.60% | 90.70% | |||||||
12 | 3 Columbus Circle(2) | 753,713 | 674,007 | 96.90% | 66.40% | 74,701 | 100.00% | 27.70% | |||||||
18 | 951 Madison Street | 9,657 | 100.00% | 17.40% | 37 | 83.80% | 79.30% | 3,889 | 100.00% | 3.40% | |||||
22 | Concord Center | 99,352 | 42,693 | 89.30% | 45.10% | 56,659 | 100.00% | 54.90% | |||||||
33 | 47 Clinton Street | 1,800 | 100.00% | 23.50% | 10 | 100.00% | 76.50% | ||||||||
36 | Double Door | 5,000 | 100.00% | 56.30% | 11 | 100.00% | 56.30% |
(1) The primary Units of Measure is the number of residential units. The retail portion has 110,062 sq. ft., which is 100.0% occupied. | |
(2) Total net rentable area (sq. ft.) for the Mortgaged Property includes 4,687 sq. ft. or storage space and 218 sq. ft. of telecom space. | |
(5) | Loan No. 22 – Concord Center – Pursuant to the lease between the borrower and Cost Plus Inc., the largest tenant at the Mortgaged Property, the borrower may not lease space at the Mortgaged Property to a tenant that uses 5,000 sq. ft. or more of its premises to display/sell gourmet foods, beer and wine for off-premises consumption, or products made from wicker or rattan. In addition, the Concord Center Planned Unit Development Agreement recorded against the title of the Mortgaged Property restricts the Mortgaged Property from use as a toy store, appliance store, shoe store over 6,000 sq. ft., or gas station. Loan No. 24 – Hampton Inn & Suites Knoxville – Pursuant to a certain Special Warranty Deed (the “Deed”) dated March 17, 2000, the borrowers may not use a portion of the Mortgaged Property as a gas station effective until 2025. Further pursuant to the Deed, BP Exploration & Oil, Inc. (“BP”), the previous owner of a portion of the Mortgaged Property, has a right of access to enter and perform any necessary remediation of certain contamination, as required by the government. Loan No. 27 – Scottsdale Crossing – The Mortgaged Property is subject to a certain Declaration of Restrictions and Grant of Easements dated June 29, 1990, as amended from time to time, which contains various use restrictions including, without limitation, the following: (1) Chipotle, the third largest tenant by net rentable area, cannot have beer and wine sales that exceed 10% of gross sales, (2) Smashburger, the third largest tenant by net rentable area, cannot have beer and wine sales that exceed 10% of gross sales, (3) that portion of the building occupied by Ahipoki Bowl, the second largest tenant by net rentable area, cannot be used as a restaurant, and (4) no portion of the Mortgaged Property can be used as a massage parlor. For additional information, see “Description of the Mortgage Pool—Use Restrictions” in this Preliminary Prospectus. |
(6) | 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. |
(7) | 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. |
Loan No. 1 – Sunset North – The Underwritten Revenue ($) includes disbursements from the free rent reserves. |
Loan No. 13 – Ensemble – The economic holdback will be released in installments, not more than once per month up until and including the 36th monthly payment date, but no release request can be made after the 36th month payment date, where each installment is equal to an amount which, if released, will not cause the debt yield (based upon the proposed net loan amount after giving effect to the proposed release) to be less than 7.0%, provided that upon each release request made by the borrower (i) no event of default has occurred and is continuing, (ii) no trigger period under the loan documents and is continuing, (iii) the lender has determined the debt yield for the immediately prior calendar quarter equals or exceeds 7% (based on the proposed net loan amount after giving effect to the release of the proposed release amount), (iv) the lender has determined that the property has achieved an occupancy rate of 90% with respect to the residential units and (v) the borrower has delivered the final certificate of 421-a tax abatement eligibility. In the event that the economic holdback reserve funds have not been fully released on or prior to the November 6, 2022, the lender has the right to hold the economic holdback reserve funds as additional collateral for the Ensemble loan and as additional security for all of the borrower’s obligations under the Ensemble loan documents | |
(8) | “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. |
(9) | “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). [anchor to Cash Management |
(10) | 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, Underwritten NOI Debt Yield, Underwritten NCF Debt Yield and Loan per Net Rentable Area (SF/Units/Rooms) ($) calculations exclude the subordinate secured debt. ● Loan No. 3 – Osborn Triangle ● Loan No. 4 – Grand Canal Shoppes ● Loan No. 10 – 30 Hudson Yards ● Loan No. 12 – 3 Columbus Circle ● Loan No. 14 – Woodlands Mall |
(11) | Loan No. 1 – Sunset North – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing at the Mortgaged Property. Loan No. 3 – Osborn Triangle - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to investment grade rent steps and market rent adjustments at the Mortgaged Property. Loan No. 5 – Rivertowne Commons – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to Target signing a new 15 year lease to anchor the Mortgaged Property commencing in October 2019, expiring in September 2034 and accounting for $757,704 of underwritten base rent inclusive of rent steps. The borrower bought K-Mart out of its space for $2.0 million in order to replace it with Target, which is now occupying 84,640 sq. ft. Loan No. 6 – 900 & 990 Stewart Avenue - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing and investment grade rent steps at the Mortgaged Property. Loan No. 7 – City Hyde Park – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing and contractual rent steps at the Mortgaged Property. Loan No. 8 – 9533 Brighton Way - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing at the Mortgaged Property. |
Loan No. 12 – 3 Columbus Circle – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing and contractual rent steps at the Mortgaged Property. Loan No. 15 – Northpoint Tower – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily from (i) GSA ($909,100 of base rent), which has signed a lease for 45,455 sq. ft. that is expected to commence in November 2019 and (ii) Rent steps of $404,309. Loan No. 18 – 951 Madison Street – The increase from Most Recent NOI ($) to Underwritten NOI ($) is attributable to an increase in occupancy since the Mortgaged Property opened in 2018 and was still in lease up. Loan No. 21 – Delta Hotels Chesapeake Norfolk – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent increase in occupancy at the Mortgaged Property. Loan No. 23 – Gramercy Tavern – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing and contractual rent steps at the Mortgaged Property. Loan No. 29 – Hotel Indigo Birmingham – The increase from Most Recent NOI ($) to Underwritten NOI ($)is primarily attributable to recent renovations at the Mortgaged Property. Loan No. 36 – Double Door – The increase from Most Recent NOI ($) to Underwritten NOI ($) is attributable to an increase in occupancy because the Mortgaged Property did not begin leasing until late 2018, and the Mortgaged Property is currently 100% leased. Loan No. 40 – 738 East 6th Street – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to recent leasing and contractual rent steps at the Mortgaged Property. | |
(12) | 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. 14 — Woodlands Mall - A grace period of one business day for monthly debt service is permitted once in every 12-month period. | |
(13) | In certain cases, in addition to an “as-is” value, the appraisal states an “as complete”, “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 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 (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 (“As-Is”) | Appraised Value (“As-Is”) | |
900 & 990 Stewart Avenue(1) | 4.70% | 69.20% | 69.20% | $121,400,000 | 82.40% | 82.40% | $101,900,000 | |
Concord Center(2) | 1.50% | 63.80% | 54.70% | $22,000,000 | 66.80% | 66.80% | $21,000,000 | |
Hotel Indigo Birmingham(3) | 1.10% | 69.90% | 55.70% | $15,300,000 | 71.30% | 56.80% | $15,000,000 | |
Courtyard Warner Robins(4) | 1.10% | 57.20% | 46.80% | $18,300,000 | 60.20% | 49.30% | $17,400,000 | |
Holiday InnExpress and Suites Los Alamos(5) | 0.80% | 66.40% | 52.90% | 11,500,000 | 84.90% | 67.60% | $9,000,000 | |
Double Door(6) | 0.80% | 62.00% | 62.00% | 12,100,000 | 66.20% | 66.20% | $11,330,000 |
(1) The Appraised Value (Other Than As-Is) reflects the “As Complete” appraised values of the two individual parcels comprising the Mortgaged Property, as of May 2, 2019, in the aggregate amount of $121,400,000. The Hypothetical Value With PILOT Extended and Assuming Reserve appraised value assumes that (i) the borrower deposited $8.0 million into a reserve for future tenant improvements, leasing commissions and capital expenditures, which were reserved at origination and (ii) the related PILOT program is extended beyond its current expiration date. | |
(2) The Appraised Value (Other Than As-Is) reflects the “As Complete” of $22,000,000 for the Mortgaged Property, as of June 11, 2019, which assumes that the renovations estimated to cost approximately $1,000,000 in capital expenditures are completed under the “as is” date of value, June 11, 2019. The “as-is” appraised value of the Mortgaged Property, as of June 11, 2019 is $21,000,000. | |
(3) The Appraised Value (Other Than As-Is) reflects the “As Complete” value of $15,300,000 for the Mortgaged Property, as of September 3, 2019, which assumes that the borrower will exercise the purchase option contained in section 4 of the basement parking lease agreement. Further, it assumes that the purchase price will be a prorated amount of $320,000 and that the transaction will close on September 3, 2019. The “as-is” appraised value of the Mortgaged Property, as of July 29, 2019 is $15,000,000. At origination, the borrower deposited with the lender $320,000, which funds may be released to the borrower for purposes of exercising such purchase option or, alternatively, to enter into a substitute parking agreement. | |
(4) The Appraised Value (Other Than As-Is) reflects the “As Complete” of $18,300,000 for the Mortgaged Property, as of May 6, 2019, which assumes that the PIP has been completed as of the date of inspection. At origination, the lender reserved $917,374 for the PIP. The “as-is” appraised value of the Mortgaged Property, as of May 6, 2019 is $17,400,000. | |
(5) The Appraised Value (Other than As-Is) represents the “as complete” value of $11,500,000, effective July 2, 2020, which assumes that the capital improvements will be completed in a competent and timely manner for the Mortgaged Property. At origination, the lender reserved $2,239,473 for the estimated outstanding costs related to a PIP reserve | |
(6) The Appraised Value (Other than As-Is) represents the “as stabilized” value of $12,100,000, effective October 25, 2019, which assumes that Yeti takes occupancy. |
(14) | 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 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%. |
(15) | 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. 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 |
(16) | Loan No. 1 – Sunset North – The lockout period will be at least 24 payment dates beginning with and including the first payment date of November 1, 2019. Defeasance of the full $150,000,000 Sunset North Whole Loan is permitted after the date that is the earlier to occur of (i) November 1, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 4 – Grand Canal Shoppes – The lockout period will be at least 27 payment dates beginning with and incwluding the first payment date of August 1, 2019. Defeasance of the full $975,000,000 Grand Canal Shoppes Whole Loan is permitted after the date that is the earlier to occur of (i) June 3, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized.The assumed lockout period of 27 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 5 – Rivertowne Commons – The lockout period will be at least 24 payments beginning with and including the first payment date of November 6, 2019. The borrower has the option to defease the full $66,000,000 Rivertowne Commons Whole Loan after the earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu note to be securitized and (ii) September 9, 2023. The assumed lockout period of 24 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 7 – City Hyde Park – The lockout period will be at least 24 payment dates beginning with and including the first payment date of November 1, 2019. Defeasance of the full $112,000,000 City Hyde Park Whole Loan is permitted after the date that is the earlier to occur of (i) November 1, 2023 and (ii) two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 9 – Wind Creek Leased Fee – The lockout period will be at least 26 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 last pari passu note to be securitized. The assumed lockout period of 26 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 10 – 30 Hudson Yards– The lockout period will be at least 27 payments beginning with and including the first payment date of August 6, 2019. The borrower has the option to defease the full $1.43 billion 30 Hudson Yards 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) June 14, 2022. The assumed lockout period of 27 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. |
Loan No. 11 – Beverly Hills BMW– The lockout period will be at least 25 payments beginning with and including the first payment date of October 6, 2019. The borrower has the option to defease the full $59.5 million Beverly Hills BMW Whole Loan after the earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu note to be securitized and (ii) August 14, 2022. The assumed lockout period of 25 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 12 – 3 Columbus Circle – The lockout period will be at least 31 payment dates beginning with and including the first payment date of April 11, 2019. Defeasance of the full $595.0 million 3 Columbus Circle Whole Loan is permitted after the date that is the earlier to occur of (i) April 11, 2022 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 31 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 14 – Woodlands Mall – The lockout period will be at least 26 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 pari passu note to be securitized and (ii) July 5, 2022. The assumed lockout period of 26 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. Loan No. 15 – Northpoint Tower – The lockout period will be at least 25 payments beginning with and including the first payment date of October 6, 2019. The borrower has the option to defease the full $90,500,000 Northpoint Tower 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) August 9, 2022. The assumed lockout period of 25 payments is based on the expected Benchmark 2019-B13 securitization closing date in October 2019. The actual lockout period may be longer. | |
(17) | 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. 3 – Osborn Triangle ● Loan No. 4 – Grand Canal Shoppes ● Loan No. 7 – City Hyde Park ● Loan No. 14 – Woodlands Mall ● Loan No. 18 – 951 Madison Street ● Loan No. 20 – Philadelphia Metro Storage Portfolio ● Loan No. 39 – JJL Retail Portfolio |
(18) | Loan No. 3 – Osborn Triangle – The entire Mortgaged Property is subject to a condominium regime, with each individual Mortgaged Property being owned by an affiliate of the Massachusetts Institute of Technology. The fee owner of the units master leases each unit to the individual borrower, and the Mortgaged Property is secured by such leasehold interests. Pursuant to each master lease, the fee owner of the units has delegated the rights to exercise its rights and privileges in its capacity as the fee owner of the units under the condominium declaration to each borrower, and the individual borrowers control 100% of the condominium interests. Loan No. 23 – Gramercy Tavern – The Mortgage Loan is subject to an operating lease between the borrower, as the lessor, and an affiliate of the borrower, as the lessee (“Lessee”), pursuant to which Lessee operates the Mortgaged Property. Loan No. 24 – Hampton Inn & Suites Knoxville – The Mortgage Loan is subject to an operating lease between the two borrowers as lessor (“Lessor”) and lessee (“Lessee”), respectively. Lessor holds title to the Mortgaged Property, and Lessee serves as the franchisee under the related franchise agreement and operates the Mortgaged Property. |
(19) | Loan No. 12 – 3 Columbus Circle – The 5th Largest Tenant, Josephson, is an affiliate of the borrower and the Mortgaged Property serves as the borrower’s headquarters. Loan No. 23 – Gramercy Tavern – The sole tenant, Gramercy Tavern, is an affiliate of the borrower. |
(20) | Loan No. 12 – 3 Columbus Circle – The Largest Tenant, Young & Rubicam, Inc. leases (i) 214,372 sq. ft. for $76.00 PSF with an expiration date of July 2033, (ii) 124,760 sq. ft. for $68.60 PSF with an expiration date of August 2033, (iii) 34,634 sq. ft. for $62.00 PSF with an expiration date of August 2033 and (iv) 1,300 sq. ft. for $32.50 PSF with an expiration date in August 2033. In addition, the 3rd Largest Tenant, Nordstrom, leases (i) 43,018 sq. ft. for $241.25 PSF and (ii) 3,973 sq. ft. for $725.00 PSF. |
(21) | The lease expiration dates shown are based on full lease terms. However, in certain cases, a tenant may have the option to terminate its lease or abate rent prior to the stated lease expiration date for no reason after a specified period of time and/or upon notice to the landlord or upon the occurrence of certain contingencies including, without limitation, if the landlord violates the lease or fails to provide utilities or certain essential services for a specified period or allows certain restricted uses, upon interference with such tenant’s use of access or parking, upon casualty or condemnation, for zoning violations, if certain anchor or key tenants (including at an adjacent property) or a certain number of tenants go dark or cease operations, if a certain percentage of the net rentable area at the Mortgaged Property is not occupied, if the tenant fails to meet sales targets or business objectives, or, in the case of a government tenant, for lack of appropriations or other reasons. In addition, in some instances, a tenant may have the right to assign its lease and be released from its obligations under the subject lease. Furthermore, some tenants may have the option to downsize their rented space without terminating the lease completely. Loan No. 1 – Sunset North – The 4th Largest Tenant, Farmers, includes (i) 60,166 sq. ft. leased to Farmers New World with the right to terminate its lease on or after June 30, 2026 with no less than 12 months’ prior written notice and payment of a termination fee and (ii) 1,161 sq. ft. leased to Farmers Credit Union with the right to terminate its lease on or after August 31, 2026 with no less than 12 months’ prior written notice and the payment of a termination fee. Loan No. 5 – Rivertowne Commons – The 2nd Largest Tenant, Safeway has four, five-year renewal options remaining under its lease. The renewal options are deemed exercised unless Safeway gives the landlord written notice at least 6 months prior to the expiration of the then-current term, whereupon all future renewal options are also terminated. Safeway is also able to terminate its lease by giving the landlord 9 months’ written notice under the then-current term of its lease. Loan No. 8 – 9533 Brighton Way – The 3rd Largest Tenant, Berluti, has the right to terminate if gross sales during each of 2021 and 2022 does not exceed $2,700,000 for each year, by giving notice within 90 days after December 31, 2022. The 5th Largest tenant, Boglioli, has the right to terminate its lease as of April 30, 2022, with 12 months’ notice and the payment of a termination fee of $300,000. |
Loan No. 14 – Woodlands Mall - The Largest Tenant, Forever 21, has the right to terminate its lease effective at any time upon 180 days’ notice and payment of a termination fee equal to twelve months of minimum annual rent. Loan No. 15 – Northpoint Tower – The 2nd Largest Tenant, GSA, has 45,455 sq. ft. expiring October 31, 2029, 31,409 sq. ft. expiring May 31, 2020 and 2,287 sq. ft. expiring October 31, 2028. GSA is permitted to terminate (a) the 45,455 sq. ft. expiring on October 31, 2029 at any time after October 31, 2024 with 90 days’ notice, (b) the 31,409 sq. ft. expiring May 31, 2020 at any time with 120 days’ notice and (c) the 2,287 sq. ft. expiring October 31, 2028 any time after October 31, 2023 with 90 days’ notice. Loan No. 28.03 – Tradecor Retail Portfolio – Bullard Ave & McDowell Rd – The Largest Tenant P.F. Chang’s, has the right to terminate its lease at any time after October 31, 2019, with 90 days’ notice; effective at 6 month intervals. Loan No. 32 – Two Guys Commons – The 4th Largest Tenant, Crunch Fitness, has the option to terminate during either renewal term with six months’ notice and payment of six months’ rent. |
(22) | The following major tenants (listed on Annex A-1) are currently subleasing all or a significant portion of its leased space: Loan No. 3 – Osborn Triangle – The Largest Tenant at each of the 610 Main Street North and 1 Portland Street Mortgaged Properties, Pfizer, which represents 73.8% of the total net rentable area at the Osborn Triangle Mortgaged Properties, subleases a total of 163,644 sq. ft. at the 610 Main Street North Mortgaged Property, representing 24.2% of the total net rentable area at the Osborn Triangle Mortgaged Properties, as follows: (i) CRISPR Therapeutics (9.7% of total net rentable aera), expiring on January 31, 2027, (ii) Lab Central (4.9% of total net rentable area), expiring on December 14, 2027, (iii) Casebia Therapeutics (4.8% of total net rentable area), expiring on March 31, 2024, and (iv) KSQ Therapeutics (4.8% of total net rentable area), expiring on February 28, 2022. In addition, CRISPR Therapeutics subleases 5,184 sq. ft. of its subleased space to Bayer’s Life Hub Boston, whose sub-sublease expires on March 31, 2024. |
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 net rentable area 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. Loan No. 15 – Northpoint Tower – The 2nd Largest Tenant, GSA, representing approximately 9.1% of the net rentable area at the Mortgaged Property, is not yet in occupancy of 45,455 sq. ft. of its space, which is currently being built out. GSA is expected to take occupancy of 57.43% of its total leased space beginning around December 2019. The GSA lease for such space commences on November 1, 2019. Loan No. 28 – Tradecor Retail Portfolio – The Pebble Creek Parkway & McDowell Road property is still under development with Valvoline LLC set to take occupancy on March 4, 2020. Loan No. 36 – Double Door – The sole retail tenant at the Mortgaged Property, Yeti began paying rent on February 1, 2019, but is not yet in occupancy of its space. Yeti is expected to take occupancy of its space in October, 2019. | |
(23) | The following Mortgage 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. 8 – 9533 Brighton Way ● Loan No. 12 – 3 Columbus Circle ● Loan No. 18 – 951 Madison Street |
(24) | All upfront reserve balances reflect the upfront reserve amount at loan origination. The current balance may be less than the amount shown. |
(25) | (33) 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. 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. 10 – 30 Hudson Yards - Provided no event of default is continuing, the lender will be required to disburse capital expenditure funds to the borrower out of the capital expenditure account, within 10 days after the delivery by the borrower to the lender of a request therefor (but not more often than once per month), in increments of at least $5,000 (or a lesser amount if the total amount in the capital expenditure account is less than $5,000, in which case only one disbursement of the amount remaining in the account may be made). |
(26) | Loan No. 19 – Canyon Corporate Center – At such time as the amount on deposit for replacement is less than $150,000, the borrower is required to make monthly deposits of $2,204.13 into the Monthly Replacement Reserves ($) until the cap of $150,000 is met. Loan No. 19 – Canyon Corporate Center – At such time as the amount on deposit for rollover is less than $675,000, the borrower is required to make monthly deposits of $11,020.67 into the Monthly TI/LC Reserves ($) until the cap of $675,000 is met. Loan No. 25 – SpringHill Suites Ashburn-Dulles North – Commencing on the earlier of (x) September 1, 2024 or (y) the occurrence of a cash sweep period, the borrower is required to make monthly deposits into the Monthly Replacement Reserves ($) 4% of the gross income from the operations of the Mortgaged Property for the calendar month two months prior to such payment. Loan No. 31 – Courtyard Warner Robins – Commencing on the payment date that is 25 months prior to the maturity date of the Mortgage Loan (the “Additional FF&E Payment Date”) and on each payment date thereafter, the borrower is required to make monthly deposits into the Monthly Replacement Reserves ($) the amount of $42,400.00 (the “Additional FF&E Monthly Deposit”); provided, however, that if the borrower has not failed any condition related quality assurance evaluations (based on any scale being used by the related franchisor), brand standard audits or hotel audits during the six-month period immediately prior to the Additional FF&E Payment Date, then the Additional FF&E Monthly Deposit will mean an amount equal to the following: (A) (1) $1,060,000.00, less (2) the amount on deposit in the Monthly Replacement Reserves ($) for FF&E reserve fund as of the payment date that is 26 months prior to the maturity date of the Mortgage Loan, excluding an amount equal to the amount necessary to pay any outstanding invoices, divided by (B) 25. |
(27) | Loan No. 38 – 2975 Breckinridge Boulevard – The monthly replacement reserve deposit amount is equal to $7,244.69, however, upon satisfaction of the roof replacement conditions, such an amount will be reduced to $1,173.22. The Replacement Reserve cap is $347,745, however, upon satisfaction of the roof replacement condition, such an amount will be reduced to $42,235.92. |
(28) | 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 Balance
| % of Initial Outstanding Pool Balance | Maximum Policy Amount | Premium Paid in Full | Expiration Date | |
3 | Osborn Triangle | $50,000,000 | 5.30% | $5,000,000 | Yes | 5/16/2032 | |
9 | Wind Creek Leased Fee(1) | $41,521,017 | 4.40% | $10,000,000 | Yes | 5/31/2029 | |
27 | Scottsdale Crossing | $11,300,000 | 1.20% | $1,000,000 | Yes | 8/9/2032 | |
39 | 2975 Breckinridge Boulevard | $4,887,436 | 0.50% | $2,000,000 | Yes | 7/30/2027 |
(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. | |
(29) | Loans with Phase Iis |
Loan No. 5 – Rivertowne Commons | |
Loan No. 20.02 – Philadelphia Metro Storage Portfolio – Metro Self Storage – Philadelphia | |
Loan No. 27 – Scottsdale Crossing |
(30) | Loan No. 3 – Osborn Triangle – There is not a separate non-recourse carveout guarantor, and the borrowers are the only indemnitors under the related environmental indemnity agreement. At origination of the Mortgage Loan, the borrowers obtained an environmental insurance policy issued by the Sirius Group in the name of the borrowers, with the lender as additional named insured with its successors, assigns and/or affiliates, with per incident and aggregate limits of $5,000,000, a deductible of $25,000 per incident and a term expiring on May 16, 2032. Loan No. 38 – 2975 Breckinridge Boulevard – The borrower is the only indemnitor under the related environmental indemnity agreement. At origination of the Mortgage Loan, the borrower obtained an environmental insurance policy issued by the Sirus Group with the lender with its successors and/or assigns as the named insured, with per incident and aggregate limits of $2,000,000, a deductible of $25,000 per incident and a term expiring on July 30, 2037. |
(31) | Loan No. | Mortgage Loan | Senior Notes Cut-off Date Balance | Subordinate Notes Cut-off Date Balance | Total Mortgage Debt Cut-off Date Balance(1) | Total Senior Notes U/W NCF DSCR | Total Mortgage Debt U/W NCF DSCR(1) | Total Senior Notes Cut-off Date LTV | Total Mortgage Debt Cut-off Date | Total Senior Notes U/W NOI Debt Yield | Total Mortgage Debt U/W NOI Debt Yield(1) |
3 | Osborn Triangle | $430,000,000 | $145,000,000 | $575,000,000 | 3.12x | 2.33x | 37.1% | 49.7% | 12.5% | 9.3% | |
4 | Grand Canal Shoppes | $760,000,000 | $215,000,000 | $975,000,000 | 2.46x | 1.67x | 46.3% | 59.5% | 9.6% | 7.5% | |
10 | 30 Hudson Yards | $1,120,000,000 | $310,000,000 | $1,430,000,000 | 3.45x | 2.51x | 50.9% | 65.0% | 10.9% | 8.5% | |
12 | 3 Columbus Circle | $490,000,000 | $105,000,000 | $595,000,000 | 2.91x | 2.40x | 45.4% | 55.1% | 12.3% | 10.2% | |
14 | Woodlands Mall | $247,600,000 | $177,400,000 | $425,000,000 | 3.95x | 2.30x | 26.0% | 44.6% | 17.4% | 10.1% |
(32) | Loan No. | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % of 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 Debt U/W NCF DSCR(1) | Total Cut-off Debt U/W NOI Debt Yield(1) |
14 | Woodlands Mall Springhill Suites | $30,000,000 | 3.2% | $39,503,446 | 5.5% | 8/1/2029 | Yes | 48.7% | 1.79x | 9.3% | |
25 | Ashburn-Dulles North | $13,480,000 | 1.4% | $3,000,000 | 9.3% | 10/1/2029 | Yes | 80.0% | 1.66x | 11.4% | |
26 | Fern Marketplace | $12,500,000 | 1.3% | $3,000,000 | 8.3% | 9/1/2024 | Yes | 67.0% | 1.27x | 7.5% |
(33) | Loan No. | Mortgage Loan | Mortgage Loan Cut-off Date Balance | % of Initial Outstanding Pool Balance | Intercreditor Agreement Required | Combined Minimum DSCR | Combined Maximum LT V | Combined Minimum Debt Yield |
14 | Woodlands Mall(1) | $30,000,000 | 3.20% | Yes | 1.25x | 52.00% | 8.60% | |
23 | Gramercy Tavern | 14,000,000 | 1.50% | Yes | 1.65x | 57.00% | N/A |
(1) The borrower has a one-time right to cause to incur additional indebtedness in the form of a mezzanine loan, that will be in no event greater than $35,000,000. |