JP Morgan Chase Commercial Mortgage Securities
Filed: 17 Feb 05, 12:00am
SUBJECT TO COMPLETION, DATED FEBRUARY 14, 2005 JPMCC 2005-LDP1 STRUCTURAL AND COLLATERAL TERM SHEET -------------------------- $2,321,427,000 (Approximate) J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-LDP1 -------------------------- JPMORGAN CHASE BANK, NATIONAL ASSOCIATION NOMURA CREDIT & CAPITAL, INC. EUROHYPO AG, NEW YORK BRANCH LASALLE BANK NATIONAL ASSOCIATION PNC BANK, NATIONAL ASSOCIATION Mortgage Loan Sellers JPMORGAN ABN AMRO INCORPORATED [NOMURA LOGO] PNC CAPITAL MARKETS, INC. DEUTSCHE BANK SECURITIES The analyses in this report are based upon information provided by JPMorgan Chase Bank, National Association, Nomura Credit & Capital, Inc., Eurohypo AG, New York Branch, LaSalle Bank National Association, and PNC Bank, National Association (the "Sellers"). The information contained herein is qualified in its entirety by the information in the Prospectus and Prospectus Supplement for the securities referred to herein (the "Securities"). The information contained herein supersedes any previous information delivered to you by J.P. Morgan Securities Inc., ABN AMRO Incorporated, Nomura Securities International, Inc., PNC Capital Markets, Inc. and Deutsche Bank Securities Inc., (the "Underwriters") and will be superseded by one or more subsequent term sheets and ultimately by the applicable Prospectus and Prospectus Supplement. These materials are subject to change, completion, or amendment from time to time without notice, and the Underwriters are under no obligation to keep you advised of such changes. Any investment decision with respect to the Securities should be made by you based upon the information contained in the Prospectus and Prospectus Supplement relating to the Securities. You should consult your own counsel, accountant, and other advisors as to the legal, tax, business, financial and related aspects of a purchase of the Securities. The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been prepared in reliance upon information furnished by the Sellers. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' appropriateness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfalls. The specific characteristics of the Securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical 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. Neither the Underwriters nor any of their affiliates make any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the Securities. THIS INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER OF THE SECURITIES OR ANY OF ITS AFFILIATES. THE UNDERWRITERS ARE NOT ACTING AS AGENT FOR THE ISSUER OR ITS AFFILIATES IN CONNECTION WITH THE PROPOSED TRANSACTION. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 KEY FEATURES CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner) ABN AMRO Incorporated Nomura Securities International, Inc. CO-MANAGERS: PNC Capital Markets, Inc. Deutsche Bank Securities Inc. MORTGAGE LOAN SELLERS: JPMorgan Chase Bank, National Association (30.2%) Nomura Credit & Capital, Inc. (28.0%) Eurohypo AG, New York Branch (22.1%) LaSalle Bank National Association (11.0%) PNC Bank, National Association (8.7%) MASTER SERVICER: [CMSA Compliant Servicer rated and/or approved by Moody's, S&P and Fitch] SPECIAL SERVICER: Midland Loan Services, Inc. TRUSTEE: Wells Fargo Bank, N.A. PAYING AGENT: LaSalle Bank National Association RATING AGENCIES: Moody's/S&P/Fitch PRICING DATE: On or about March 1, 2005 CLOSING DATE: On or about March 10, 2005 CUT-OFF DATE: With respect to each mortgage loan, the related due date of such mortgage loan in March 2005 or, with respect to those mortgage loans that were originated in February 2005 and have their first payment date in April 2005, March 1, 2005 or, with respect to those mortgage loans that were originated in March, 2005 and have their first payment date in May 2005, the origination date of such mortgage loan. DISTRIBUTION DATE: 15th of each month, or if the 15th day is not a business day, on the next succeeding business day, beginning in April 2005 PAYMENT DELAY: 14 days TAX STATUS: REMIC and with respect to the A-JFL Certificates, a grantor trust in respect of its beneficial interest in the swap contract ERISA CONSIDERATION: Class A-1, A-2, A-3, A-SB, A-4, A-J, A-JFL, B, C, D and X-2 OPTIONAL TERMINATION: 1.0% (Clean-up Call) MINIMUM DENOMINATIONS: $10,000 for each class of Certificates other than the Class X-2 Certificates and $1,000,000 with respect to the Class X-2 Certificates. SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking COLLATERAL CHARACTERISTICS COLLATERAL CHARACTERISTICS ALL MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2 - -------------------------------------------------------- -------------------- ------------------- ----------------- INITIAL POOL BALANCE (IPB): $2,903,341,588 $2,557,322,744 $346,018,844 NUMBER OF MORTGAGE LOANS: 238 178 60 NUMBER OF MORTGAGED PROPERTIES: 262 200 62 AVERAGE CUT-OFF DATE BALANCE PER MORTGAGE LOAN: $12,198,914 $14,366,982 $5,766,981 AVERAGE CUT-OFF DATE BALANCE PER PROPERTY: $11,081,456 $12,788,614 $5,580,949 WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.1572% 5.1279% 5.3744% WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.63x 1.64x 1.52x WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 68.9% 68.4% 72.3% WEIGHTED AVERAGE MATURITY DATE LTV(1): 62.5% 62.5% 62.3% WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(2): 95 93 114 WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(3): 347 346 350 WEIGHTED AVERAGE SEASONING (MONTHS): 2 2 2 10 LARGEST MORTGAGE LOANS AS % OF IPB: 38.2% 43.3% 39.7% % OF MORTGAGE LOANS WITH ADDITIONAL DEBT: 9.8% 10.7% 2.6% % OF MORTGAGE LOANS WITH SINGLE TENANTS: 9.6% 11.0% 0.0% 1 Excludes the fully amortizing mortgage loans. 2 Calculated with respect to the respective Anticipated Repayment Date for the ARD Loans. 3 Excludes mortgage loans that are interest only for the entire term. 2 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 APPROXIMATE SECURITIES STRUCTURE PUBLICLY OFFERED CLASSES - ------------------------ EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S/FITCH/S&P)(1) AMOUNT(2) (% OF BALANCE)(3) AVG. LIFE (YEARS)(4) WINDOW(4) - ----------------------------------------------------------------------------------------------------------------- A-1 Aaa/AAA/AAA $87,796,000 20.000% 2.38 04/05 - 05/09 A-2 Aaa/AAA/AAA $994,485,000 20.000% 4.71 06/09 - 02/10 A-3 Aaa/AAA/AAA $198,053,000 20.000% 7.30 11/10 - 06/14 A-SB Aaa/AAA/AAA $121,810,000 20.000% 6.90 06/09 - 08/14 A-4 Aaa/AAA/AAA $574,511,000 20.000% 9.80 09/14 - 01/15 A-J Aaa/AAA/AAA $145,975,000 13.250% 9.90 01/15 - 02/15 A-JFL Aaa/AAA/AAA $50,000,000 13.250% 9.90 01/15 - 02/15 B Aa2/AA/AA $68,955,000 10.875% 9.93 02/15 - 02/15 C Aa3/AA-/AA- $25,404,000 10.000% 9.93 02/15 - 02/15 D A2/A/A $54,438,000 8.125% 9.93 02/15 - 02/15 X-2 Aaa/AAA/AAA $2,826,799,000 N/A N/A N/A PRIVATELY OFFERED CLASSES - ------------------------- EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S/FITCH/S&P)(1) AMOUNT(2) (% OF BALANCE)(3) AVG. LIFE (YEARS)(4) WINDOW(4) - ---------------------------------------------------------------------------------------------------------------- X-1 Aaa/AAA/AAA $2,903,341,588 N/A N/A N/A A-1A Aaa/AAA/AAA $346,018,149 20.000% N/A N/A E A3/A-/A- $29,033,000 7.125% N/A N/A F Baa1/BBB+/BBB+ $47,179,000 5.500% N/A N/A G Baa2/BBB/BBB $25,405,000 4.625% N/A N/A H Baa3/BBB-/BBB- $32,662,000 3.500% N/A N/A J Ba1/BB+/BB+ $14,517,000 3.000% N/A N/A K Ba2/BB/BB $14,517,000 2.500% N/A N/A L Ba3/BB-/BB- $10,887,000 2.125% N/A N/A M B1/B+/B+ $7,258,000 1.875% N/A N/A N B2/B/B $7,259,000 1.625% N/A N/A P B3/B-/B- $10,887,000 1.250% N/A N/A NR NR/NR/NR $36,292,588 N/A N/A N/A (1) Ratings presented for all classes represent expectations from the Issuer prior to the completion of each Rating Agency's final analysis. (2) Approximate, subject to a permitted variance of plus or minus 10%. (3) The credit support percentages set forth for Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-1A certificates are represented in the aggregate. Credit support percentages presented for all classes represent estimates from the Issuer prior to the completion of each Rating Agency's final analysis. (4) The weighted average life and period during which distributions of principal would be received with respect to each class of certificates is based on the assumptions set forth under "Yield and Maturity Considerations-Weighted Average Life" in the prospectus supplement, and the assumptions that (a) there are no prepayments or losses on the mortgage loans, (b) each mortgage loan pays off on its scheduled maturity date or anticipated repayment date and (c) no excess interest is generated on the mortgage loans. 3 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 STRUCTURAL OVERVIEW o For the purposes of making distributions to the Class A-1, A-2, A-3, A-SB, A-4 and A-1A Certificates, the pool of mortgage loans will be deemed to consist of two loan groups ("Loan Group 1" and "Loan Group 2"). Generally, interest and principal distributions on the Class A-1, A-2, A-3, A-SB and A-4 Certificates will be based on amounts available relating to Loan Group 1 and interest and principal distributions on the Class A-1A Certificates will be based on amounts available relating to Loan Group 2. o Interest payments will be made concurrently to the Class A-1, A-2, A-3, A-SB, A-4 and A-1A Certificates (pro rata to the Class A-1, A-2, A-3, A-SB and A-4 Certificates, from Loan Group 1, and to the Class A-1A Certificates from Loan Group 2, the foregoing classes, collectively, the "Class A Certificates"), Class X-1 and X-2 Certificates and then, after payment of the principal distribution amount to such Classes (other than the Class X-1 and X-2 Certificates), interest will be paid to the Class A-J and A-JFL Certificates, pro rata, and then, after payment of the principal distribution amount to such Classes, interest will be paid sequentially to the Class B, C, D, E, F, G, H, J, K, L, M, N, P and NR Certificates. o The pass-through rates on the Class [A-J, Class B, Class C, Class D, Class E, Class F, Class G, and Class H] Certificates will equal one of (i) a fixed rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) a rate equal to the lesser of a specified fixed pass-through rate and the rate described in clause (ii) above and (iv) the rate described in clause (ii) above less a specified percentage. In the aggregate, the Class X-1 and Class X-2 Certificates will receive the net interest on the mortgage loans in excess of the interest paid on the other Certificates. o The pass-through rate on the Class A-JFL Certificates will be based on LIBOR plus a specified percentage. The initial LIBOR rate will be determined on the pricing date and subsequent LIBOR rates will be determined 2 business days before the start of the Class A-JFL accrual period. Under certain circumstances described in the prospectus supplement, the pass-through rate for the Class A-JFL Certificates may convert to a fixed rate [equal to [ ]%], subject to a cap at the weighted average of the net mortgage rates. See "Description of the Swap Contract--The Swap Contract" in the prospectus supplement. There may be special requirements under ERISA for purchasing the Class A-JFL Certificates. See "Certain ERISA Considerations" in the prospectus supplement. o All Classes, except for the Class A-JFL Certificates, will accrue interest on a 30/360 basis. The Class A-JFL Certificates will accrue interest on an actual/360 basis; provided that if the pass-through rate for the Class A-JFL Certificates converts to a fixed rate (subject to a cap at the weighted average of the net mortgage rates), interest will accrue on a 30/360 basis. o Generally, the Class A-1, A-2, A-3, A-SB and A-4 Certificates will be entitled to receive distributions of principal collected or advanced only in respect of mortgage loans in Loan Group 1 until the certificate principal balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will be entitled to receive distributions of principal collected or advanced only in respect of mortgage loans in Loan Group 2 until the certificate balance of the Class A-4 Certificates has been reduced to zero. However, on any distribution date on which the certificate principal balance of the Class A-J, Class A-JFL and the Class B Certificates through Class NR Certificates have been reduced to zero, distributions of principal collected or advanced in respect of the mortgage loans will be distributed (without regard to loan group) to the Class A-1, A-2, A-3, A-SB, A-4 and A-1A Certificates on a pro rata basis. Principal will generally be distributed on each Distribution Date to the Class of Certificates outstanding with the earliest alphabetical and numerical class designation until its certificate balance is reduced to zero (except that the Class A-SB Certificates are entitled to certain priority with respect to being paid down to their planned principal balance as described in the prospectus supplement). After the certificate balances of the Class A-1, A-2, A-3, A-SB, A-4, A-1A, A-J and A-JFL Certificates have been reduced to zero, principal payments will be paid sequentially to the Class B, C, D, E, F, G, H, J, K, L, M, N, P and NR Certificates, until the certificate balance for each such Class has been reduced to zero. The Class X-1 and Class X-2 Certificates do not have a certificate balance and therefore are not entitled to any principal distributions. o Losses will be borne by the Classes (other than the Class X-1 and X-2 Certificates) in reverse sequential order, from the Class NR Certificates up to the Class B Certificates, then pro rata to the Class A-J and Class A-JFL Certificates and then pro rata to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-1A Certificates (without regard to loan group). o Yield maintenance charges calculated by reference to a U.S. Treasury rate, to the extent received, will be allocated first to the Offered Certificates and the Class A-1A, E, F, G and H Certificates in the following manner: the holders of each class of Offered Certificates and the Class A-1A, E, F, G and H Certificates will receive, (with respect to the related Loan Group, if applicable in the case of the Class A-1, A-2, A-3, A-SB, A-4 and A-1A Certificates) on each Distribution Date an amount of Yield Maintenance Charges determined in accordance with the formula specified below (with any remaining amount payable to the Class X-1 Certificates). Group Principal Paid to Class (Pass-Through Rate on Class -- Discount Rate) ------------------------------- ---------------------------------------------- YM Charge x x Group Total Principal Paid (Mortgage Rate on Loan -- Discount Rate) o Any prepayment penalties based on a percentage of the amount being prepaid will be distributed to the Class X-1 Certificates. o The transaction will provide for a collateral value adjustment feature (an appraisal reduction amount calculation) for problem or delinquent mortgage loans. Under certain circumstances, the special servicer will be required to obtain a new appraisal and to the extent any such appraisal results in a downward adjustment of the collateral value, the interest portion of any P&I Advance will be reduced in proportion to such adjustment. - ------------------------------------------------------------------------------- 4 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 [THIS PAGE INTENTIONALLY LEFT BLANK] 5 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS CUT-OFF DATE PRINCIPAL BALANCE RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW BALANCES OF LOANS BALANCE IPB LTV DSCR - --------------------------------- -------------- ----------------- --------- ---------- ---------- $920,467 - $2,999,999 60 $ 124,641,907 4.3% 66.1% 1.63x $3,000,000 - $3,999,999 29 98,732,016 3.4 69.2% 1.47x $4,000,000 - $4,999,999 24 107,215,260 3.7 72.4% 1.57x $5,000,000 - $6,999,999 29 172,783,323 6.0 71.4% 1.60x $7,000,000 - $9,999,999 30 250,889,081 8.6 71.8% 1.48x $10,000,000 - $14,999,999 28 333,398,657 11.5 71.4% 1.56x $15,000,000 - $24,999,999 15 279,174,677 9.6 73.0% 1.47x $25,000,000 - $49,999,999 14 471,869,675 16.3 66.3% 1.82x $50,000,000 - $149,999,999 6 487,570,880 16.8 69.5% 1.76x $150,000,000 - $224,066,112 3 577,066,112 19.9 64.9% 1.58x - --------------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x - --------------------------------- --- -------------- ----- ---- ---- AVERAGE BALANCE PER LOAN: $12,198,914 AVERAGE BALANCE PER PROPERTY: $11,081,456 RANGE OF MORTGAGE INTEREST RATES RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW RATES OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ------------ ----------------- ---------- ---------- ---------- 4.2440% - 4.9999% 31 $ 983,473,132 33.9% 65.6% 1.93x 5.0000% - 5.4999% 116 1,350,482,424 46.5 69.9% 1.50x 5.5000% - 5.9999% 78 490,511,457 16.9 72.5% 1.40x 6.0000% - 6.4999% 10 66,888,165 2.3 72.6% 1.45x 6.5000% - 7.0000% 3 11,986,410 0.4 62.7% 1.41x - ----------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x - ----------------------------- --- -------------- ----- ---- ---- WA INTEREST RATE: 5.1572% ORIGINAL TERMS TO MATURITY IN MONTHS/ARD IN MONTHS NUMBER PRINCIPAL % OF WA WA UW ORIGINAL TERMS TO MATURITY OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ----------------- ---------- ---------- ---------- 54 - 60 38 $1,023,845,752 35.3% 67.0% 1.90x 61 - 108 23 240,514,222 8.3 70.3% 1.63x 109 - 120 164 1,579,898,055 54.4 70.0% 1.45x 121 - 300 13 59,083,558 2.0 65.0% 1.50x - ----------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x - ----------------------------- --- -------------- ----- ---- ---- WA ORIGINAL LOAN TERM: 97 GEOGRAPHIC DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA UW STATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------ ----------------- ---------- ---------- ---------- NEW YORK 16 $ 524,152,382 18.1% 66.4% 1.70x CALIFORNIA 27 435,252,758 15.0 73.8% 1.42x Southern California 23 245,783,129 8.5 71.9% 1.48x Northern California 4 189,469,629 6.5 76.4% 1.34x TEXAS 35 280,758,248 9.7 68.3% 1.66x NEW JERSEY 3 248,887,160 8.6 61.8% 1.93x OTHER 181 1,414,291,040 48.7 69.6% 1.60x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 262 $2,903,341,588 100.0% 68.9% 1.63x UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - ---------------------------- ---------- ----------------- --------- ---------- ---------- 1.09x - 1.19x 3 $ 33,210,685 1.1% 48.3% 1.11x 1.20x - 1.29x 45 484,423,112 16.7 75.0% 1.26x 1.30x - 1.39x 56 557,317,720 19.2 70.9% 1.35x 1.40x - 1.49x 41 497,467,401 17.1 74.4% 1.44x 1.50x - 1.69x 48 403,817,765 13.9 72.7% 1.59x 1.70x - 1.99x 20 506,487,314 17.4 62.3% 1.89x 2.00x - 2.99x 20 399,829,760 13.8 60.2% 2.27x 3.00x - 6.89x 5 20,787,832 0.7 23.9% 4.66x - ---------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x - ---------------------------- --- -------------- ----- ---- ---- WEIGHTED AVERAGE UW DSCR: 1.63x MINIMUM UW DSCR: 1.09x MAXIMUM UW DSCR: 6.89x - ---------------------------- ---- -------------- ----- ---- ---- -- (1) CALCULATED WITH RESPECT TO THE RESPECTIVE ANTICIPATE REPAYMENT DATE FOR THE ARD LOANS. REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS RANGE OF REMAINING TERMS NUMBER PRINCIPAL % OF WA WA UW TO MATURITY OF LOANS BALANCE IPB LTV DSCR - --------------------------- ---------- ----------------- ---------- ---------- ---------- 51 - 60 38 $1,023,845,752 35.3% 67.0% 1.90x 61 - 108 24 244,336,815 8.4 70.2% 1.63x 109 - 120 163 1,576,075,462 54.3 70.0% 1.45x 121 - 300 13 59,083,558 2.0 65.0% 1.50x - --------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x - --------------------------- --- -------------- ----- ---- ---- WA REMAINING TERM: 95 PROPERTY TYPE DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV OCCUPANCY DSCR - --------------------------- ------------------------ ------------ ------------------ ---------- ---------- ----------- ---------- RETAIL Anchored 71 $ 983,331,211 33.9% 69.3% 96.5% 1.68x Super-regional Mall 1 $ 224,066,112 7.7% 59.8% 96.4% 1.99x Unanchored 19 $ 81,477,417 2.8% 71.9% 94.5% 1.47x Shadow Anchored 7 $ 42,125,301 1.5% 72.9% 96.2% 1.34x Subtotal: 98 $ 1,331,000,041 45.8% 68.0% 96.4% 1.70x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- MULTIFAMILY Garden 64 $ 346,632,333 11.9% 74.7% 93.2% 1.37x Mid/High Rise 4 $ 290,703,219 10.0% 63.1% 96.6% 1.54x Co-op 2 $ 13,279,492 0.5% 14.9% 100.0% 5.50x Subtotal: 70 $ 650,615,044 22.4% 68.3% 94.8% 1.53x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- OFFICE Suburban 23 $ 344,590,750 11.9% 74.2% 94.3% 1.45x CBD 9 $ 200,224,014 6.9% 69.9% 92.7% 1.89x Subtotal: 32 $ 544,814,764 18.8% 72.6% 93.7% 1.61x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- INDUSTRIAL Warehouse/Distribution 6 $ 76,538,568 2.6% 74.8% 99.5% 1.50x Flex 4 $ 28,212,944 1.0% 67.0% 98.1% 1.49x Subtotal: 10 $ 104,751,511 3.6% 72.7% 99.1% 1.49x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- HOTEL Limited Service 3 $ 47,971,741 1.7% 62.9% NAP 1.92x Full Service 4 $ 47,884,454 1.6% 67.9% NAP 1.54x Subtotal: 7 $ 95,856,195 3.3% 65.4% NAP 1.73x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- MIXED USE Office/Retail 6 $ 46,543,623 1.6% 73.2% 96.7 1.42x Office/Residential 1 $ 27,500,000 0.9% 43.0% 100.0% 1.09x Subtotal: 7 $ 74,043,623 2.6% 62.0% 97.9% 1.30x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- SELF STORAGE Self Storage 31 $ 70,624,016 2.4% 68.6% 82.7% 1.64x Subtotal: 31 $ 70,624,016 2.4% 68.6% 82.7% 1.64x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- MANUFACTURED HOUSING Manufactured Housing 6 $ 21,214,748 0.7% 68.4% 75.5% 1.59x Subtotal: 6 $ 21,214,748 0.7% 68.4% 75.5% 1.59x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- PARKING GARAGE Parking Garage 1 $ 10,421,646 0.4% 69.0% NAP 1.20x Subtotal: 1 $ 10,421,646 0.4% 69.0% NAP 1.20x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- TOTAL/WEIGHTED AVERAGE: 262 $ 2,903,341,588 100.0% 68.9% 95.1% 1.63x 6 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS ORIGINAL AMORTIZATION TERM IN MONTHS(1),(2) NUMBER PRINCIPAL % OF WA WA UW ORIGINAL AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ---------------- ---------- ---------- ---------- 180 - 240 10 $ 43,358,481 2.2% 64.9% 1.49x 241 - 300 32 228,631,640 11.7 65.7% 1.78x 301 - 330 2 155,800,000 8.0 76.1% 1.28x 331 - 360 162 1,522,999,391 78.1 70.0% 1.49x TOTAL/WEIGHTED AVERAGE: 206 $1,950,789,512 100.0% 69.9% 1.51x - ----------------------------- --- -------------- ----- ---- ---- WA ORIGINAL AMORT TERM: 347 LTV RATIOS AS OF THE CUT-OFF DATE NUMBER PRINCIPAL % OF WA WA UW CUT-OFF LTV OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ----------------- ---------- ---------- ---------- 11.3% - 49.9% 13 $ 73,229,729 2.5% 39.1% 2.40x 50.0% - 59.9% 31 506,718,091 17.5 58.0% 2.09x 60.0% - 64.9% 20 588,672,978 20.3 62.2% 1.71x 65.0% - 69.9% 31 226,080,570 7.8 68.6% 1.43x 70.0% - 74.9% 57 569,328,463 19.6 73.2% 1.48x 75.0% - 79.9% 76 746,652,963 25.7 78.2% 1.38x 80.0% - 86.5% 10 192,658,795 6.6 80.7% 1.51x - ----------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x - ----------------------------- --- -------------- ----- ---- ---- WA CUT-OFF DATE LTV RATIO: 68.9% AMORTIZATION TYPES NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ---------------- ---------- ---------- ---------- BALLOON LOANS(1),(2),(6) 162 1,215,454,365 41.8% 69.6% 1.61x INTEREST-ONLY(7) 32 952,552,076 32.8 65.2% 1.91x PARTIAL INTEREST-ONLY 38 716,965,000 24.7 70.7% 1.33x FULLY AMORTIZING 6 18,370,147 0.6 52.1% 1.74x - -------------------------- --- ------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x CURRENT OCCUPANCY RATES(4) CURRENT OCCUPANCY NUMBER OF PRINCIPAL % OF WA WA UW RATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- ---------------- ---------- ---------- ---------- 40.4% - 70.0% 8 $ 24,095,686 0.9% 70.4% 1.57x 70.1% - 80.0% 7 14,232,575 0.5 67.6% 1.70x 80.1% - 90.0% 51 446,117,094 15.9 71.3% 1.56x 90.1% - 95.0% 46 363,250,239 13.0 74.1% 1.39x 95.1% - 100.0% 142 1,949,368,152 69.7 67.5% 1.68x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 254 $2,797,063,747 100.0% 69.0% 1.63x REMAINING AMORTIZATION TERM IN MONTHS(1) REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW TERM OF LOANS BALANCE IPB LTV DSCR - --------------------------- ---------- ---------------- ---------- ---------- ---------- 178 - 240 10 $ 43,358,481 2.2% 64.9% 1.49x 241 - 300 32 228,631,640 11.7 65.7% 1.78x 301 - 330 2 155,800,000 8.0 76.1% 1.28x 331 - 360 162 1,522,999,391 78.1 70.0% 1.49x - --------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 206 $1,950,789,512 100.0% 69.9% 1.51x - --------------------------- --- -------------- ----- ---- ---- WA REMAINING AMORT TERM: 345 LTV RATIOS AS OF THE MATURITY/ARD DATE(3) NUMBER PRINCIPAL % OF WA WA UW MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR - ---------------------------- ---------- ---------------- ---------- ---------- ---------- 8.5% - 14.9% 2 $ 13,279,492 0.5% 14.9% 5.50x 15.0% - 29.9% 1 8,136,752 0.3 62.6% 1.29x 30.0% - 49.9% 26 111,986,711 3.9 53.5% 1.64x 50.0% - 59.9% 60 944,024,686 32.7 62.1% 1.79x 60.0% - 69.9% 121 1,289,598,915 44.7 72.4% 1.50x 70.0% - 80.0% 22 517,944,885 18.0 77.9% 1.56x - ---------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 232 $2,884,971,441 100.0% 69.0% 1.63x - ---------------------------- --- -------------- ----- ---- ---- WA LTV RATIO AT MATURITY: 62.5% YEAR BUILT/RENOVATED(5) NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- ---------------- ---------- ---------- ---------- 1940 - 1959 8 $ 16,964,787 0.6% 72.1% 1.58x 1960 - 1969 4 14,445,686 0.5 75.5% 1.36x 1970 - 1979 13 71,237,161 2.5 73.0% 1.34x 1980 - 1989 43 306,231,817 10.5 69.2% 1.65x 1990 - 1999 63 567,813,917 19.6 68.6% 1.66x 2000 - 2005 131 1,926,648,220 66.4 68.7% 1.63x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 262 $2,903,341,588 100.0% 68.9% 1.63x PREPAYMENT PROTECTION NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - ------------------------------- ---------- ----------------- ---------- ---------- ---------- DEFEASANCE 206 $2,518,780,592 86.8% 70.2% 1.56x YIELD MAINTENANCE 29 355,896,088 12.3 59.4% 2.13x DEFEASANCE/YIELD MAINTENANCE 3 28,664,908 1.0 70.7% 1.51x - ------------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 238 $2,903,341,588 100.0% 68.9% 1.63x (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans which pay interest-only for a portion of their term. (3) Excludes the fully-amortizing mortgage loans. (4) Excludes the hotel and parking garage properties. (5) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. (6) Includes 6 amortizing ARD loans representing 0.4% of the initial pool balance. (7) Includes 6 interest-only ARD loans representing 6.2% of the initial pool balance. 7 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 CUT-OFF DATE PRINCIPAL BALANCE RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW BALANCES OF LOANS BALANCE IPB LTV DSCR - ------------------------------ -------------- ----------------- --------- ---------- ---------- $1,152,299 - $2,999,999 42 $ 89,322,207 3.5% 65.4% 1.57x $3,000,000 - $3,999,999 17 58,582,961 2.3 67.2% 1.50x $4,000,000 - $4,999,999 19 84,658,703 3.3 71.6% 1.59x $5,000,000 - $6,999,999 24 144,549,586 5.7 70.6% 1.65x $7,000,000 - $9,999,999 20 168,463,151 6.6 68.6% 1.55x $10,000,000 - $14,999,999 21 252,869,791 9.9 72.6% 1.49x $15,000,000 - $24,999,999 12 222,369,677 8.7 73.7% 1.48x $25,000,000 - $49,999,999 14 471,869,675 18.5 66.3% 1.82x $50,000,000 - $149,999,999 6 487,570,880 19.1 69.5% 1.76x $150,000,000 - $224,066,112 3 577,066,112 22.6 64.9% 1.58x - ------------------------------ -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x - ------------------------------ --- -------------- ----- ---- ---- AVG BALANCE PER LOAN: $14,366,982 AVG BALANCE PER PROPERTY: $12,786,614 RANGE OF MORTGAGE INTEREST RATES RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW RATES OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ------------ ----------------- ---------- ---------- ---------- 4.2440% - 4.9999% 31 $ 983,473,132 38.5% 65.6% 1.93x 5.0000% - 5.4999% 75 1,085,027,712 42.4 69.3% 1.48x 5.5000% - 5.9999% 63 428,923,483 16.8 72.4% 1.41x 6.0000% - 6.6100% 9 59,898,416 2.3 70.1% 1.47x - ----------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVEARGE: 178 $2,557,322,744 100.0% 68.4% 1.64x - ----------------------------- --- -------------- ----- ---- ---- WA INTEREST RATE: 5.1279% ORIGINAL TERMS TO MATURITY/ARD IN MONTHS ORIGINAL TERMS TO NUMBER PRINCIPAL % OF WA WA UW MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- 54 - 60 38 $1,023,845,752 40.0% 67.0% 1.90x 61 - 108 15 180,607,419 7.1 68.5% 1.74x 109 - 120 115 1,300,472,805 50.9 69.7% 1.43x 121 - 180 6 38,396,294 1.5 70.3% 1.42x 181 - 240 2 4,455,740 0.2 61.8% 1.23x 241 - 300 2 9,544,733 0.4 46.1% 2.09x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x - -------------------------- --- -------------- ----- ---- ---- WA ORIGINAL LOAN TERM: 95 GEOGRAPHIC DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA UW STATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------ ----------------- ---------- ---------- ---------- NEW YORK 8 $ 483,305,506 18.9% 67.5% 1.61x CALIFORNIA 27 435,252,758 17.0 73.8% 1.42x Southern California 23 245,783,129 9.6 71.9% 1.48x Northern California 4 189,469,629 7.4 76.4% 1.34x NEW JERSEY 3 248,887,160 9.7 61.8% 1.93x TEXAS 19 198,181,798 7.7 64.1% 1.79x NEVADA 4 127,990,329 5.0 63.2% 1.63x OTHER 139 1,063,705,193 41.6 69.6% 1.65x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 200 $2,557,322,744 100.0% 68.4% 1.64x UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - ---------------------------- ---------- ----------------- ---------- ---------- ---------- 1.09x - 1.29x 25 $ 360,354,930 14.1% 72.2% 1.25x 1.30x - 1.39x 39 466,677,067 18.2 69.6% 1.35x 1.40x - 1.49x 36 471,142,396 18.4 74.7% 1.44x 1.50x - 1.69x 37 354,197,066 13.9 73.5% 1.59x 1.70x - 1.99x 18 497,613,186 19.5 62.1% 1.89x 2.00x - 3.19x 23 407,338,099 15.9 59.8% 2.29x - ---------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x - ---------------------------- --- -------------- ----- ---- ---- WEIGHTED AVERAGE UW DSCR: 1.64x REMAINING TERMS TO MATURITY/ARD IN MONTHS RANGE OF REMAINING TERMS NUMBER PRINCIPAL % OF WA WA UW TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - --------------------------- ---------- ----------------- ---------- ---------- ---------- 51 - 60 38 $1,023,845,752 40.0% 67.0% 1.90x 61 - 108 16 184,430,012 7.2 68.4% 1.74x 109 - 120 114 1,296,650,212 50.7 69.7% 1.43x 121 - 300 10 52,396,767 2.0 65.1% 1.53x - --------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x - --------------------------- --- -------------- ----- ---- ---- WA REMAINING TERM: 93 PROPERTY TYPE DISTRIBUTION WA NUMBER OF PRINCIPAL % OF WA OCCU- WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV PANCY DSCR - --------------------------- ------------------------ ------------ ------------------ ---------- ---------- ---------- ---------- RETAIL Anchored 71 $ 983,331,211 38.5% 69.3% 96.5% 1.68x Superregional Mall 1 $ 224,066,112 8.8% 59.8% 96.4% 1.99x Unanchored 19 $ 81,477,417 3.2% 71.9% 94.5% 1.47x Shadow Anchored 7 $ 42,125,301 1.6% 72.9% 96.2% 1.34x - --------------------------- ------------------------ -- --------------- ----- ----- ----- ----- Subtotal: 98 $ 1,331,000,041 52.0% 68.0% 96.4% 1.70x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- OFFICE Suburban 23 $ 344,590,750 13.5% 74.2% 94.3% 1.45x CBD 9 $ 200,224,014 7.8% 69.9% 92.7% 1.89x Subtotal: 32 $ 544,814,764 21.3% 72.6% 93.7% 1.61x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- MULTIFAMILY Mid/High Rise 2 $ 280,500,000 11.0% 62.6% 96.5% 1.55x Garden 10 $ 39,083,742 1.5% 74.4% 93.8% 1.47x Subtotal: 12 $ 319,583,742 12.5% 64.0% 96.2% 1.54x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- INDUSTRIAL Warehouse/Distribution 6 $ 76,538,568 3.0% 74.8% 99.5% 1.50x Flex 4 $ 28,212,944 1.1% 67.0% 98.1% 1.49x Subtotal: 10 $ 104,751,511 4.1% 72.7% 99.1% 1.49x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- HOTEL Limited Service 3 $ 47,971,741 1.9% 62.9% NAP 1.92x Full Service 4 $ 47,884,454 1.9% 67.9% NAP 1.54x Subtotal: 7 $ 95,856,195 3.7% 65.4% NAP 1.73x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- MANUFACTURED HOUSING Manufactured Housing 2 $ 6,227,205 0.2% 71.2% 64.8% 1.69x Subtotal: 2 $ 6,227,205 0.2% 71.2% 64.8% 1.69x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- MIXED USE Office/Retail 6 $ 46,543,623 1.8% 73.2% 96.7% 1.42x Office/Residential 1 $ 27,500,000 1.1% 43.0% 100.0% 1.09x Subtotal: 7 $ 74,043,623 2.9% 62.0% 97.9% 1.30x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- SELF STORAGE Self Storage 31 $ 70,624,016 2.8% 68.6% 82.7% 1.64x Subtotal: 31 $ 70,624,016 2.8% 68.6% 82.7% 1.64x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- PARKING GARAGE Parking Garage 1 $ 10,421,646 0.4% 69.0% NAP 1.20x Subtotal: 1 $ 10,421,646 0.4% 69.0% NAP 1.20x - --------------------------- ------------------------ --- --------------- ----- ----- ----- ----- TOTAL/WEIGHTED AVERAGE: 200 $ 2,557,322,744 100.0% 68.4% 95.4% 1.64x 8 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 ORIGINAL AMORTIZATION TERM IN MONTHS(1),(2) NUMBER PRINCIPAL % OF WA WA UW ORIGINAL AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ---------------- --------- ---------- ---------- 180 - 240 9 $ 41,669,859 2.6% 65.2% 1.50x 241 - 300 22 186,883,998 11.5 67.8% 1.58x 301 - 330 2 155,800,000 9.6 76.1% 1.28x 331 - 360 114 1,244,221,811 76.4 68.8% 1.52x - ----------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 147 $1,628,575,668 100.0% 69.3% 1.50x - ----------------------------- --- -------------- ----- ---- ---- WA ORIGINAL AMORT TERM: 346 LTV RATIOS AS OF THE CUT-OFF DATE NUMBER PRINCIPAL % OF WA WA UW CUT-OFF DATE LTV OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- ----------------- --------- ---------- ---------- 26.2% - 49.9% 10 $ 57,545,646 2.3% 44.4% 1.73x 50.0% - 59.9% 27 496,866,876 19.4 58.1% 2.10x 60.0% - 64.9% 19 564,867,978 22.1 62.2% 1.71x 65.0% - 69.9% 27 213,217,335 8.3 68.7% 1.42x 70.0% - 74.9% 47 489,148,589 19.1 73.3% 1.50x 75.0% - 84.2% 48 735,676,320 28.8 78.8% 1.43x - ----------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x - ----------------------------- --- -------------- ----- ---- ---- WA CUT-OFF DATE LTV RATIO: 68.4% AMORTIZATION TYPES NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- ----------------- ---------- ---------- ---------- BALLOON LOANS(1),(2),(6) 120 $1,022,389,143 40.0% 69.3% 1.60x INTEREST-ONLY(7) 31 928,747,076 36.4% 65.3% 1.92x PARTIAL INTEREST-ONLY 22 589,505,000 23.1 69.7% 1.34x FULLY AMORTIZING 5 16,681,525 0.7 51.7% 1.78x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x CURRENT OCCUPANCY RATES(3) NUMBER OF PRINCIPAL % OF WA WA UW CURRENT OCCUPANCY RATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- ---------------- --------- ---------- ---------- 40.4% - 70.0% 6 $ 16,690,782 0.7% 69.5% 1.63x 70.1% - 80.0% 7 14,232,575 0.6 67.6% 1.70x 80.1% - 90.0% 44 400,502,873 16.3 71.0% 1.59x 90.1% - 95.0% 19 169,009,210 6.9 73.6% 1.45x 95.1% - 100.0% 116 1,850,609,463 75.5 67.5% 1.67x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 192 $2,451,044,903 100.0% 68.5% 1.64x REMAINING AMORTIZATION TERM IN MONTHS(1) REMAINING AMORTIZATION NUMBER OF PRINCIPAL % OF WA WA UW TERM LOANS BALANCE IPB LTV DSCR - --------------------------- ------------- ---------------- --------- ---------- ---------- 178 - 240 9 $ 41,669,859 2.6% 65.2% 1.50x 241 - 300 22 186,883,998 11.5 67.8% 1.58x 301 - 330 2 155,800,000 9.6 76.1% 1.28x 331 - 360 114 1,244,221,811 76.4 68.8% 1.52x - --------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 147 $1,628,575,668 100.0% 69.3% 1.50x - --------------------------- --- -------------- ----- ---- ---- WA REMAINING AMORT TERM: 344 LTV RATIOS AS OF THE MATURITY/ARD DATE(3) NUMBER PRINCIPAL % OF WA WA UW MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR - ---------------------------- ---------- ---------------- --------- ---------- ---------- 26.7% - 29.9% 1 $ 8,136,752 0.3% 62.6% 1.29x 30.0% - 49.9% 22 101,419,527 4.0 53.7% 1.66x 50.0% - 59.9% 52 913,724,923 36.0 61.8% 1.80x 60.0% - 69.9% 79 1,021,315,342 40.2 71.6% 1.53x 70.0% - 74.9% 13 245,044,674 9.6 75.9% 1.56x 75.0% - 80.0% 6 251,000,000 9.9 79.7% 1.59x - ---------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 173 $2,540,641,219 100.0% 68.5% 1.64x - ---------------------------- --- -------------- ----- ---- ---- WA LTV RATIO AT MATURITY: 62.5% YEAR BUILT/RENOVATED(5) NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- ---------------- --------- ---------- ---------- In or prior to 1942 1 $ 1,193,407 0.0% 74.6% 1.57x 1943 - 1959 6 14,377,155 0.6 71.2% 1.58x 1970 - 1979 6 39,217,106 1.5 72.6% 1.34x 1980 - 1989 27 216,878,431 8.5 69.8% 1.52x 1990 - 1999 56 521,506,691 20.4 68.0% 1.69x 2000 - 2005 104 1,764,149,954 69.0 68.2% 1.65x - -------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 200 $2,557,322,744 100.0% 68.4% 1.64x PREPAYMENT PROTECTION NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - ------------------------------- ---------- ----------------- ---------- ---------- ---------- DEFEASANCE 152 $2,218,280,313 86.7% 69.7% 1.58x YIELD MAINTENANCE 23 310,377,523 12.1 59.2% 2.08x DEFEASANCE/YIELD MAINTENANCE 3 28,664,908 1.1 70.7% 1.51x - ------------------------------- --- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 178 $2,557,322,744 100.0% 68.4% 1.64x (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans which pay interest only for a portion of their term. (3) Excludes fully-amortizing loans. (4) Excludes the hotel properties and parking garages. (5) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. (6) Includes 5 amortizing ARD loans representing 0.5% of the Loan Group 1 initial pool balance. (7) Includes 6 interest-only ARD loans representing 7.1% of the Loan Group 1 initial pool balance. 9 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 CUT-OFF DATE PRINCIPAL BALANCE RANGE OF PRINCIPAL NUMBER PRINCIPAL % OF WA WA UW BALANCES OF LOANS BALANCE IPB LTV DSCR - --------------------------------- ------------- -------------- ---------- ---------- ---------- $920,467 - $2,999,999 18 $ 35,319,700 10.2% 68.0% 1.80x $3,000,000 - $3,999,999 12 40,149,055 11.6 72.3% 1.43x $4,000,000 - $4,999,999 5 22,556,557 6.5 75.6% 1.48x $5,000,000 - $6,999,999 5 28,233,737 8.2 75.3% 1.37x $7,000,000 - $9,999,999 10 82,425,929 23.8 78.3% 1.32x $10,000,000 - $14,999,999 7 80,528,866 23.3 67.5% 1.78x $15,000,000 - $23,805,000 3 56,805,000 16.4 70.1% 1.45x - --------------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x - --------------------------------- -- ------------ ----- ---- ---- AVERAGE BALANCE PER LOAN: $5,766,981 AVERAGE BALANCE PER PROPERTY: $5,580,949 RANGE OF MORTGAGE INTEREST RATES RANGE OF MORTGAGE INTEREST NUMBER PRINCIPAL % OF WA WA UW RATES OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ------------ --------------- ---------- ---------- ---------- 5.0000% - 5.4999% 41 $265,454,712 76.7% 71.9% 1.58x 5.5000% - 5.9999% 15 61,587,974 17.8 73.2% 1.33x 6.0000% - 6.4999% 2 13,977,990 4.0 77.0% 1.41x 6.5000% - 7.0000% 2 4,998,169 1.4 66.3% 1.23x - ----------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x - ----------------------------- -- ------------ ----- ---- ---- WA INTEREST RATE: 5.3744% ORIGINAL TERMS TO MATURITY/ARD IN MONTHS ORIGINAL TERM TO NUMBER PRINCIPAL % OF WA WA UW MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- -------------- ---------- ---------- ---------- 84 - 108 8 $ 59,906,803 17.3% 75.8% 1.29x 109 - 120 49 279,425,250 80.8 71.7% 1.58x 121 - 240 3 6,686,791 1.9 63.8% 1.26x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x - -------------------------- -- ------------ ----- ---- ---- WA ORIGINAL LOAN TERM: 116 GEOGRAPHIC DISTRIBUTION NUMBER OF PRINCIPAL % OF WA WA UW STATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------ -------------- ---------- ---------- ---------- TEXAS 16 $ 82,576,450 23.9% 78.5% 1.35x NORTH CAROLINA 6 57,468,858 16.6 75.0% 1.29x ARIZONA 3 45,973,107 13.3 69.4% 1.49x NEW YORK 8 40,846,877 11.8 54.1% 2.69x FLORIDA 6 23,296,266 6.7 75.9% 1.41x OTHER 23 95,857,286 27.7 73.5% 1.36x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 62 $346,018,844 100.0% 72.3% 1.52x UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS NUMBER PRINCIPAL % OF WA WA UW UW DSCR OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- 1.19X - 1.29X 23 $157,278,868 45.5% 75.8% 1.26x 1.30X - 1.39X 17 90,640,653 26.2 78.1% 1.35x 1.40X - 1.49X 5 26,325,005 7.6 70.4% 1.44x 1.50X - 1.69X 11 49,620,698 14.3 67.1% 1.62x 1.70X - 1.99X 2 8,874,128 2.6 70.9% 1.77x 2.00X - 6.89X 2 13,279,492 3.8 14.9% 5.50x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x REMAINING TERMS TO MATURITY/ARD IN MONTHS RANGE OF REMAINING TERMS NUMBER PRINCIPAL % OF WA WA UW TO MATURITY/ARD OF LOANS BALANCE IPB LTV DSCR - --------------------------- ---------- -------------- ---------- ---------- ---------- 79 - 108 8 $ 59,906,803 17.3% 75.8% 1.29x 109 - 120 49 279,425,250 80.8 71.7% 1.58x 121 - 237 3 6,686,791 1.9 63.8% 1.26x - --------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x - --------------------------- -- ------------ ----- ---- ---- WA REMAINING TERM TO MATURITY/ARD: 114 PROPERTY TYPE DISTRIBUTION WTD. NUMBER OF PRINCIPAL % OF WA UW WA AVG. PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB DSCR LTV OCCUPANCY - --------------------------- ---------------------- ------------ --------------- ---------- ---------- ---------- ---------- MULTIFAMILY Garden 54 $ 307,548,590 88.9% 1.36x 74.8% 93.1% Co-op 2 $ 13,279,492 3.8% 5.50x 14.9% 100.0% Mid/High Rise 2 $ 10,203,219 2.9% 1.27x 78.5% 99.3% Subtotal: 58 $ 331,031,302 95.7% 1.52x 72.5% 93.6% - --------------------------- ---------------------- ---- ------------- ----- ----- ----- ----- MANUFACTURED HOUSING Manufactured Housing 4 $ 14,987,542 4.3% 1.55x 67.2% 79.9% Subtotal: 4 $ 14,987,542 4.3% 1.55x 67.2% 79.9% - --------------------------- ---------------------- ---- ------------- ----- ----- ----- ----- TOTAL/WEIGHTED AVERAGE: 62 $ 346,018,844 100.0% 1.52x 72.3% 93.0% 10 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 ORIGINAL AMORTIZATION TERM IN MONTHS(1) NUMBER PRINCIPAL % OF WA WA UW ORIGINAL AMORTIZATION TERM OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- --------------- ---------- ---------- ---------- 240 - 300 11 $ 43,436,264 13.5% 56.1% 2.61x 331 - 360 48 278,777,580 86.5 75.6% 1.34x - ----------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 59 $322,213,844 100.0% 73.0% 1.51x - ----------------------------- -- ------------ ----- ---- ---- WA ORIGINAL AMORT TERM: 351 LTV RATIOS AS OF THE CUT-OFF DATE NUMBER PRINCIPAL % OF WA WA UW CUT-OFF DATE LTV OF LOANS BALANCE IPB LTV DSCR - ----------------------------- ---------- --------------- ---------- ---------- ---------- 11.3% - 49.9% 3 $ 15,684,083 4.5% 19.5% 4.85x 50.0% - 59.9% 4 9,851,215 2.8 54.4% 1.46x 60.0% - 64.9% 1 23,805,000 6.9 62.6% 1.69x 65.0% - 69.9% 4 12,863,235 3.7 67.2% 1.54x 70.0% - 74.9% 10 80,179,873 23.2 72.6% 1.33x 75.0% - 86.5% 38 203,635,438 58.9 78.5% 1.33x - ----------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x - ----------------------------- -- ------------ ----- ---- ---- WA CUT-OFF DATE LTV RATIO: 72.3% AMORTIZATION TYPES NUMBER PRINCIPAL % OF WA WA UW AMORTIZED TYPES OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- BALLOON LOANS(1),(2),(6) 41 $192,144,755 55.5% 71.5% 1.67x PARTIAL INTEREST-ONLY 16 127,460,000 36.8 75.4% 1.27x INTEREST ONLY 1 23,805,000 6.9 62.6% 1.69x FULLY AMORTIZING 1 1,688,622 0.5 56.3% 1.34x ARD LOANS 1 920,467 0.3 76.7% 1.26x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x CURRENT OCCUPANCY RATES NUMBER OF PRINCIPAL % OF WA WA UW CURRENT OCCUPANCY RATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- --------------- ---------- ---------- ---------- 67.5% - 70.0% 2 $ 7,404,904 2.1% 72.4% 1.45x 80.1% - 90.0% 7 45,614,221 13.2 74.2% 1.37x 90.1% - 95.0% 27 194,241,029 56.1 74.6% 1.34x 95.1% - 100.0% 26 98,758,689 28.5 66.8% 1.96x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 62 $346,018,844 100.0% 72.3% 1.52x REMAINING AMORTIZATION TERM IN MONTHS(1) REMAINING AMORTIZATION NUMBER PRINCIPAL % OF WA WA UW TERM OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- 237 - 300 11 $ 43,436,264 13.5% 56.1% 2.61x 331 - 360 48 278,777,580 86.5 75.6% 1.34x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 59 $322,213,844 100.0% 73.0% 1.51x - -------------------------- -- ------------ ----- ---- ---- WA REMAINING AMORTIZATION TERM: 350 LTV RATIOS AS OF THE MATURITY/ARD DATE(2) NUMBER PRINCIPAL % OF WA WA UW MATURITY/ARD LTV OF LOANS BALANCE IPB LTV DSCR - ---------------------------- ---------- --------------- ---------- ---------- ---------- 8.5% - 29.9% 2 $ 13,279,492 3.9% 14.9% 5.50x 30.0% - 49.9% 4 10,567,183 3.1 51.8% 1.44x 50.0% - 59.9% 8 30,299,763 8.8 71.2% 1.43x 60.0% - 69.9% 42 268,283,572 77.9 75.6% 1.36x 70.0% - 72.3% 3 21,900,211 6.4 79.2% 1.34x - ---------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 59 $344,330,222 100.0% 72.3% 1.53x - ---------------------------- -- ------------ ----- ---- ---- WA LTV RATIO AT MATURITY: 62.3% YEAR BUILT/RENOVATED(3) NUMBER OF PRINCIPAL % OF WA WA UW YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------- ------------- --------------- ---------- ---------- ---------- 1957 - 1959 1 $ 1,394,225 0.4% 79.7% 1.58x 1960 - 1969 4 14,445,686 4.2 75.5% 1.36x 1970 - 1979 7 32,020,055 9.3 73.5% 1.33x 1980 - 1989 16 89,353,387 25.8 67.8% 1.96x 1990 - 1999 7 46,307,226 13.4 74.9% 1.29x 2000 - 2005 27 162,498,266 47.0 73.4% 1.40x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 62 $346,018,844 100.0% 72.3% 1.52x PREPAYMENT PROTECTION NUMBER PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION OF LOANS BALANCE IPB LTV DSCR - -------------------------- ---------- --------------- ---------- ---------- ---------- DEFEASANCE 54 $300,500,280 86.8% 74.0% 1.37x YIELD MAINTENANCE 6 45,518,565 13.2 60.7% 2.54x - -------------------------- -- ------------ ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 60 $346,018,844 100.0% 72.3% 1.52x (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans which pay interest only for a portion of their term. (3) Excludes fully-amortizing loans. (4) Excludes the hotel properties and parking garages. (5) Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each Mortgaged Property. (6) Includes 1 amortizing ARD loan representing 0.3% of the Loan Group 2 initial pool balance. 11 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 TOP 15 MORTGAGE LOANS LOAN LOAN NAME LOAN CUT-OFF DATE SELLER(1) (LOCATION) GROUP BALANCE EHY Woodbridge Center 1 $224,066,112 (Woodbridge, NJ) NCCI One River Place Apartments 1 200,000,000 (New York, NY) JPMCB Pier 39 1 153,000,000 (San Francisco, CA) JPMCB Westbury Plaza 1 93,600,000 (Westbury, NY) JPMCB/EHY Showcase Mall 1 92,000,000 (Las Vegas, NV) NCCI 777 6th Avenue 1 80,500,000 (New York, NY) NCCI Waters Edge 1 77,000,000 (Playa Vista, CA) JPMCB 55 Railroad Avenue 1 73,900,000 (Greenwich, CT) NCCI Southlake Town Center One 1 70,570,880 (Southlake, TX) EHY Franklin Village 1 43,500,000 (Franklin, MA) PNC Preston Center Pavilion & Square 1 42,175,000 (Dallas, TX) JPMCB Cornerstone Brands Distribution Center 1 40,424,836 (West Chester, OH) LASALLE 400 6th Street S.W. 1 38,000,000 (Washington, DC) EHY On The Avenue 1 37,205,506 (New York, NY) LASALLE Gateway Pavilion 1 35,842,000 (Avondale, AZ) TOP 5 TOTAL/WEIGHTED AVERAGE: $762,666,112 TOP 10 TOTAL/WEIGHTED AVERAGE: $1,108,136,992 TOP 15 TOTAL/WEIGHTED AVERAGE: $1,301,784,334 LOAN % OF UNIT OF LOAN PER UW CUT-OFF LTV PROPERTY SELLER(1) IPB UNITS MEASURE UNIT DSCR RATIO TYPE EHY 7.7% 556,835 SF $ 402 1.99x 59.8% Retail NCCI 6.9 921 Units $217,155 1.35x 61.9% Multifamily JPMCB 5.3 242,283 SF $ 631 1.28x 76.2% Retail JPMCB 3.2 398,602 SF $ 235 1.61x 80.0% Retail JPMCB/EHY 3.2 184,814 SF $ 498 1.70x 61.3% Retail NCCI 2.8 294 Units $273,810 2.04x 64.3% Multifamily NCCI 2.7 243,433 SF $ 316 1.43x 79.9% Office JPMCB 2.5 131,634 SF $ 561 1.49x 74.6% Office NCCI 2.4 403,627 SF $ 175 2.35x 55.3% Retail EHY 1.5 301,703 SF $ 144 2.09x 62.1% Retail PNC 1.5 232,666 SF $ 181 1.30x 69.1% Retail JPMCB 1.4 970,168 SF $ 42 1.48x 74.9% Industrial LASALLE 1.3 128,723 SF $ 295 1.83x 79.2% Office EHY 1.3 267 Rooms $139,346 1.92x 61.7% Hotel LASALLE 1.2 273,610 SF $ 131 2.34x 57.8% Retail TOP 5 TOTAL/WEIGHTED AVERAGE: 26.3% 1.60x 66.3% TOP 10 TOTAL/WEIGHTED AVERAGE: 38.2% 1.68x 66.8% TOP 15 TOTAL/WEIGHTED AVERAGE: 44.8% 1.69x 67.1% 1 "JPMCB" = JPMorgan Chase Bank, National Association, "NCCI" = Nomura Credit & Capital, Inc., "EHY" = Eurohypo AG, New York Branch, "LaSalle" = LaSalle Bank National Association, "PNC" = PNC Bank, National Association 12 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 [THIS PAGE INTENTIONALLY LEFT BLANK] 13 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WOODBRIDGE CENTER [PHOTOS OF WOODBRIDGE CENTER OMITTED] 14 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WOODBRIDGE CENTER MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $225,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $224,066,112 % OF POOL BY IPB: 7.7% LOAN SELLER: Eurohypo AG, New York Branch, New York Branch BORROWER: Woodbridge Center Property LLC SPONSOR: General Growth Properties, Inc. SHADOW RATING (M/S/F): Baa1/BBB+/BBB+ ORIGINATION DATE: 11/12/04 INTEREST RATE: 4.2440% INTEREST ONLY PERIOD: NA MATURITY DATE: 06/01/09 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 Months REMAINING AMORTIZATION: 357 Months CALL PROTECTION: L(24),Def(20),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No(1) ADDITIONAL DEBT TYPE: Mezzanine Debt Permitted(1) LOAN PURPOSE: Acquisition PROPERTY INFORMATION - --------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Super Regional Mall SQUARE FOOTAGE: 556,835 LOCATION: Woodbridge, NJ YEAR BUILT/RENOVATED: 1971/2003 OCCUPANCY: 96.4% OCCUPANCY DATE: 11/01/04 NUMBER OF TENANTS: 190 HISTORICAL NOI: 2002: $22,440,910 2003: $24,114,515 TTM AS OF 09/30/04: $25,025,568 AVERAGE INLINE SALES: $398 AVERAGE OCCUPANCY COST: 16.1%(2) UW REVENUES: $39,982,719 UW EXPENSES: $12,993,401 UW NOI: $26,989,318 UW NET CASH FLOW: $26,472,005 APPRAISED VALUE: $375,000,000 APPRAISAL DATE: 10/14/04 1 Future mezzanine financing is allowed upon the satisfaction of certain conditions including a loan-to-value ratio of no greater than 75% (in the aggregate based on the principal balances of the mortgage loan and the mezzanine loan) and a debt service coverage ratio of not less than 1.25x, in each case immediately following the closing of such mezzanine loan. 2 Occupancy costs include CAM expenses. ESCROWS - --------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY -- -- TAXES: $0 $0(3) INSURANCE: $0 $0(3) CAPEX: $0 $0(4) TILC: $0 $0(5) FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $402 CUT-OFF DATE LTV: 59.8% MATURITY DATE LTV: 55.3% UW DSCR: 1.99x 3 Only during an event of default or if the debt service coverage ratio is less than 1.25x (a "Trigger Event"). 4 $15,983 only during a Trigger Event and if the amount in such reserve is less than $191,797. 5 $45,666 only during a Trigger Event and if the amount in such reserve is less than $547,990. SIGNIFICANT TENANTS(6) MOODY'S/ SQUARE TENANT NAME PARENT COMPANY S&P/FITCH(7) FEET - ----------------------- ---------------------- ---------------- --------- SEARS Sears Roebuck & Co. Baa2/BBB/BBB- FORTUNOFF Fortunoff NR H&M Hennes & Mauritz AB NR 22,311 NEW YORK AND COMPANY New York & Co., Inc. NR 12,008 EXPRESS WOMEN Ltd. Brands Baa2/BBB/NR 11,410 % OF BASE RENT LEASE EXPIRATION TENANT NAME GLA PSF YEAR SALES PSF - ----------------------- ------------------ ------------ ------------------ ----------- SEARS See Footnote 8 2006 NA FORTUNOFF See Footnote 9 2014 NA H&M 4.0% $ 20.00 2013 NA NEW YORK AND COMPANY 2.2% $ 32.50 2010 $26 EXPRESS WOMEN 1.1% $ 30.00 2011 $326 6 Macy's, JC Penney and Lord & Taylor are also on the premises but are not part of the collateral. 7 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 8 Square footage of Sears (274,000 sq. ft.) is not included due to Ground Lease with annual rent of $331,540. 9 Square footage of Fortunoff (150,000 sq. ft.) is not included due to Ground Lease with annual rent of $25,000. 15 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WOODBRIDGE CENTER THE LOAN. The Woodbridge Center Loan is secured by the first mortgage interest in approximately 556,835 square feet of in-line retail space within the super-regional mall located in Woodbridge, New Jersey. THE BORROWER. The borrower is Woodbridge Center Property LLC, a newly formed special purpose entity sponsored by General Growth Properties, Inc. (NYSE: GGP), one of the largest US regional mall real estate investment trusts ("REIT"). General Growth Properties has been based in the Chicago area since inception in 1954. The REIT recently completed the acquisition of the Rouse Company for $7.2 billion plus the assumption of approximately $5.4 billion in debt. General Growth Properties owns, develops, operates, and/or manages shopping malls in 44 states with ownership interests in and/or management responsibility for more than 215 regional shopping malls totaling more than 200 million square feet of retail space. General Growth Properties is also a third-party manager for owners of regional malls. THE PROPERTY(1). Woodbridge Center is a 1,641,870 (of which 556,835 is included in collateral) square foot super-regional mall anchored by Sears, Macy's, Lord & Taylor, JC Penney, and Fortunoff and situated on a 122 acre parcel of land. The in-line space is approximately 95% occupied by nationally recognized tenants, yielding sales per square foot of approximately $400. Anchor tenants are dispersed throughout the center in an effort to maintain consistent traffic flows past the in-line space. Major tenants in the 190 tenant (210 leases) rent roll include H&M, Gap, Express Women, Victoria's Secret and New York & Company. Dick's Sporting Goods, Fortunoff's and Sears constructed their own stores upon land ground leased from the developer while J.C. Penney, Lord & Taylor and Macy's own their stores as well as the underlying land. The mall is located in the southern portion of the Middlesex-Somerset-Hunterdon MSA, situated just south of New Brunswick and Edison, but north of Trenton, New Jersey along Woodbridge Center Drive, east of the US Route 1 intersection. Woodbridge Center Drive is accessible via several of New Jersey's major arterial roadways, including the Garden State Parkway, New Jersey Turnpike and US Route 9. There are 3 signalized access points along Woodbridge Center Drive which provide for access to the center. THE MARKET(1). The property is located within Middlesex County, New Jersey which according to the appraisal has the largest population in central New Jersey with approximately 781,000 people. The property is accessible by virtue of its location in proximity to Highways 1 and 9, the Garden State Parkway, the New Jersey Turnpike, and the surrounding infrastructure. Woodbridge Center was built in 1971 and has witnessed the development of the area into a retail corridor while densely populated residential areas abut the market in all directions. The property has multiple access points from the surrounding roadways while mass transit provides bus and train service nearby. Per the appraisal, New Jersey is home to many pharmaceutical companies, due in part to competitive advantages such as proximity to New York City and Washington, D.C., access to Wall Street financing and government lobbying groups, respectively, as well as leading research and academic institutions. Drug companies based in New Jersey account for more than 40% of the industry's total global sales of $400 billion. PROPERTY MANAGEMENT. The property is self-managed by the borrower, an affiliate of General Growth Properties, Inc. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Woodbridge Center appraisal dated October 14, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. LEASE ROLLOVER SCHEDULE -- IN-LINE ONLY % OF CUMULATIVE NUMBER SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % OF LEASES FEET GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ----------- ---------- ---------- -------------- ---------- ------------ ------------- ------------- -------------- VACANT NA 20,263 3.6% NAP NAP 20,263 3.6% NAP NAP 2005 & MTM 30 52,916 9.5 $ 2,020,197 9.6% 73,179 13.1% $ 2,020,197 9.6% 2006 26 60,863 10.9 2,525,678 12.0 134,042 24.1% $ 4,545,875 21.6% 2007 24 48,303 8.7 2,258,780 10.7 182,345 32.7% $ 6,804,655 32.4% 2008 39 66,605 12.0 2,970,049 14.1 248,950 44.7% $ 9,774,704 46.5% 2009 28 69,659 12.5 2,535,738 12.1 318,609 57.2% $12,310,442 58.6% 2010 11 37,149 6.7 1,425,966 6.8 355,758 63.9% $13,736,407 65.3% 2011 11 42,963 7.7 1,499,114 7.1 398,721 71.6% $15,235,521 72.5% 2012 16 53,623 9.6 2,324,703 11.1 452,344 81.2% $17,560,224 83.5% 2013 15 69,776 12.5 2,180,723 10.4 522,120 93.8% $19,740,947 93.9% 2014 8 30,366 5.5 1,100,053 5.2 552,486 99.2% $20,841,000 99.1% 2015 1 1,459 0.3 80,245 0.4 553,945 99.5% $20,921,245 99.5% AFTER 1 2,890 0.5 101,150 0.5 556,835 100.0% $21,022,395 100.00% - ----- -- ------ ----- ----------- ----- ------- ----- ----------- ------ TOTAL 210 556,835 100.0% $21,022,395 100.0% 16 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WOODBRIDGE CENTER [MAP OF WOODBRIDGE CENTER OMITTED] 17 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WOODBRIDGE CENTER [WOODBRIDGE CENTER FLOOR PLANS OMITTED] 18 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 [THIS PAGE INTENTIONALLY LEFT BLANK] 19 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 ONE RIVER PLACE APARTMENTS [PHOTOS OF ONE RIVER PLACE APARTMENTS OMITTED] 20 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 ONE RIVER PLACE APARTMENTS MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $200,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $200,000,000 % OF POOL BY IPB: 6.9% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: River Place I Holdings LLC SPONSOR: Larry A. Silverstein ORIGINATION DATE: 01/06/05 INTEREST RATE: 5.2900% INTEREST-ONLY PERIOD: 24 Months MATURITY DATE: 02/11/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 Months REMAINING AMORTIZATION: 360 Months CALL PROTECTION: L(24),Def(89),O(6) CROSS-COLLATERALIZATION: No LOCK BOX: Soft ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Refinance ESCROWS - ------------------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY ------- ------- TAXES: $147,640 $49,213 INSURANCE: $626,566 $73,402 CAPEX: $0 $19,188 CASH MANAGEMENT HOLDBACK(1): $1,000,000 $0 PROPERTY INFORMATION - ----------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily -- Mid/High Rise UNITS: 921 LOCATION: New York, NY YEAR BUILT/RENOVATED: 2000 OCCUPANCY: 95.2% OCCUPANCY DATE: 10/15/04 HISTORICAL NOI: 2003: $12,117,535 6 MONTHS ANNUALIZED ENDING 10/31/04: $13,858,861 3 MONTHS ANNUALIZED ENDING 10/31/04: $16,637,516 UW REVENUES: $25,634,352 UW EXPENSES: $7,485,129 UW NOI: $18,149,223 UW NET CASH FLOW: $17,918,973 APPRAISED VALUE: $322,900,000 APPRAISAL DATE: 10/15/04 FINANCIAL INFORMATION - ---------------------------------------- CUT-OFF DATE LOAN/UNIT: $217,155 CUT-OFF DATE LTV: 61.9% MATURITY DATE LTV: 54.0% UW DSCR: 1.35x MULTIFAMILY INFORMATION AVERAGE UNIT APPROXIMATE NET AVERAGE MONTHLY UNIT MIX NO. OF UNITS SQUARE FEET RENTABLE SF % OF TOTAL SF IN-PLACE RENT(3) - ------------------------- ---------------- ---------------- ------------------- ----------------- ------------------ STUDIO 249 453 112,788 18.0% $1,647 ONE BEDROOM 461 668 308,091 49.2 $2,239 TWO BEDROOM 210 980 205,753 32.8 $3,356 - ------------------------- --- --- ------- ----- ------ TOTAL/WEIGHTED AVERAGE 920(2) 681 626,632 100.0% $2,334 1 The Cash Management Holdback was released upon obtaining the cash management agreement. 2 Excludes 2-bedroom superintendent unit. 3 Includes subsidized rents, which affect 20% of the units. 21 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 ONE RIVER PLACE APARTMENTS THE LOAN. The One River Place Apartments Loan is secured by a first mortgage interest in a 921-unit class "A" luxury multifamily property located in New York, New York. THE BORROWER. The Borrower is River Place I Holdings LLC, a single asset entity that was created in June 2003. Larry Silverstein and his company, Silverstein Properties, which developed and currently manages the property, control the current borrowing entity. The Borrower's construction costs for the project total approximately $221,000,000. Silverstein Properties is a New York-based development, ownership and management company, and Larry Silverstein is both the President and CEO. Mr. Silverstein has been an active investor in the real estate industry for almost 50 years and is active in the New York Community. He is a Governor of the Real Estate Board of New York, having served as its Chairman, is Vice Chairman of the Board of Trustees of New York University as well as the Founder and Chairman Emeritus of the New York University Real Estate Institute. Silverstein Properties has been involved in over $8 billion worth of transactions. They have developed or improved over 20 million square feet of real estate, and they currently manage and lease over 7 million square feet of real estate in Manhattan. Silverstein Properties along with several investors purchased the 99 year ground lease for the World Trade Center a few weeks prior to 9/11/2001. Silverstein Properties plans to reconstruct over 10 million square feet of office space in lower Manhattan including the redevelopment of Ground Zero through the use of insurance proceeds. Silverstein Properties is staffed by an experienced team of professionals operating from offices in Midtown and Downtown Manhattan. The company's 12 most senior executives have an average of 25 years experience in the real estate industry and an average tenure of 15 years with the firm. THE PROPERTY. The property is a 40-story class "A" building on a 2.50 acre site featuring 921 rental units, a 194-car parking garage, 41,789 square feet of ground floor retail space, a 35,000 square foot health club with a 25-yard swimming pool, two outdoor tennis courts, a basketball court, a party room, workout facilities and a sun deck. The property contains a total of 249 studio apartments, 461 one bedroom units, 210 two bedroom units and one two-bedroom super's unit. Many of the apartments have Hudson River waterfront views. The property also features 24-hour doorman/concierge service and a morning shuttle bus service to the Eighth Avenue and 42nd Street subway station. There is a laundry room with two washers and two dryers on each floor. As of October 15, 2004, the residential occupancy was 95.2%, and minimal rent concessions were being offered. The property's 194-car capacity garage is accessed via a ramp extending up from the property's driveway connecting West 41st and West 42nd Streets. The property is a taxable 80/20 multifamily property with twenty percent of the units (184) being rented to tenants whose income is at or below 80% of area median income ($54,043). The property has a related tax abatement under Section 421-a of the New York State Real Property Tax Law with an original term of 20 years, with 16 years remaining. The property is abated from any increases in assessed value for the first twelve years. Property tax assessments will phase in (20% increments every other year) starting in year 13 (2013/2014) of the abatement. The lower rents associated with the 421-a program can be raised to market rates (assuming they are higher at the time) once the program terminates. THE MARKET(1). The property is located on West 42nd Street between 11th and 12th Avenues in the Midtown West section of New York City in a neighborhood known as Clinton. Clinton is considered to span from West 30th Street to West 59th Street between Eighth Avenue and the Hudson River. Renters have increasingly come to look at Clinton as an affordable alternative to the more expensive areas to the south and north. Rental facilities within this neighborhood are well served by retail, have adequate access to community service facilities including hospitals and medical clinics and enjoy numerous entertainment options. Additionally the area is well served by public transportation, providing an easy commute for residents to the midtown and downtown business districts. The property's market area continues to exhibit favorable conditions for luxury units. According to the report of a third party market data service, as of the end of the Third Quarter 2004, apartment rental rates in the New York City area grew by 2.1% from the Second Quarter, and the overall apartment vacancy rate was 3.0%. A total of 643 units were constructed during the Third Quarter and 910 units were absorbed. According to the market data service report, as of the Third Quarter 2004, the average monthly rent for apartment buildings built after 1994 in the Midtown West submarket was $3,166, and rents increased by 2.8% from the prior period. Over the last one year period, rents increased by 4% in this submarket. The overall vacancy rate in this submarket is 3.7% as of the Third Quarter 2004, after having decreased from 4.0% in the Second Quarter. Overall both the New York City market and the submarket have low vacancy rates, the rental rate trend is stable to improving, and the rate of new construction is moderate. PROPERTY MANAGEMENT. The property is managed by Silverstein Properties, a borrower related entity. The firm has developed over 20 million square feet of real estate and currently manages over 7 million square feet of real estate in Manhattan. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the One River Place Apartments appraisal dated October 15, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 22 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 ONE RIVER PLACE APARTMENTS [MAP OF ONE RIVER PLACE APARTMENTS OMITTED] 23 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PIER 39 [PHOTOS OF PIER 39 OMITTED] 24 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PIER 39 MORTGAGE LOAN INFORMATION - ----------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $153,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $153,000,000 % OF POOL BY IPB: 5.3% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Pier 39 Limited Partnership SPONSOR: Robert A. Moor, Molly M. South ORIGINATION DATE: 12/17/04 INTEREST RATE: 5.2600% INTEREST-ONLY PERIOD: 36 Months MATURITY DATE: 01/01/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 324 Months REMAINING AMORTIZATION: 324 Months CALL PROTECTION: L(24),Def(91),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: Capital Lease Permitted(1) LOAN PURPOSE: Refinance 1 Future capital lease not to exceed $2 million and lender approved unsecured indebtedness permitted. ESCROWS - -------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- -------- TAXES: $0 $56,681 INSURANCE: $0 $166,665 CAPEX: $0 $17,569 REQUIRED REPAIRS: $3,481,250(2) $0 PROPERTY INFORMATION - -------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Leasehold PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 242,283 LOCATION: San Francisco, CA YEAR BUILT/RENOVATED: 1978/2004 OCCUPANCY: 95.6% OCCUPANCY DATE: 12/01/04 NUMBER OF TENANTS: 125 HISTORICAL NOI: 2002: $11,744,313 2003: $11,646,949 TTM AS OF 10/31/04: $13,774,910 AVERAGE IN-LINE SALES/SF: $740 (shops/fast food), $657 (restaurant) AVERAGE OCCUPANCY COST: 14.8% UW REVENUES: $27,880,864 UW EXPENSES: $13,633,766 UW NOI: $14,247,098 UW NET CASH FLOW: $13,640,354 APPRAISED VALUE: $200,700,000 APPRAISAL DATE: 11/22/04 FINANCIAL INFORMATION - ---------------------------------------- CUT-OFF DATE LOAN/SF: $631 CUT-OFF DATE LTV: 76.2% MATURITY DATE LTV: 65.9% UW DSCR: 1.28x SIGNIFICANT TENANTS MOODY'S/ TENANT NAME PARENT COMPANY S&P/FITCH(3) - ---------------------------- ----------------------------------------- ------------ AQUARIUM OF THE BAY Aquarium of The Bay NR NEPTUNE'S PALACE/BAY VIEW Neptune's Palace/Bay View NR HARD ROCK CAFE Hard Rock Cafe International, Inc. NR BUBBA GUMP SHRIMP CO. Bubba Gump Shrimp Co. Restaurants, Inc. NR SWISS LOUIS RESTAURANT Swiss Louis Restaurant NR SALES LEASE PSF SQUARE % OF BASE RENT EXPIRATION AS OF TENANT NAME FEET GLA PSF YEAR YE 2003 - ---------------------------- --------- ---------- ------------ ------------ -------- AQUARIUM OF THE BAY 47,217 19.5% $ 0.00(4) 2014 $ 92 NEPTUNE'S PALACE/BAY VIEW 12,360 5.1% $ 24.00 2010 $ 988 HARD ROCK CAFE 10,608 4.4% $ 91.96 2012 $ 887 BUBBA GUMP SHRIMP CO. 9,500 3.9% $ 22.20 2012 $1,037 SWISS LOUIS RESTAURANT 8,670 3.6% $ 24.56 2010 $ 257 2 Initial repair escrow represents 125% of estimated expense budgeted for 2005 including wharf and seawall repairs, wave baffles, roof and shingle replacement. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 4 Aquarium of the Bay rent is paid directly to the San Francisco Port Commission, which owns the fee interest in the subject property. 25 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PIER 39 THE LOAN. The Pier 39 Loan is secured by a first mortgage on the leasehold interest in a 242,283 square foot specialty retail shopping center located in San Francisco, California. THE BORROWER. The Borrower is Pier 39 Limited Partnership, a special purpose entity controlled by Robert A. Moor and Molly M. South. The sponsors have managed the property since they purchased it in 1981. The sponsors have extensive experience with similar specialty retail projects throughout the United States, including Sundance Square in Ft. Worth, Texas, North Pier Festival Marketplace and Century Shopping Center in Chicago, Illinois, and Union Station in Indianapolis, Indiana. Mr. Moor and Ms. South also control Market Development LP, a corporate marketing group; and Moor+South Entertainment, a management and advisory company. THE PROPERTY. Pier 39 is an internationally renowned, multi-tenant, specialty retail shopping center located near the San Francisco Bay in San Francisco, California. The property offers over 100 specialty retail shops, restaurants and entertainment venues in approximately 240,000 square feet. Pier 39 is a tourist attraction due to its retail and entertainment offerings and its unobstructed views of the Golden Gate Bridge, the Bay Bridge, Alcatraz and the San Francisco skyline. The property is located two blocks east of Fisherman's Wharf at the northernmost point of the San Francisco peninsula. It is approximately two miles north of downtown San Francisco and the hotel and retail areas of Union Square, Chinatown and the Financial District. Pier 39 is also approximately two miles from the Oakland Bay Bridge to the northwest and approximately 3.5 miles east of the Golden Gate Bridge. Major tenants include Hard Rock Cafe, Neptune's and Bubba Gump restaurants; Aquarium on the Bay which is a 707,000 gallon aquarium and marine attraction; and the Blue & Gold Fleet which is the exclusive provider of transportation to and from Alcatraz Island. Additional tenants include fast food and local restaurants, specialty shops and seven entertainment venues. The property also includes a 980-car parking garage and a marina consisting of 306 boat slips. 254 of the boat slips are leased to long-term tenants, and the remainder are leased on a short-term basis. Pier 39 is approximately 95.6% occupied. Tenant sales for specialty shops and fast food restaurants averaged approximately $740 per square foot in 2003 and sales for traditional restaurants averaged over $650 per square foot for the same period. Since 1998, the sponsors have spent approximately $4.2 million in capital improvements, and they have budgeted approximately $3 million for additional improvements in 2005. The San Francisco Port Commission -- representing the City and County of San Francisco -- is the fee owner of the land under Pier 39 including the marina and surrounding port areas. The ground lease between the Port Commission and the Borrower expires in December, 2042. Ground rent payments are based on a formula consisting of fixed rent, percentage rent, and rental payments from various sources within and outside of the property. THE MARKET(1). According to the report of a third party market data service, the retail vacancy rate in San Francisco County was approximately 3.3% at the end of 2004 which is consistent with the historical performance of the property. Although there are no directly comparable properties to Pier 39, two other retail centers in the Fisherman's Wharf area -- The Cannery and Anchorage Center - -- were identified as having similar tenant offerings. Tenant sales at those centers are estimated at approximately $300 per square foot to $400 per square foot with occupancy between 90% and 95%. Tenant rental rates at Pier 39 and similar properties have wide ranges due to various space locations, sizes and finishes. The range of rental rates at the property is from approximately $11 per square foot to $617 per square foot, and the average occupancy cost is approximately 14.8%. According to the appraisal, annual rental rates in similar tourist areas of Downtown San Francisco, Fisherman's Wharf and Union Square average approximately $80 per square foot to $120 per square foot. PROPERTY MANAGEMENT. The property is managed by Moor and South which is wholly controlled by the sponsors Robert A. Moor and Molly M. South. The sponsors have managed the property since they acquired it in 1981. Moor and South has owned and/or managed various retail and entertainment projects including the Century Shopping Center in Chicago, Illinois, Ocean One in Atlantic City, New Jersey, and Union Station in Indianapolis, Indiana. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Pier 39 appraisal dated November 22, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 26 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PIER 39 LEASE ROLLOVER SCHEDULE NUMBER SQUARE % OF OF LEASES FEET GLA BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ----------- ---------- ---------- -------------- VACANT NA 10,661 4.4% NA 2005 & MTM 42 30,812 12.7 $2,465,864 2006 17 12,615 5.2 1,042,864 2007 14 13,544 5.6 795,353 2008 7 4,533 1.9 629,940 2009 15 22,639 9.3 828,568 2010 7 34,330 14.2 1,073,498 2011 3 2,304 1.0 237,243 2012 10 41,274 17.0 2,148,294 2013 2 3,671 1.5 309,441 2014 6 62,908 26.0 579,885 2015 0 0 0.0 0 AFTER 2 2,992 1.2 444,306 - ----- --- ------ ----- ----------- 125 242,283 100.0% $10,555,255 % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE RENT SQUARE FEET % OF GLA BASE RENT % OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ------------ ------------- ------------- ------------- --------------- VACANT NA 10,661 4.4% NA NA 2005 & MTM 23.4% 41,473 17.1% $2,465,864 23.4% 2006 9.9 54,088 22.3% $3,508,728 33.2% 2007 7.5 67,632 27.9% $4,304,081 40.8% 2008 6.0 72,165 29.8% $4,934,021 46.7% 2009 7.8 94,804 39.1% $5,762,589 54.6% 2010 10.2 129,134 53.3% $6,836,087 64.8% 2011 2.2 131,438 54.2% $7,073,330 67.0% 2012 20.4 172,712 71.3% $9,221,624 87.4% 2013 2.9 176,383 72.8% $9,531,065 90.3% 2014 5.5 239,291 98.8% $10,010,949 95.8% 2015 0.0 228,630 94.4% $10,110,949 95.8% AFTER 4.2 242,283 100.0% $10,555,255 100.0% - ----- ----- ------- ----- ----------- ----- 100.0% 27 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PIER 39 [MAP OF PIER 39 OMITTED] 28 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PIER 39 [FLOOR PLANS OF PIER 39 OMITTED] 29 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WESTBURY PLAZA [PHOTOS OF WESTBURY PLAZA OMITTED] 30 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WESTBURY PLAZA MORTGAGE LOAN INFORMATION - ---------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $93,600,000 CUT-OFF DATE PRINCIPAL BALANCE: $93,600,000 % OF POOL BY IPB: 3.2% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: PL Westbury LLC SPONSOR: DRA Advisors LLC, Kimco Realty Corp. ORIGINATION DATE: 12/21/04 INTEREST RATE: 4.6550% INTEREST-ONLY PERIOD: 60 Months MATURITY DATE: 01/01/10 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(32),O(2) CROSS-COLLATERALIZATION: No LOCK BOX: Springing ADDITIONAL DEBT: $30,600,000(1) ADDITIONAL DEBT TYPE: Mezzanine Debt LOAN PURPOSE: Acquisition ESCROWS - --------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY -- ------ CAPEX: $0 $4,554 TI/LC(2): $0 $0 PROPERTY INFORMATION - --------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 398,602 LOCATION: Westbury, NY YEAR BUILT/RENOVATED: 1993/2004 OCCUPANCY: 100.0% OCCUPANCY DATE: 10/31/04 NUMBER OF TENANTS: 9 HISTORICAL NOI: 2002: $7,700,779 2003: $5,650,512 TTM AS OF 07/31/04: $6,492,535 AVERAGE IN-LINE SALES/SF: $336 AVERAGE OCCUPANCY COST: 7.2% UW REVENUES: $11,951,596 UW EXPENSES: $4,559,977 UW NOI: $7,391,619 UW NET CASH FLOW: $7,132,529 APPRAISED VALUE: $117,000,000 APPRAISAL DATE: 10/29/04 FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $235 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 80.0% UW DSCR: 1.61x SIGNIFICANT TENANTS SALES LEASE PSF MOODY'S/ SQUARE % OF BASE RENT EXPIRATION AS OF TENANT NAME PARENT COMPANY S&P/FITCH(3) FEET GLA PSF YEAR YE 2003 - ----------------------- ------------------------------ ------------ --------- ---------- ------------ ------------ -------- COSTCO WHOLESALE Costco Wholesale Corporation A2/A/A+ 148,295 37.2% $ 18.71 2009 NA WAL-MART Wal-Mart Stores, Inc. Aa2/AA/AA 110,054 27.6% $ 14.50 2019 NA MARSHALLS TJX Cos Inc. A3/A/NR 45,826 11.5% $ 23.00 2009 $281 THE SPORTS AUTHORITY The Sports Authority, Inc. NR 43,000 10.8% $ 23.00 2013 $389 BORDERS BOOKS Borders Group Inc. NR 30,950 7.8% $ 23.88 2019 $270 1 Mezzanine debt is secured by equity pledges in borrower and 7 other affiliates encompassing $270.9 million of total first mortgage debt. 2 Monthly escrows for TI/LC will be collected if DSCR falls below 1.20x or if Costco gives notice of vacating their space. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 31 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WESTBURY PLAZA THE LOAN. The Westbury Plaza Loan is secured by a first mortgage interest in a 398,602 square foot anchored retail center located on Long Island, in Westbury, New York. THE BORROWER. The borrower is PL Westbury LLC, a special purpose entity owned by DRA Advisors LLC, which has 85% ownership, and Kimco Realty Corp, which has 15% ownership. The borrower acquired the subject property as part of a larger $1.2 billion acquisition of Price Legacy Corporation (NASDAQ: PLRE) by PL Retail LLC, a joint venture between DRA Advisors LLC and Kimco Realty Corp. DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, which includes pension funds, university endowments, foundations, and insurance companies. DRA Advisors LLC was founded in 1986 and currently manages approximately $3 billion in assets. Kimco Realty Corp. (NYSE: KIM), a publicly-traded real estate investment trust ("REIT"), has specialized in shopping center acquisitions, development, and management for over 45 years. Kimco Realty Corp. owns and operates one of the nation's largest portfolios of neighborhood and community shopping centers, which are located throughout 42 states, Canada and Mexico. The REIT currently has interests in 750 properties, comprising approximately 112 million square feet of leasable space. THE PROPERTY. Westbury Plaza is an anchored retail center located on Old Country Road, a major thoroughfare in Long Island. The neighborhood is a primarily commercial area, including multiple shopping centers, malls, offices and fast food restaurants. Major tenants include Costco Wholesale, Marshalls and Wal-Mart. Other tenants include The Sports Authority, Ruby Tuesday's, The Olive Garden, Borders Books, California Pizza Kitchen and Bank of America. The subject property consists of six buildings and is located on approximately 30.4 acres of land. The property was constructed in 1993. During 2004, the property underwent renovations as Wal-Mart completed build out of its space (formerly leased by K-Mart). Wal-Mart opened for business in January 2005 and its lease expires in 2019. Westbury Plaza is located within a few miles of Meadowbrook Parkway, Northern Parkway, and the Long Island Expressway. It is adjacent to the Source Mall, which is anchored by Saks Off Fifth, Nordstom RACK, H&M, Old Navy, Circuit City, and The Cheesecake Factory. The Source Mall is also connected to Fortunoff. Behind the subject property is Roosevelt Raceway Center, which is anchored by Loews Theater, Expo Design and Target. Best Buy and Office Max are located near the Wal-Mart at Westbury Plaza, and there are numerous fast food chains and a Holiday Inn across the street. Roosevelt Field Mall, one of the largest malls in the country, is located within approximately one-half of a mile from the subject property. Roosevelt Field is anchored by JCPenney, Bloomingdales, Macys and Nordstrom and includes approximately 2,184,000 square feet of retail space. Westbury Plaza is approximately 100.0% occupied. Rents at the property range from approximately $23.00 per square foot to approximately $38.00 per square foot for non-anchor tenants, with anchor rents ranging from approximately $14.50 per square foot to approximately $18.71 per square foot. THE MARKET(1). Westbury Plaza is located within the Nassau-Suffolk submarket. As of 2003, population within a 3 mile radius of the property is approximately 142,819, with an average household income of approximately $93,145. Total retail square footage in the market is approximately 21.5 million, with net absorption of approximately 250,000 square feet in 2003. From 2000 to 2003, the Nassau-Suffolk submarket experienced a compound annual growth rate in retail sales of approximately 5.3%. The market retail vacancy rate for the Third Quarter of 2004 was approximately 1.0%, and a third party market data service reported retail vacancy of approximately 2.7% in the Second Quarter of 2004. This represents an increase in market occupancy from approximately 97.0% in FY2003 and approximately 96.2% in FY2002. The 2003 market vacancy rate of approximately 3.0% was the lowest annual vacancy rate since 1999. Comparable properties reported an average occupancy of approximately 96.5%, with in-line rents ranging from approximately $22 per square foot to approximately $60 per square foot. As of the Second Quarter of 2004, market rents are estimated at approximately $22 per square foot for non-anchor tenants, with market anchor rents estimated at approximately $17 per square foot. PROPERTY MANAGEMENT. The property is managed by Kimco Realty Corp., which has specialized in managing retail properties for over 45 years. Kimco Realty Corp. owns and operates over 100 million square feet of leasable space. - ------------------------------------------------------------------------------- 1 Certain information was obtained from the Westbury Plaza appraisal dated October 29, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 32 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WESTBURY PLAZA LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE % OF BASE LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ---------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- ------------ VACANT NA 0 0.0% NA NA 0 0.0% NA NA 2005 & MTM 0 0 0.0 $0 0.0% 0 0.0% $0 0.0% 2006 1 0 0.0 40,320 0.5 0 0.0% $40,320 0.5% 2007 0 0 0.0 0 0.0 0 0.0% $40,320 0.5% 2008 0 0 0.0 0 0.0 0 0.0% $40,320 0.5% 2009 4 209,598 52.6 4,236,603 54.4 209,598 52.6% $4,276,923 54.9% 2010 0 0 0.0 0 0.0 209,598 52.6% $4,276,923 54.9% 2011 0 0 0.0 0 0.0 209,598 52.6% $4,276,923 54.9% 2012 0 0 0.0 0 0.0 209,598 52.6% $4,276,923 54.9% 2013 1 43,000 10.8 989,000 12.7 252,598 63.4% $5,265,923 67.6% 2014 1 5,000 1.3 190,000 2.4 257,598 64.6% $5,455,923 70.0% 2015 0 0 0.0 0 0.0 257,598 64.6% $5,455,923 70.0% AFTER 2 141,004 35.4 2,334,869 30.0 398,602 100.0% $7,790,792 100.0% - ----- ---------- ------- ----- ---------- ----- ------- ----- ---------- ----- 9 398,602 100.0% $7,790,792 100.0% 33 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WESTBURY PLAZA [MAP OF WESTBURY PLAZA OMITTED] 34 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WESTBURY PLAZA [FLOOR PLAN OF WESTBURY PLAZA OMITTED] 35 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SHOWCASE MALL [PHOTOS OF SHOWCASE MALL OMITTED] 36 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SHOWCASE MALL MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $92,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $92,000,000 % OF POOL BY IPB: 3.2% LOAN SELLERS: JPMorgan Chase Bank, N.A. Eurohypo AG, New York Branch(1) BORROWER: CCR/AG Showcase Phase I Owner, L.L.C. SPONSORS: Angelo Gordon Realty Funds and City Center Retail, LLC ORIGINATION DATE: 02/10/05 INTEREST RATE: 5.3730% INTEREST ONLY PERIOD: 120 Months MATURITY DATE: 02/07/15 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(58),O(37) CROSS-COLLATERALIZATION: No LOCK BOX: Cash Management Agreement ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: Mezzanine Debt Permitted LOAN PURPOSE: Acquisition PROPERTY INFORMATION - -------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 184,814 LOCATION: Las Vegas, NV YEAR BUILT/RENOVATED: 1996 OCCUPANCY: 100.0% OCCUPANCY DATE: 10/01/04 NUMBER OF TENANTS: 10 HISTORICAL NOI: 2002: $7,642,222 2003: $8,581,963 TTM AS OF 11/30/04: $9,948,912 AVERAGE INLINE SALES/SF: $294 AVERAGE OCCUPANCY COST: 21.2% UW REVENUES: $12,446,651 UW EXPENSES: $3,725,842 UW NOI: $8,720,809 UW NET CASH FLOW: $8,508,273 APPRAISED VALUE: $150,000,000 APPRAISAL DATE: 01/01/05 1 The loan was jointly originated by JPMorgan Chase Bank N.A. and Eurohypo AG, New York Branch. The loan consists of two $46 million pari-passu notes. ESCROWS - ----------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------ -- TAXES: $57,914 $0 TILC: $401,000 $0 FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $498 CUT-OFF DATE LTV: 61.3% MATURITY DATE LTV: 61.3% UW DSCR: 1.70x SIGNIFICANT TENANTS MOODY'S/ TENANT NAME PARENT COMPANY S&P/FITCH(2) - ----------------------------- ------------------------------- ------------ SEGA ENTERPRISES INC. USA(3) Sega Japan NR/BB-/NR UNITED ARTIST THEATRES United Artist Theatre Company NR COCA-COLA The Coca-Cola Company Aa3/A+/A+ M&M'S WORLD Mars Inc. NR SHOWCASE FOOD COURT Showcase Food Court NR SALES LEASE PSF SQUARE % OF BASE RENT EXPIRATION AS OF TTM TENANT NAME FEET GLA PSF YEAR 10/31/04 - ----------------------------- --------- ---------- ------------ ------------ ---------- SEGA ENTERPRISES INC. USA(3) 47,161 25.5% $ 57.50 2012 $124 UNITED ARTIST THEATRES 41,108 22.2% $ 18.50 2017 $ 99 COCA-COLA 31,079 16.8% $ 65.70 2007 $313 M&M'S WORLD 31,025 16.8% $ 59.32 2012 $701 SHOWCASE FOOD COURT 14,737 8.0% $ 36.90 2018 $466 2 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 3 The tenant has subleased the premises to its subsidiary, Gameworks, which is currently in bankruptcy proceedings. However, Sega Enterprises Inc. USA remains the obligor under the terms of the lease. 37 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SHOWCASE MALL THE LOAN. The Showcase Mall Loan is secured by a first mortgage interest in a 184,814 square foot anchored retail and entertainment center located in Las Vegas, Nevada. THE BORROWER. The borrowing entity is CCR/AG Showcase Phase I Owner, L.L.C., a special purpose entity that is controlled by a limited liability company consisting of Angelo Gordon Realty Funds ("Angelo Gordon") and City Center Retail, LLC ("City Center Retail"). The two entities have partnered in prior retail transactions, including the development of Silver City Plaza, which is also located on the Las Vegas Strip. Angelo Gordon was founded in 1988 by John Angelo and Michael Gordon. It has purchased real estate properties within all the major property types and currently has a real estate portfolio with properties located throughout the United States. Angelo Gordon currently manages approximately $10 billion of assets of various disciplines. City Center Retail specializes in the development, redevelopment and acquisition of urban real estate, including retail, office and mixed use properties. With approximately 40 years of combined experience, the principals of City Center Retail have been involved with the development, redevelopment and acquisition of over $1 billion of commercial real estate transactions nationwide. THE PROPERTY. Showcase Mall is a four-story retail and entertainment center located on the Las Vegas Strip, in front of the MGM Grand Hotel and Casino, in Las Vegas, Nevada. Showcase Mall operates in superstore format and includes both nationally and internationally recognized tenant names. The property's approximately 400 feet of all-glass frontage gives each tenant the opportunity to create its own retail image. Tenants include Coca-Cola, Gameworks, M&M's World, United Artist Theatres and Westgate Resorts. Showcase Mall opened its new second level food court in October of 2003. The food court offers seating for approximately 230 people and features tenants such as Panda Express, Wendy's and Starbucks. Showcase Mall is located on the east side of Las Vegas Boulevard between Tropicana Avenue and Harmon Road at Monte Carlo. It is afforded a location in front of the MGM Grand Hotel and opposite from the New York, New York Hotel. It has north/south access via Interstate 15 and Las Vegas Boulevard. East/west access is provided by Tropicana Avenue and Flamingo Road and Spring Mountain Road to the north. The Tropicana Avenue and Flamingo Road interchange with Interstate 15 is approximately one-half mile west of Las Vegas Boulevard. Showcase Mall's immediate area is characterized by concept hotels, restaurants and gaming establishments. Retail development along the Las Vegas Strip ranges from small strip centers to retailers within hotels/resorts and the Fashion Show Mall, which is an approximately 820,000 square foot enclosed regional mall located along Spring Mountain Road and Las Vegas Boulevard. Showcase Mall is 100.0% occupied. Rents at the property range from approximately $18.50 per square foot to approximately $2,500 per square foot, with an average rent of approximately $54.66 per square foot. THE MARKET(1). Showcase Mall is located in the Las Vegas market, and the Las Vegas central business district submarket. As of 2004, population within a 3 mile radius of the property is approximately 140,365, with an average household income of approximately $62,124. Las Vegas draws approximately 35 million tourists a year, and over 15 million people pass by Showcase Mall annually. As of the Second Quarter of 2004, the Las Vegas retail market consists of approximately 38,612,482 square feet of inventory, with approximately 878,633 feet of net absorption. The market retail vacancy rate is approximately 3.6%, with market rent estimated at approximately $18.96 per square foot. The submarket vacancy rate is approximately 10.8%. Comparable properties reported an average occupancy of approximately 96.2%, with rents ranging from approximately $34.00 per square foot to approximately $1,500 per square foot. PROPERTY MANAGEMENT. The property is managed by City Center Retail, LLC, which consists of principals Mark G. Stefan and Sigura J. Anderson. They have specialized in managing properties for approximately 40 years and have developed, redeveloped and acquired over $1 billion of commercial real estate. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the Showcase Mall appraisal dated January 1, 2005. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 38 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SHOWCASE MALL LEASE ROLLOVER SCHEDULE NUMBER OF SQUARE LEASES FEET % OF GLA BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ---------- ---------- ----------- -------------- VACANT NA 0 0.0% NA 2005 & MTM 0 0 0.0 $0 2006 0 0 0.0 0 2007 2 31,079 16.8 2,041,889 2008 1 9,334 5.1 233,350 2009 0 0 0.0 0 2010 0 0 0.0 0 2011 0 0 0.0 0 2012 3 78,186 42.3 4,552,056 2013 1 1,196 0.6 250,000 2014 1 600 0.3 420,000 2015 0 0 0.0 0 AFTER 6 64,419 34.9 2,604,328 - ----- -- ------- ----- ----------- 14 184,814 100.0% $10,101,623 CUMULATIVE CUMULATIVE % OF BASE SQUARE % OF CUMULATIVE CUMULATIVE % RENT FEET GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ------------ ------------- ------------ ------------- -------------- VACANT NA 0 0.0% NA NA 2005 & MTM 0.0% 0 0.0% $0 0.0% 2006 0.0 0 0.0% $0 0.0% 2007 20.2 31,079 16.8% $2,041,889 20.2% 2008 2.3 40,413 21.9% $2,275,239 22.5% 2009 0.0 40,413 21.9% $2,275,239 22.5% 2010 0.0 40,413 21.9% $2,275,239 22.5% 2011 0.0 40,413 21.9% $2,275,239 22.5% 2012 45.1 118,599 64.2% $6,827,295 67.6% 2013 2.5 119,795 64.8% $7,077,295 70.1% 2014 4.2 120,395 65.1% $7,497,295 74.2% 2015 0.0 120,395 65.1% $7,497,295 74.2% AFTER 25.8 184,814 100.0% $10,101,623 100.0% - ----- ----- ------- ----- ----------- ----- 100.0% 39 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SHOWCASE MALL [MAP OF SHOWCASE MALL OMITTED] 40 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SHOWCASE MALL [FLOOR PLANS OF SHOWCASE MALL OMITTED] 41 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 777 SIXTH AVENUE [PHOTOS OF 777 SIXTH AVENUE OMITTED] 42 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 777 SIXTH AVENUE MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $80,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $80,500,000 % OF POOL BY IPB: 2.8% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: 777 Sixth Avenue Owner LLC SPONSOR: Harry Macklowe ORIGINATION DATE: 12/17/04 INTEREST RATE: 4.5300% INTEREST-ONLY PERIOD: 60 Months MATURITY DATE: 01/11/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(30),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Refinance ESCROWS - ------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------ ----- TAXES: $0 $53,423 INSURANCE: $112,319 $11,232 CAPEX(1): $6,125 $6,125 LETTER OF CREDIT: $386,518 $0 PROPERTY INFORMATION - ----------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily -- Mid/High Rise UNITS: 294 LOCATION: New York, NY YEAR BUILT/RENOVATED: 2000 OCCUPANCY: 99.7% OCCUPANCY DATE: 11/01/04 HISTORICAL NOI: 2002: $8,842,253 2003: $8,577,770 TTM AS OF 10/31/04: $8,556,322 UW REVENUES: $10,646,558 UW EXPENSES: $3,017,915 UW NOI: $7,628,643 UW NET CASH FLOW: $7,555,143 APPRAISED VALUE: $125,100,000 APPRAISAL DATE: 12/01/04 FINANCIAL INFORMATION - ---------------------------------------- CUT-OFF DATE LOAN/UNIT: $273,810 CUT-OFF DATE LTV: 64.3% MATURITY DATE LTV: 64.3% UW DSCR: 2.04x MULTIFAMILY INFORMATION AVERAGE UNIT APPROXIMATE NET AVERAGE MONTHLY UNIT MIX NO. OF UNITS SQUARE FEET RENTABLE SF % OF TOTAL SF ASKING RENT - ------------------------- --------------- --------------- ------------------ ---------------- ----------------- STUDIO 84 549 46,080 23.3% $2,308 ONE BEDROOM 180 667 120,009 60.6 $2,887 TWO BEDROOM 29 1,100 31,890 16.1 $4,292 - ------------------------- --- ----- ------- ----- ------ TOTAL/WEIGHTED AVERAGE 293(2) 676 197,979 100.0% $2,860 1 Replacement Reserves shall be collected whenever the reserve balance falls below $147,000. 2 Excludes a two-bedroom unit for the manager. 43 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 777 SIXTH AVENUE THE LOAN. The 777 Sixth Avenue Loan is secured by a first mortgage interest in a 294-unit class "A" luxury multifamily property located in New York, New York. THE BORROWER. The Borrower is 777 Sixth Avenue Owner LLC, the sole member of Borrower, which is owned by Macklowe Properties. Founded in the mid-1960's by Harry Macklowe, the company develops, acquires, renovates, manages, and leases Manhattan office and apartment properties. Macklowe Properties purchased the General Motors Building for $1.4 billion in 2003. In addition to 777 Sixth Avenue, the company owns the Longacre House on West 50th Street, RiverTerrace on East 72nd Street, and RiverTower on East 54th Street. Office properties owned by Macklowe Properties include 540 Madison, 400 Madison, 2 Grand Central Tower, and the aforementioned GM Building. Harry Macklowe owns 100% of the ownership interests in the property, which was developed at a total cost of approximately $90,000,000. THE PROPERTY. The property is a 31-story class "A" luxury apartment building completed in 2000 containing 294 units. The property offers a total of 84 studios, 180 one-bedroom units, 29 two-bedroom units, and a single three-bedroom unit for the building manager. Building amenities include a 24-hour concierge, a 24-hour/7 day tenant-only health club, private lounge, housekeeping, high-speed telecommunication/information providers, pre-wired fiber optics, laundry room, and a rooftop outdoor deck. The building also features a state of the art security system with an extensive network of surveillance cameras, fingerprint readers on secure doors and motion detectors. The November 1, 2004 rent roll shows the property to be 99.7% leased. Rents at the property range from $2,000 to $4,795 per month, with an average rent of approximately $2,860 per month. Concessions have not been historically offered, with the exception of the initial lease-up period. Currently, 48% of the units (142 units) are leased by various corporate housing providers. These contracts are at or below prevailing market rents, are at least one year in length and have staggered expirations. The largest concentration of units is leased by Furnished Quarters, LLC, with 56 units. Retail tenants (with frontage along Sixth Avenue) are Duane Reade (7,500 square feet at $70 per square foot, expiring in November 2015) and Sleepy's (4,102 square feet at $57.45 per square foot, expiring in May 2013). A valet service also operates inside the building under a month-to-month agreement in which they pay $26,400 per annum. The property benefits from a real estate tax exemption under Section 421-a of the New York State Property Tax Law which began in 2002. The property received a 100% abatement the first two years after the Certificate of Occupancy was issued, with property tax assessments phased in by 20% increments every other year (the subject property currently receives an 80% abatement). The property is subject to a form of rent stabilization during the abatement period. Under the regulations, the property starts at market rents (initial rents were based on the original rent roll submitted to the program). After the initial lease up, rent steps are based on the annual determinations of the New York City Rent Stabilization Board, plus an additional 2.2%. Currently the Board set rent increases of 3.5% for one-year leases and 5% for two-year leases. THE MARKET(1). The property is located on the west side of Sixth Avenue between 26th and 27th Streets, in the heart of Chelsea, New York. Roughly bounded by 30th Street, the Hudson River, Fifth Avenue, and 14th Street, Chelsea has recently evolved from an industrial area to a trendy residential neighborhood known for its galleries, restaurants, nightlife, and appeal to a diverse mix of professionals and artists. The Chelsea submarket, particularly near Sixth Avenue, is one of the strongest markets in Manhattan, currently maintaining near-100% occupancy levels. According to the report of a third party market data service, the entire Midtown West submarket, of which Chelsea is a part of, has a 3.7% vacancy rate. The subject's market area continues to exhibit favorable conditions for luxury units. According to the market data service report, as of the end of the Third Quarter 2004, apartment rental rates in the New York City area grew by 2.1% from the Second Quarter, and the overall apartment vacancy rate was 3.0%. A total of 643 units were constructed during the Third Quarter and 910 units were absorbed. According to the market data service report, as of the Third Quarter 2004, the average monthly rent for apartment buildings built after 1994 in the Midtown West submarket was $3,166, and rents increased by 2.8% from the prior period. Over the last one year period, rents increased by 4% in this submarket. The overall vacancy rate in this submarket is 3.7% as of the Third Quarter 2004, after having decreased from 4.0% in the Second Quarter. Overall both the New York City market and the submarket have low vacancy rates, the rental rate trend is stable to improving, and the rate of new construction is moderate. PROPERTY MANAGEMENT. The property is managed by Macklowe Management Company, Inc., the property management division of Macklowe Properties, a borrower related entity. Founded in the mid-1960's by Harry Macklowe, the company develops, acquires, renovates, manages, and leases Manhattan office and apartment properties. Other residential properties under management include RiverTerrace, a 410-unit apartment building located on the Upper East Side, Longacre House, a 293-unit apartment building located at 305 West 50th Street, and RiverTower, a 324-unit apartment building located at 420 East 54th Street. Including 777 Sixth Avenue, Macklowe Management Company, Inc. currently manages over 1,300 residential rental units. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the 777 Sixth Avenue appraisal dated December 1, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 44 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 777 SIXTH AVENUE [MAP OF 777 SIXTH AVENUE OMITTED] 45 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WATERS EDGE [PHOTOS OF WATERS EDGE OMITTED] 46 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WATERS EDGE MORTGAGE LOAN INFORMATION - ----------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $77,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $77,000,000 % OF POOL BY IPB: 2.7% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: Maguire Partners -- Water's Edge Property Holding, LLC SPONSOR: Robert F. Maguire III ORIGINATION DATE: 02/01/05 INTEREST RATE: 4.9880% INTEREST-ONLY PERIOD: 60 Months MATURITY DATE: 02/11/25 ARD: 02/11/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(31),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT(1): $16,000,000 ADDITIONAL DEBT TYPE: Mezzanine Debt LOAN PURPOSE: Refinance ESCROWS - ------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------- ----- TAXES: $0 $95,914 INSURANCE: $0 $19,839 REQUIRED REPAIRS: $24,375 $0 RENT RESERVE(4): $1,360,560 $0 PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 243,433 LOCATION: Playa Vista, CA YEAR BUILT/RENOVATED: 2002 OCCUPANCY(2): 100.0% OCCUPANCY DATE: 03/11/05 NUMBER OF TENANTS: 1 HISTORICAL NOI: NA UW REVENUES: $9,561,851 UW EXPENSES: $3,982,059 UW NOI: $5,579,792 UW NET CASH FLOW: $5,555,516 APPRAISED VALUE(3): $96,400,000 APPRAISAL DATE: 12/21/04 FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $316 CUT-OFF DATE LTV: 79.9% MATURITY DATE LTV: 79.9% UW DSCR: 1.43x SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(5) FEET GLA PSF YEAR - ------------------------ ---------------------- ------------ ---------- ----------- ------------- ----------- ELECTRONIC ARTS INC.(6) Electronic Arts Inc. NR 243,433 100.0% $18.37 2013 1 At origination, a total of $12,500,000 in mezzanine debt was in place. An additional $3,500,000 in mezzanine debt is permitted and is anticipated to be funded by February 11, 2006. 2 Represents the leased percentage of the property. Electronic Arts will occupy and begin paying rent on 73,052 square feet no later than September 2005. 3 Does not include the $16,500,000 current market value of the development parcel. 4 A Rent Reserve of $1,360,560 was taken at closing to be used until Electronic Arts begins paying rent on 73,052 square feet to be occupied in September 2005. 5 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 6 Approximately 19,223 square feet is subleased to Playa Vista Capital, the developers of the Playa Vista Community. 47 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WATERS EDGE THE LOAN. The Waters Edge Loan is secured by a first mortgage interest in a 243,433 square foot Class "A" office space located in Playa Vista, California. The loan financed the acquisition of Equity Office Properties' 87.5% equity interest in the property for approximately $85,000,000 (implied total purchase price of $97,714,286). THE BORROWER. The Borrower is Maguire Partners -- Water's Edge Holding, LLC, which is owned by Maguire Partners. Maguire Partners is based in Los Angeles, California and is one of the leading owners, operators, managers and developers of office properties in the United States. Since founding Maguire Partners in 1965, Robert Maguire's organization has developed a series of landmark, large-scale Class "A" office properties and master planned, mixed-use suburban campuses of noteworthy architecture. The firm currently owns or manages over 10 million square feet of prime office space, retail developments, hotel properties and parking facilities in Southern California. Included in their portfolio are the U.S. Bank Tower, Wells Fargo Tower and KPMG Tower. Maguire Partners is the predecessor to Maguire Properties, the publicly-traded real estate investment trust (NYSE: MPG). On September 10, 1998, a voluntary Chapter 11 petition was filed by Maguire Thomas Partners-Grand Place Tower, Ltd. ("MTP"), the general partner of the Maguire Thomas Partners-Fifth & Grand, Ltd. ("Partnership"), the then-owner of the Gas Company Tower project, and an involuntary Chapter 11 bankruptcy case was commenced against the Partnership by MTP and certain creditors of the Partnership. A voluntary Chapter 11 petition was later filed by Maguire Thomas Partners-SCGC Holdings, Ltd., the largest limited partner of the Gas Company Tower project, on December 23, 1998. In December of 2000, MTP successfully completed a refinancing of the project, allowing for the full repayment of the project financing and purchase by affiliates of Maguire of all interests of MTP's partner in the Gas Company Tower project. In connection with that refinancing, all reorganization proceedings were dismissed. THE PROPERTY. Originally developed in 2002 on a 6.5-acre tract, the property is part of the acclaimed 1,087-acre master planned Playa Vista community. Waters Edge is located at the intersection of Lincoln Boulevard and Jefferson Boulevard, two of the area's major arterials, at the gateway to the Playa Vista master development providing outstanding access and visibility. The property has unobstructed views to the Pacific Ocean, and is surrounded by bike and running trails passing through the restored Ballona Wetlands and Wildlife Preserve. The campus is within three miles of Los Angeles International Airport, two miles of Interstate 405, four miles of Interstate 10, and five miles of Interstate 105, giving the project excellent access throughout the region. The subject property is comprised of two buildings totaling 243,433 square feet of space featuring a stylish design, flexible floor plates, high quality construction and abundant amenities including a palm tree-lined entrance, beach volleyball court, athletic fields, fitness center, game room, cafeteria, company store and valet parking. The property is 100% leased to Electronic Arts (NASD: ERTS) through 2013. Electronic Arts ("EA") a leading interactive entertainment software company that develops, publishes and distributes interactive software worldwide for video game systems, personal computers and the Internet, has a market capitalization of $14.5 billion and 2004 revenues of $3.0 billion. EA currently leases 100% of the 243,433 square foot buildings through October 2013. Of the 243,433 square feet, EA currently occupies 151,158 square feet (62% of the NRA). Concurrent with the lease commencement date, EA entered into a ten-year sublease agreement (cancelable in the 4th and 5th years by EA) with Playa Capital for 19,223 square feet (7.9% of the NRA) on the first floor of Building II. Upon expiration or termination of the sublease, the Playa Capital space will be occupied by EA. The remaining 73,052 square feet (30% of the NRA) will be occupied by EA no later than September 2005. Rental payments for such space will commence upon the earlier of EA's occupancy or September 2005. A Rent Reserve of $1,360,560 was taken at closing to be used until EA fully occupies their space in September 2005. PURCHASE OPTION. EA has the right to purchase the subject property at the prevailing market price, subject to a floor amount based on the Landlord's cost basis. The tenant may not exercise this option until October 1, 2008. In the event the tenant exercises its purchase option, sale proceeds will be used to pay down the existing debt, with any shortfall guaranteed by Robert Maguire. It should be noted that no assurance can be given that Robert Maguire would be able to make up any such shortfall should the situation arise. THE MARKET(1). The property is located within Playa Vista, which is an urban site containing approximately 1,087 acres. The Playa Vista "town plan" establishes a carefully designed street system framing a series of districts, which include homes, shops, restaurants, offices, recreational facilities and the restored Ballona Wetlands. More than half of the Playa Vista project will be devoted to open space and a variety of recreational and environmental uses including the restoration and expansion of the Ballona Wetlands. The detailed design has the potential, at full entitlement, for approximately 13,000 residential units, approximately 3.2 million square feet of studio and office space, approximately 600,000 square feet of neighborhood retail, plus 750 hotel rooms and approximately 560,000 square feet dedicated to a variety of community services, including police and fire stations, schools, a library, theaters, museums, health/fitness facilities, child care centers and places of worship. Playa Vista is the only large-scale residential and mixed-use community to be built in West Los Angeles in the last 50 years. Located on 1,087 acres in West Los Angeles, Playa Vista is bordered by Marina Del Rey to the north, the communities of Westchester and Playa Del Rey to the south, the San Diego Freeway (Interstate 405) to the east, and the Pacific Ocean on the west. Described by the Los Angeles Times as "L.A. Urban Model" and featured on CNN as a "Home of the Future", the community was the recipient of the Ahwahnee Award, created by nationally renowned architects and urban designers who place a premium on communities in which residents can work, shop, recreate and dine all within walking distance of their homes. The Westside office market is widely acknowledged as one of the most desirable office and residential locations in Los Angeles County due to the area's strong tenant base, skilled labor pool, quality of office and housing supply and extensive retail, restaurant, and cultural amenities. The Westside has always been considered one the most desirable office locations in Los Angeles, consistently commanding the highest rental rates in Southern California. The weighted average Class "A" rental rate at third quarter 2004 was approximately $34 full service gross. With Westside office supply now firmly constrained by development restrictions and lack of available land, an increase in office demand is absorbing the remaining vacant space and providing support for rental rate growth. Totaling approximately 37.5 million square feet, the Westside office market is comprised of nine submarkets, which had a direct vacancy rate of 13.4% as of third quarter 2004. The property's submarket comprises 1,451,631 square feet of office space and has a direct vacancy of 10.8%. The submarket experienced a positive YTD net absorption of 29,753 square feet. PROPERTY MANAGEMENT. The property is managed by a borrower related entity, Maguire Partners. The firm currently owns or manages over 10 million square feet of prime office space, retail developments, hotel properties and parking facilities in Southern California. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the Waters Edge appraisal dated December 21, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 48 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 WATERS EDGE [MAP OF WATERS EDGE OMITTED] 49 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE [PHOTOS OF 55 RAILROAD AVENUE OMITTED] 50 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $73,900,000 CUT-OFF DATE PRINCIPAL BALANCE: $73,900,000 % OF POOL BY IPB: 2.5% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Willrich Holdings, LLC SPONSOR: Bruce C. Beswick, Frank J. Kenny ORIGINATION DATE: 12/23/04 INTEREST RATE: 5.4900% INTEREST-ONLY PERIOD: 120 Months MATURITY DATE: 01/01/15 AMORTIZATION TYPE: Interest-Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(90),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Cash Management Agreement ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Acquisition ESCROWS(2,3) - ----------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY -------- ------- TAXES: $ 57,952 $28,976 INSURANCE: $ 11,929 $ 3,976 CAPEX: $ 0 $ 5,178 REQUIRED REPAIRS: $525,000 $ 0 PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 131,634 LOCATION: Greenwich, CT YEAR BUILT/RENOVATED: 1974/2003 OCCUPANCY: 100.0% OCCUPANCY DATE: 12/01/04 NUMBER OF TENANTS: 9 HISTORICAL NOI: 2002: NA 2003: NA TTM AS OF 6/30/04: $5,256,080 UW REVENUES: $8,176,930 UW EXPENSES: $1,832,558 UW NOI: $6,344,372(1) UW NET CASH FLOW: $6,122,801 APPRAISED VALUE: $99,000,000 APPRAISAL DATE: 11/15/04 FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $561 CUT-OFF DATE LTV: 74.6% MATURITY DATE LTV: 74.6% UW DSCR: 1.49x SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(4) FEET GLA PSF YEAR - ----------------------------- ------------------------------------ ------------- --------- ---------- ------------ ----------- ZIFF BROTHERS INVESTMENTS(2) Ziff Brothers Investments, LLC NR 61,177 46.5% $ 47.32 2019 VIKING GLOBAL INVESTORS Viking Global Investors LP NR 36,396 27.7% $ 45.00 2013 HEARTLAND INDUSTRIAL GROUP The Heartland Industrial Group LLC NR 10,169 7.7% $ 52.00 2012 BANK OF AMERICA Bank of America Corp. Aa2/AA-/AA- 6,209 4.7% $ 51.00 2007 AXIOM Axiom International Investors LLC NR 6,209 4.7% $ 50.00 2008 1 Increase in underwritten income can be attributed to higher underwritten tenant reimbursements for common area maintenance and annual percentage of sales 2 The Ziff Brothers Investments space, currently marketed for sublease, is secured by a guarantee by Ziff Brothers Investments and an $8 million LOC. The loan documents dictate that proceeds from the LOC be deposited with lender 50% into a TI/LC account and 50% into a debt service account. 3 If economic occupancy drops below 90%, TI/LC excrows of $2 PSF will be collected until economic occupancy rises to 90% or above. 4 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 51 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE THE LOAN. The 55 Railroad Avenue Loan is secured by a first mortgage interest in a 131,634 square foot Class A office building located in Greenwich, Connecticut. THE BORROWER. The borrower is Willrich Holdings, LLC, a special purpose entity, with Frank J. Kenny and Bruce C. Beswick as principals. Frank Kenny and Bruce Beswick are repeat borrowers of JPMorgan. Frank Kenny owns and operates a property management company, Willett Companies, which focuses on properties in the northeast. Bruce Beswick has been in the real estate industry for over 25 years. He has also been involved with Willet Companies and has worked with Frank Kenny since 1990. Bruce Beswick currently serves as CFO of Willet Companies. THE PROPERTY. 55 Railroad Avenue is located in the central business district of Greenwich, Connecticut. The property was constructed in 1974 and contains four stories on an approximately 2.1 acre site. 55 Railroad Avenue underwent significant renovation in 2003, including the renovation of base building systems, common area finishes and a structural restoration of the parking garage that is nearing completion. The property is located on the north side of Railroad Avenue, just west of the intersection with Greenwich Avenue, and is directly across the street from the Metro-North Railroad Station. It is located within walking distance to downtown amenities, including retail shops, corporate offices and restaurants, as well as residential areas. Access to 55 Railroad Avenue is provided by Interstate 95 and Route 1, which are primary arteries to the Greenwich central business district. The property is located one-fourth of a mile from Exit 3 of I-95 (Connecticut Turnpike), which serves as the primary traffic corridor through southern Connecticut and provides direct access to New York City. Midtown Manhattan is approximately thirty-three miles from the property. Route 1 (Putnam Avenue) is a primary east/west roadway that connects Greenwich with the city of Stamford to the east and the State of New York to the west. The Westchester airport is eight miles away, and New York's LaGuardia Airport is twenty-five miles away from the property. 55 Railroad Avenue is 100.0% occupied. Rents at the property range from approximately $32.00 per square foot to approximately $61.00 per square foot, with an average rent of approximately $47.57 per square foot. THE MARKET(1). 55 Railroad Avenue is located in the Fairfield County market in Connecticut, which is part of the greater New York City region. This region encompasses approximately 21 counties, including the suburbs of New York City and New Jersey and the Greenwich submarket. Fairfield County has a population exceeding 900,000 and a median household income of approximately $89,500 in 2003. As of 2003, Greenwich has a population of approximately 63,000 and a median household income of approximately $97,278. The Fairfield County office market consists of approximately 38.3 million square feet of inventory. As of the Second Quarter of 2004, the market office vacancy rate was approximately 18.2%, with market rents estimated at approximately $31.16 per square foot. The Greenwich office market represents approximately 10% of inventory of Fairfield County, and the submarket office vacancy rate for the Second Quarter of 2004 was approximately 14.8%. The Greenwich central business district contains approximately 24 office buildings and has a vacancy rate of approximately 4.4%. Comparable properties to 55 Railroad Avenue reported an average occupancy of approximately 95.6%, with rents ranging from approximately $45.00 per square foot to approximately $60.00 per square foot. PROPERTY MANAGEMENT. The property is managed by Hines Limited Partnership, which has been property manager since 1998. Hines Limited Partnership has been active in property management, development and contracting since its inception in 1957. It has developed more than 650 projects, including skyscrapers, corporate headquarters, mixed-use centers and master-planned resort and residential communities. Currently, Hines Limited Partnership has over 70 million square feet under management and controls assets in excess of $13 billion. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the 55 Railroad Avenue appraisal dated November 15, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 52 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE LEASE ROLLOVER SCHEDULE NUMBER SQUARE % OF OF LEASES FEET GLA BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ----------- ---------- ---------- ------------ VACANT NA 0 0.0% NA 2005 & MTM 0 0 0.0 $0 2006 0 0 0.0 0 2007 3 13,177 10.0 685,791 2008 3 10,715 8.1 515,338 2009 0 0 0.0 0 2010 0 0 0.0 0 2011 0 0 0.0 0 2012 1 10,169 7.7 528,788 2013 1 36,396 27.6 1,637,820 2014 0 0 0.0 0 2015 0 0 0.0 0 AFTER 3 61,177 46.5 2,894,973 - ----- -- ------ ----- ---------- TOTAL 11 131,634 100.0% $6,262,710 % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE % RENT SQUARE FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ------------ ------------- ------------- ------------- -------------- VACANT NA 0 0.0% NA NA 2005 & MTM 0.0% 0 0.0% $0 0.0% 2006 0.0 0 0.0% $0 0.0% 2007 11.0 13,177 10.0% $685,791 11.0% 2008 8.2 23,892 18.2% $1,201,129 19.2% 2009 0.0 23,892 18.2% $1,201,129 19.2% 2010 0.0 23,892 18.2% $1,201,129 19.2% 2011 0.0 23,892 18.2% $1,201,129 19.2% 2012 8.4 34,061 25.9% $1,729,917 27.6% 2013 26.2 70,457 53.5% $3,367,737 53.8% 2014 0.0 70,457 53.5% $3,367,737 53.8% 2015 0.0 70,457 53.5% $3,367,737 53.8% AFTER 46.2 131,634 100.0% $6,262,710 100.0% - ----- ----- ------- ----- ---------- ----- TOTAL 100.0% 53 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE [MAP OF 55 RAILROAD AVENUE OMITTED] 54 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE [STACKING PLAN OF 55 RAILROAD AVENUE OMITTED] STACKING PLAN Mechanical Space 3 Tontine 3,372 rsf ABS 2,974 rsf Ziff Brothers Investments 7,819 rsf Axiom 6,209 rsf Viking Global Investors 18,198 rsf 2 Ziff Brothers Investments 10,171 rsf Bank of America 6,209 rsf Spectrum Capital 3,994 rsf Viking Global Investors 18,198 rsf L Ziff Brothers Investments 10,788 rsf Ziff Brothers Investments 5,947 rsf Heartland Industrial Group 10,169 rsf Ziff Brothers Investments 3,041 rsf P Ziff Brothers Investments 23,411 rsf Hines 1,134 rsf Garage G Parking Garage 55 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 55 RAILROAD AVENUE [AERIAL VIEW OF 55 RAILROAD AVENUE OMITTED] 56 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 [THIS PAGE INTENTIONALLY LEFT BLANK] 57 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SOUTHLAKE TOWN SQUARE ONE [PHOTOS OF SOUTHLAKE TOWN SQUARE ONE OMITTED] 58 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SOUTHLAKE TOWN SQUARE ONE MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $70,570,880 CUT-OFF DATE PRINCIPAL BALANCE: $70,570,880 % OF POOL BY IPB: 2.4% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: Town Square Ventures L.P. SPONSORS: Inland Western Retail Real Estate Trust, Inc. and Town Square Ventures, L.P. ORIGINATION DATE: Anticipated 02/11/05 INTEREST RATE: 4.5500% INTEREST ONLY PERIOD: 60 Months MATURITY DATE: 01/11/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMXORTIZATION: NA CALL PROTECTION: L(36),Grtr 1% or YM(19),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Acquisition ESCROWS - ----------------------------------- ESCROWS/RESERVES: LETTER OF CREDIT(1): $3,627,845 PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 403,627 LOCATION: Southlake, TX YEAR BUILT/RENOVATED: 2000/2004 OCCUPANCY: 95.6% OCCUPANCY DATE: 02/01/05 NUMBER OF TENANTS: 132 HISTORICAL NOI: 2002: $6,680,375 2003: $7,328,700 TTM AS OF 06/30/04: $8,683,537 AVERAGE INLINE SALES: $377 AVERAGE OCCUPANCY COST: 9.3% UW REVENUES: $12,316,996 UW EXPENSES: $4,059,512 UW NOI: $8,267,484 UW NET CASH FLOW: $7,553,861 APPRAISED VALUE: $127,500,000 APPRAISAL DATE: 01/18/05 FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $175 CUT-OFF DATE LTV: 55.3% MATURITY DATE LTV: 55.3% UW DSCR: 2.35x SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION SALES TENANT NAME PARENT COMPANY S&P/FITCH(2) FEET GLA PSF YEAR PSF - ---------------------------- --------------------------- ------------ --------- --------- ------------ ------------ ------- THE CONTAINER STORE The Container Store NR 23,796 5.9% $ 18.00 2012 NA OFFICE DEPOT Office Depot, Inc. NR/BBB-/NR 16,530 4.1% $ 22.45 2009 NA LARRY NORTH TOTAL FITNESS Larry North Total Fitness NR 10,896 2.7% $ 20.93 2011 NA STOREHOUSE Storehouse NR 8,800 2.2% $ 20.00 2005 $163 CIRCA DESIGN Circa Design NR 7,086 1.8% $ 22.00 2010 NA 1 A Letter of Credit in the amount of $3,627,845 was posted at closing and will be released when the 20,730 square feet of vacant space at the subject property has been leased. 2 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 59 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SOUTHLAKE TOWN SQUARE ONE THE LOAN. The Southlake Town Square One Loan is secured by a first mortgage interest in a 403,627 square foot recently constructed lifestyle center located in Southlake, Texas. The loan financed the acquisition of the property for approximately $122,300,000. THE BORROWER. The Borrowing Entity for Southlake Town Square One is Western Town Square Ventures GP, a Delaware limited liability company, which is 100% owned by Inland Western Retail Real Estate Trust, Inc. ("Inland Western"), a real estate investment trust that is part of the Inland Real Estate Group of Companies. Inland Western was formed on March 5, 2003 to manage and acquire a diversified portfolio of commercial real estate. As of September 30, 2004, Inland Western's portfolio included 68 properties containing approximately 12.9 million square feet of gross leasable area located throughout nearly 25 states. During the nine months ended September 30, 2004, Inland acquired 60 properties. The Inland Real Estate Group of Companies is comprised of independent real estate investment and financial companies doing business nationwide. With 35 years experience specializing in investment, commercial real estate brokerage, land development, acquisition, and mortgage lending, Inland is one of the nation's largest privately-held real estate companies, with its national headquarters located in Oak Brook, Illinois. Today, Inland employs more than 800 people, owns properties in 39 states and manages assets in excess of $7 billion. Inland manages more than 60 million square feet of retail and commercial property space and 11,000 apartment units, and is the 5th largest shopping center owner in North America according to the International Council of Shopping Centers, as published in Shopping Centers Today, November 2003. THE PROPERTY. The property is part of the larger Southlake Town Square 130-acre master planned development, which has the potential to contain up to two million square feet of a mixture of retail, office, restaurant, and entertainment uses. In addition to the property, the development is home to Town Hall, a public library and regional offices and courts for Tarrant County. The development also includes a Post Office and approximately 13 acres of dedicated city parks. According to property management, an additional approximate 500,000 square feet is anticipated to be complete within the next 18 months and is already 75% pre-leased or under letters of intent. Constructed between 1999 and 2004, the property is comprised of 403,627 square feet; of which 251,599 square feet, or 62.4% of the total square footage is for retail use, 134,263 square feet, or 33.2% of the total square footage, is for office use, while 17,765 square feet, or 4.4% of the total square footage, is currently vacant. As of February 1, 2005, the property is 95.6% occupied, with the retail portion of the property 98.4% occupied and the office portion of the property 91.6% occupied. The property enjoys a diverse tenant base of approximately 132 tenants, with no single tenant occupying greater than 5.9% of the property's rentable space and the overwhelming majority of the tenants occupying less than 1% of the property's rentable space. Some of the better known retailers at the property include: Williams-Sonoma, Chico's, Talbots, Harold's, Container Store, Joseph A. Banks, Oshkosh B'Gosh, Cafe Express, Eddie Bauer, Ann Taylor, American Eagle Outfitters, Banana Republic, Victoria's Secret, Gap, Gap Kids, Bath & Body Works, Starbucks, James Avery, Liz Claiborne, Sprint, Sharper Image, Storehouse, Cingular Wireless, Stride Rite, Pei Wei Restaurant, American Express Travel and Fidelity Brokerage. Well known office tenants at the property include: Edward Jones, Charles Schwab, General Mills, Countrywide Home Loans, Century 21 Realty, Harkin Energy, Sylvan Learning Center, Dallas Morning News, Coldwell Banker, Lifeguard Benefit, SouthTrust Bank Mortgage, Texas Nations Title, Viking Office Products (Office Depot) and Farmers Insurance. THE MARKET(1). The property is located at the corner of North Carroll Avenue between State Highway 114 and FM 1709, also known as Southlake Boulevard, in Southlake, Tarrant County, Texas, within the Dallas/Fort Worth MSA. This location is a convenient drive from major areas of the Dallas/Fort Worth metroplex; approximately 14 minutes from the Dallas/Fort Worth Airport; 25 miles from Downtown Dallas; and 30 miles from Downtown Fort Worth. For commercial development, Southlake is strategically located between Dallas/Fort Worth and Alliance Airports, and in close proximity to the regional freeway network. The neighborhood is best characterized as a rapidly growing upscale residential community with supporting retail and institutional activities. Land uses within the neighborhood consist primarily of single-family residential and supporting retail, commercial and institutional development. The majority of the single-family residential development within a one-mile radius of the property may be described as custom homes in the $350,000 and over price range. Demographics within the immediate area indicate a well-populated, highly affluent profile. Within a one-mile radius of the property, population has increased nearly 450% since 1990 and currently reports an average household income of approximately $200,000. Population within a five-mile radius of the property is reported to be over 100,000, with an average household income of $136,035. According to a third party data provider, the property is located in the Northeast Tarrant County submarket, which contained approximately 7.38 million square feet of retail space as of the Second Quarter 2004, with approximately 78,000 square feet under construction. The Second Quarter average occupancy for all retail centers within the submarket was 91.1%, while the average occupancy for regional centers such as the property was considerably higher at 96.7%. The submarket has experienced positive absorption in the recent past with approximately 334,000 square feet absorbed in 2002, 154,180 square feet absorbed in 2003 and 107,269 square feet absorbed in the first half of 2004. According to information compiled by two third party real estate information services, the Southlake Office submarket contained approximately 2.2 million square feet of multi-tenant and single-tenant office space, and approximately 1.1 million square feet of multi-tenant office space as of the Third Quarter 2004, with approximately 7,500 square feet under construction. The Third Quarter average occupancy for all classes of multi-tenant office buildings was 92.6%, while the average occupancy for all classes of single and multi-tenant buildings was higher at 96.3%. The submarket has experienced positive absorption in the recent past with approximately 51,699 square feet absorbed in 2001, 29,367 square feet absorbed in 2002, 51,401 square feet absorbed in 2003 and 13,029 square feet absorbed in the first three quarters of 2004. PROPERTY MANAGEMENT. The property is managed by Cooper & Stebbins, the seller and original developer of the property (as well as the larger Southlake Town Square 130-acre master planned development of which the property is a part). Cooper & Stebbins manages the property through October 31, 2007, at which time an Inland related entity will take over management responsibilities. Cooper & Stebbins has been managing the Southlake Town Square development since 1995. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the Southlake Town Square appraisal dated January 18, 2005. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 60 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SOUTHLAKE TOWN SQUARE ONE LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE % OF BASE LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------- ---------- ---------- ----------- ------------ ------------ ------------- ------------- ------------- ------------ VACANT NA 17,765 4.4% NA NA 17,765 4.4% NA NA 2005 & MTM 22 45,103 11.2 $900,480 10.0% 62,868 15.5% $900,480 10.0% 2006 15 25,961 6.4 506,372 5.6 88,829 22.0% $1,406,852 15.7% 2007 28 68,409 16.9 1,441,108 16.0 157,238 39.0% $2,847,959 31.7% 2008 5 15,477 3.8 312,994 3.5 172,715 42.8% $3,160,953 35.2% 2009 37 96,457 23.9 2,490,994 27.7 269,172 66.7% $5,651,947 62.9% 2010 4 20,137 5.0 453,845 5.1 289,309 71.7% $6,105,792 68.0% 2011 6 29,025 7.2 726,685 8.1 318,334 78.9% $6,832,477 76.1% 2012 8 46,387 11.5 1,098,449 12.2 364,721 90.4% $7,930,926 88.3% 2013 4 15,643 3.9 402,772 4.5 380,364 94.2% $8,333,698 92.8% 2014 5 17,263 4.3 493,606 5.5 397,627 98.5% $8,827,304 98.3% 2015 1 6,000 1.5 156,000 1.7 403,627 100.0% $8,983,304 100.0% AFTER 0 0 0.0 0 0.0 403,627 100.0% $8,983,304 100.0% - ----- --- ------ ----- ---------- ----- ------- ----- ---------- ----- 135 403,627 100.0% $8,983,304 100.0% 61 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SOUTHLAKE TOWN SQUARE ONE [MAP OF SOUTHLAKE TOWN SQUARE ONE OMITTED] 62 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 SOUTHLAKE TOWN SQUARE ONE [FLOOR PLAN OF SOUTHLAKE TOWN SQUARE ONE OMITTED] 63 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 FRANKLIN VILLAGE [PHOTOS OF FRANKLIN VILLAGE OMITTED] 64 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 FRANKLIN VILLAGE MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $43,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $43,500,000 % OF POOL BY IPB: 1.5% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: Cedar-Franklin Village LLC SPONSOR: Cedar Shopping Centers Partnership, L.P. ORIGINATION DATE: 11/01/04 INTEREST RATE: 4.8100% INTEREST ONLY PERIOD: 84 Months MATURITY DATE: 11/01/11 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(49),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Acquisition PROPERTY INFORMATION - ---------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Unanchored SQUARE FOOTAGE: 301,703 LOCATION: Franklin, MA YEAR BUILT/RENOVATED: 1987/2004 OCCUPANCY: 98.3%(1) OCCUPANCY DATE: 10/29/04 NUMBER OF TENANTS: 69 HISTORICAL NOI: 2002: $4,241,155 2003: $4,177,402 TTM AS OF 06/30/04: $4,459,863 UW REVENUES: $6,303,548(2) UW EXPENSES: $1,574,814 UW NOI: $4,728,734(2) UW NET CASH FLOW: $4,434,465(2) APPRAISED VALUE: $70,000,000 APPRAISAL DATE: 09/30/04 1 Includes 20,000 square feet of space currently being renovated by the tenant. 2 Includes unabated rent pursuant to a lease amendment. The current Base Rent per square foot is $12.00. If the related borrower fails to provide evidence of the payment of unabated rent by May 5, 2006, the borrower is required to provide $3,200,000. ESCROWS - ------------------------------------------ ESCROWS/RESERVES: INITIAL MONTHLY ----- ------ TAXES: $29,485 $29,485 INSURANCE: $5,730 $5,730 CAPEX: $2,514 $2,514(3) REQUIRED REPAIRS: $57,438 $0 ENVIRONMENTAL: $0 $0 TILC: $32,000 $32,000(4) OTHER: $0 $0 FINANCIAL INFORMATION - ----------------------------------- CUT-OFF DATE LOAN/SF: $144 CUT-OFF DATE LTV: 62.1% MATURITY DATE LTV: 62.1% UW DSCR: 2.09x 3 Only for so long as the amount in such reserve is less than $250,000. 4 Only for so long as the amount in such reserve is less than $500,000. SIGNIFICANT TENANTS MOODY'S/ SQUARE % OF BASE LEASE TENANT NAME PARENT COMPANY S&P/FITCH(5) FEET GLA RENT PSF EXPIRATION YEAR SALES PSF - ------------------- ---------------------- ------------ --------- ------------ ------------ ----------------- ----------- STOP & SHOP Koninklijke Ahold NV Ba2/BB/BB 75,000(6) 24.9%(6) $12.67(7) 2025 $649 MARSHALLS TJX Companies, Inc. A3/A/NR 26,890 8.9% $9.00 2009 $259 KB TOYS KB Toys, Inc. NR 14,414 4.8% $10.25 2005 NA DRESS BARN Dress Barn, Inc. NR 10,150 3.4% $21.46 2005 $143 GILMORE BENEFITS Gilmore Benefits NR 7,671 2.5% $26.88 2006 NA 5 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 6 Includes approximately 20,000 square feet of space currently being renovated by the tenant. 7 Includes unabated rent pursuant to a lease amendment. The current Base Rent per square foot is $12.00. If the related borrower fails to provide evidence of the payment of unabated rent by May 5, 2006, the borrower is required to provide $3,200,000 of U.S. obligations as additional collateral for the loan. 65 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 FRANKLIN VILLAGE THE LOAN. The Franklin Village Loan is secured by a first mortgage interest in a 301,703 square foot retail center located in Franklin, Massachusetts. THE BORROWER. The borrower is Cedar-Franklin Village LLC, a newly formed special purpose entity controlled by Cedar Shopping Centers, Inc. ("Cedar"), a self-managed real estate investment trust focused on the operation, ownership and redevelopment of community shopping centers located on the eastern seaboard. As of June 30, 2004, Cedar owned 28 properties similar to the property aggregating to approximately 4.3 million square feet, with the majority of these assets located in Pennsylvania, New Jersey, Connecticut and Maryland. Cedar's portfolio maintained an overall occupancy of approximately 84% (though excluding six redevelopment assets occupancy was 95%). Total assets for the company were approximately $414.5 million as of June 30, 2004. In addition, no more than 14% of the loans on the properties in the Cedar portfolio expire in any single year from 2005 through 2013. Finally, only one tenant occupies greater than 1% of portfolio square footage and no more than 8.7% of the base rent with respect to the Cedar portfolio expires in any single year from 2005 through 2014. THE PROPERTY(1). Franklin Village is a 301,703 square foot community shopping center comprised of a 230,697 square foot retail portion and a 71,006 square foot office portion. The property is a major grocery anchored retail center in the town of Franklin with historical occupancy in the high 90% range and a rent roll of 69 tenants. The property is currently anchored by an approximately 55,000 square foot Stop and Shop, which has been in occupancy since 1996 and has maintained sales of approximately $650 per square foot. An approximately 20,000 square foot expansion by Stop and Shop (funded entirely by Stop and Shop) is expected to be completed by October 1, 2005. Inclusive of Stop and Shop's supermarket expansion, the grocer will occupy approximately 25% of the net rentable area and account for 18% of base rental income at the property pursuant to a lease through 2025. Marshall's, a tenant since 1988 and the second largest tenant, occupies approximately 9% of net rentable area and accounts for approximately 5% of the base rental income. Of the remaining tenants, over 60% are nationally recognized retailers, including Dress Barn, Applebee's, Bath & Body Works and Pet Corner. Overall, approximately 50% have been in occupancy since the property's construction in 1986, with each comprising no more than 3% of rentable area or base rental income. The office component has consistently maintained an occupancy rate in the mid 90% range and is comprised of one free standing three-story office building and the second floor of a portion of the retail center. The property is located in Franklin, Massachusetts on approximately 30 acres at the intersection of the Route 495 Beltway (exit 17) and Route 140, and approximately 10 miles from the Route 495 / 95 intersection. The town center of Franklin is located less than 2 miles to the east of the property on Route 140. The property's surrounding area has a traffic count of approximately 35,000 cars per day. THE MARKET(1). The town of Franklin, Massachusetts, is a suburban community located approximately 22 miles southwest of Boston, and 26 miles north of Providence, Rhode Island, in Norfolk County. The five mile radius surrounding the property has an estimated 65,400 residents with a median household income of approximately $77,530 (versus the US average of $45,128) and a 2.4% unemployment rate as of year end 2003. Many residents of Franklin are employed in Boston, which is an approximate 45 minute commute on the local rail service. The subject property is located in the Southwest/Bristol submarket, which had a vacancy rate of approximately 3% in 2003. PROPERTY MANAGEMENT. The property is managed by Calarese Properties, Inc, an affiliate of the borrower. PARTIAL RELEASE. The borrower is allowed to release a specified parcel of the property, comprising approximately 50,000 square feet and partially defease the loan in an amount equal to 125% of the allocated loan amount in connection therewith upon the satisfaction of certain conditions set forth in the loan documents, including (i) a debt service coverage ratio with respect to the remaining portion of the property of not less than the greater of (a) the debt service coverage ratio prior to the release and (b) 1.90x and (ii) the provision of a reasonably satisfactory opinion of counsel with respect to the status of any applicable REMIC after such defeasance and release. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the Franklin Village appraisal dated September 30, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 66 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 FRANKLIN VILLAGE LEASE ROLLOVER SCHEDULE NUMBER SQUARE OF LEASES FEET % OF GLA BASE RENT YEAR EXPIRING EXPIRING(3) EXPIRING(3) EXPIRING(4) - ------------- ----------- ----------- ----------- ------------ VACANT NA 5,273 1.7% NA 2005 & MTM 18 64,976 21.5 $1,210,618 2006 15 38,204 12.7 849,132 2007 8 17,633 5.8 405,881 2008 11 31,406 10.4 748,396 2009 9 46,055 15.3 657,913 2010 1 6,323 2.1 131,202 2011 3 8,408 2.8 181,953 2012 1 2,550 0.8 64,927 2013 2 5,875 1.9 119,467 2014 0 0 0.0 0 2015 0 0 0.0 0 AFTER 1 75,000 24.9 950,000 - ----- -- ------ ----- ---------- 69 301,703 100.0% $5,319,489 % OF BASE CUMULATIVE CUMULATIVE CUMULATIVE CUMULATIVE % RENT SQUARE FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING(4) EXPIRING(3) EXPIRING(3) EXPIRING(4) EXPIRING(4) - ------------- ------------ ------------- ------------- ------------- -------------- VACANT NA 5,273 1.7% NA NA 2005 & MTM 22.7% 70,249 23.3% $1,210,618 22.8% 2006 16.0 108,453 35.9% $2,059,750 38.7% 2007 7.6 126,086 41.8% $2,465,631 46.4% 2008 14.1 157,492 52.2% $3,214,027 60.4% 2009 12.4 203,547 67.5% $3,871,940 72.8% 2010 2.5 209,870 69.6% $4,003,142 75.3% 2011 3.4 218,278 72.3% $4,185,095 78.7% 2012 1.2 220,828 73.2% $4,250,022 79.9% 2013 2.2 226,703 75.1% $4,369,489 82.1% 2014 0.0 226,703 75.1% $4,369,489 82.1% 2015 0.0 226,703 75.1% $4,369,489 82.1% AFTER 17.9 301,703 100.0% $5,319,489 100.0% - ----- ----- ------- ----- ---------- ----- 100.0% 1 Based off UW Rent Roll which was derived from tenant leases. 2 Certain office tenants' rent is on a gross basis. 3 Includes approximately 20,000 square feet of space currently being renovated by the tenant. 4 Includes unabated rent pursuant to a lease amendment. The current Base Rent per square foot is $12.00. If the related borrower fails to provide evidence of the payment of unabated rent by May 5, 2006, the borrower is required to provide $3,200,000 of U.S. obligations as additional collateral for the loan. 67 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 FRANKLIN VILLAGE [MAP OF FRANKLIN VILLAGE OMITTED] 68 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 FRANKLIN VILLAGE [FLOOR PLAN OF FRANKLIN VILLAGE OMITTED] 69 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PRESTON CENTER PAVILION & SQUARE [PHOTO AND MAP OF PRESTON CENTER PAVILION & SQUARE OMITTED] 70 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 PRESTON CENTER PAVILION & SQUARE MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $42,175,000 CUT-OFF DATE PRINCIPAL BALANCE: $42,175,000 % OF POOL BY IPB: 1.5% LOAN SELLER: PNC Bank, National Association BORROWERS: USA Preston Center Pavilion, LP, USA Preston Center Pavilion 2 LP, et al SPONSORS: US Advisors, LLC, Creekstone Properties, LLC ORIGINATION DATE: 12/17/04 INTEREST RATE: 5.2400% INTEREST ONLY PERIOD: 60 Months MATURITY DATE: 01/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 Months REMAINING AMORTIZATION: 360 Months CALL PROTECTION: L(36),Def(80),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NAP LOAN PURPOSE: Acquisition PROPERTY INFORMATION - ----------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 232,666 LOCATION: Dallas, TX YEAR BUILT/RENOVATED: 1952/2002 OCCUPANCY: 88.5% OCCUPANCY DATE: 11/03/04 NUMBER OF TENANTS: 16 HISTORICAL NOI: 2002: $849,033 2003: $2,592,554 TTM AS OF 10/31/04: $3,273,664 AVERAGE OCCUPANCY COSTS(1): 9.10% UW REVENUES: $6,092,314 UW EXPENSES: $2,376,320 UW NOI: $3,715,994 UW NET CASH FLOW: $3,631,534 APPRAISED VALUE: $61,000,000 APPRAISAL DATE: 11/04/04 SIGNIFICANT TENANTS MOODY'S/ SQUARE TENANT NAME PARENT COMPANY S&P/FITCH(2) FEET - --------------------------------- ----------------------- -------------- --------- MARSHALL'S MEGA STORE TJX Companies A3/A/NR 50,023 DSW SHOE WAREHOUSE Retail Ventures, Inc. NR 31,981 ROSS STORES #591 Ross Stores, Inc. NR/BBB/NR 30,752 FITZ AND FLOYD RETAIL OF TEXAS N/A NR 19,154 CVS PHARMACY CVS Corp. A3/A-/A- 11,470 OFFICE DEPOT Office Depot, Inc. Baa3/BBB-/NR 10,000 LEASE % OF BASE RENT EXPIRATION SALES TENANT NAME GLA PSF YEAR FIGURES - --------------------------------- ---------- ------------ ------------ ------------- MARSHALL'S MEGA STORE 21.5% $ 18.00 2012 $8,494,946 DSW SHOE WAREHOUSE 13.7% $ 22.50 2012 $6,236,295 ROSS STORES #591 13.2% $ 17.67 2013 $4,999,045 FITZ AND FLOYD RETAIL OF TEXAS 8.2% $ 11.00 2014 NA CVS PHARMACY 4.9% $ 28.00 2025 NA OFFICE DEPOT 4.3% $ 21.00 2013 NA 1 Based on sales figures for Marshall's Mega Store, DSW Shoe Warehouse and Ross Stores #591. 2 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. PROPERTY AND MARKET THE BORROWER. This property is owned by multiple Texas limited partnership borrowers under a syndicated tenant in common structure. Each borrower owns a percentage interest in the property, has a single-member Delaware limited liability company as its general partner and the tenant in common investor as its sole limited partner. The investor is also the sole member of the related general partner. The sponsors are Creekstone Partners, LLC and U.S. Advisors, LLC. THE PROPERTY. Preston Center Pavilion & Square is a 3-building, 232,666-square foot anchored shopping complex located in central Dallas, Texas. The buildings were originally built in 1952, 1958, 1962 and 1980, but were redeveloped and renovated in 2002. It is anchored by a Marshall's Mega Store, DSW Shoe Warehouse, Ross Dress for Less, CVS Drugs, Fitz & Floyd and Office Depot. Preston Center is located on approximately 4.51 acres generally bounded by Westchester Drive, Luther Lane, Douglas Avenue and Berkshire Lane. It is within a block of both Northwest Highway, a major east-west route through central Dallas and the Dallas North Tollway, a limited access highway extending from downtown Dallas north to Frisco, Texas. THE MARKET(3). Preston Center Pavilion & Square is located in the heart of the Preston Center commercial district of Dallas, an office and retail submarket generally located in the cities of University Park and Highland Park and the adjacent Dallas neighborhoods of Preston Hollow and Bluffview. This commercial district contains approximately three million square feet of office space and approximately 450,000 square feet of retail space, slightly more than half of which retail space is located within the subject property. Preston Center's overall retail submarket is known as Oak Lawn/Park Cities, an area of 88 shopping centers containing four million square feet of retail space. This retail submarket had a first quarter 2004 occupancy rate of 91.7%, nearly 3% higher than the Dallas-Fort Worth metropolitan area. Occupancy in this retail submarket has not dropped below 90% in more than 10 years. In 2003, population within a one-mile radius of the property was 11,386 with a median household income of $122,586. There were 136,831 people within a 3-mile radius with a median household income of $75,755 and 400,208 people within a 5-mile radius with a median household income of $60,930. Rents at Preston Center range from $11-$29 per square foot triple net. Average rent for the six anchor stores is $18.94 per square foot triple net. Average rent for the in-line tenants is $25.87 per square foot. - -------------------------------------------------------------------------------- 3 Certain information was obtained from the Preston Center Pavilion & Square appraisal dated November 4, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 71 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 CORNERSTONE BRANDS DISTRIBUTION CENTER [PHOTO AND MAP OF CORNERSTONE BRANDS DISTRIBUTION CENTER OMITTED] 72 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 CORNERSTONE BRANDS DISTRIBUTION CENTER MORTGAGE LOAN INFORMATION - ----------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $40,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $40,424,836 % OF POOL BY IPB: 1.4% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWERS: Union Venture, LLC, West Chester Venture, LLC, Newtown Holding, LLC, Bradley Cornerstone, LLC, Gurnee Holding, LLC, Henderson Holding, LLC, PS Union, LLC SPONSOR: Sherwin N. Jarol ORIGINATION DATE: 01/13/05 INTEREST RATE: 5.5400% INTEREST ONLY PERIOD: NA MATURITY DATE: 02/01/13 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 300 Months REMAINING AMORTIZATION: 299 Months CALL PROTECTION: L(24),Def(68),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Acquisition PROPERTY INFORMATION - ------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single TITLE: Fee PROPERTY TYPE: Industrial -- Warehouse/Distribution SQUARE FOOTAGE: 970,168 LOCATION: West Chester, OH YEAR BUILT/RENOVATED: 1999 OCCUPANCY: 100.0% OCCUPANCY DATE: 03/01/05 NUMBER OF TENANTS: 1 HISTORICAL NOI: 2002: $4,972,243 2003: $5,065,338 TTM AS OF 10/31/04: $5,172,144 UW REVENUES: $7,548,230 UW EXPENSES: $2,679,955 UW NOI: $4,868,275 UW NET CASH FLOW: $4,433,307 APPRAISED VALUE: $54,000,000 APPRAISAL DATE: 11/23/04 TENANT LEASE MOODY'S/ BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(1) SQUARE FEET % OF GLA PSF YEAR - -------------- -------------------------- ------------ -------------- ----------- ------------ ----------- CORNERSTONE Cornerstone Brands, Inc. NR 970,168 100.0% $5.44 2012 1 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. PROPERTY AND MARKET THE BORROWER. The borrower is composed of 7 tenants-in-common ("TIC"). The largest ownership interest is held by Union Venture, LLC, a special purpose entity managed by Bradley Associates, LLC, with Sherwin Jarol as the main principal. Sherwin Jarol is the managing member of Bradley Associates, LLC and 5 of the 7 TICs. Bradley Associates, LLC has acquired over 90 properties nationwide, which represent approximately 14 million square feet of industrial, office and retail space and market value exceeding $600 million. Sherwin Jerol has been in the real estate industry for over 25 years and has extensive experience in real estate finance, acquisition and management. THE PROPERTY. Cornerstone Brands Distribution Center is a Class A one-story distribution facility located on 57.3 acres in the Cincinnati metropolitan statistical area of West Chester, Ohio. The property was built in 1999 for Cornerstone Brands, Inc., and is an order fulfillment facility serving as the consolidated distribution center for all six of Cornerstone's catalog brands. It also includes a call center, retail outlet and the corporate headquarters. The property is located within the West Chester commercial distribution complex area and therefore has access to Interstates 71, 75, and 275. The regional highway network provides the property with access to every major market in the nation, including Cincinnati and Dayton, Ohio. Rent at Cornerstone Brands Distribution is approximately $5.44 per square foot. THE MARKET(2). Cornerstone Brands Distribution Center is located in the northern sub-market of Cincinnati, Ohio. As of 2003, the population within a 3 mile radius of the property was approximately 38,122, with an average household income of approximately $86,619. There are approximately 1,244 buildings totaling approximately 62,954,487 square feet of industrial building inventory in the submarket, with a vacancy rate of approximately 11.7%. Submarket bulk warehouse rent ranges from approximately $2.70 per square foot to approximately $3.00 per square foot triple net. Rents for smaller warehouse space in the submarket ranges from approximately $3.00 per square foot to approximately $3.50 per square foot. Rents for comparable properties ranged from approximately $2.62 per square foot to approximately $3.40 per square foot triple net. - -------------------------------------------------------------------------------- 2 Certain information was obtained from the Cornerstone Brands Distribution Center appraisal dated November 23, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 73 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 400 6TH STREET S.W. [PHOTO AND MAP OF 400 6TH STREET S.W. OMITTED] 74 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 400 6TH STREET S.W. MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $38,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $38,000,000 % OF POOL BY IPB: 1.3% LOAN SELLER: LaSalle Bank National Association BORROWER: Columbia Funding Corp. SPONSOR: NA ORIGINATION DATE: 01/12/05 INTEREST RATE: 4.7930% INTEREST ONLY PERIOD: 60 Months ARD DATE: 02/01/10 MATURITY DATE: 02/01/35 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(24),Def(33),O(2) CROSS-COLLATERALIZATION: No LOCK BOX: Cash Management Agreement ADDITIONAL DEBT: Yes ADDITIONAL DEBT TYPE: Four subordinate unsecured promissory notes totaling $7.98 million LOAN PURPOSE: Acquisition PROPERTY INFORMATION - --------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 128,723 LOCATION: Washington, DC YEAR BUILT/RENOVATED: 1967/1999 OCCUPANCY: 100.0% OCCUPANCY DATE: 03/01/05 NUMBER OF TENANTS: 1 HISTORICAL NOI: 2002: NA 2003: NA TTM AS OF 10/31/04: $3,364,489 UW REVENUES: $5,172,184 UW EXPENSES: $1,617,100 UW NOI: $3,555,084 UW NET CASH FLOW: $3,375,672 APPRAISED VALUE: $48,000,000 APPRAISAL DATE: 11/03/04 SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(1) FEET % OF GLA PSF YEAR - ----------------------- ---------------------- ------------ ---------- ------------ ------------- ----------- DISTRICT OF COLUMBIA District of Columbia A2/A-/A- 128,723 100.0% $ 33.52 2010 1 Ratings provided are based on general obligation bonds. PROPERTY AND MARKET THE BORROWER. The borrowing entity for the transaction is Columbia Funding Corp., which master leases the property to Columbia Building Company. Columbia Building Company will be 100% controlled by The Securities House K.S.C.C. ("Securities House"). Securities House will control the master lessee and its Cayman-based shareholder entities through contractual/asset administration agreements. Securities House will syndicate up to 90% of its beneficial ownership to its investor clients. Securities House has retained Arch Street Capital Advisors, L.L.C. ("Arch Street") as its asset manager and owner's representative in the United States. The principal of Arch Street, Craig Friedman, will be directly involved with the property's asset management. Arch Street is a real estate investment firm that currently manages over $1 billion in United States real estate assets on behalf of foreign real estate clients. THE PROPERTY. The property serves as the headquarters for the Child and Family Services Agency (CFSA) and features underground parking in a two-level garage accommodating 219 vehicles. The CFSA has over 900 employees and serves nearly 7,000 abused and neglected children in the District of Columbia. The agency is currently operating with an annual budget of $208 million and an annual projected 2005 budget of $236 million. Additionally, the tenant's operating budget has increased by an average of 14% per year for the past five years. The building, constructed in 1967, underwent a full base building renovation in 1999, which included upgrades to the building's HVAC systems, enhancements to the first-floor exterior, and complete upgrade of the interior buildout. THE MARKET(2). According to the report of a third party market data service, the District of Columbia office market currently contains approximately 87.6 million square feet of space in 554 buildings and is divided among seven submarkets. The Southwest submarket (the property's submarket) contains over 7.6 million square feet of space or 8.7% of the area's total inventory. The Fourth Quarter 2004 vacancy rate for the Southwest submarket was 1.5%. The appraiser, CBRE, identified six comparables in the market with effective rents ranging from $30.84 to $38.94. Rent at the property is $33.52 which is within the market rental range. - -------------------------------------------------------------------------------- 2 Certain information was obtained from the 400 6th Street S.W. appraisal dated November 3, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 75 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 ON THE AVENUE [PHOTO AND MAP OF ON THE AVENUE OMITTED] 76 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 ON THE AVENUE MORTGAGE LOAN INFORMATION - --------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $37,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $37,205,506 % OF POOL BY IPB: 1.3% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: 2170-2178 Broadway, LLC SPONSORS: Kevin P. Maloney, Ziel Feldman ORIGINATION DATE: 09/30/04 INTEREST RATE: 5.3750% INTEREST ONLY PERIOD: NA MATURITY DATE: 10/01/09 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 300 Months REMAINING AMORTIZATION: 295 Months CALL PROTECTION: L(24),Def(28),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Refinance PROPERTY INFORMATION - ------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Hotel -- Limited Service ROOMS: 267 LOCATION: New York, NY YEAR BUILT/RENOVATED: 1912/2003 OCCUPANCY: 77.0% OCCUPANCY DATE: 07/31/04 HISTORICAL NOI: 2002: $3,278,876 2003: $4,196,285 TTM AS OF 07/31/04: $5,446,599 UW REVENUES: $12,860,131 UW EXPENSES: $1,002,014 UW NOI: $5,742,696 UW NET CASH FLOW: $5,228,291 APPRAISED VALUE: $60,300,000 APPRAISAL DATE: 09/01/04 BORROWER, PROPERTY, MARKET AND PROPERTY MANAGEMENT THE BORROWER. The borrower is 2170-2178 Broadway Owner, LLC, a newly formed special purpose entity sponsored by Kevin P. Maloney and Ziel Feldman. Mr. Maloney and Mr. Feldman have over 20 years of experience in the real estate industry including the active management of two other New York City hotels, significant multifamily holdings and warehouse space in the metropolitan area. THE PROPERTY. On the Avenue Hotel consists of 358 rooms, 267 of which are newly renovated hotel guest rooms, while the remaining 91 currently operate as Single Room Occupancy ("SRO") units with 51 being currently occupied. The hotel is located at the intersection of Broadway and 77th Street on Manhattan's Upper West Side. The 267 guest rooms have new soft goods, marble bathrooms and layouts designed to take advantage of the views of Manhattan's Upper West Side. The 91 SRO units, which are currently part of the collateral (though generating minimal income), are in the process of being converted into guest rooms. The ground floor is currently 100% occupied by four retail tenants. The area surrounding On The Avenue is home to Columbia University and Lincoln Center and has a dense residential population. In addition, a number of media companies are headquartered in the immediate vicinity. THE MARKET(1). A reduction in the inventory of moderately priced hotels on the Upper West Side has occurred due to the closing of the 381-unit Empire Hotel, located on West 63rd Street near Lincoln Center in December 2003 and the closing of the 365-room Mayflower Hotel on Central Park West at 61st Street in October 2004. Market reports projected that revenue per available room would increase in 2004 by 18.9% compared to 2003. This projected increase was due to a projected 9.1% increase in occupancy combined with a 9% rise in the average daily room rate. The property has performed in line with the market throughout the past few years with occupancy rates in the mid 70% range and average daily rates of approximately $150. PROPERTY MANAGEMENT. On The Avenue is managed by Citilife Hotels, LLC., which is owned by Property Markets Group (PMG) which has significant experience in the residential, lodging and warehouse sectors. - -------------------------------------------------------------------------------- 1 Certain information was obtained from the On The Avenue appraisal dated September 1, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 77 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 GATEWAY PAVILION [PHOTOS AND MAP OF GATEWAY PAVILION OMITTED] 78 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP1 GATEWAY PAVILION MORTGAGE LOAN INFORMATION - ------------------------------------------------------------------------ ORIGINAL PRINCIPAL BALANCE: $35,842,000 CUT-OFF DATE PRINCIPAL BALANCE: $35,842,000 % OF POOL BY IPB: 1.2% LOAN SELLER: LaSalle Bank National Association BORROWER: Inland Western Avondale McDowell, L.L.C. SPONSORS: Inland Western Retail Real Estate Trust, Inc and Inland Western Avondale McDowell, L.L.C ORIGINATION DATE: 12/30/04 INTEREST RATE: 4.6700% INTEREST ONLY PERIOD: 60 Months MATURITY DATE: 01/01/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: NA REMAINING AMORTIZATION: NA CALL PROTECTION: L(21),Grtr1%or YM(33),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: NA LOAN PURPOSE: Acquisition(1) PROPERTY INFORMATION - ------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 273,610(2) LOCATION: Avondale, AZ YEAR BUILT/RENOVATED: 2004 OCCUPANCY: 97.1% OCCUPANCY DATE: NUMBER OF TENANTS: 41 HISTORICAL NOI: NA UW REVENUES: $5,518,705 UW EXPENSES: $1,393,008 UW NOI: $4,125,698 UW NET CASH FLOW: $3,916,524 APPRAISED VALUE: $62,000,000 APPRAISAL DATE: 08/28/04 SIGNIFICANT TENANTS LEASE MOODY'S/ BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(3) SQUARE FEET % OF GLA(2) PSF YEAR - -------------------- --------------------------- ------------ -------------- ------------ ------------ ----------- SPORTS AUTHORITY Sports Authority NR 35,700 13.1% $11.50 2014 MOR FURNITURE Mor Furniture NR 35,000 12.8% $9.90 2014 CIRCUIT CITY Circuit City Stores, Inc. NR 32,500 11.9% $13.08 2019 MARSHALL'S TJX Companies, Inc. A3/A/NR 28,150 10.3% $9.50 2013 BED BATH & BEYOND Bed Bath & Beyond, Inc. NR/BBB/NR 25,063 9.2% $11.00 2014 1 Borrower acquired the property on December 7, 2004 with its own funds and the loan proceeds were used as an equity recapture. 2 Does not include the improvements totaling 28,300 square feet owned and occupied by McDonald's, Krispy Kreme, Paul Lee's Chinese, Red Robin and Carrabbas. 3 Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. PROPERTY AND MARKET THE PROPERTY. Gateway Pavilion is a 273,610 square foot power center located in Avondale (Phoenix), Arizona. Anchors at the property include: Sports Authority (13.1% of space, 8.9% of income), Mor Furniture (12.8% of space, 7.5% of income), Circuit City (11.9% of space, 9.2% of income), Marshall's (10.3% of space, 5.8% of income), Bed, Bath & Beyond (9.2% of space, 6.0% of income), Borders Books (7.3% of space, 5.3% of income) and Petco (5.4% of space, 5.3% of income). In addition, the property is shadow anchored by Costco and Harkins Theater. Construction at the property was recently completed. THE BORROWER. Inland Western Avondale McDowell, L.L.C., is a single member Delaware limited liability company that is owned 100% by Inland Western Retail Real Estate Trust, Inc. (the "REIT"). The REIT was formed in March of 2003, as a Maryland corporation created to acquire and manage a diversified portfolio of real estate, primarily multi-tenant shopping centers. It is structured as a traditional REIT with no operating partnership. The REIT's goal is to purchase properties principally west of the Mississippi River and evaluate potential acquisition opportunities of properties east of the Mississippi River on a property by property basis, taking into consideration investment objectives and available funds. As of September 30, 2004 the Company had $2.67 billion in assets (at cost) including 68 properties. THE MARKET(4). According to the appraiser, Walden-Marling, Inc., Gateway Pavilion is located in the West/Southwest submarket of Phoenix. The West/Southwest submarket contains approximately 12.6 million square feet and a vacancy of 8.0%. However, the five direct comparables identified by the subject report 98.4% occupancy. According to the the report of a third party market data service, the average asking lease rate for Neighborhood/Community centers in Phoenix is $16.43 per square foot. The five properties identified by the appraiser as direct comparables reported rents ranging from $19.00 per square foot to $30.00 per square foot, with contract rates of $15.00 per square foot to $30.00 per square foot. Rents at the property range from $9.50 per square foot to $31.53 per square foot, with an average of $15.06 per square foot. Based on the market comparables provided and the property's 97.1% lease-up, rents at the property are considered to be at market levels. - -------------------------------------------------------------------------------- 4 Certain information was obtained from the Gateway Pavilion appraisal dated August 28, 2004. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 79 of 79 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN ONE OR MORE SUBSEQUENT TERM SHEETS AND, ULTIMATELY, BY THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE.