SUBJECT TO COMPLETION, DATED MAY 25, 2005 JPMCC 2005-LDP2 - -------------------------------------------------------------------------------- STRUCTURAL AND COLLATERAL TERM SHEET - -------------------------------------------------------------------------------- $2,194,459,000 (Approximate) J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-LDP2 -------------------------- JPMORGAN CHASE BANK, N.A. NOMURA CREDIT & CAPITAL, INC. EUROHYPO AG, NEW YORK BRANCH LASALLE BANK NATIONAL ASSOCIATION ARTESIA MORTGAGE CAPITAL CORPORATION Mortgage Loan Sellers JPMORGAN ABN AMRO INCORPORATED NOMURA DEUTSCHE BANK SECURITIES The analysis in this report is based on information provided by JPMorgan Chase Bank, N.A., Nomura Credit & Capital, Inc., Eurohypo AG, New York Branch, LaSalle Bank National Association and Artesia Mortgage Capital Corporation (the "Sellers"). The information contained herein is qualified in its entirety by the information in the prospectus and prospectus supplement for this transaction. The information contained herein is preliminary as of the date hereof, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus and prospectus supplement relating to the securities and any other information subsequently filed with the Securities and Exchange Commission. These materials are subject to change, completion or amendment from time to time. Any investment decision with respect to the securities should be made by you based solely upon the information contained in the final 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 these 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 issuer and the Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials' appropriateness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. 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 and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of J.P. Morgan Securities Inc., ABN AMRO Incorporated, Nomura Securities International, Inc. and Deutsche Bank Securities Inc. (the "Underwriters") or any of their affiliates makes any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. THIS 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 IN CONNECTION WITH THE PROPOSED TRANSACTION. STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2005-LDP2 - -------------------------------------------------------------------------------- KEY FEATURES - -------------------------------------------------------------------------------- CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Sole Bookrunner) ABN AMRO Incorporated Nomura Securities International, Inc. CO-MANAGER: Deutsche Bank Securities Inc. MORTGAGE LOAN SELLERS: JPMorgan Chase Bank, N.A. (41.9%) Nomura Credit & Capital, Inc. (18.5%) Eurohypo AG, New York Branch (17.0%) LaSalle Bank National Association (12.5%) Artesia Mortgage Capital Corporation (10.0%) MASTER SERVICER: Wachovia Bank, National Association SPECIAL SERVICER: LNR Partners, 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 June 7, 2005 CLOSING DATE: On or about June 22, 2005 CUT-OFF DATE: With respect to each mortgage loan, the related due date of such mortgage loan in June 2005, or, with respect to those loans that were originated in May 2005 and have their first payment date in July 2005, June 1, 2005. DISTRIBUTION DATE: 15th of each month, or if the 15th day is not a business day, on the next succeeding business day, beginning in July 2005 PAYMENT DELAY: 14 days TAX STATUS: REMIC ERISA CONSIDERATIONS: It is expected that the Offered Certificates will be ERISA eligible. OPTIONAL TERMINATION: 1.0% (Clean-up Call) MINIMUM DENOMINATIONS: $10,000 SETTLEMENT TERMS: DTC, Euroclear and Clearstream Banking - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS - -------------------------------------------------------------------------------- <TABLE> COLLATERAL CHARACTERISTICS ALL MORTGAGE LOANS LOAN GROUP 1 LOAN GROUP 2 - -------------------------- ------------------ ------------ ------------ INITIAL POOL BALANCE (IPB): $3,003,118,799 $2,434,711,755 $ 568,407,044 NUMBER OF MORTGAGE LOANS: 297 236 61 NUMBER OF MORTGAGED PROPERTIES: 305 244 61 AVERAGE CUT-OFF DATE BALANCE PER MORTGAGE LOAN: $10,111,511 $10,316,575 $9,318,148 AVERAGE CUT-OFF DATE BALANCE PER MORTGAGED PROPERTY: $9,846,291 $9,978,327 $9,318,148 WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.3824 5.3805 5.3908 WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.59x 1.54x 1.79x WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV): 72.2% 71.1% 76.7% WEIGHTED AVERAGE MATURITY DATE LTV(1,2): 64.8% 63.2% 71.4% WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(2): 106 109 95 WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(3): 353 352 355 WEIGHTED AVERAGE SEASONING (MONTHS): 1 1 1 10 LARGEST MORTGAGE LOANS AS% OF IPB: 25.4% 29.4% 7.9% % OF MORTGAGE LOANS WITH ADDITIONAL DEBT: 12.7% 6.4% 39.5% % OF MORTGAGE LOANS WITH SINGLE TENANTS: 15.5% 19.1% 0.0% </TABLE> - ------------ (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 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- APPROXIMATE SECURITIES STRUCTURE - -------------------------------------------------------------------------------- PUBLICLY OFFERED CLASSES - ------------------------ <TABLE> - --------------------------------------------------------------------------------------------------------------- EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S/FITCH/S&P) OR NOTIONAL AMOUNT(1) (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3) - --------------------------------------------------------------------------------------------------------------- A-1 Aaa/AAA/AAA $ 99,580,000 30.000% 2.65 7/05 - 1/10 A-2 Aaa/AAA/AAA $ 257,128,000 30.000% 4.91 2/10 - 6/10 A-3 Aaa/AAA/AAA $ 459,286,000 30.000% 6.97 5/11 - 5/13 A-4 Aaa/AAA/AAA $ 562,550,000 30.000% 9.81 12/14 - 5/15 A-SB Aaa/AAA/AAA $ 155,232,000 30.000% 7.01 1/10 - 12/14 A-M Aaa/AAA/AAA $ 300,311,000 20.000% 9.90 5/15 - 5/15 A-J Aaa/AAA/AAA $ 117,726,000 12.750% 9.98 5/15 - 6/15 A-JFL Aaa/AAA/AAA $ 100,000,000 12.750% 9.98 5/15 - 6/15 X-2 Aaa/AAA/AAA $2,933,023,000 N/A N/A N/A B Aa1/AA+/AA+ $ 18,769,000 12.125% 9.98 6/15 - 6/15 C Aa2/AA/AA $ 41,292,000 10.750% 9.98 6/15 - 6/15 D Aa3/AA--/AA-- $ 26,277,000 9.875% 9.98 6/15 - 6/15 E A1/A+/A+ $ 26,277,000 9.000% 9.98 6/15 - 6/15 F A2/A/A $ 30,031,000 8.000% 9.98 6/15 - 6/15 - --------------------------------------------------------------------------------------------------------------- </TABLE> PRIVATELY OFFERED CLASSES - ------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------- EXPECTED RATINGS APPROXIMATE FACE CREDIT SUPPORT EXPECTED WEIGHTED EXPECTED PAYMENT CLASS (MOODY'S/FITCH/S&P) OR NOTIONALAMOUNT(1) (% OF BALANCE)(2) AVG. LIFE (YEARS)(3) WINDOW(3) - ---------------------------------------------------------------------------------------------------------------------- X-1 Aaa/AAA/AAA $3,003,118,799 N/A N/A N/A A-1A Aaa/AAA/AAA $ 568,407,000 30.000% N/A N/A G A3/A--/A-- $ 26,277,000 7.125% N/A N/A H Baa1/BBB+/BBB+ $ 45,046,000 5.625% N/A N/A J Baa2/BBB/BBB $ 30,031,000 4.625% N/A N/A K Baa3/BBB--/BBB-- $ 37,538,000 3.375% N/A N/A L Ba1/BB+/BB+ $ 11,261,000 3.000% N/A N/A M Ba2/BB/BB $ 15,015,000 2.500% N/A N/A N Ba3/BB--/BB-- $ 11,261,000 2.125% N/A N/A O B1/B+/B+ $ 7,507,000 1.875% N/A N/A P B2/B/B $ 7,507,000 1.625% N/A N/A Q B3/B--/B-- $ 11,261,000 1.250% N/A N/A NR NR/NR/NR $ 37,548,799 N/A N/A N/A - ---------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Approximate, subject to a permitted variance of plus or minus 10%. (2) The credit support percentages set forth for Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A certificates are represented in the aggregate. The credit support percentages set forth for Class A-J and Class A-JFL certificates are represented in the aggregate. (3) 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, as applicable, and (c) no excess interest is generated on the mortgage loans. 3 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STRUCTURAL OVERVIEW - -------------------------------------------------------------------------------- o For the purposes of making distributions to the Class A-1, A-2, A-3, A-4, A-SB 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-4 and A-SB 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-4, A-SB and A-1A Certificates (pro rata to the Class A-1, A-2, A-3, A-4 and A-SB 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-M Certificates, and then, after payment of the principal distribution amount to such Class, to the Class A-J Certificates and Class A-JFL Regular Interest (and the fixed interest payment on the Class A-JFL Regular Interest will be converted under a swap contract to a floating interest payment to the Class A-JFL Certificates as described in the prospectus supplement), pro rata, and then, after payment of the principal distribution amount to such Classes (pro rata), interest will be paid sequentially to the Class B, C, D, E, F, G, H, J, K, L, M, N, O, P, Q and NR Certificates. o The pass-through rates on the Class A-4, Class A-SB, Class A-M, Class A-1A, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q and Class NR 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, provided, that interest payments made under the swap contract are subject to reduction as described in the prospectus supplement. The initial LIBOR rate will be determined 2 LIBOR business days prior to the Closing Date and subsequent LIBOR rates will be determined 2 LIBOR 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, 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. - ------------------------------------------------------------------------------- 4 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STRUCTURAL OVERVIEW - -------------------------------------------------------------------------------- o Generally, the Class A-1, A-2, A-3, A-4 and A-SB 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 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 and A-SB Certificates have been reduced to zero. However, on any distribution date on which the certificate balances of the Class A-M 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-4, A-SB 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-4, A-SB and A-1A Certificates have been reduced to zero, principal payments will be paid to the Class A-M Certificates, until the certificate balance for such class has been reduced to zero and then to the Class A-J and A-JFL Certificates, pro rata, and then sequentially to the Class B, C, D, E, F, G, H, J, K, L, M, N, O, P, Q 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, then to the Class A-M Certificates and then, pro rata, to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-1A Certificates (without regard to loan group or the Class A-SB planned principal balance). 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 (other than the Class A-JFL Certificates and the Class X-2 Certificates) and the A-JFL Regular Interest and the Class A-1A, G, H, J and K Certificates in the following manner: the holders of each class of offered certificates (other than the Class A-JFL Certificates and the Class X-2 Certificates) and the A-JFL Regular Interest and the Class A-1A, G, H, J and K 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-4, A-SB 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). Any Yield Maintenance Charges payable to the A-JFL Regular Interest will be paid to the Swap Counterparty. <TABLE> Group Principal Paid to Class (Pass-Through Rate on Class -- Discount Rate) YM x ----------------------------- x --------------------------------------------- Charge Group Total Principal Paid (Mortgage Rate on Loan -- Discount Rate) </TABLE> 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. - ------------------------------------------------------------------------------- 5 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUT-OFF DATE PRINCIPAL BALANCE - -------------------------------------------------------------------------------- NUMBER RANGE OF PRINCIPAL OF MORTGAGE PRINCIPAL % OF WA WA UW BALANCES LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- $825,000 - $2,999,999 88 $175,198,772 5.8% 70.0% 1.46x $3,000,000 - $3,999,999 35 121,933,431 4.1 67.1% 3.37x $4,000,000 - $4,999,999 18 79,823,797 2.7 66.8% 1.57x $5,000,000 - $6,999,999 33 196,527,778 6.5 72.5% 1.45x $7,000,000 - $9,999,999 35 287,294,780 9.6 70.4% 1.58x $10,000,000 - $14,999,999 34 416,362,868 13.9 74.4% 1.44x $15,000,000 - $24,999,999 32 610,823,071 20.3 72.6% 1.50x $25,000,000 - $49,999,999 14 452,573,773 15.1 75.1% 1.45x $50,000,000 - $125,000,000 8 662,580,529 22.1 71.3% 1.62x - ---------------------------- -- -------------- ----- ---- ---- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - ---------------------------- --- -------------- ----- ---- ---- AVERAGE BALANCE PER LOAN: $ 10,111,511 AVERAGE BALANCE PER PROPERTY: $ 9,846,291 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- RANGE OF MORTGAGE INTEREST RATES - -------------------------------------------------------------------------------- NUMBER RANGE OF MORTGAGE OF MORTGAGE PRINCIPAL % OF WA WA UW INTEREST RATES LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 4.4600% - 4.9999% 17 $262,139,387 8.7% 54.7% 2.51x 5.0000% - 5.4999% 136 1,756,871,291 58.5 73.2% 1.58x 5.5000% - 5.9999% 133 918,476,749 30.6 75.2% 1.38x 6.0000% - 6.4999% 10 64,582,045 2.2 73.2% 1.22x 6.5000% - 6.9200% 1 1,049,327 0 70.0% 1.45x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- WA INTEREST RATE: 5.3824% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ORIGINAL TERMS TO MATURITY IN MONTHS/ARD IN MONTHS - -------------------------------------------------------------------------------- NUMBER RANGE OF ORIGINAL OF MORTGAGE PRINCIPAL % OF WA WA UW TERMS TO MATURITY LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 57 - 60 23 $331,770,294 11.0% 62.0% 2.15x 61 - 84 35 651,507,829 21.7 75.5% 1.49x 85 - 120 218 1,861,153,605 62.0 72.9% 1.55x 121 - 240 21 158,687,071 5.3 71.2% 1.31x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- WA ORIGINAL LOAN TERM: 107 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GEOGRAPHIC DISTRIBUTION(1) - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW STATES PROPERTIES BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- TEXAS 48 $352,142,494 11.7% 73.9% 1.51x CALIFORNIA 25 326,396,798 10.9 65.7% 1.62x Southern California 18 244,496,584 21.9 69.4% 1.47x Northern California 7 81,900,214 2.7 54.6% 2.05x FLORIDA 22 267,773,916 8.9 72.7% 1.62x NEW YORK 12 214,800,720 7.2 74.1% 2.49x OTHER 198 1,842,004,871 61.3 72.7% 1.49x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 305 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF UW DSCRS LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 1.07x - 1.19x 5 $97,738,038 3.3% 78.4% 1.13x 1.20x - 1.29x 82 781,312,629 26.0 76.1% 1.24x 1.30x - 1.39x 73 770,742,026 25.7 75.6% 1.34x 1.40x - 1.49x 46 346,891,286 11.6 73.8% 1.45x 1.50x - 1.69x 44 529,299,466 17.6 74.6% 1.56x 1.70x - 1.99x 19 112,369,165 3.7 63.2% 1.76x 2.00x - 3.42x 27 361,766,190 12.0 52.9% 2.50x 79.41x 1 3,000,000 0.1 1.4% 79.41x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- WA UW DSCR: 1.59x - -------------------------------------------------------------------------------- (1) Calculated with respect to the respective anticipated repayment date for the ARD loans. - -------------------------------------------------------------------------------- REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS - -------------------------------------------------------------------------------- NUMBER RANGE OF REMAINING TERMS OF MORTGAGE PRINCIPAL % OF WA WA UW TO MATURITY LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 54 - 60 23 $ 331,770,294 11.0% 62.0% 2.15x 61 - 84 35 651,507,829 21.7 75.5% 1.49x 85 - 120 218 1,861,153,605 62.0 72.9% 1.55x 121 - 239 21 158,687,071 5.3 71.2% 1.31x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- WA REMAINING TERM: 106 - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------- PROPERTY TYPE DISTRIBUTION(1) - --------------------------------------------------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTC DSCR - --------------------------------------------------------------------------------------------------------------------------- RETAIL Anchored 57 $ 678,495,167 22.6% 67.7% 1.79x Shadow Anchored 29 161,380,156 5.4 75.2% 1.37x Unanchored 31 118,935,588 4.0 70.2% 1.45x Regional Mall 1 90,000,000 3.0 78.3% 1.50x Subtotal 118 $1,048,810,911 34.9% 70.1% 1.66x - -------------------------------------------------------------------------------------------------------------------------- OFFICE Suburban 54 $ 770,665,469 25.7% 73.4% 1.42x CBD 15 270,392,561 9.0 66.7% 1.57x Subtotal 69 $1,041,058,030 34.7% 71.7% 1.45x - -------------------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 69 $ 51,228,769 1.7% 74.1% 1.36x - -------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 67 $ 625,517,499 20.8% 77.4% 1.39x Mid/High Rise 6 13,747,742 0.5 67.4% 1.48x Coop 1 3,000,000 0.1 1.4% 79.41x Subtotal 74 $ 642,265,241 21.4% 76.9% 1.75x - -------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL Flex 13 $ 108,616,663 3.6% 70.0% 1.44x Warehouse/Distribution 3 54,240,216 1.8 73.6% 1.50x Subtotal 16 $ 162,856,878 5.4% 71.2% 1.46x - -------------------------------------------------------------------------------------------------------------------------- SELF STORAGE Self Storage 15 $ 42,162,733 1.4% 67.6% 1.49x - -------------------------------------------------------------------------------------------------------------------------- HOTEL Limited Service 2 $ 8,086,237 0.3% 68.0% 1.60x Full Serice 1 6,650,000 0.2 70.4% 1.69x Subtotal 3 $ 14,736,237 0.5% 69.1% 1.64x - -------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 305 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Because this table is presented at the Mortgaged Property level, certain information is based on allocated loan amounts for mortgage loans secured by more than one Mortgaged Property. As a result, the weighted averages in this table may deviate slightly from weighted averages presented at the mortgage loan level in other tables in the prospectus supplement. (2) Includes 1 mortgage loan which represents approximately 0.1% of the initial pool balance as of the cut-off date. This mortgage loan is secured by residential cooperative properties and has a cut-off date loan-to-value ratio of 1.4% and a debt service coverage ratio of 79.4x. Excluding this mortgage loan, the pool of mortgage loans has a weighted average cut-off date loan-to-value ratio of 72.2% and a weighted average debt service coverage ratio of 1.51x. 6 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------- NUMBER RANGE OF ORIGINAL OF MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZATION TERMS LOANS BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- 162 - 180 4 $ 15,588,143 0.7% 46.1% 1.44x 181 - 240 17 65,439,191 2.9 64.0% 1.31x 241 - 300 20 79,518,165 3.5 67.0% 1.49x 301 - 330 1 12,500,000 0.6 79.1% 1.24x 331 - 360 212 2,098,050,276 92.4 74.6% 1.37x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 254 $2,271,095,775 100.0% 73.8% 1.38x - -------------------------------------------------------------------------------- WA ORIGINAL AMORT TERM: 353 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LTV RATIOS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF CUT-OFF LTVS LOANS BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- 1.4% - 24.9% 1 $ 3,000,000 0.1% 1.4% 79.41x 25.0% - 49.9% 15 106,011,984 3.5 46.9% 2.32x 50.0% - 59.9% 26 306,825,975 10.2 54.7% 2.37x 60.0% - 64.9% 17 137,178,527 4.6 63.1% 1.65x 65.0% - 69.9% 49 326,630,401 10.9 68.3% 1.38x 70.0% - 74.9% 69 499,137,497 16.6 72.3% 1.39x 75.0% - 80.0% 117 1,546,816,690 51.5 78.6% 1.36x 80.1% - 83.6 3 77,517,725 2.6 82.2% 1.17x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- WA CUT-OFF DATE LTV RATIO: 72.2% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- AMORTIZATION TYPES - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZED TYPES LOANS BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- PARTIAL INTEREST-ONLY 71 $1,185,954,800 39.5% 74.7% 1.34x BALLOON LOANS(2, 3) 174 1,054,528,256 35.1 73.3% 1.41x INTEREST ONLY(4) 43 732,023,024 24.4 67.0% 2.26x - -------------------------------------------------------------------------------- SUBTOTAL 288 $2,972,506,080 99.0% 72.2% 1.59x - -------------------------------------------------------------------------------- FULLY AMORTIZING 9 30,612,719 1.0 57.9% 1.32x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CURRENT OCCUPANCY RATES(6) - -------------------------------------------------------------------------------- NUMBER RANGE OF CURRENT OF MORTGAGED PRINCIPAL % OF WA WA UW OCCUPANCY RATES PROPERTIES BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- 59.3 - 70.0 4 $ 97,395,407 3.3% 77.2% 1.35x 70.1 - 80.0 9 88,865,108 3.0 75.1% 1.39x 80.1 - 90.0 45 837,383,216 18.0 70.8% 1.61x 90.1 - 95.0 58 719,940,959 24.1 72.0% 1.59x 95.1 - 100.0 186 1,544,797,872 51.7 72.3% 1.61x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 302 $2,988,382,562 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REMAINING AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------- NUMBER RANGE OF REMAINING OF MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZATION TERMS LOANS BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- 161 - 180 4 $ 15,588,143 0.7% 46.1% 1.44x 181 - 240 17 65,439,191 2.9 64.0% 1.31x 241 - 300 20 79,518,165 3.5 67.0% 1.49x 301 - 330 1 12,500,000 0.6 79.1% 1.24x 331 - 360 212 2,098,050,276 92.4 74.6% 1.37x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 254 $2,271,095,775 100.0% 73.8% 1.38x - -------------------------------------------------------------------------------- WA REMAINING AMORT TERM: 352 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LTV RATIOS AS OF THE MATURITY/ARD DATE(5) - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF MATURITY/ARD LTVS LOANS BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- 1.4% - 29.9% 6 $ 16,691,875 0.6% 30.5% 16.08x 30.0% - 49.9% 27 188,239,999 6.3 56.2% 1.86x 50.0% - 59.9% 83 631,913,674 21.3 62.7% 1.93x 60.0% - 69.9% 127 1,225,181,281 41.2 75.7% 1.35x 70.0% - 74.9% 17 434,163,553 14.6 78.4% 1.28x 75.0% - 80.0% 27 459,915,698 15.5 78.6% 1.45x 80.1% - 82.0% 1 16,400,000 0.6 82.0% 1.35x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 288 $2,972,506,080 100.0% 72.3% 1.59x - -------------------------------------------------------------------------------- WA LTV RATIO AT MATURITY/ARD DATE: 64.8% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- YEAR BUILT/RENOVATED(8) - -------------------------------------------------------------------------------- NUMBER RANGE OF YEARS OF MORTGAGED PRINCIPAL % OF WA WA UW BUILT/RENOVATED PROPERTIES BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- 1962 - 1969 5 $ 26,055,550 0.9% 69.8% 1.59x 1970 - 1979 10 72,400,592 2.4 71.8% 1.63x 1980 - 1989 50 581,006,014 19.3 75.3% 1.87x 1990 - 1999 59 704,750,859 23.5 73.0% 1.42x 2000 - 2005 181 1,618,905,785 53.9 70.7% 1.56x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 305 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PREPAYMENT PROTECTION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION LOANS BALANCE IPB LTV(7) DSCR(7) - -------------------------------------------------------------------------------- DEFEASANCE 258 $2,589,752,642 86.2% 73.7% 1.42x YIELD MAINTENANCE 39 413,366,158 13.8 62.5% 2.62x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 297 $3,003,118,799 100.0% 72.2% 1.59x - -------------------------------------------------------------------------------- (1) Excludes loans that are interest-only for the entire term. (2) Excludes the mortgage loans that pay interest-only for a portion of their term. (3) Includes 9 amortizing ARD loans representing 2.1% of the initial pool balance. (4) Includes one interest-only ARD loan representing 0.3% of the initial pool balance. (5) Excludes the fully amortizing mortgage loans. (6) Excludes the hotel properties. Current occupancy rates have been calculated in this table based upon rent rolls made available to the applicable seller by the related borrower as of the dates set forth on Annex A-1 to the prospectus supplement. (7) Includes 1 mortgage loan which represents approximately 0.1% of the initial pool balance as of the cut-off date. This mortgage loan is secured by residential cooperative properties and has a cut-off date loan-to-value ratio of 1.4% and a debt service coverage ratio of 79.41x. Excluding this mortgage loan, the pool of mortgage loans has a weighted average cut-off date loan-to-value ratio of 72.2% and a weighted average debt service coverage ratio of 1.51x. (8) Ranges 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. 7 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUT-OFF DATE PRINCIPAL BALANCE - -------------------------------------------------------------------------------- NUMBER RANGE OF PRINCIPAL OF MORTGAGE PRINCIPAL % OF WA WA UW BALANCES LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- $825,000 - $2,999,999 72 $ 140,455,261 5.8% 69.1% 1.47x $3,000,000 - $3,999,999 24 83,495,270 3.4 67.4% 1.47x $4,000,000 - $4,999,999 16 70,784,872 2.9 65.3% 1.60x $5,000,000 - $6,999,999 29 172,187,986 7.1 71.8% 1.48x $7,000,000 - $9,999,999 28 232,824,082 9.6 69.5% 1.61x $10,000,000 - $14,999,999 24 288,136,911 11.8 72.9% 1.45x $15,000,000 - $24,999,999 27 516,433,071 21.2 71.8% 1.53x $25,000,000 - $49,999,999 8 267,813,773 11.0 72.4% 1.52x $50,000,000 - $125,000,000 8 662,580,529 27.2 71.3% 1.62x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- AVERAGE BALANCE PER LOAN: $10,316,575 AVERAGE BALANCE PER PROPERTY: $9,978,327 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- RANGE OF MORTGAGE INTEREST RATES - -------------------------------------------------------------------------------- NUMBER RANGE OF MORTGAGE INTEREST OF MORTGAGE PRINCIPAL % OF WA WA UW RATES LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 4.4600% - 4.9999% 16 $ 258,639,387 10.6% 54.6% 2.52x 5.0000% - 5.4999% 100 1,336,055,548 54.9 72.1% 1.46x 5.5000% - 5.9999% 112 780,558,677 32.1 74.8% 1.39x 6.0000% - 6.1520% 8 59,458,143 2.4 73.1% 1.22x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- WA INTEREST RATE: 5.3805% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ORIGINAL TERMS TO MATURITY/ARD IN MONTHS - -------------------------------------------------------------------------------- NUMBER ORIGINAL TERMS TO OF MORTGAGE PRINCIPAL % OF WA WA UW MATURITY/ARD LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 57 - 60 15 $ 257,330,326 10.6% 58.1% 2.36x 61 - 84 20 393,067,131 16.1 73.5% 1.53x 85 - 120 183 1,631,800,457 67.0 72.6% 1.44x 121 - 240 18 152,513,841 6.3 71.1% 1.31x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- WA ORIGINAL LOAN TERM: 240 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GEOGRAPHIC DISTRIBUTION(1) - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW STATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- CALIFORNIA 22 $ 300,413,585 12.3% 64.6% 1.64x Southern California 16 225,399,101 9.3 68.5% 1.48x Northern California 6 75,014,484 3.1 53.0% 2.13x TEXAS 30 233,015,697 9.6 71.9% 1.55x NEW YORK 10 210,484,979 8.6 75.3% 1.40x FLORIDA 17 158,384,642 6.5 69.3% 1.75x MISSOURI 9 143,527,811 5.9 77.1% 1.40x OTHER 156 1,388,885,041 57.0 71.4% 1.53x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 244 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF UW DSCRS LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 1.07x - 1.19x 5 $ 97,738,038 4.0% 78.4% 1.13x 1.20x - 1.29x 61 580,131,041 23.8 75.6% 1.24x 1.30x - 1.39x 59 637,092,388 26.2 75.4% 1.34x 1.40x - 1.49x 34 266,403,176 10.9 72.7% 1.44x 1.50x - 1.69x 34 386,587,499 15.9 73.7% 1.57x 1.70x - 1.99x 17 108,493,425 4.5 63.0% 1.76x 2.00x - 3.42x 26 358,266,190 14.7 52.8% 2.50x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- WA UW DSCR: 1.54x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REMAINING TERMS TO MATURITY/ARD IN MONTHS - -------------------------------------------------------------------------------- NUMBER RANGE OF REMAINING TERMS OF MORTGAGE PRINCIPAL % OF WA WA UW TO MATURITY/ARD LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 56 - 60 15 $ 257,330,326 10.6% 58.1% 2.36x 61 - 84 20 393,067,131 16.1 73.5% 1.53x 85 - 120 183 1,631,800,457 67.0 72.6% 1.44x 121 - 239 18 152,513,841 6.3 71.1% 1.31x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- WA REMAINING TERM: 109 - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------- PROPERTY TYPE DISTRIBUTION(1) - -------------------------------------------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------------------------------------------- RETAIL Anchored 57 $ 678,495,167 27.9% 67.7% 1.79x Shadow Anchored 29 161,380,156 4.9 75.2% 1.37x Unanchored 31 118,935,588 3.7 70.2% 1.45x Regional Mall 1 90,000,000 6.6 78.3% 1.50x Subtotal 118 $ 1,048,810,911 43.1% 70.1% 1.66x - -------------------------------------------------------------------------------------------------------------------- OFFICE Suburban 54 $ 770,665,469 31.7% 73.4% 1.42x CBD 15 270,392,561 11.1 66.7% 1.57x Subtotal 69 $ 1,041,058,030 42.8% 71.7% 1.45x - -------------------------------------------------------------------------------------------------------------------- INDUSTRIAL Flex 13 $ 108,616,663 4.5% 70.0% 1.44x Warehouse/Distribution 3 54,240,216 2.2 73.6% 1.50x Subtotal 16 $ 162,856,878 6.7% 71.2% 1.46x - -------------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 11 $ 69,716,621 2.9% 78.8% 1.47x Mid/High Rise 2 4,141,576 0.2 69.1% 1.50x Subtotal 13 $ 73,858,197 3.0% 78.2% 1.47x - -------------------------------------------------------------------------------------------------------------------- MANUFACTURED HOUSING Manufactured Housing 10 $ 51,228,769 2.1% 74.1% 1.36x - -------------------------------------------------------------------------------------------------------------------- SELF STORAGE Self Storage 15 $ 42,162,733 1.7% 69.1% 1.49x - -------------------------------------------------------------------------------------------------------------------- HOTEL Limited Service 2 $ 8,086,237 0.3% 68.0% 1.60x Full Service 1 6,650,000 0.3 70.4% 1.69x Subtotal 3 $ 14,736,237 0.6% 69.1% 1.64x - -------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 244 $ 2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Because this table is presented at the Mortgaged Property level, certain information is based on allocated loan amounts for mortgage loans secured by more than one Mortgaged Property. As a result, the weighted averages in this table may deviate slightly from weighted averages presented at the mortgage loan level in other tables in the prospectus supplement. 8 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF ORIGINAL MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZATION TERMS LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 162 - 180 4 $ 15,588,143 0.8% 46.1% 1.44x 181 - 240 16 64,123,451 3.3 64.4% 1.30x 241 - 300 14 58,360,999 3.0 66.8% 1.51x 301 - 330 1 12,500,000 0.6 79.1% 1.24x 331 - 360 176 1,796,666,836 92.3 74.1% 1.39x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 211 $1,947,239,429 100.0% 73.3% 1.39x - -------------------------------------------------------------------------------- WA ORIGINAL AMORT TERM: 352 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LTV RATIOS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF CUT-OFF DATE LTV LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 25.5% - 49.9% 14 $ 104,696,244 4.3% 46.9% 2.33x 50.0% - 59.9% 24 296,225,975 12.2 54.7% 2.40x 60.0% - 64.9% 17 137,178,527 5.6 63.1% 1.65x 65.0% - 69.9% 41 296,969,843 12.2 68.3% 1.39x 70.0% - 74.9% 59 445,881,466 18.3 72.5% 1.39x 75.0% - 80.0% 80 1,119,321,975 46.0 78.5% 1.35x 80.1% - 83.6% 1 34,437,725 1.4 83.6% 1.07x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- WA CUT-OFF DATE LTV RATIO: 71.1% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- AMORTIZATION TYPES - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZED TYPES LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- PARTIAL INTEREST-ONLY 60 $1,028,531,800 42.2% 74.2% 1.37x BALLOON LOANS(2, 3) 143 897,856,910 36.9 72.7% 1.43x INTEREST ONLY(4) 24 477,710,326 19.6 62.5% 2.15x - -------------------------------------------------------------------------------- SUBTOTAL 227 $2,404,099,036 98.7% 71.3% 1.55x - -------------------------------------------------------------------------------- FULLY AMORTIZING 9 30,612,719 1.3 57.9% 1.32x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CURRENT OCCUPANCY RATES(6) - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW CURRENT OCCUPANCY RATES PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 59.3 - 70.0 4 $ 97,395,407 4.0% 77.2% 1.35x 70.1 - 80.0 8 74,265,108 3.1 74.1% 1.37x 80.1 - 90.0 32 402,143,305 16.6 68.7% 1.69x 90.1 - 95.0 34 458,846,290 19.0 68.8% 1.74x 95.1 - 100.0 163 1,387,325,407 57.3 72.0% 1.46x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 241 $2,419,975,518 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REMAINING AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF REMAINING MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZATION TERMS LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 161 - 180 4 $ 15,588,143 0.8% 46.1% 1.44x 181 - 240 16 64,123,451 3.3 64.4% 1.30x 241 - 300 14 58,360,999 3.0 66.8% 1.51x 301 - 330 1 12,500,000 0.6 79.1% 1.24x 331 - 360 176 1,796,666,836 92.3 74.1% 1.39x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 211 $1,947,239,429 100.0% 73.3% 1.39x - -------------------------------------------------------------------------------- WA REMAINING AMORT TERM: 352 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LTV RATIOS AS OF THE MATURITY/ARD DATE(5) - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF MATURITY/ARD LTVS LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 18.8% - 29.9% 5 $ 13,691,875 0.6% 36.9% 2.20x 30.0% - 49.9% 25 179,824,258 7.5 56.3% 1.88x 50.0% - 59.9% 70 593,432,512 24.7 62.2% 1.97x 60.0% - 69.9% 102 1,030,836,065 42.9 75.3% 1.36x 70.0% - 74.9% 15 407,669,325 17.0 78.8% 1.27x 75.0% - 80.0% 10 178,645,000 7.4 78.6% 1.49x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 227 $2,404,099,036 100.0% 71.3% 1.55x - -------------------------------------------------------------------------------- WA LTV RATIO AT MATURITY/ARD DATE 63.2% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- YEAR BUILT/RENOVATED(7) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF YEARS MORTGAGED PRINCIPAL % OF WA WA UW BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- 1962 - 1969 5 $ 26,055,550 1.1% 69.8% 1.59x 1970 - 1979 7 54,656,759 2.2 70.7% 1.69x 1980 - 1989 34 374,834,742 15.4 74.6% 1.48x 1990 - 1999 50 613,832,874 25.2 72.2% 1.44x 2000 - 2005 148 1,365,331,831 56.1 69.7% 1.60x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 244 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PREPAYMENT PROTECTION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION LOANS BALANCE IPB LTV DSCR - -------------------------------------------------------------------------------- DEFEASANCE 205 $2,130,602,392 87.5% 73.0% 1.43x YIELD MAINTENANCE 31 304,109,363 12.5 57.9% 2.35x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 236 $2,434,711,755 100.0% 71.1% 1.54x - -------------------------------------------------------------------------------- (1) Excludes mortgage 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) Includes 9 amortizing ARD loans representing 2.6% of the initial pool balance. (4) Includes one interest-only ARD loan representing 0.3% of the initial pool balance. (5) Excludes the fully-amortizing mortgage loans. (6) Excludes the hotel properties. Current occupancy rates have been calculated in this table based upon rent rolls made available to the applicable seller by the related borrower as of the dates set forth on Annex A-1 to the prospectus supplement. (7) Ranges 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. 9 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CUT-OFF DATE PRINCIPAL BALANCE - -------------------------------------------------------------------------------- NUMBER RANGE OF PRINCIPAL OF MORTGAGE PRINCIPAL % OF WA WA UW BALANCES LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- $1,049,327 - $2,999,999 16 $ 34,743,512 6.1% 73.6% 1.39x $3,000,000 - $3,999,999 11 38,438,161 6.8 66.5% 7.49x $4,000,000 - $4,999,999 2 9,038,925 1.6 78.3% 1.36x $5,000,000 - $6,999,999 4 24,339,791 4.3 77.1% 1.28x $7,000,000 - $9,999,999 7 54,470,698 9.6 74.2% 1.44x $10,000,000 - $14,999,999 10 128,225,957 22.6 78.0% 1.42x $15,000,000 - $24,999,999 5 94,390,000 16.6 76.8% 1.35x $25,000,000 - $45,000,000 6 184,760,000 32.5 78.9% 1.36x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- AVG BALANCE PER LOAN: $9,318,148 AVG BALANCE PER PROPERTY: $9,318,148 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- RANGE OF MORTGAGE INTEREST RATES - -------------------------------------------------------------------------------- NUMBER RANGE OF MORTGAGE INTEREST OF MORTGAGE PRINCIPAL % OF WA WA UW RATES LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 4.9400% - 4.9999% 1 $ 3,500,000 0.6% 59.6% 2.03x 5.0000% - 5.4999% 36 420,815,743 74.0 76.7% 1.95x 5.5000% - 5.9999% 21 137,918,072 24.3 77.1% 1.32x 6.0000% - 6.4999% 2 5,123,902 0.9 73.9% 1.22x 6.5000% - 6.9200% 1 1,049,327 0.2 70.0% 1.45x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- WA INTEREST RATE: 5.3908% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ORIGINAL TERMS TO MATURITY/ARD IN MONTHS - -------------------------------------------------------------------------------- NUMBER ORIGINAL TERMS TO OF MORTGAGE PRINCIPAL % OF WA WA UW MATURITY/ARD LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 60 8 $ 74,439,968 13.1% 75.6% 1.44x 61 - 120 50 487,793,847 85.8 76.9% 1.85x 121 - 180 3 6,173,229 1.1 73.2% 1.26x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- WA ORIGINAL LOAN TERM: 96 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GEOGRAPHIC DISTRIBUTION(1) - -------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW STATES PROPERTIES BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- TEXAS 18 $ 119,126,797 21.0% 77.8% 1.43x CALIFORNIA 3 25,983,213 4.6 78.1% 1.30x Southern California 2 19,097,482 3.4 80.4% 1.34x Northern California 1 6,885,731 1.2 71.7% 1.21x FLORIDA 5 109,389,274 19.2 77.6% 1.45x INDIANA 3 62,487,927 11.0 79.5% 1.37x TENNESSEE 4 34,468,742 6.1 79.0% 1.29x OTHER 31 242,934,303 42.7 74.7% 2.30x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF UW DSCRS LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 1.20x - 1.29x 21 $ 201,181,588 35.4% 77.7% 1.24x 1.30x - 1.39x 14 133,649,638 23.5 76.5% 1.34x 1.40x - 1.49x 12 80,488,110 14.2 77.6% 1.47x 1.50x - 1.59x 10 142,711,968 25.1 77.2% 1.54x 1.70x - 1.99x 2 3,875,741 0.7 68.1% 1.78x 2.00x - 2.14x 1 3,500,000 0.6 59.6% 2.03x 79.41x 1 3,000,000 0.5 1.4% 79.41x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- WA UW DSCR: 1.79x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REMAINING TERMS TO MATURITY/ARD IN MONTHS - -------------------------------------------------------------------------------- NUMBER RANGE OF REMAINING TERMS OF MORTGAGE PRINCIPAL % OF WA WA UW TO MATURITY/ARDS LOANS BALANCE IPB LTV(2) DSCR(2) - -------------------------------------------------------------------------------- 54 - 60 8 $ 74,439,968 13.1% 75.6% 1.44x 61 - 120 50 487,793,847 85.8 76.9% 1.85x 121 - 179 3 6,173,229 1.1 73.2% 1.26x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- WA REMAINING TERM: 95 - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------- PROPERTY TYPE DISTRIBUTION(1) - ------------------------------------------------------------------------------------------------------------------- NUMBER OF MORTGAGED PRINCIPAL % OF WA WA UW PROPERTY TYPE SUB PROPERTY TYPE PROPERTIES BALANCE IPB LTV(2) DSCR(2) - ------------------------------------------------------------------------------------------------------------------- MULTIFAMILY Garden 56 $555,800,878 97.8% 1.38x 77.3% Mid/High Rise 4 9,606,166 1.7 1.47x 66.7% Co-op 1 3,000,000 0.5 79.41x 1.4% - ------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 61 $568,407,044 100.0% 1.79x 76.7% - ------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Because this table is presented at the Mortgaged Property Loan, certain information is based on allocated loan amounts for mortgage loans secured by more than one Mortgaged Property. As a result, the weighted averages in this table may deviate slightly from weighted averages presented at the mortgage loan level in other tables in the prospectus supplement. (2) Includes 1 mortgage loan which represents approximately 0.5% of the Group 2 balance as of the cut-off date. This mortgage loan is secured by residential cooperative properties and has a cut-off date loan-to-value ratio of 1.4% and a debt service coverage ratio of 79.4x. Excluding this mortgage loan, the pool of mortgage loans has a weighted average cut-off date loan-to-value ratio of 72.2% and a weighted average debt service coverage ratio of 1.51x. 10 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COLLATERAL CHARACTERISTICS -- LOAN GROUP 2 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ORIGINAL AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF ORIGINAL MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZATION TERMS LOANS BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- 240 - 240 1 $ 1,315,741 0.4% 44.8% 1.93x 241 - 300 6 21,157,166 6.5 67.4% 1.41x 301 - 360 36 301,383,440 93.1 77.7% 1.28x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 43 $ 323,856,346 100.0% 76.9% 1.29x - -------------------------------------------------------------------------------- W/A ORIGINAL AMORT TERM: 355 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LTV RATIOS AS OF THE CUT-OFF DATE - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW RANGE OF CUT-OFF DATE LTVS LOANS BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- 1.4% - 24.9% 1 $ 3,000,000 0.5% 1.4% 79.41x 25.0% - 49.9% 1 1,315,741 0.2 44.8% 1.93x 50.0% - 59.9% 2 10,600,000 1.9 56.8% 1.57x 65.0% - 69.9% 8 29,660,558 5.2 68.3% 1.29x 70.0% - 74.9% 10 53,256,031 9.4 71.5% 1.37x 75.0% - 80.0% 37 427,494,715 75.2 78.6% 1.39x 80.1% - 82.0% 2 43,080,000 7.6 81.1% 1.26x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- W/A CUT-OFF DATE LTV RATIO: 76.7% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- AMORTIZATION TYPES - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZED TYPES LOANS BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- INTEREST ONLY 18 $ 244,550,698 43.0% 76.4% 2.45x PARTIAL INTEREST-ONLY 12 167,185,000 29.4 76.7% 1.26x BALLOON LOANS2 31 156,671,346 27.6 77.0% 1.32x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CURRENT OCCUPANCY RATES(4) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF CURRENT MORTGAGED PRINCIPAL % OF WA WA UW OCCUPANCY RATES PROPERTIES BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- 77.6 - 80.0 1 $ 14,600,000 2.6% 80.0% 1.53x 80.1 - 85.0 3 28,104,228 4.9 72.9% 1.41x 85.1 - 90.0 10 107,135,682 18.8 78.4% 1.37x 90.1 - 95.0 24 261,094,669 45.9 77.5% 1.33x 95.1 - 100.0 23 157,472,465 27.7 74.6% 2.93x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- W/A OCCUPANCY RATE: 92.5 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REMAINING AMORTIZATION TERM IN MONTHS(1) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF REMAINING MORTGAGE PRINCIPAL % OF WA WA UW AMORTIZATION TERMS LOANS BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- 237 - 240 1 $ 1,315,741 0.4% 44.8% 1.93x 241 - 300 6 21,157,166 6.5 67.4% 1.41x 301 - 360 36 301,383,440 93.1 77.7% 1.28x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 43 $ 323,856,346 100.0% 76.9% 1.29x - -------------------------------------------------------------------------------- W/A REMAINING AMORT TERM: 354 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- LTV RATIOS AS OF THE MATURITY/ARD DATE(3) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF MATURITY/ARD MORTGAGE PRINCIPAL % OF WA WA UW LTVS LOANS BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- 1.4% - 29.9% 1 $ 3,000,000 0.5% 1.4% 79.41x 30.0% - 49.9% 2 8,415,741 1.5 53.7% 1.43x 50.0% - 59.9% 13 38,481,162 6.8 70.1% 1.40x 60.0% - 64.9% 11 46,140,785 8.1 72.5% 1.34x 65.0% - 74.9% 16 174,698,659 30.7 78.0% 1.31x 75.0% - 80.0% 17 281,270,698 49.5 78.6% 1.43x 80.1% - 82.0% 1 16,400,000 2.9 82.0% 1.35x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- W/A LTV RATIO AT MATURITY: 71.4% - -------------------------------------------------------------------------------- Excludes fully amortizing loans. - -------------------------------------------------------------------------------- YEAR BUILT/RENOVATED(6) - -------------------------------------------------------------------------------- NUMBER OF RANGE OF YEARS MORTGAGED PRINCIPAL % OF WA WA UW BUILT/RENOVATED PROPERTIES BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- 1970 - 1979 3 $ 17,743,833 3.1% 75.4% 1.44x 1980 - 1989 16 206,171,273 36.3 76.6% 2.59x 1990 - 1999 9 90,917,985 16.0 78.5% 1.34x 2000 - 2005 33 253,573,954 44.6 76.2% 1.33x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.00% 76.7% 1.79x - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PREPAYMENT PROTECTION - -------------------------------------------------------------------------------- NUMBER OF MORTGAGE PRINCIPAL % OF WA WA UW PREPAYMENT PROTECTION LOANS BALANCE IPB LTV(5) DSCR(5) - -------------------------------------------------------------------------------- DEFEASANCE 53 $ 459,150,250 80.8% 77.0% 1.41x YIELD MAINTENANCE 8 109,256,794 19.2 75.4% 3.39x - -------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 61 $ 568,407,044 100.0% 76.7% 1.79x - -------------------------------------------------------------------------------- (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 properties. Current occupancy rates have been calculated in this table based upon rent rolls made available to the applicable seller by the related borrower as of the dates set forth on Annex A-1 to the prospectus supplement. (5) Includes 1 mortgage loan which represents approximately 0.5% aggregate principal balance of the mortgage loans in loan group 2 as of the cut-off date. This mortgage loan is secured by residential cooperative properties and has a cut-off date loan-to-value ratio of 1.4% and a debt service coverage ratio of 79.41x. Excluding this mortgage loan, the pool of mortgage loans has a weighted average cut-off date loan-to-value ratio of 72.2% and a weighted average debt service coverage ratio of 1.51x. (6) Ranges 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. 11 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- TOP SPONSOR CONCENTRATIONS - -------------------------------------------------------------------------------- INLAND PORTFOLIO - ---------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------- CUT-OFF DATE CUT-OFF LOAN LOAN PRINCIPAL % OF SQUARE UW DATE PROPERTY NO.(1) LOAN NAME STATE GROUP BALANCE IPB FEET DSCR LTV RATIO TYPE - ------------------------------------------------------------------------------------------------------------------------------- 2 Gateway Plaza I & II UT 1 $ 98,780,516 3.3% 628,626 2.57x 54.0% Retail 15 Commons at Temecula CA 1 29,623,024 1.0 293,276 2.43x 53.9% Retail 18 Page Field Commons FL 1 26,853,024 0.9 264,480 2.51x 52.9% Retail 37 Trenton Crossing TX 1 19,307,037 0.6 249,635 2.66x 59.9% Retail 44 Four Peaks AZ 1 17,071,500 0.6 140,571 2.58x 53.9% Retail 49 Cypress Trace FL 1 16,000,000 0.5 276,211 2.69x 57.3% Retail 79 Bison Hollow Shopping Center MI 1 10,774,225 0.4 134,798 2.51x 54.4% Retail 90 John Deere Distribution Center TN 1 9,762,000 0.3 486,160 2.66x 51.4% Industrial 115 High Ridge Crossings MO 1 7,438,500 0.2 76,857 2.22x 56.4% Retail 164 Five Forks Shopping Center SC 1 4,482,500 0.1 64,173 2.52x 54.0% Retail 296 Blockbuster - Simpsonville, SC SC 1 825,000 0.0 6,000 2.52x 54.0% Retail - ------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: $240,917,326 8.0% 2,620,787 2.55x 54.5% - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> MILESTONE PORTFOLIO - ------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ CUT-OFF DATE CUT-OFF LOAN LOAN PRINCIPAL % OF UW DATE PROPERTY NO.(1) LOAN NAME STATE GROUP BALANCE IPB UNITS DSCR LTV RATIO TYPE - ------------------------------------------------------------------------------------------------------------------------------------ 10 Bentley Green/Sandpiper -- Milestone FL 2 $ 45,000,000 1.5% 820 1.57x 75.2% Multifamily 20 Stillwater -- Milestone UT 2 26,400,000 0.9 456 1.50x 80.0% Multifamily 56 Central Park Regency -- Milestone TX 2 14,600,000 0.5 348 1.53x 80.0% Multifamily 58 Silverado -- Milestone TX 2 14,250,000 0.5 344 1.48x 78.9% Multifamily 61 Oak Ramble -- Milestone FL 2 13,960,000 0.5 256 1.48x 80.0% Multifamily 63 St. James Crossing -- Milestone FL 1 13,760,000 0.5 264 1.51x 80.0% Multifamily 64 Bel Shores -- Milestone FL 2 13,710,000 0.5 250 1.49x 79.9% Multifamily 68 Bar Harbor -- Milestone TX 2 12,640,000 0.4 316 1.46x 75.9% Multifamily 74 Richmond Green -- Milestone TX 2 11,720,000 0.4 224 1.56x 76.6% Multifamily 84 Retreat at Eldridge -- Milestone TX 1 10,400,000 0.3 168 1.48x 79.1% Multifamily 85 The Huntley -- Milestone TX 1 10,280,000 0.3 214 1.52x 80.0% Multifamily 96 Canyon Ridge -- Milestone TX 1 9,200,000 0.3 164 1.49x 80.0% Multifamily 101 Brandon Oaks -- Milestone TX 1 8,480,000 0.3 196 1.48x 80.0% Multifamily 105 The Hunt Club -- Milestone TX 2 8,000,698 0.3 204 1.53x 79.6% Multifamily 110 Summers Landing -- Milestone TX 2 7,600,000 0.3 196 1.50x 79.2% Multifamily 117 Meadows of Bedford II -- Milestone TX 2 7,300,000 0.2 204 1.48x 75.3% Multifamily - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: $227,300,698 7.6% 4,624 1.51x 78.3% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> LEXINGTON PORTFOLIO - ------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ CUT-OFF DATE CUT-OFF LOAN LOAN PRINCIPAL % OF SQUARE UW DATE PROPERTY NO.(1) LOAN NAME STATE GROUP BALANCE IPB FEET DSCR LTV RATIO TYPE - ------------------------------------------------------------------------------------------------------------------------------------ 5 LXP-Bank of America CA 1 $ 80,182,200 2.7% 637,503 1.22x 69.7% Office 26 LXP-EDS - Des Moines IA 1 22,761,297 0.8 405,000 1.62x 64.9% Industrial 32 LXP-Dana MI 1 20,550,000 0.7 112,480 1.62x 70.6% Office 36 LXP-DaimlerChrysler TX 1 19,645,057 0.7 130,290 1.70x 61.0% Office 43 LXP-Ingram Micro TN 1 17,827,200 0.6 701,819 1.48x 73.1% Industrial 65 LXP-John Wiley & Sons IN 1 13,182,150 0.4 141,047 1.76x 61.3% Office 66 LXP-PacifiCare TX 1 13,071,145 0.4 142,500 1.38x 66.0% Office 81 LXP-Alstom Power VA 1 10,608,000 0.4 99,057 1.63x 67.1% Office 100 LXP-Travelers Express CO 1 8,694,200 0.3 68,165 1.62x 72.5% Office 122 LXP-Cadence Design Systems MA 1 7,007,949 0.2 100,000 1.71x 57.0% Office 140 LXP-AmeriCredit FL 1 5,804,410 0.2 85,000 2.89x 45.7% Office 192 LXP-Minnesota Mining and CT 1 3,453,192 0.1 44,400 2.95x 57.6% Office Manufacturing (3M) - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL/WEIGHTED AVERAGE: $222,786,800 7.4% 2,667,261 1.52x 66.9% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) As represented in Annex A-1 of the prospectus supplement. 12 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- TOP 15 MORTGAGE LOANS - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ LOAN LOAN NAME LOAN CUT-OFF DATE % OF UNIT OF LOAN PER UW CUT-OFF DATE PROPERTY SELLER(1)(LOCATION) GROUP BALANCE IPB UNITS MEASURE UNIT DSCR LTV RATIO TYPE - ------------------------------------------------------------------------------------------------------------------------------------ JPMCB CityPlace Corporate Center 1 $125,000,000 4.2% 872,685 SF $143 1.36x 78.1% Various (Creve Coeur, MO) NCCI Gateway Plaza I & II 1 $98,780,516 3.3% 628,626 SF $157 2.57x 54.0% Retail (Salt Lake City, UT) AMCC Hutchinson Metro Center 1 $90,000,000 3.0% 423,915 SF $212 1.34x 77.5% Office (Bronx, NY) JPMCB Shops at Canal Place 1 $90,000,000 3.0% 214,443 SF $420 1.50x 78.3% Retail (New Orleans, LA) JPMCB LXP-Bank of America 1 $80,182,200 2.7% 637,503 SF $126 1.22x 69.7% Office (Brea, CA) - ------------------------------------------------------------------------------------------------------------------------------------ EHY Millennium Place 1 $70,720,000 2.4% 287,379 SF $246 1.61x 80.0% Retail (Boston, MA) EHY The Russ Building 1 $60,000,000 2.0% 510,333 SF $118 2.25x 49.9% Office (San Francisco, CA) LASALLE Stafford Place II 1 $56,250,000 1.9% 175,058 SF $321 1.20x 76.5% Office (Arlington, VA) JPMCB Cross Creek Shopping Center 1 $46,000,000 1.5% 363,333 SF $127 1.20x 80.0% Retail (Memphis, TN) EHY Bentley Green/Sandpiper -- Milestone 2 $45,000,000 1.5% 820 Units $54,878 1.57x 75.2% Multifamily (Jacksonville, FL) - ------------------------------------------------------------------------------------------------------------------------------------ AMCC 1201 Lloyd Boulevard 1 $39,100,000 1.3% 226,110 SF $173 1.30x 70.8% Office (Portland, OR) JPMCB Ashwood-Southfield 1 $38,600,000 1.3% 334,086 SF $116 1.40x 72.3% Office (Various) EHY Fort Knox Executive Office Center 1 $34,437,725 1.1% 291,288 SF $118 1.07x 83.6% Office (Tallahassee, FL) JPMCB Castle Point Apartments 2 $34,000,000 1.1% 740 Units $45,946 1.21x 80.0% Multifamily (South Bend, IN) NCCI Commons at Temecula 1 $29,623,024 1.0% 293,276 SF $101 2.43x 53.9% Retail (Temecula, CA) - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ TOP 5 TOTAL/WEIGHTED AVERAGE: $483,962,716 16.1% 1.61x 71.7% TOP 10 TOTAL/WEIGHTED AVERAGE: $761,932,716 25.4% 1.60x 71.8% TOP 15 TOTAL/WEIGHTED AVERAGE: $937,693,465 31.2% 1.58x 72.0% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> 1 "JPMCB" = JPMorgan Chase Bank, N.A., "EHY" = Eurohypo AG, New York Branch, "LaSalle" = LaSalle Bank National Association, "NCCI" = Nomura Credit & Capital, Inc., "AMCC" = Artesia Mortgage Capital Corporation 13 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CITYPLACE CORPORATE CENTER - -------------------------------------------------------------------------------- [PHOTOS OF CITYPLACE CORPORATE CENTER] 14 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CITYPLACE CORPORATE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $125,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $125,000,000 % OF POOL BY IPB: 4.2% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Cornerstone Opportunity Ventures, LLC SPONSOR: William J. Koman, Jr. ORIGINATION DATE: 03/25/05 INTEREST RATE: 5.280000% INTEREST ONLY PERIOD: 25 months MATURITY DATE: 04/01/12 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(55),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY -------- -------- TAXES: $867,445 $173,489 INSURANCE: $42,597 $21,298 CAPEX: $0 $10,873 TI/LC: $0 $83,333 REQUIRED REPAIRS: $110,273 $0 OTHER(2): $580,250 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Fee PROPERTY TYPE: Various SQUARE FOOTAGE: 872,724 LOCATION: Creve Coeur, MO YEAR BUILT/RENOVATED: Various OCCUPANCY: 89.4% OCCUPANCY DATE: 03/18/05 NUMBER OF TENANTS: 97 HISTORICAL NOI: 2002: $8,157,607 2003: $9,901,055 2004: $9,842,218 UW REVENUES: $19,647,335 UW EXPENSES: $7,244,321 UW NOI: $12,403,014(1) UW NET CASH FLOW: $11,308,524 APPRAISED VALUE: $160,000,000 APPRAISAL DATE: 03/18/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $143 CUT-OFF DATE LTV: 78.1% MATURITY DATE LTV: 72.5% UW DSCR: 1.36x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(3) FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------- ARCH COAL Arch Coal, Inc B1/BB/NR 89,823 10.3% $22.66 2015 DAUGHERTY SYSTEMS Daugherty Systems, Inc NR 40,794 4.7% $24.52 2013 LOCKTON COMPANIES OF ST. LOUIS Lockton Companies Inc, The NR 31,574 3.6% $24.74 2012 MICROSOFT CORPORATION Microsoft Corporation NR 29,702 3.4% $25.00 2007 CORPORATE OFFICES Corporate Offices NR 27,907 3.2% $17.43 2010 - ------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) UW NOI increase from 2004 NOI is largely attributable to the backfilling of Traveler's 70,000 square foot space in CityPlace I which was vacated during 2003-2004. (2) At closing, lender escrowed $580,250 relating to The Developed Project which is underway. The amount escrowed is equal to the cost of the remaining work yet to be completed, which includes: (i) construction of a road that would parallel Olive Boulevard between Craig Road and City Place Drive, (ii) upgrading City Place Drive from Olive Bouevard to the new intersection with the road that would parallel Olive Boulevard between Craig Road and City Place Drive, (iii) a portion of the cost of screening the Ameren UE substation with construction of a fifteen-foot wall with limestone cap and wrought iron gates around the Ameren UE substation, (iv) new drive north from Olive to Borders parallel road and (v) curb cut on Craig Road North of Olive Boulevard. (3) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 15 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CITYPLACE CORPORATE CENTER - -------------------------------------------------------------------------------- THE LOAN. The CityPlace Corporate Center loan is secured by a first mortgage on a fee interest in an 872,724 square foot mixed use development consisting of five office buildings, a mixed-use building and a retail building located in Creve Coeur, Missouri. THE BORROWER. The borrower is Cornerstone Opportunity Ventures, LLC, a special purpose entity controlled by The Koman Group. The key principal, William J. Koman Jr., president of The Koman Group, has over 20 years experience in the construction, development and brokerage fields. Over the last 21 years, The Koman Group has developed over $300 million of new projects in the St. Louis area. Mr. Koman and The Koman Group began development of CityPlace in 1989. THE MORTGAGED PROPERTIES. The CityPlace Corporate Center loan is secured by seven commercial buildings located in Creve Coeur, a suburb of St. Louis, Missouri. The seven assets are part of the CityPlace Corporate Center, a mixed use development located on a 26.6 acre site and consisting of four Class A office buildings (82.4% of NRA), a Class B office building (8.8% of NRA), a mixed use (retail/office) building (5.7% of NRA) and a retail building (3.2% of NRA). The overall portfolio totals 872,724 square feet and was developed between 1988 and 2002. The collateral also includes 880 surface and 1,903 covered parking spaces. The site sits at the intersection of Olive Boulevard and I-270, just fourteen miles from the St. Louis Central Business District (CBD). The City Place campus contains a landscaped green area with well-manicured lawns, a three acre lake, jogging/fitness trail, a wooded area and fountain area. CityPlace I, II, III and IV are respectively, six-, four-, eleven- and four-story Class A office buildings and considered among the premier office buildings in Creve Coeur. In addition to modern atriums/lobbies and manned security desks, amenities in the office buildings include a 144 seat auditorium, 5,389 square foot cafe, fitness center, corporate training center and conference rooms. CityPlace Mixed Use is a two story building with ground floor retail and office space above. Developed in 2001, it has been 100% occupied since inception. Additionally, CityPlace Retail has been 100% leased since it was developed in 1988. It features retail tenants such as Creve Coeur Camera and Provisions, a gourmet sandwich and food shop. The Oaks is a four-story, Class B office building constructed and renovated in 2000. Purchased by The Koman Group in 2001, it provides a Class B alternative for a difference price point tenant. As of March 2005, the CityPlace Corporate Center is approximately 89.4% occupied by over 100 tenants, with the largest tenant concentration being Arch Coal at approximately 10% of NRA. Individual property occupancies range between approximately 75.3% and 100%. The tenant roster is diverse with tenants representing various industries including oil and gas, technology and financial. Corporate tenants that occupy the properties include Arch Coal, Estee Lauder, HQ Business Center, Microsoft, Nextel, New York Life, Progressive Insurance, Wells Fargo, Toyota and USPS. The three largest tenants are Arch Coal, Daugherty Systems and Lockton who collectively occupy approximately 17.9% of the portfolio's leasable area. Arch Coal (NYSE: ACI), the largest tenant occupying 10% of the NRA, is one of the country's largest coal producers, producing more than 125 million tons of coal a year from its 27 mines in the Western US and central Appalachia. The company, which relies on its space in the CityPlace I building as its headquarters, reported sales of approximately $1.9 billion in 2004 and net income of approximately $113.7 million. In May, 2005, Arch Coal extended its lease through June 2015 and will have in-pay rent of $22.93 per square foot. Proposed expansion at the CityPlace Corporate Center includes the construction of two office buildings, CityPlace V and VI, and two residential/retail buildings. CityPlace V and CityPlace VI will break ground later this year and are expected to come on-line in late 2006. CityPlace V is a 66,000 square foot, three-story medical office building that as of 04/01/05 is approximately 70% pre-leased and CityPlace VI is a 220,000 square foot 10-story Class A office building of which 140,000 square feet will be occupied by Smurfit-Stone Container Corporation. The pre-leasing at these two buildings is further indicative of the strength of the subject office market and desirability of the CityPlace development. - ------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- PROPERTY SUMMARY YEAR SQUARE PROPERTY NAME BUILT FEET OCCUPANCY TOP TENANTS APPRAISED VALUE - --------------------------------------------------------------------------------------------------------------------------------- CITYPLACE I 1989 287,271 88.9% Arch Coal, Nextel Communications, Inc., Rabo $ 49,600,000 AgriFinance CITYPLACE II 1999 117,603 75.3% HQ Business Centers, United States Postal Service, 20,300,000 Source - Gunther Nash CITYPLACE III 2002 211,272 94.2% Daugherty Systems, Lockton Companies of St. Louis, 42,700,000 Microsoft Corporation CITYPLACE IV 2001 102,944 83.9% Sanofi-Synthelabo Inc., Progressive Insurance, 17,200,000 Cornerstone Financial THE OAKS 1984 76,420 96.5% Corporate Offices, Marketing Horizons, Inc., 9,600,000 Accounting Career Consultants CITYPLACE MIXED USE 2002 49,457 100.0% Bonneville International, Cafe Bellagio, Sound Room 13,200,000 CITYPLACE RETAIL 1988 27,757 100.0% Creve Coeur Camera, The Roasting House, 7,400,000 Metro Imaging, LLC - --------------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE: 872,724 89.4% $160,000,000 - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 16 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 CITYPLACE CORPORATE CENTER THE MARKET(1). The Mortgaged Properties are located in Creve Coeur, an affluent suburban St. Louis community just fourteen miles west of the St. Louis CBD and four miles west of the Clayton CBD. As of fourth quarter 2004, there is an estimated population of 161,626 within a five mile radius of the Mortgaged Property. Within this radius, estimated average household income is estimated to be approximately $90,042. CityPlace is situated on Olive Boulevard, a major commercial and commuting thoroughfare in Creve Coeur, and a half-quarter mile from Interstate 270. Olive Boulevard is one of Creve Coeur's transportation development districts, a special taxing district authorized to undertake certain public improvements meant to drive economic development in the city. Transportation improvements have already begun with the widening of the I-270 Overpass, with further improvements to include streetscape improvements along Olive Boulevard and street additions including pedestrian crossings and traffic lights. These improvements are expected to enhance access and visibility to the Mortgaged Property. According to the report of a third party market data service, the average daily traffic on Olive Boulevard in 1998 was approximately 57,700 vehicles and is projected to be approximately 69,250 in 2018. As of the fourth quarter 2004, the Mortgaged Property's office submarket had an overall vacancy of approximately 13.2% and an average asking rents of approximately $21.19 per square foot. However, when comparing high quality office buildings to CityPlace I,II,III and IV, the competitive set, which includes 19 buildings, had an average occupancy of approximately 91.0% versus approximately 87.0% at CityPlace. A similar 17 building competitive set revealed office rents ranging from $21.00 to $30.50 per square foot, and an average of approximately $26.12 per square foot. According to the report of a third party market data service, the St. Louis region has approximately 24,600,00 square feet of retail space as of the fourth quarter 2004 with a vacancy rate of approximately 8.4%. The Mortgaged Property's submarket reveals an approximately 6.9% vacancy rate and average rents of $17.08 per square foot for retail properties. However, a study of a competitive set of ten retail buildings revealed a vacancy of approximately 4.4% and rental rates ranging between approximately $15.23 and approximately $21.36 per square foot. PROPERTY MANAGEMENT. The properties are professionally managed by an affiliate of the borrower, The Koman Group, of which William J. Koman, Jr. is the president. The Koman Group has managed each of the properties since development in 1989. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the CityPlace appraisal report dated 03/16/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE CUMULATIVE OF SQUARE % OF BASE SQUARE % OF CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ------------------------------------------------------------------------------------------------------------------------------------ VACANT N/A 92,426 10.6% N/A N/A 92,426 10.6% N/A N/A MTM & 2005 12 39,889 4.6 $ 884,208 5.3% 132,315 15.2% $ 884,208 5.3% 2006 14 101,657 11.6 2,325,852 13.9 233,972 26.8% $ 3,210,060 19.2% 2007 18 100,483 11.5 2,356,488 14.1 334,455 38.3% $ 5,566,548 33.3% 2008 18 72,862 8.3 1,620,660 9.7 407,317 46.7% $ 7,187,208 43.0% 2009 7 43,821 5.0 899,616 5.4 451,138 51.7% $ 8,086,824 48.4% 2010 11 80,302 9.2 1,342,956 8.0 531,440 60.9% $ 9,429,780 56.5% 2011 9 59,987 6.9 1,299,588 7.8 591,427 67.8% $10,729,368 64.2% 2012 9 132,379 15.2 2,639,388 15.8 723,806 82.9% $13,368,756 80.1% 2013 1 40,794 4.7 1,000,272 6.0 764,600 87.6% $14,369,028 86.0% 2014 1 6,200 0.7 114,636 0.7 770,800 88.3% $14,483,664 86.7% 2015 2 101,924 11.7 2,215,800 13.3 872,724 100.0% $16,699,464 100.0% THEREAFTER 0 0 0.0 0 0.0 872,724 100.0% $16,699,464 100.0% - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL: 102 872,724 100.0% $16,699,464 100.0% - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> 17 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CITYPLACE CORPORATE CENTER - -------------------------------------------------------------------------------- [MAP OF CITYPLACE CORPORATE CENTER] 18 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CITYPLACE CORPORATE CENTER - -------------------------------------------------------------------------------- [MAP OF CITYPLACE CORPORATE CENTER] 19 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- GATEWAY PLAZA I & II - -------------------------------------------------------------------------------- [PHOTO OF GATEWAY PLAZA I & II] 20 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- GATEWAY PLAZA I & II - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $98,780,516 CUT-OFF DATE PRINCIPAL BALANCE: $98,780,516 % OF POOL BY IPB: 3.3% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWERS: Inland Western Salt Lake City, L.L.C. and IWR Gateway Central Plant, L.L.C. SPONSOR: Inland Western Retail Real Estate Trust, Inc. ORIGINATION DATE: 05/18/05 INTEREST RATE: 4.790000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 06/11/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(36),YM(20),O(4) CROSS-COLLATERALIZATION: Yes LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- LETTER OF CREDIT(1): $13,500,000 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored(2) SQUARE FOOTAGE: 628,626 LOCATION: Salt Lake City, UT YEAR BUILT: 2001 OCCUPANCY: 92.0% OCCUPANCY DATE: 03/15/05 NUMBER OF TENANTS: 97 UW REVENUES: $19,835,015 UW EXPENSES: $ 6,955,922 UW NOI: $12,879,093 UW NET CASH FLOW: $12,156,213 APPRAISED VALUE: $183,000,000 APPRAISAL DATE: 03/15/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $157 CUT-OFF DATE LTV: 54.0% MATURITY DATE LTV: 54.0% UW DSCR: 2.57x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE SALES PSF MOODY'S/ SQUARE BASE RENT EXPIRATION FOR THE YEAR TENANT NAME PARENT COMPANY S&P/FITCH(3) FEET % OF GLA PSF YEAR ENDED 2/28/05 - ------------------------------------------------------------------------------------------------------------------------------------ GALYANS SPORTS Dick's Sporting Goods, Inc. NR/B+/NR 91,000 14.5% $ 6.92 2016 $163 THEATRES Larry H. Miller Theaters, Inc. NR 73,997 11.8% $14.34 2016 $703,907/screen BARNES & NOBLE Barnes & Noble Inc. NR 25,873 4.1% $10.00 2012 $148 SKY BOX Sky Box NR 18,661 3.0% $12.86 2012 $138 VIRGIN MEGASTORE Virgin Group NR 15,299 2.4% $ 9.80 2017 $189 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) The letter of credit will be released as the remaining vacant space is leased. (2) The Gateway Plaza II Mortgaged Property, which is one of the two cross-collateralized and cross-defaulted loans which comprise the Gateway Plaza I & II loan, is secured by a heating and cooling facility that generates revenue from the sale of power. (3) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 21 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- GATEWAY PLAZA I & II - -------------------------------------------------------------------------------- THE LOAN. The Gateway Plaza I & II loan consists of two cross-collateralized and cross-defaulted loans totalling $98,780,516 (Gateway Plaza I ($90,428,329) and Gateway Plaza II ($8,352,187), together "Gateway Plaza I & II"). The Gateway Plaza I & II loan is structured as interest-only, permanent mortgages, with five-year terms, secured by The Gateway Shopping Center, an approximately 628,626 square foot recently constructed retail center and a heating and cooling central utility facility located in Salt Lake City, Utah. The Mortgaged Property was purchased by Inland Western Retail Real Estate Trust, Inc. ("Inland Western") for a purchase price of approximately $179.1 million including an approximate $34 million earnout to be achieved by Seller. Inland Western posted an irrevocable letter of credit at loan closing of $13.5 million; thus the Gateway Plaza I & II loan (net of letter of credit) represents approximately 59% of the estimated initial closing purchase price; and the full loan amount represents 55% of the projected purchase price assuming full payment of earnout to Seller. At loan closing, Borrower had in excess of $45 million of equity in the transaction, in addition to the $13.5 million irrevocable letter of credit. The loan is shadow rated A-- by S&P and Baa3 by Moody's. THE BORROWER. The Borrowing Entities are Inland Western Salt Lake City, L.L.C. (Gateway Plaza I), and IWR Gateway Central Plant, L.L.C. (Gateway Plaza II) which are 100% owned by Inland Western, a real estate investment trust that is part of the Inland Real Estate Group of Companies ("Inland"), which 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. The group, which owns approximately 700 centers across 41 states, buys its properties through its three REIT's: Inland Real Estate Corporation, Inland Real Estate Trust, Inc. and Inland Western, as well as a 1031 exchange fund. In 2004, Inland bought approximately 168 centers for just over $4.0 billion. With approximately $10 billion of assets under management and more than 85 million square feet of commercial real estate in various portfolios, Inland ranks as the 5th largest shopping center owner in the United States. As of December 31, 2004, Inland Western's portfolio included 111 properties located in approximately 28 states and consisting of approximately 87 multi-tenant shopping centers and 24 freestanding single-user net lease properties containing an aggregate of approximately 20,231,000 square feet of gross leasable area of which approximately 97% was leased. As of December 31, 2004, Inland Western had total assets of $3.96 billion; stockholder's equity of $1.89 billion; and liquidity of approximately $241.2 million. THE MORTGAGED PROPERTY. The Mortgaged Property is located within The Gateway District, which is planned to ultimately include some 2.5 plus and minus million square feet of space in a mixed-use urban setting along the west side of 400 West, from North Temple to 200 South. The Boyer Company, one of the largest developers of commercial real estate in the Intermountain West, is the developer of The Gateway District. To date, the first phase of The Gateway has been constructed, and includes the Mortgaged Property; three multi-story office buildings containing a total of approximately 350,000 square feet; the Children's Museum and Clark's Planetarium and Imax Theatre, both owned by Salt Lake County; and a residential component containing approximately 350 apartments and approximately 150 residential condominiums. According to property management, the first portion of Phase II is currently underway and will include an approximately 50,000 square foot building tenanted by Apple Computers and Ann Taylor. Demographics are favorable, with a 5-mile radius population and average household income of approximately $198,371 and approximately $54,627, respectively. Additionally, the Mortgaged Property's tenancy is such that it attracts consumers from a 15-mile radius and beyond, which has a population in excess of 900,000 and average household income of approximately $67,751. Constructed in 2001, the Mortgaged Property is comprised of an approximately 628,626 square foot retail center currently that is approximately 92.0% leased across approximately 97 tenants. The center is anchored by Dick's Sporting Goods (91,000 sf; 14.5%), MegaPlex 12 at Gateway Theatres (73,997 sf; 11.8%), and Barnes & Noble (25,873 sf; 4.1%), with other notable retail tenants including Abercrombie & Fitch, American Eagle, Ann Taylor, Banana Republic, Gap, J Crew, J Jill, and Victoria's Secret to name a few. The Mortgaged Property reports average sales per square foot (excluding Dick's, Barnes & Noble and Gateway Theatres) of approximately $350 with average occupancy cost of approximately 11.3%. Additionally, same store sales increased approximately 15.9% from the 12-month period ended 2/28/04 to the 12-month period ended 2/28/05. The Mortgaged Property's 12-screen cinema is reporting sales of approximately $703,000 per screen. The Mortgaged Property also includes a heating and cooling central utility facility. THE MARKET(1). The Mortgaged Property is located in Salt Lake City, within the Salt Lake City MSA, which is situated in the middle of what is referred to locally as the Wasatch Front, one of the largest metropolitan areas in the Intermountain West. Salt Lake City is Utah's capital city and is a major city in the Intermountain West between Denver, Colorado and the California coast. The 2004 population of the Salt Lake City MSA was approximately 1.4 million. More specifically, the Mortgaged Property is located at 100 South 450 West Street, which is in the north portion of Salt Lake County on the western periphery of the Salt Lake Downtown CBD. The Mortgage Property sits within close proximity to a number of Salt Lake's main buildings/attractions including the Delta Center, Triad Center, Pioneer Park, Salt Palace Convention Center, Crossroads Plaza, TRAX light rail system, and the Utah State Capitol. Just prior to the Olympics, the city diverted the railroad and performed a great deal of work to renovate the area. Additional planned development for the west side in the coming years includes a new Intermodal Transportation Hub connecting the Wasatch Front with Salt Lake City, and a state of the art aquarium, which will be the only aquarium in the City. The overall Salt Lake County area contains a total of approximately 25.7 million square feet, with an average occupancy of 92% and average rent per square foot of $17.04. More specifically, the Mortgaged Property is located in the Northeast submarket, which contains most of Salt Lake City, for a total of approximately 4.0 million square feet of retail supply, with an average occupancy of 90.0% and average rent per square foot of $26.72, as of January 2005. PROPERTY MANAGEMENT. The Mortgaged Property is managed by Inland Southwest Management LLC, an affiliate of the Borrower and Inland. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Gateway Plaza I & II appraisal report dated 03/31/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 22 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- GATEWAY PLAZA I & II - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER % OF CUMULATIVE CUMULATIVE OF SQUARE BASE SQUARE % OF CUMULATIVE CUMULATIVE LEASES FEET % OF GLA BASE RENT RENT FEET GLA BASE RENT % OF BASE YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING RENT EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT N/A 50,510 8.0% N/A 0.0% 50,510 8.0% N/A N/A 2005 & MTM 3 18,523 2.9 $308,700 3.0 69,033 11.0% $308,700 3.0% 2006 6 17,375 2.8 487,796 4.7 86,408 13.7% $796,496 7.7% 2007 4 16,265 2.6 117,383 1.1 102,673 16.3% $913,879 8.8% 2008 6 23,619 3.8 567,588 5.5 126,292 20.1% $1,481,467 14.3% 2009 1 2,175 0.3 43,500 0.4 128,467 20.4% $1,524,967 14.7% 2010 3 11,552 1.8 265,954 2.6 140,019 22.3% $1,790,921 17.3% 2011 32 131,668 20.9 3,182,685 30.7 271,687 43.2% $4,973,606 48.0% 2012 17 111,854 17.8 1,976,257 19.1 383,541 61.0% $6,949,863 67.1% 2013 6 10,836 1.7 223,476 2.2 394,377 62.7% $7,173,339 69.3% 2014 7 28,690 4.6 517,669 5.0 423,067 67.3% $7,691,008 74.3% 2015 8 19,477 3.1 625,341 6.0 442,544 70.4% $8,316,349 80.3% AFTER 4 186,082 29.6 2,037,624 19.7 628,626 100.0% $10,353,973 100.0% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL 97 628,626 100.0% $10,353,973 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 23 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- GATEWAY PLAZA I & II - -------------------------------------------------------------------------------- [MAP OF GATEWAY PLAZA I & II] 24 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- GATEWAY PLAZA I & II - -------------------------------------------------------------------------------- [MAP OF GATEWAY PLAZA I & II] 25 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- SHOPS AT CANAL PLACE - -------------------------------------------------------------------------------- [PHOTOS OF SHOPS AT CANAL PLACE] 26 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- SHOPS AT CANAL PLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $90,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $90,000,000 % OF POOL BY IPB: 3.0% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: The Shops and Garage at Canal Place, L.L.C. SPONSORS: Darryl D. Berger & Roger H. Ogden ORIGINATION DATE: 05/11/05 INTEREST RATE: 5.265000% INTEREST ONLY PERIOD: 120 months MATURITY DATE: 06/01/15 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24),Def(91),O(5) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ----------------------------- TAXES: $420,258 $60,037 INSURANCE $ 39,733 $19,171 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee(1) PROPERTY TYPE: Retail -- Regional Mall SQUARE FOOTAGE: 214,443 LOCATION: New Orleans, LA YEAR BUILT/RENOVATED: 1983 OCCUPANCY: 99.9% OCCUPANCY DATE: 04/06/05 NUMBER OF TENANTS: 43 HISTORICAL NOI: 2003: $6,009,301 2004: $6,370,059 TTM AS OF 02/28/2005 $6,583,976 UW REVENUES: $9,922,869 UW EXPENSES: $2,555,506 UW NOI: $7,367,363 UW NET CASH FLOW: $7,209,415 APPRAISED VALUE: $114,900,000 APPRAISAL DATE: 04/04/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $420 CUT-OFF DATE LTV: 78.3% MATURITY DATE LTV: 78.3% UW DSCR: 1.50x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION SALES PSF TENANT NAME PARENT COMPANY S&P/FITCH(2) FEET GLA PSF YEAR AS OF 2004 - ------------------------------------------------------------------------------------------------------------------------------------ SAKS FIFTH AVENUE Saks Incorporated B1/B+/B+ 106,682 49.7% $40.00 2009 $535 WYNDHAM CONFERENCE CENTER Wyndham International Inc. NR/B/NR 17,578 8.2% $0.00 MTM N/A POTTERY BARN William-Sonoma, Inc. NR 15,723 7.3% $16.01 2013 N/A LANDMARK THEATRE Landmark Theatre Corp. NR 9,814 4.6% $9.00 2009 $345,943/screen BANANA REPUBLIC WOMEN'S Gap Inc. Ba3/BBB-/BBB- 8,800 4.1% $24.00 2006 $530 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) The development consists of 4 condominium interests (office, hotel, mall and garage). There is a joint use agreement between the borrower and the owner of the office building and hotel. (2) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 27 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 SHOPS AT CANAL PLACE THE LOAN. The Shops at Canal Place loan is secured by a first mortgage on a fee interest in approximately 269,298 square foot regional mall located in New Orleans, Louisiana. The collateral consists of approximately 214,443 square feet of the retail shopping center and an approximately 538,000 square-foot parking garage. THE BORROWER. The borrower is The Shops and Garage at Canal Place L.L.C., a special purpose entity controlled by Darryl Berger and Roger Ogden. Mr. Berger is president of Darryl Berger Companies Inc. (DBCI), a diversified real estate investment and development firm based in New Orleans. The company has been responsible for dozens of major real estate projects over the last thirty years. Mr. Ogden is co-founder of Stirling Properties, a New Orleans based diversified development company established in 1975 that has developed and acquired over $350 million of commercial real estate. Stirling Properties has strategically focused on shopping centers throughout the Gulf South. THE MORTGAGED PROPERTY. Shops at Canal Place is a multi-tenant, enclosed regional shopping mall located in the CBD of New Orleans, Louisiana. The Mortgaged Property is part of an approximately 2,150,000 square foot, mixed-use Canal Place Development that includes a 17-story, four-star Wyndham Hotel and a 32 story, approximately 641,415 square foot office building. The collateral includes the development's 7-story, approximately 538,000 square foot parking garage with approximately 1,550 stalls. The garage has consistently generated approximately $4 million of gross revenues since 2001 and is currently being re-striped to accommodate approximately 1,650 cars. The Mortgaged Property occupies nearly an entire city block in the CBD of New Orleans, and is adjacent to the Mississippi River and French Quarter, a recognized tourist destination. The Mortgaged Property is within walking distance from several points of interest including the Aquarium of the Americas, Morial Convention Center, Riverwalk, Louisiana Superdome, Harrah's Casino, cruise ship terminals and tourist hotels. These tourist locations, along with the limited parking options in the area, contribute to the steady income of the Mortgaged Property's parking garage. The Mortgaged Property is regarded as the high-end shopping destination in the Gulf South. The Mortgaged Property is anchored by a 106,682 square foot Saks Fifth Avenue which generates one of the highest sales per square foot within the chain at approximately $535/sf psf in 2004. The Saks Fifth Avenue has been occupying the Mortgaged Property since 1982 and plans to expand into an additional space of approximately 20,000 square feet in the approximately 46,000 square feet retail expansion project currently being planned at the center. Other major tenants at the Mortgaged Property include Gucci, Coach, Brooks Brothers, Williams-Sonoma, Ann Taylor and Starbucks. Average sales for tenants at the subject were approximately $663/sf in 2004. The Mortgaged Property is approximately 99.9% occupied and has been for the last four years. The mall is improved with polished marble floors, glass encased elevators, and a landscaped five-story glass rooftop atrium. The glass elevators also service the garage and Wyndham Hotel lobby. THE MARKET(1). The Mortgaged Property is located in the CBD of New Orleans, where Canal Street meets the Mississippi River, adjacent to the French Quarter. The Mortgaged Property is bounded by Canal Street, a major arterial street within the CBD and North Peters Street, the arterial of Vieux Curre. The shopping center has approximately 484 feet of frontage along Canal Street and approximately 330 feet along North Peters Street. The street level entrance at the corner of North Peters and Iberville Streets abuts the French Quarter and benefits from significant pedestrian traffic. The Mortgaged Property is accessed by two major freeways, Interstate 10, located one mile to the northwest, and Pontchartrain Expressway (US 90), located one mile south. The major thoroughfares of the French Quarter, Bourbon, Royal and Chartres streets, are located two to three blocks northwest of the property. The Mortgaged Property is located directly across the street from the approximately 115,000 square foot Harrah's Casino, which is currently constructing an approximately 450 room casino hotel two blocks from the Mortgaged Property. The Mortgaged Property is also located five blocks from the approximately 1.1 million square foot Ernest N. Morial Convention Center, the seventh largest convention center in the United States, and is within walking distance of New Orleans' approximately 25,000 hotel rooms, including four- and five-star product. Other significant demand generators in the area include the Louisiana Superdome, amusement parks, restaurants, jazz bands, an aquarium and the annual Mardi Gras festival. These destinations help bring millions of visitors into the city every year. In 2004, there were an estimated 10.1 million visitors to New Orleans generating approximately $4.9 billion of sales. As of 2004, the population within a 1-, 3- and 5-mile radius of the Mortgaged Property is approximately 13,872, 213,865 and 430,793 persons, respectively. Average household income within the same radii is approximately $42,013, $31,695 and $40,316, respectively. According to the appraisal, the vacancy rate for a competitive set of retail centers in the area is estimated to be 8.0%. Although there are no directly comparable properties to Shops at Canal Place, two other enclosed malls in the New Orleans CBD offer the subject direct competition. The closest of these two malls and most competitive to the Mortgaged Property is New Orleans Centre, located on Poydras Street. In-line rents at New Orleans Centre range from $20 to $50/sf while kiosk rents range from $125 to $200/sf. The New Orleans Centre, however, is considered inferior with regard to location, tenancy, and quality of construction. PROPERTY MANAGEMENT. The Mortgaged Property is managed by Madison Marquette Realty Services L.P. which is a fully integrated real estate company that owns, manages and invests in retail properties. The company currently owns and/or manages approximately 25 million square feet of retail properties including regional malls, lifestyle centers, community and neighborhood centers, urban retail and mixed-use properties. The company's investment portfolio is valued at over $1 billion. The garage is managed by Central Parking System of Louisiana, Inc. (NYSE: CPC), which is the world's largest parking services provider. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Shops at Canal Place appraisal report dated 04/19/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 28 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- SHOPS AT CANAL PLACE - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT 187 0.1% N/A N/A 187 0.1% N/A N/A 2005 & MTM 9 29,920 14.0 $ 153,204 4.7% 30,107 14.0% $ 153,204 4.7% 2006 7 26,019 12.1 713,555 22.1 56,126 26.2% $ 866,759 26.8% 2007 3 3,383 1.6 155,328 4.8 59,509 27.8% $1,022,087 31.6% 2008 5 4,662 2.2 165,445 5.1 64,171 29.9% $1,187,532 36.7% 2009 13 125,834 58.7 1,417,947 43.8 190,005 88.6% $2,605,479 80.5% 2010 0 0 0.0 0 0.0 190,005 88.6% $2,605,479 80.5% 2011 2 1,413 0.7 37,768 1.2 191,418 89.3% $2,643,247 81.7% 2012 2 2,459 1.1 79,925 2.5 193,877 90.4% $2,723,172 84.2% 2013 3 18,118 8.4 362,636 11.2 211,995 98.9% $3,085,809 95.4% 2014 1 2,448 1.1 149,695 4.6 214,443 100.0% $3,235,504 100.0% 2015 0 0 0.0 0 0.0 214,443 100.0% $3,235,504 100.0% THEREAFTER 0 0 0.0 0 0.0 214,443 100.0% $3,235,504 100.0% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL: 46 214,443 100.0% $3,235,504 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 29 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- SHOPS AT CANAL PLACE - -------------------------------------------------------------------------------- [MAP OF SHOPS AT CANAL PLACE] 30 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- SHOPS AT CANAL PLACE - -------------------------------------------------------------------------------- [MAP OF SHOPS AT CANAL PLACE] 31 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- HUTCHINSON METRO CENTER - -------------------------------------------------------------------------------- [PHOTOS OF HUTCHINSON METRO CENTER] 32 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- HUTCHINSON METRO CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $90,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $90,000,000 % OF POOL BY IPB: 3.0% LOAN SELLER: Artesia Mortgage Capital Corp. BORROWER: Hutch Metro Center I LLC SPONSOR: Joseph Simone ORIGINATION DATE: 04/27/05 INTEREST RATE: 5.830000% INTEREST ONLY PERIOD: 24 months MATURITY DATE: 05/11/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(35),Def(77),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: Springing ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY - -------------------------------------------------------------------------------- TAXES: $0 $24,013 INSURANCE: $33,661 $8,211 CAPEX: $0 $6,359 TI/LC: $5,500,000(1) $0(2) EARNOUT: $23,000,000(3) $0 OTHER: $1,500,000(4) $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 423,915 LOCATION: Bronx, NY YEAR BUILT/RENOVATED: 1976 / 2005 OCCUPANCY: 59.3%(5) OCCUPANCY DATE: 04/08/05 NUMBER OF TENANTS: 20(6) HISTORICAL NOI: 2002: N/A 2003: N/A 2004: N/A UW REVENUES: $9,923,718 UW EXPENSES: $3,181,750 UW NOI: $6,741,969 UW NET CASH FLOW: $6,346,113 APPRAISED VALUE: $116,100,000(7) APPRAISAL DATE: 03/01/07(7) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $212 CUT-OFF DATE LTV: 77.5% MATURITY DATE LTV: 68.4% UW DSCR: 1.34x(8) - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(9) FEET GLA PSF YEAR - --------------------------------------------------------------------------------------------------------------------- MERCY COLLEGE N/A NR/NR/NR 125,522 29.6% $ 23.75 2024 NEW YORK CITY HOUSING AUTHORITY(10) N/A NR/A/A+ 62,977 14.9% $ 26.00 2027 VISITING NURSE SERVICE OF NY N/A NR/NR/NR 53,100 12.5% $ 27.10 2015 UNITED STATES OF AMERICA (IRS) N/A Aaa/AAA/AAA 22,270 5.3% $ 36.79 2014 - --------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Funds approximate 115% of the rent not yet commenced for existing tenants, remaining TI's for such tenants, with the balance to be applied toward leasing commissions. (2) There are four springing monthly reserves for the following: a) funds equivalent to $2/sf/year if at any time 20% of all leases in place expire before the term of the loan capped at $10/sf.; b) monthly deposits of $55,556, caped at $222,700, will be swept if the Lender receives notice that the IRS has exercised any of its termination options; c) monthly deposits of $55,556 if Mercy College defaults on rent payments for 60 days; and d) $55,556 if Mercy College notifies Borrower it has violated Borrower's restrictive covenant prohibiting leasing to other tenants which offer various associate, bachelors and master degrees. The combined balance cap for the 2 Mercy College reserves is $1,000,000. (3) Funds to be held for achievement of minimum performance criteria for occupancy and income tests in order to support a minimum underwritten DSCR of 1.25x. (4) Funds to be held until Endoscopy Associates obtains a certificate of need and cancellation right between six and eight months from lease commencement date has been extinguished. (5) Occupancy based on signed leases including 6 tenants not yet in occupancy is 79.3% (6) Includes tenants with signed leases but not yet in occupancy. (7) Appraisal values were determined using the stabilized value as of 03/01/07. (8) For purposes of determining the debt service coverage ratio, such ratio was adjusted by taking into account amounts available under the $23,000,000 earnout reserve. (9) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease, except in the case of the New York City Housing Authority, where its financial ratings refer to its municipal bonds and in the case of the IRS, where its financial ratings are those of the United States of America. (10) The New York City Housing Authority has a signed lease but occupancy will not commence until 11/01/05. 33 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 HUTCHINSON METRO CENTER THE LOAN. The Hutchinson Metro Center loan is secured by a first mortgage interest in approximately 423,915 square feet of suburban office space located in the Bronx, New York. THE BORROWER. The borrower is Hutch Metro Center I LLC, a newly formed special purpose entity with an independent director sponsored by Jospeh Simone. Mr. Simone is the President of Simone Development Company and has been in business for over 30 years. Mr. Simone oversees companies with a combined portfolio of over 100 properties and over four million square feet of office, retail and industrial space. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Hutchinson Metro Center Loan. The members of the borrower are Hutch Realty Partners, LLC (HRP), with a 99% membership interest, and Hutch Metro Center I LLC (Manager), a newly formed entity and the managing member of the Borrower, with the remaining 1% membership interest. The sole member of the manager is HRP. The members of HRP are Whitestone Capital Partners, LLC, with a 50.1% membership interest, and Waters Place Development, LLC, with a 49.9% membership interest. The sole member of Whitestone Capital Partners, LLC is Joseph Simone with a 100% membership interest. The members of Waters Place Development, LLC are Deglomini Hutch Development, LLC, Contillo Hutch Development LLC, and Martello Hutch, LLC, each with a 1/3 membership interest. Michael Contillo and Joseph Deglomini are principals of Contillo Hutch Development LLC and Deglomini Hutch Development LLC. THE MORTGAGED PROPERTY(1).The Mortgaged Property is an approximately 423,915 square foot office building situated on approximately 9.1 acres just east of Eastchester Road and west of the Hutchinson River Parkway in the Westchester Heights section of the Bronx, New York. Westchester Heights is located in the northeastern section of The Bronx just south of Pelham Parkway. Westchester Heights is a diverse community that is developed with a variety of housing units, commercial and retail facilities as well as a number of hospital and institutional health service users including The Bronx Municipal Hospital, Calvery Hospital, Albert Einstein Medical Center, Montefiore Medical Center and the Bronx Psychiatric Center. The Mortgaged Property was constructed in 1976, with renovations beginning in 2002 and completed in 2005. In 2002 the Mortgaged Property was converted from the former Psychiatric Center Youth Treatment Facility to a large multi-tenant office building. The exterior facade was demolished and replaced with a new open appearance and floors were restructured for current loads. Other improvements include a new roof, landscaping, mechanical systems, new plumbing and electrical systems, new elevators, additional stairs, and new lobbies. The building, which is steel and concrete construction with newly installed lucabon panel and plate glass curtain exterior walls, offers flexible floor plans that can accommodate requirements for both large and small space users. The Mortgaged Property has a wide range of tenant amenities including high-speed internet and telecommunications systems, a teleconferencing center, an on-site cafeteria and fitness center, 24-hour security, an on-site generator to insure uninterrupted power service, convenience retail shops for tenants and a free shuttle bus to public transportation. The shuttle bus and cafe are costs incurred by the landlord in order to meet certain lease requirements associated with the New York City Housing Authority and Visiting Nurse Service leases. The largest tenant is Mercy College, occupying approximately 125,522 square feet, or approximately 29.6% of the net rentable area. Mercy College opened in 1950 and offers four year degrees in business and accounting, education, literature language and communications, mathematics and computer information systems, and social and behavioral sciences. They maintain their main campus in Westchester County and have several other campuses throughout the New York metropolitan area. Mercy College has an enrollment of approximately 10,000 students. Two tenants, New York City Housing Authority and the United States of America (IRS), are investment grade tenants. New York City Housing Authority's municipal bonds are rated "A" and "A+" by S&P and Fitch, respectively and the United States of America is rated "Aaa" by Moody's and "AAA" by both S&P and Fitch. THE MARKET(1). The Bronx Class A/B office submarket is approximately 1,003,000 square feet including the Mortgaged Property. There are no major market studies that follow the Bronx market specifically, but an appraiser's survey of the area, including four Class A competitive buildings and conversations with brokers and owners, indicates demand for Class A office is strong. The four Class A buildings surveyed have an average occupancy of 94%. Large blocks of good quality office space are rare in the Bronx and local managers indicate the better quality buildings have an overall vacancy rate of 5%. Part of the demand in this area is driven by rents in Manhattan with office vacancy less than 9%. Contiguous office spaces consisting of 125,000 square feet or greater has fallen from approximately 28 spaces at the end of 2003 to approximately 22 spaces at the end of 2004. The Bronx represents a growing opportunity for real estate development due to its proximity to Manhattan and surrounding suburbs. Other recent developments include the redevelopment of Alexander's building at Fordham Road and Grand concourse. This development is a 350,000 square foot mixed used facility consisting of ground floor retail with offices on the upper floors for tenants such as the city's child welfare agency, an HMO and City University of New York. Efforts are also underway to develop the Bronx Center, a 3/4 square mile area in the southwestern part of the Bronx for the primary use as a residential community although future plans envision a governmental, cultural, institutional and commercial center of the area. Approximately $2 billion in public and private monies has been committed to the project. PROPERTY MANAGEMENT. HRP is the property manager for the Hutchinson Metro Center Loan. HRP is the leasing and/or managing agent for more than 90 properties and has a 99% membership interest in the Borrower. The sponsor, Joseph Simone, is the sole member of Whitestone Capital LLC, which has a 50.1% membership interest in HRP. Simone Development is a full service privately-held real estate investment company specializing in the acquisition, development, and management of high-quality office buildings, industrial warehouses and retail community centers in the Tri-State area. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Hutchinson Metro Center Loan appraisal report dated 03/07/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 34 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- HUTCHINSON METRO CENTER - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT N/A 172,635 40.7% N/A N/A 172,635 40.7% N/A N/A 2005 & MTM 0 0 0.0 $0 0.0% 172,635 40.7% $0 0.0% 2006 0 0 0.0 0 0.0 172,635 40.7% $0 0.0% 2007 0 0 0.0 0 0.0 172,635 40.7% $0 0.0% 2008 0 0 0.0 0 0.0 172,635 40.7% $0 0.0% 2009 1 2,500 0.6 79,375 1.2 175,135 41.3% $79,375 1.2% 2010 0 0 0.0 0 0.0 175,135 41.3% $79,375 1.2% 2011 0 0 0.0 0 0.0 175,135 41.3% $79,375 1.2% 2012 1 3,000 0.7 95,250 1.4 178,135 42.0% $174,625 2.6% 2013 0 0 0.0 0 0.0 178,135 42.0% $174,625 2.6% 2014 4 27,762 6.5 992,168 14.6 205,897 48.6% $1,166,793 17.1% 2015 2 55,100 13.0 1,506,672 22.1 260,997 61.6% $2,673,465 39.2% AFTER 14 162,918 38.4 4,142,045 60.8 423,915 100.00% $6,815,510 100.00% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL 22 423,915 100.0% $6,815,510 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 35 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- HUTCHINSON METRO CENTER - -------------------------------------------------------------------------------- [MAP OF HUTCHINSON METRO CENTER] 36 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- HUTCHINSON METRO CENTER - -------------------------------------------------------------------------------- [MAP OF HUTCHINSON METRO CENTER] 37 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- LXP-BANK OF AMERICA - -------------------------------------------------------------------------------- [PHOTOS OF LXP-BANK OF AMERICA] 38 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- LXP-BANK OF AMERICA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $80,182,200 CUT-OFF DATE PRINCIPAL BALANCE: $80,182,200 % OF POOL BY IPB: 2.7% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Acquiport Brea L.P. SPONSOR: Lexington Acquiport Company II, LLC ORIGINATION DATE: 04/13/05 INTEREST RATE: 5.330000% INTEREST ONLY PERIOD: 24 months MATURITY DATE: 05/01/13 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(68),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------------------ TAXES: $0 Springing(1) INSURANCE: $0 Springing(1) REQUIRED REPAIRS: $19,531 $0 TI/LC: $0 Springing(2) OTHER/GUARANTY: $3,350,6282 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 637,503 LOCATION: Brea, CA YEAR BUILT: 1981 OCCUPANCY: 100.0% OCCUPANCY DATE: 12/28/04 NUMBER OF TENANTS: 1 HISTORICAL NOI: 2003: N/A 2004: $7,473,627 UW REVENUES: $7,247,670 UW EXPENSES: $217,430 UW NOI: $7,030,240 UW NET CASH FLOW: $6,520,237 APPRAISED VALUE: $115,000,000 APPRAISAL DATE: 01/17/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $126 CUT-OFF DATE LTV: 69.7% MATURITY DATE LTV: 63.4% UW DSCR: 1.22x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(3) FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------ BANK OF AMERICA Bank of America Corporation Aa2/A/A 637,503 100.0% $ 11.88 2009(4) - ------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) Monthly escrows for Taxes and Insurance will be required upon the occurrence of an event of default. Monthly collections for Taxes and Insurance will equal at minimum 1/12th the amount the lender estimates will be payable during the ensuing twelve months. (2) Lender requires accumulation of reserves equal to 1 year's debt service of $5,360,992 by June 2009 either by (i) 32 monthly $167,531 TILC deposits commencing November 2006, or (ii) as long as the debt-to-equity ratio does not exceed 60% and net worth is greater than $600,000,000 with the posting of a guaranty of $3,350,628, plus 12 monthly cash deposits of $167,531. Upon the occurrence of a cash flow sweep event under the related mortgage loan documents, all remaining cash will be deposited into the leasing reserve account. (3) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. (4) The Landlord has an option to extend the term of the Lease for three years commencing 06/30/09, with notice to Tenant no later than 06/30/07. 39 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- LXP-BANK OF AMERICA - -------------------------------------------------------------------------------- THE LOAN. The LXP-Bank of America loan is secured by a first mortgage on a fee interest in an approximately 637,503 square foot, single-tenant office building located in Brea, California. THE BORROWER. The borrower is Acquiport Brea, L.P., a special purpose entity that is controlled by Lexington Corporate Properties Trust ("Lexington") (NYSE: LXP), a real estate investment trust that owns and manages a geographically diverse portfolio of office, industrial and retail properties net leased to corporate tenants. Lexington and its predecessor companies have invested in single-tenant net lease properties since 1973. The Company, which formed through merger in 1997, owns more than 100 commercial properties in approximately 35 states throughout the United States and Canada with more than 20 million square feet of rentable space. Lexington acquired the Bank of America property as part of a larger acquisition of 33 properties from Wells REIT, totaling approximately 6.4 million square feet, consisting of mostly single-tenant office buildings and some industrial properties leased to credit and nationally recognized tenants. As of September 30, 2004, Lexington's total assets under management exceeded $1.5 billion. THE MORTGAGED PROPERTY. LXP-Bank of America is an approximately 637,503 square foot Class B office complex located in the city of Brea, California, approximately 30 miles southeast of Los Angeles. The Mortgaged Property consists of two three-story steel and concrete buildings located on approximately 31.6 acres of land. The buildings were constructed in 1981 as a cohesive center connected by an approximately 12,400 square foot atrium which contains the entry lobby and provides access from the north and south, surrounded by ample surface parking area (approximately 2,200 spaces, or approximately 3.45 spaces per 1,000 square feet). The Mortgaged Property offers employees a cafeteria, a physical fitness center and common area equipped with music and video screens, in a high security environment. The property is 100% leased to Bank of America Corporation (NYSE: BAC), which uses the location for operations and call center facilities. As of December 28, 2004, the property housed approximately 1,400 employees and is capable of housing approximately 2,500 employees. Bank of America has been at the property since 1997 and currently pays rent of approximately $11.88/sf. While their lease expires in June, 2009, there is a landlord extension option in place through June, 2012 and a rent bump in August, 2007 to $13.66/sf. In addition, the lender requires accumulation of reserve equal to one year's debt service of approximately $5,361,005 by June 2009. Bank of America operates through its banking and non-banking subsidiaries as a provider of financial services and products throughout the United States and in selected international markets. Bank of America manages its operations through four business segments: Consumer and Commercial Banking, Asset Management, Global Corporate and Investment Banking and Equity Investments. Bank of America is rated AA-- by S&P. THE MARKET(1). The LXP-Bank of America Mortgaged Property is located 1/2 mile north of Imperial Highway in Brea, North Orange County, California. Brea is approximately 30 miles southeast of Los Angeles, and is within commuting distance of Orange, Los Angeles and Riverside Counties via the Interstate Freeway System. The 91 (Riverside) Freeway, which is approximately five miles south of the subject, provides access to Los Angeles and the Los Angeles International Airport to the west and Riverside to the east. The 57 (Orange) Freeway, which is one block west of the property, Los Angeles and San Bernardino Counties. Rail service into Brea is provided by Southern Pacific, Union Pacific and Amtrak, and Orange County Transit District supplies local and inter-urban bus service. Additionally, there are three county airports located within a radius of 25 miles. Office vacancy in Orange County is currently at approximately 7.0%, with office vacancy in Brea at approximately 6.1%. Orange County contains about 8.1% of California's population, with a January 2004 estimate of nearly 3 million people. Among the fastest growing markets in the nation and with population expected to grow 1.2% annually, Orange County firms can select from an extensive pool of labor. The diversified economic base, desirable living environment, mild climate and quality public schools makes Orange County a dynamic population and employment center. Additionally, there is little vacant land in Orange County available for future development, especially along the size of the Mortgaged Property. PROPERTY MANAGEMENT. The LXP-Bank of America property is self-managed by Bank of America. Bank of America has contracted with Jones Lang LaSalle Bank National Association for property management. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the LXP-Bank of America appraisal report dated 02/01/05. The appraisal relies upon many assumptions and no representation is made as to the accuracy of the assumptions underlying the appraisal. 40 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- LXP-BANK OF AMERICA - -------------------------------------------------------------------------------- [MAP OF LXP-BANK OF AMERICA] 41 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- MILLENNIUM PLACE - -------------------------------------------------------------------------------- [PHOTOS OF MILLENNIUM PLACE] 42 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- MILLENNIUM PLACE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $70,720,000 CUT-OFF DATE PRINCIPAL BALANCE: $70,720,000 % OF POOL BY IPB: 2.4% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: New Commonwealth Commercial Holding Co LLC SPONSOR: Millennium Partners, LLC ORIGINATION DATE: 05/06/05 INTEREST RATE: 5.550000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 06/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY --------------------------- TAXES: $234,016 $117,008 INSURANCE: $12,190 $1,454 CAPEX: $5,987 $5,987 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 287,379 LOCATION: Boston, MA YEAR BUILT: 2001 OCCUPANCY: 87.1%(1) OCCUPANCY DATE: 05/05/05 NUMBER OF TENANTS: 4 HISTORICAL NOI: 2002: N/A 2003: $6,406,171 2004: $8,560,532 UW REVENUES: $10,965,599 UW EXPENSES: $2,918,510 UW NOI: $8,047,089 UW NET CASH FLOW: $7,802,837 APPRAISED VALUE: $88,400,000 APPRAISAL DATE: 03/09/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $246 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 66.9% UW DSCR: 1.61x - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS SALES LEASE PSF MOODY'S/ SQUARE BASE RENT EXPIRATION AS OF TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA PSF YEAR 07/04 - ---------------------------------------------------------------------------------------------------------------------- LOEWS THEATRE N/A NR 136,011 47.3% $27.64 2021 $717,532/screen THE SPORTS CLUB/LA N/A Caa3/NR 95,496 33.2% $28.80 2021 N/A - ---------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Excludes parking garage. (2) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 43 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- MILLENNIUM PLACE - -------------------------------------------------------------------------------- THE LOAN. The Millennium Place loan is secured by a first mortgage interest in approximately 287,379 square feet of mixed-use commercial space (sports club, theatre, retail and parking garage) located in Boston, Massachusetts. THE BORROWER. The borrower is New Commonwealth Commercial Holding Co LLC, a newly formed special purpose entity sponsored by Millennium Partners LLC. Millennium Partners, founded in 1990, is a developer of mixed-use urban residential and entertainment complexes in the U.S., with a portfolio valued in excess of $4 billion. Millennium Partners has a geographically diverse portfolio located in the major U.S. cities of New York, Washington, D.C., Boston, San Francisco, and Miami. Projects include residential condominium units, a luxury, 5-star full-service hotel, and retail complexes. THE MORTGAGED PROPERTY. Completed in 2001, Millennium Place is a mixed-use, Boston center city development comprised of two multi-story towers. The commercial condominiums that comprise the Mortgaged Property are part of a larger mixed-use project with an area of approximately 1.5 million square feet. That larger project includes 309 luxury residential condominium units, 63 residential suites, and a 154-room Ritz Carlton hotel. The two buildings in the complex are of steel frame construction with a facade of granite, brick and glass. One tower is 40 stories and the other is 38 stories. In particular, the collateral includes approximately 54,863 square feet of retail space, an approximately 136,011 square feet,19-screen multiplex, an approximately 95,496 square foot The Sports Club/LA, an approximately 226,138 square foot, 5-level parking garage component and approximately 18,521 square feet of storage space. The property is 87.1% leased as of May 5, 2005 (excluding the parking garage space) to: (i) Downtown Boston Cinemas, LLC, d/b/a Loews Cineplex (136,011 SF through July 31, 2021); (ii) The Sports Club/LA (95,496 SF through September 3, 2021); (iii) Metro Boston CVS, Inc. (12,779 SF through June 30, 2023); and (iv) Cathay Bank (6,000 SF through July 31, 2014). The Loews Cineplex theatre generated gross revenue of approximately $13.6MM (approximately $717,075 per screen) for the fiscal year ending October 2004. The Sports Club/ LA had approximately 7,055 members in December 2004, up 2.1% from the prior year. The retail component of the Mortgaged Property is currently 42.1% leased to Metro Boston CVS, Inc., and Cathay Bank, each at an initial net rental rate of $35.00/SF. THE MARKET(1). Millennium Place is located in the central part of Boston in what is known as the Theatre District. The Mortgaged Property borders Boston Common between the Financial District and the Back Bay and Beacon Hill neighborhoods, occupying portions of two blocks bounded by Washington, Tremont and Boylston Streets. The City of Boston is among the top 10 markets in the U.S. in personal income per capita (approximately $39,315). The economy is primarily based on financial services, technology, healthcare, biotechnology (third largest in the U.S.) and legal services. According to a third party market data service provider, retail sales in metropolitan Boston grew 6% in 2004. Boston's retail vacancy was 6.4% in 2004, down from 6.6% in 2003 and 6.9% in 2002. Retail vacancy rate is expected to fall to 6.2% in 2005, while average asking rents to increase 3.5%. Boston's supply constraints, including a lack of developable land, have helped keep physical vacancies low. As a result, "high barriers" to entry have discouraged new development, while simultaneously increasing demand for prime retail locations in the metropolitan area. According to the Millennium Place appraisal, there are approximately 51,463 square feet of available space in the immediate area with an asking rate of approximately $50.00/sf. PROPERTY MANAGEMENT. The Mortgaged Property is managed by Millennium Partners I, Inc., an affiliate of the borrower. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Millennium Place appraisal report dated 04/14/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 44 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- MILLENNIUM PLACE - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT N/A 37,093 12.9% N/A N/A 37,093 12.9% N/A N/A 2005 & MTM 0 0 0.0 $0 0.0% 37,093 12.9% $0 0.0% 2006 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2007 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2008 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2009 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2010 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2011 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2012 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2013 0 0 0.0 0 0.0 37,093 12.9% $0 0.0% 2014 1 6,000 2.1 210,000 2.9 43,093 15.0% $210,000 2.9% 2015 0 0 0.0 0 0.0 43,093 15.0% $210,000 2.9% AFTER 3 244,286 85.0 6,957,265 97.1 287,379 100.0% $7,167,264 100.0% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL 4 287,379 100.0% $7,167,265 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 45 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- MILLENNIUM PLACE - -------------------------------------------------------------------------------- [MAP OF MILLENNIUM PLACE] 46 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 [THIS PAGE INTENTIONALLY LEFT BLANK] 47 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- THE RUSS BUILDING - -------------------------------------------------------------------------------- [PHOTOS OF THE RUSS BUILDING] 48 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- THE RUSS BUILDING - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $60,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $60,000,000 % OF POOL BY IPB: 2.0% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: Russ Building Venture LLC SPONSOR: Shorenstein Company ORIGINATION DATE: 04/12/05 INTEREST RATE: 5.310000% INTEREST ONLY PERIOD: 120 months MATURITY DATE: 05/01/15 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(24), Def(91), O(4) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------------ TAXES(1): $0 $0 INSURANCE(1): $0 $0 DEBT SERVICE(1): $0 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 509,368 LOCATION: San Francisco, CA YEAR BUILT/RENOVATED: 1927 / 2000 OCCUPANCY: 87.4% OCCUPANCY DATE: 06/01/05 NUMBER OF TENANTS: 119 HISTORICAL NOI: 2002: $10,260,618 2003: $9,981,203 TTM AS OF 12/31/04: $9,235,402 UW REVENUES: $16,062,671 UW EXPENSES: $7,746,890 UW NOI: $8,315,781 UW NET CASH FLOW: $7,253,944 APPRAISED VALUE: $120,300,000 APPRAISAL DATE: 03/29/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $118 CUT-OFF DATE LTV: 49.9% MATURITY DATE LTV: 49.9% UW DSCR: 2.25x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(2) FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------- FARELLA BRAUN & MARTEL LLP N/A NR 116,984 22.9% $33.00 2013 BEA SYSTEMS, INC. N/A NR 77,785 15.2% $35.00 2007 - ------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Monthly escrows will be collected upon the occurrence of an event of default or if DSCR falls below 1.20x and until a DSCR of greater than 1.25x has been reached for two consecutive quarters. (2) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 49 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- THE RUSS BUILDING - -------------------------------------------------------------------------------- THE LOAN. The Russ Building is secured by a first mortgage interest in an approximately 509,368 square foot, Class B office building with ground floor retail located in San Francisco, CA. The loan is shadow rated Baa3 by Moody's, BBB- by S&P and BBB- by Fitch. THE BORROWER. The borrower is Russ Building Venture LLC, a special purpose entity and an affiliate of the San Francisco-based Shorenstein Company ("Shorenstein"). Privately owned, Shorenstein is headquartered in San Francisco and owns and manages over 14 million square feet of Class A office space around the country, including Prudential Plaza and John Hancock Center in Chicago and 450 Lexington Avenue in New York. Since 1992, Shorenstein has sponsored a series of closed-end real estate investment funds with aggregate capital commitments of $2.3 billion. Shorenstein has owned the Mortgaged Property since 1978. THE MORTGAGED PROPERTY. The Russ Building is a 509,368 square foot, 31-story Class B office building located at 235 Montgomery Street in the North of Market Street ("NoMa") submarket of San Francisco's Financial District. Originally built in 1927 in a neo-Gothic architectural design, the building is designated a California State Historic Landmark. The Russ Building has been maintained and periodically refurbished by the sponsors over the years so that it offers the amenities and convenience of a modern office environment. Amenities include two restaurants, a card shop, barber shop, travel agency as well as a four-level, approximately 363-stall parking garage. The Russ Building is located in the San Francisco Financial District, facing east and fronting the entire block of Montgomery Street, an artery running North-South within the Financial District. All forms of public transportation are nearby: BART and Muni Stations are two blocks away, access to the bus system is located immediately in front of the building; Amtrak and Ferry Stations are six blocks away and the Historic Cable Car California Street line is one block away. THE MARKET(1). According to a third party market data service, the San Francisco office market totals approximately 71 million square feet of Class A, B and C office space, spread out over 12 submarkets. The largest submarket is the Financial District, containing approximately 49 million square feet or nearly 70% of all inventory. The Financial District is further subdivided into NoMa, where the Russ Building is located and which contains approximately 27 million square feet, and South of Market Street with approximately 22 million square feet. The San Francisco office market exhibited signs of recovery during 2004, following a period of decline that began in late 2000. Net absorption in Fourth Quarter of 2004 was greater than the previous three quarters combined, with the market posting a positive approximately 1.1 million square feet. The vacancy rate dropped 210 basis points and the availability rate decreased 200 basis points, to 15.9% and 17.0%, respectively. Average asking rates increased for the fourth consecutive quarter, reporting an average of $26.13 for the overall San Francisco market, an 11.6% change from a year ago. Class A rates increased to $31.80 per square foot and Class B rates to $21.36 per square foot. Average asking rates in the NoMa submarket at year-end 2004 were approximately $29.64 per square foot for Class A space and $23.64 per square foot for Class B space, continuing their year-long increase, a trend that is expected to accelerate as availability tightens. Overall, the San Francisco office market is showing a improving trend with decreasing vacancy rates, increasing average asking rate and positive absorption. PROPERTY MANAGEMENT. The Mortgaged Property is managed by Shorenstein Realty Services, L.P., an affiliate of the borrower. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Russ Building appraisal report dated 04/04/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. <TABLE> - ---------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ---------------------------------------------------------------------------------------------------------------------------------- VACANT 31 63,975 12.6% $0 0.0% 63,975 12.6% $0 0.0% 2005 & MTM 34 25,232 5.0 594,639 4.4 89,207 17.5% $594,639 4.4% 2006 21 31,957 6.3 851,894 6.3 121,164 23.8% $1,446,533 10.7% 2007 20 94,909 18.6 3,411,416 25.2 216,073 42.4% $4,857,948 35.9% 2008 33 57,440 11.3 1,877,625 13.9 273,513 53.7% $6,735,573 49.7% 2009 16 24,180 4.7 587,721 4.3 297,693 58.4% $7,323,295 54.1% 2010 8 15,445 3.0 377,679 2.8 313,138 61.5% $7,700,974 56.9% 2011 4 7,122 1.4 202,238 1.5 320,260 62.9% $7,903,212 58.4% 2012 7 17,720 3.5 411,312 3.0 337,980 66.4% $8,314,523 61.4% 2013 24 133,211 26.2 4,172,367 30.8 471,191 92.5% $12,486,891 92.2% 2014 6 32,665 6.4 875,475 6.5 503,856 98.9% $13,362,366 98.7% 2015 4 5,512 1.1 181,459 1.3 509,368 100.0% $13,543,824 100.0% THEREAFTER 31 0 0.0 0 0.0 509,368 100.0% $13,543,824 100.0% - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL 208 509,368 100.0% $13,543,824 100.0% - ---------------------------------------------------------------------------------------------------------------------------------- </TABLE> 50 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- THE RUSS BUILDING - -------------------------------------------------------------------------------- [MAP OF THE RUSS BUILDING] 51 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- THE RUSS BUILDING - -------------------------------------------------------------------------------- [CHART OMITTED] 52 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 [THIS PAGE INTENTIONALLY LEFT BLANK] 53 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- [PHOTOS OF STAFFORD PLACE II] 54 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $56,250,000 CUT-OFF DATE PRINCIPAL BALANCE: $56,250,000 % OF POOL BY IPB: 1.9% LOAN SELLER: LaSalle Bank National Association BORROWER: Stafford Circle Associates, LLC SPONSOR: Ralph S. Dweck ORIGINATION DATE: 05/24/05 INTEREST RATE: 5.430000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 06/01/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(93),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ---------------------------- TAXES: $300,083 $33,343 INSURANCE: $12,415 $4,138 CAPEX: $0 $0(1) TI/LC: $0 $0(1) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 175,058 LOCATION: Arlington, VA YEAR BUILT/RENOVATED: 1999 OCCUPANCY: 100% OCCUPANCY DATE: 05/17/05 NUMBER OF TENANTS: 11 HISTORICAL NOI: 2002: N/A 2003: $3,246,493 2004: $4,210,717 TTM AS OF 03/31/05: $4,266,685 UW REVENUES: $6,327,537 UW EXPENSES: $1,647,972 UW NOI: $4,679,565 UW NET CASH FLOW: $4,572,163 APPRAISED VALUE: $73,500,000 APPRAISAL DATE: 04/26/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $321 CUT-OFF DATE LTV: 76.5% MATURITY DATE LTV: 71.0% UW DSCR: 1.20x - -------------------------------------------------------------------------------- <TABLE> - ---------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(2) FEET GLA PSF YEAR - ---------------------------------------------------------------------------------------------------------------------------- UNITED STATES OF AMERICA -- NATIONAL SCIENCE FOUNDATION N/A Aaa/AAA/AAA 60,524 34.6% $32.04 2013 NATIONAL TELEPHONE COOPERATIVE ASSOCIATION N/A NR 31,002 17.7% $31.89 2009 CENTRA TECHNOLOGY, INC. N/A NR 23,209 13.3% $32.09 2010 HIGH PERFORMANCE TECHNOLOGIES, INC. N/A NR 15,048 8.6% $33.04 2009 CRAVER, MATHEWS, SMITH & COMPANY N/A NR 14,437 8.2% $33.78 2009 - ---------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Only during an event of default in an amount determined by Lender as necessary. (2) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 55 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- THE LOAN. The Stafford Place II loan is secured by a first mortgage interest in an approximately 175,058 sq. ft. 11-story Class A office building known as Stafford Place II ("Stafford II") located in Arlington, VA. THE BORROWER. The borrower is Stafford Circle Associates, LLC, a newly formed special purpose entity with two independent managers, for which a non-consolidation opinion was obtained at origination. The sponsor of the borrower is Ralph S. Dweck, a real estate developer since 1972. Mr. Dweck has developed or acquired a variety of properties throughout the Washington, D.C. Metropolitan Area including approximately 300,000 sq. ft. of retail shopping centers, approximately 4,500 apartment units, approximately 1.5 million sq. ft. of warehouse space and approximately 1.0 million sq. ft. of office space. THE MORTGAGED PROPERTY(1).Stafford II is a Class A office building located in the Rosslyn-Ballston Corridor in Arlington, Virginia. Built in 1999, Stafford II totals approximately 175,058 sq. ft, with approximately 301 below-grade parking spaces. Stafford II is currently 100% leased, with the largest office tenant being the United States of America - National Science Foundation ("NSF"), leasing approximately 60,524 sq. ft. The NSF's headquarters are located in an adjacent building, which is connected to Stafford II via a shared underground walkway. Stafford II lies mid-block along Wilson Boulevard, between North Randolph Street and North Stuart Street directly across from the Ballston Common Mall, an approximately 310,704 sq. ft anchored retail mall, and one block south of the Ballston MetroRail Station. Stafford II is approximately 6 miles from downtown Washington, D.C., approximately 8 miles from Reagan National Airport and approximately 21 miles from Washington Dulles International Airport. THE MARKET(1). Stafford II is located in the Washington, D.C. Metropolitan Area Office Market. The market consists of approximately 348.8 million sq. ft. of multi-tenanted office space as of year-end 2004. The market is segmented into three broad submarkets: District of Columbia, Suburban Maryland and Northern Virginia. Stafford II is situated in the Northern Virginia office submarket and at year end 2004, Northern Virginia had approximately 159.9 million sq. ft. of multi-tenanted office space within approximately 2,404 buildings, with a vacancy rate of approximately 11.4%. The year end 2004 vacancy rate of approximately 11.4% represents a decline from year end 2003 vacancy rate of approximately 13.2%. The overall vacancy has declined for two years in a row after reaching a high of approximately 16.0% at year end 2002. Specifically, the subject is situated in the Rosslyn-Ballston Corridor, which as of year end 2004 had a sub-market vacancy of approximately 7.4%. Northern Virginia witnessed the most job growth of the Submarkets in 2004 with approximately 27,300 new jobs versus approximately 24,600 for Suburban Maryland and approximately 8,200 for the District of Columbia. In 2004, the Washington, D.C. MSA average household income was approximately $90,312 which exceeded the average household income for many other MSAs such as New York, Chicago, Boston and Atlanta. PROPERTY MANAGEMENT. Stafford II is managed by Gates, Hudson & Associates, Inc. ("GHA"). GHA provides property management services to the Virginia, Maryland and Washington, D.C. markets. Currently, GHA manages approximately 1,500,000 sq. ft of office, 200,000 sq. ft of retail, and 100,000 sq. ft of industrial space in the Washington, D.C. Metropolitan Area. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Stafford Place II appraisal report dated 04/29/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 56 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- <TABLE> - ----------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT % OF BASE FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING RENT EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - ----------------------------------------------------------------------------------------------------------------------------------- VACANT N/A N/A N/A N/A N/A N/A N/A N/A N/A 2005 & MTM 1 7,372 4.2% $228,532 4.1% 7,372 4.2% $228,532 4.1% 2006 1 2,050 1.2 65,784 1.2 9,422 5.4% $294,316 5.3% 2007 0 0 0.0 0 0.0 9,422 5.4% $294,316 5.3% 2008 0 0 0.0 0 0.0 9,422 5.4% $294,316 5.3% 2009 3 60,487 34.6 1,973,522 35.6 69,909 39.9% $2,267,838 40.9% 2010 3 33,948 19.4 1,092,112 19.7 103,857 59.3% $3,359,950 60.6% 2011 0 0 0.0 0 0.0 103,857 59.3% $3,359,950 60.6% 2012 1 8,460 4.8 203,378 3.7 112,317 64.2% $3,563,328 64.2% 2013 1 60,524 34.6 1,939,089 35.0 172,841 98.7% $5,502,417 99.2% 2014 1 2,217 1.3 44,340 0.8 175,058 100.0% $5,546,757 100.0% 2015 0 0 0.0 0 0.0 175,058 100.0% $5,546,757 100.0% AFTER 0 0 0.0 0 0.0 175,058 100.0% $5,546,757 100.0% - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL 11 175,058 100.0% $5,546,757 100.0% - ----------------------------------------------------------------------------------------------------------------------------------- </TABLE> 57 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- [MAPS OF STAFFORD PLACE II] 58 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- [MAPS OF STAFFORD PLACE II] 59 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- STAFFORD PLACE II - -------------------------------------------------------------------------------- [PHOTO OF STAFFORD PLACE II] 60 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 [THIS PAGE INTENTIONALLY LEFT BLANK] 61 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CROSS CREEK SHOPPING CENTER - -------------------------------------------------------------------------------- [PHOTOS OF CROSS CREEK SHOPPING CENTER] 62 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CROSS CREEK SHOPPING CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $46,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $46,000,000 % OF POOL BY IPB: 1.5% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Lakha Properties -- Memphis, LLC SPONSOR: Amin S. Lakha ORIGINATION DATE: 05/11/05 INTEREST RATE: 5.330000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 06/01/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: Permitted Mezzanine Debt(1) LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------- TAXES: $363,695 $74,037 INSURANCE: $32,145 $3,215 CAPEX: $0 $3,000(2) TI/LC: $0 $16,700(3) HOLDBACK RESERVE(4): $489,250 $0 - ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail -- Anchored SQUARE FOOTAGE: 363,333 LOCATION: Memphis, TN YEAR BUILT/RENOVATED: 1995/1998 OCCUPANCY: 100.0% OCCUPANCY DATE: 04/15/05 NUMBER OF TENANTS: 19 HISTORICAL NOI: 2002: $3,784,849 2003: $3,938,683 2004: $3,913,647 UW REVENUES: $5,338,616 UW EXPENSES: $1,493,068 UW NOI: $3,845,548 UW NET CASH FLOW: $3,704,053 APPRAISED VALUE: $57,500,00 APPRAISAL DATE: 04/13/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $127 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 74.1% UW DSCR: 1.20x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------ SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH5 FEET % OF GLA PSF YEAR SALES PSF - ------------------------------------------------------------------------------------------------------------------------ HOME DEPOT The Home Depot, Inc. Aa3/AA/AA 102,661 28.3% $10.84 2017 N/A KROGER The Kroger Co. Baa2/BBB/BBB 63,941 17.6% $ 8.92 2016 $190 RHODES FURNITURE Rhodes, Inc NR 48,925 13.5% $10.00 2011 $105 BABIES R US Toys "R" Us, Inc. Ba2/BB/BB 42,296 11.6% $ 8.80 2006 $189 BED, BATH & BEYOND Bed Bath & Beyond Inc. Baa3/BBB/BBB 35,000 9.6% $10.50 2007 $122 - ------------------------------------------------------------------------------------------------------------------------ </TABLE> (1) The borrower is permitted to incur mezzanine debt in the future subject to (i) LTV for combined debt being no greater than 80.0% and the DSCR for the combined debt being no less than the 1.15x, (ii) the execution of an intercreditor satisfactory to the lender and (iii) Rating Agency confirmation. (2) In lieu of collecting ongoing reserves, borrower may provide a Letter of Credit acceptable to lender in the amount of $109K. (3) Borrower will contribute $16,700/month for the first 12 months and $8,334/month thereafter, with a cap of $300K. In lieu of collecting ongoing reserves, borrower may provide a Letter of Credit acceptable to Lender in the amount of $300K. (4) At closing, the borrower deposited $489,250 to be held in escrow until (i) Rhodes Furniture, currently in Chapter 11, affirms their lease and is paying rent of no less than $10.00/sf, (ii) a replacement tenant is in occupancy and paying rent of no less than $10.00/sf, or (iii) either Rhodes Furniture or a replacement tenancy is in occupancy and paying rent less than $10.00/sf, but the property provides a 1.20x DSCR. (5) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 63 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CROSS CREEK SHOPPING CENTER - -------------------------------------------------------------------------------- THE LOAN. The Cross Creek Shopping Center loan is secured by a first mortgage on a fee interest in an approximately 363,333 square foot retail power center located in Memphis, Tennessee. THE BORROWER. The borrower is Lakha Properties -- Memphis, LLC, a special purpose entity controlled by sponsor Amin Lakha. Mr. Lakha has extensive experience with retail projects throughout the United States. His real estate portfolio contains approximately 2 million square feet of retail properties with a value of approximately $300 million, including notable properties such as Lakewood Towne Center in Lakewood, Washington, the Mercado in Santa Clara, California and the Mills Shopping Center in Sacramento, California. THE MORTGAGED PROPERTY. Cross Creek Shopping Center is an approximately 363,333 square foot multi-tenant power retail center located in Memphis, Tennessee, approximately ten miles east of Memphis International Airport. The Mortgaged Property is situated in one of the strongest retail trade areas in Memphis, adjacent to Highway 385, Nonconnah Parkway, at the intersection of Riverdale and Winchester Road. The Mortgaged Property has good visibility from Nonconnah Parkway, which has an average traffic count of 88,153 cars per day, and Riverdale and Winchester roads, two arterial roads which average between approximately 35,000 and 38,000 cars per day each. The Mortgaged Property is located at the edge of two high growth corridors of similar Class A retail properties, Germantown to the north and Collierville to the east. To the west of the subject are more mature areas with mostly older commercial and residential properties. The Mortgaged Property is 100% occupied with approximately 93% of NRA leased to 19 tenants, including credit tenants such as Home Depot, Kroger, Old Navy, Babies R' Us, Bed Bath & Beyond and Computer City. The major tenants have an average occupancy cost of approximately 6% while inline tenants average approximately 9%. In 2005, sales for Bed, Bath & Beyond, Babies R' Us, Kroger and Old Navy were approximately $122, $189, $190, $120 and $369 per square foot, respectively. The second largest tenant Rhodes Furniture, which reported sales of approximately $105 in 2004/sf, declared chapter 11 bankruptcy in November 2004. Rhodes closed 24 stores and distribution centers in November 2004, but has maintained 63 stores in 11 southern and Midwestern states, including the one at the Mortgaged Property. However, if Rhodes does not affirm their lease prior to loan closing, there will be a holdback equal to Rhodes' one year rent. THE MARKET(1). The Mortgaged Property is situated within the Memphis MSA in Shelby County, in the southeast portion of Memphis. Memphis and the surrounding communities are a diversified metropolitan area mixing industry, service, and agribusiness to serve both national and international markets. The Memphis MSA includes attractions such as Graceland, the Pyramid Arena, The Memphis Zoo and Beale Street and Memphis is the home of the NBA Memphis Grizzlies and St. Jude Children's Research Hospital. Just south of the MSA, the Tunica casinos are situated just 40 miles from Memphis. There are nine casinos with an estimated annual attendance of approximately 18 million patrons. Memphis has a diversified economy consisting of many companies such as Federal Express, International Paper, Morgan Keegan, AutoZone, M.S. Carriers and First Tennessee National Bank. There are approximately 1.23 million people in the Memphis MSA and an average effective household income of approximately $49,508. As of 2004, total retail inventory in the Memphis MSA is approximately 39.3 million square feet. The vacancy rate for the market is approximately 11%, which is higher than historical averages, but slightly less than it was in 2003. Rents at the subject property range from approximately $8.80 to $31.63, averaging $11.25 which according to the appraisal is inline with comparable retail centers in the area with similar anchors. PROPERTY MANAGEMENT. The Mortgaged Property is managed by Premier Center Management. The company was formed in 2003 as a spin-off from another Seattle-based property management firm to provide property management exclusively for Mr. Lakha and Lakha Investment Company. Aside from Mr. Lakha's properties, the management personnel have managed 27 retail and office buildings, with over one million square feet located in Washington, Oregon and California. Premier Center Management has experience managing small and large retail centers and has worked with all types of tenants and businesses including national tenants, banks, restaurants and local tenants. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Cross Creek Shopping Center appraisal report dated 05/16/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 64 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CROSS CREEK SHOPPING CENTER - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------------- LEASE ROLLOVER SCHEDULE NUMBER CUMULATIVE OF SQUARE % OF BASE SQUARE CUMULATIVE CUMULATIVE CUMULATIVE % LEASES FEET % OF GLA BASE RENT RENT FEET % OF GLA BASE RENT OF BASE RENT YEAR EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING EXPIRING - --------------------------------------------------------------------------------------------------------------------------------- VACANT 0 0.0% N/A N/A 0 0.0% N/A N/A 2005 & MTM 3 4,826 1.3 $86,265 2.1 4,826 1.3% $86,265 2.1% 2006 2 56,296 15.5 617,205 15.1 61,122 16.8% $703,469 17.2% 2007 3 40,181 11.1 448,833 11.0 101,303 27.9% $1,152,302 28.2% 2008 3 6,633 1.8 132,717 3.2 107,936 29.7% $1,285,019 31.4% 2009 1 2,183 0.6 41,477 1.0 110,119 30.3% $1,326,496 32.4% 2010 1 3,500 1.0 110,705 2.7 113,619 31.3% $1,437,201 35.2% 2011 1 48,925 13.5 489,250 12.0 162,544 44.7% $1,926,451 47.1% 2012 2 31,000 8.5 415,310 10.2 193,544 53.3% $2,341,761 57.3% 2013 0 0 0.0 0 0.0 193,544 53.3% $2,341,761 57.3% 2014 0 0 0.0 0 0.0 193,544 53.3% $2,341,761 57.3% 2015 0 0 0.0 0 0.0 193,544 53.3% $2,341,761 57.3% AFTER 3 169,789 46.7 1,746,544 42.7 363,333 100.0% $4,088,305 100.0% - --------------------------------------------------------------------------------------------------------------------------------- TOTAL 19 363,333 100.0% $4,088,305 100.0% - --------------------------------------------------------------------------------------------------------------------------------- </TABLE> 65 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CROSS CREEK SHOPPING CENTER - -------------------------------------------------------------------------------- [MAP OF CROSS CREEK SHOPPING CENTER] 66 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CROSS CREEK SHOPPING CENTER - -------------------------------------------------------------------------------- [MAP OF CROSS CREEK SHOPPING CENTER] 67 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- BENTLEY GREEN/SANDPIPER - MILESTONE - -------------------------------------------------------------------------------- [PHOTOS OF BENTLEY GREEN/SANDPIPER - MILESTONE] 68 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- BENTLEY GREEN/SANDPIPER - MILESTONE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $45,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $45,000,000 % OF POOL BY IPB: 1.5% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: Bentley Green Apartments Investors, LLC(1) SPONSOR: TIO Milestone LP ORIGINATION DATE: 03/23/05 INTEREST RATE: 5.181715% INTEREST ONLY PERIOD: 84 months MATURITY DATE: 04/01/12 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L (24),Def(51),O(7) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: Yes ADDITIONAL DEBT TYPE: Mezzanine(2) Subordinate Debt(3) LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ----------------------------- TAXES: $240,156 $40,026 INSURANCE: $17,154 $17,154 CAPEX: $270,158(4) $17,083(5) ENGINEERING: $1,704,513 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily -- Garden UNITS: 820 LOCATION: Jacksonville, FL YEAR BUILT: 1986 OCCUPANCY: 98.5% OCCUPANCY DATE: 02/23/05 HISTORICAL NOI: 2002: $3,658,742 2003: $4,069,246 2004: $4,149,578 UW REVENUES: $6,638,575 UW EXPENSES: $2,732,208 UW NOI: $3,906,367 UW NET CASH FLOW: $3,701,367 APPRAISED VALUE: $59,850,000 APPRAISAL DATE: 12/30/04 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/UNIT: $54,878 CUT-OFF DATE LTV: 75.2% MATURITY DATE LTV: 75.2% UW DSCR: 1.57x - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY INFORMATION APPROXIMATE AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY UNIT MIX NO. OF UNITS SQUARE FEET SF SF ASKING RENT MARKET RENT - --------------------------------------------------------------------------------------------------------------------------- ONE BEDROOM 536 612 328,032 55.0% $607 $627 TWO BEDROOM 252 930 234,360 39.2 $763 $717 THREE BEDROOM 32 1,088 34,816 5.8 $885 $885 - --------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 820 728 597,312 100.0% $666 $666 - --------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) The borrower is affiliated with the borrowers under 15 other mortgage loans included in the mortgage pool, aggregating $182,300,698 as of the cut-off date. (2) A $75.0 million mezzanine loan was originated to TIO Milestone Parent L.P., the 100% direct equity owner of the borrower and affiliated owners of 68 other multifamily properties (collectively, the "Pledgors"), secured by a pledge of 100% of the equity in and distributions from the Pledgors. (3) Future subordinate financing is permitted subject to the satisfaction of certain conditions including a loan-to-value ratio and debt service coverage ratio and delivery of confirmation from each rating agency then rating the Certificates that the ratings on such Certificates will not be qualified, downgraded or withdrawn as a result of the incurrence of such debt. (4) Includes $205,000 for reserves payable during the first loan year. (5) Commencing on the first payment date of the second loan year and thereafter. 69 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- BENTLEY GREEN/SANDPIPER - MILESTONE - -------------------------------------------------------------------------------- THE LOAN. The Bentley Green/Sandpiper - Milestone loan is secured by a first mortgage interest in an 820-unit garden-style multifamily property loacated in Jacksonville, Florida. THE BORROWER. The borrower is Bentley Green Apartments Investors, LLC, a single asset entity owned by The Investment Office Limited ("TIO"). The Crown Prince of Dubai, who is among the world's wealthiest individuals, is the 100% indirect owner of TIO. TIO invests globally across three main products: hedge funds, real estate and direct equities. Prior to the acquisition from Walden Residential Properties of a portfolio of 69 multifamily properties, TIO had completed U.S.-based real estate transactions totaling approximately $458 million across several major property types. TIO Milestone LP, a Delaware limited partnership owned 100% indirectly by TIO, is the guarantor of non-recourse carve-outs and environmental liabilities. THE MORTGAGED PROPERTY. The Mortgaged Property is an 820-unit apartment complex in 63, two-story walk-up apartment buildings situated on a 25.70-acre site. The Mortgaged Property was formerly two separate complexes, which have been combined into one property. Completed in 1986, the improvements are constructed with brick and stucco exteriors at Bentley Green and with stucco and wood siding exteriors at Sandpiper. The total net rental area is approximately 597,312 square feet. The Mortgaged Property contains a total of 536 one-bedroom units; 252 two-bedroom units and 32 three-bedroom units. Property amenities include four swimming pools, two hot tubs, lighted tennis courts, picnic areas, covered and surface parking, a leasing office/clubhouse, RV and boat parking, a laundry facility and a fenced dog park. There are approximately 1,468 parking spaces. Unit amenities include standard appliances, screened patios/balconies, stackable washer/dryer units (select units), fireplaces (select units) and outside storage areas. THE MARKET(1). The Mortgaged Property is located in Duval County, which is within the Jacksonville MSA approximately seven miles west of the Jacksonville CBD. Duval County accounts for 73% of the geographic size of the metropolitan area and is situated in the northeasterly portion of the State of Florida. The Jacksonville MSA ranks as the fifth largest populated area in the State of Florida with a population of 1,163,719 at year-end 2002. Bentley Green / Sandpiper Apartments compete in the Southside-University submarket within the Jacksonville Metropolitan area. According to a third party market data service, during year 2004, the multi-family inventory grew by 0.1% in Jacksonville, while the South Atlantic region experienced an average growth rate of 1.3% and the top United States metro areas posted an average growth rate of 1.1%. As of year-end 2004, the submarket is expected to experience a positive absorption of 183 units, which is an improvement from the negative absorption of 31 units in 2003. Asking rents were $641/unit, a decrease from $659/unit for 2003. Looking forward, in 2005, asking rents are projected to increase to $653/unit, with positive absorption of 288 units and vacancy of 9.2%. Continued improvement within the submarket is projected through 2008. Overall, the submarket is experiencing modest growth with slight increases in both rental rates and absorption. PROPERTY MANAGEMENT. The Mortgaged Property is managed by The Milestone Group, which is headed by Robert Landin and Jeffrey Goldberg. The firm's investors include financial institutions, public and private pension funds and high net worth individuals. The principals of The Milestone Group have significant transaction experience totaling more than $4.5 billion (approximately $2.5 billion of multifamily-related transactions) during the past six years, including the privatization of Walden Residential Properties in 1999. - ------------------------------------------------------------------------------- (1) Certain information was obtained from the Bentley Green/Sandpiper Apartments appraisal report dated 02/10/05. The appraisal relies upon many assumptions, and no representation is made as to the accuracy of the assumptions underlying the appraisal. 70 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- BENTLEY GREEN/SANDPIPER - MILESTONE - -------------------------------------------------------------------------------- [MAP OF BENTLEY GREEN/SANDPIPER - MILESTONE] 71 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- 1201 LLOYD BOULEVARD - -------------------------------------------------------------------------------- [PHOTOS OF 1201 LLOYD BOULEVARD] 72 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- 1201 LLOYD BOULEVARD - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $39,100,000 CUT-OFF DATE PRINCIPAL BALANCE: $39,100,000 % OF POOL BY IPB: 1.3% LOAN SELLER: Artesia Mortgage Capital Corp. BORROWER: GPT Portland, OR 1201 Lloyd, LLC SPONSOR: Government Properties Trust, Inc. ORIGINATION DATE: 04/25/05 INTEREST RATE: 5.490000% INTEREST ONLY PERIOD: 18 months MATURITY DATE: 05/11/15 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION(1): 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Springing ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ---------------------------- TAXES: $0 $0(2) INSURANCE: $0 $0(2) CAPEX: $0 $3,769 LEASING ACHIEVEMENT: $3,000,000(3) $0 DEBT SERVICE: $1,500,000(4) $0(6) TI/LC: $575,000(5) $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office -- CBD SQUARE FOOTAGE: 226,110 LOCATION: Portland, OR YEAR BUILT: 2002 OCCUPANCY: 94.9% OCCUPANCY DATE: 04/06/05 NUMBER OF TENANTS: 13 HISTORICAL NOI: 2002: N/A 2003: N/A 2004: $140,216 UW REVENUES: $5,375,515 UW EXPENSES: $1,819,031 UW NOI: $3,556,484 UW NET CASH FLOW: $3,327,316 APPRAISED VALUE: $55,250,000(7) APPRAISAL DATE: 07/01/06(7) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $173 CUT-OFF DATE LTV: 70.8% MATURITY DATE LTV: 61.0% UW DSCR: 1.30x(8) - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(9) FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------------- UNITED STATES OF AMERICA (USDA) N/A Aaa/AAA/AAA 61,674 27.3% $5.16 2015 INTEGRA TELECOM OF OREGON, INC. N/A NR 57,885 25.6% $16.50 2014 UNITED STATES OF AMERICA (NOAA) N/A Aaa/AAA/AAA 25,612 11.3% $24.92 2015 UNITED STATES OF AMERICA (FBI) N/A Aaa/AAA/AAA 21,646 9.6% $19.87 2009 UNITED STATES OF AMERICA (ATF) N/A Aaa/AAA/AAA 12,048 5.3% $30.09 2010 - ------------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) The 18-month interest only period is followed by 7 years of amortization on a 30-year schedule and then 18 months of amortization on a 25-year schedule. (2) Waived only if there is no default, borrower makes prompt payment when due, and borrower furnishes evidence of payment within 30 days after the applicable due date. (3) Funds equivalent to 125% of all outstanding free and abated rent remaining as of the closing date to be released in scheduled monthly installments beginning May 1, 2005 and ending September 1, 2006. (4) Funds to be released upon one of the following: 1) the FBI and USDA leases achieve a gross annual rent of at least $1,890,000 (including amortized TI repayments) on or before 06/11/06; or 2) on 06/11/09 the borrower must deposit $488,398 in cash to a TI/LC reserve; or 3) if the FBI and USDA lease achieve a gross annual rent of at least $1,890,000 (including amortized TI repayments) on or after 06/12/06, the borrower must deposit into a TI/LC Reserve an amount equal to $10,195 and the number of monthly payments that have elapsed. (5) Funds equivalent to 125% of all outstanding landlord obligations under the lease agreements. (6) At the time the debt service reserve is released, the borrower shall commence making monthly payments at the rate of $10,175 per month ($.54/sf/year). On 06/11/13 the monthly payments shall cease and the borrower shall either deposit a letter of credit in the amount of $1,150,000 or make the first of 12 equal monthly deposits of $95,833 or a cash flow sweep will commence until a total of $1,150,000 has been deposited. On 06/11/14 the borrower shall either deposit a second letter of credit in the amount of $1,150,000 or make the first of 12 equal monthly deposits of $95,833 or a cash flow sweep will commence until a total of $1,150,000 has been deposited. (7) Appraised values were determined using the stabilized value as of 07/01/06. (8) For purposes of determining the DSCR, such ratio was adjusted by taking into account amounts available under the $1,500,000 debt service reserve. (9) Ratings provided are for the United States of America, except in the case of Integra Telecom. 73 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- ASHWOOD-SOUTHFIELD - -------------------------------------------------------------------------------- [PHOTOS OF ASHWOOD-SOUTHFIELD] 74 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- ASHWOOD-SOUTHFIELD - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $38,600,000 CUT-OFF DATE PRINCIPAL BALANCE: $38,600,000 % OF POOL BY IPB: 1.3% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Griffin Capital (Ashwood-Southfield) Investors, LLC SPONSOR: Kevin A. Shields ORIGINATION DATE: 12/31/04 INTEREST RATE: 5.720000% INTEREST ONLY PERIOD: 23 months MATURITY DATE: 01/01/12 AMORTIZATION TYPE: IO-Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(52),O(3) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT(1): $15,000,000 ADDITIONAL DEBT TYPE: Mezzanine LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ----------------------------- TAXES: $335,328 $59,775 INSURANCE: $32,983 $5,497 CAPEX: $0 $3,000 TI/LC: $2,000,000(3) $20,000 OTHER(2): $375,000 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Portfolio TITLE: Fee PROPERTY TYPE: Office -- Suburban SQUARE FOOTAGE: 334,086 LOCATION: Various YEAR BUILT/RENOVATED: Various OCCUPANCY: 92.0% OCCUPANCY DATE: Various NUMBER OF TENANTS: 13 HISTORICAL NOI: 2002: $2,684,746 2003: $3,288,235 TTM AS OF 09/30/04: $4,266,859 UW REVENUES: $6,605,046 UW EXPENSES: $2,355,935 UW NOI: $4,249,111 UW NET CASH FLOW: $3,764,686 APPRAISED VALUE: $53,400,000 APPRAISAL DATE: Various - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $116 CUT-OFF DATE LTV: 72.3% MATURITY DATE LTV: 67.3% UW DSCR: 1.40x - -------------------------------------------------------------------------------- <TABLE> - ------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(4) FEET GLA PSF YEAR - ------------------------------------------------------------------------------------------------------------------------- AUTO CLUB INSURANCE GROUP Triple A Insurance NR 92,666 27.7% $ 15.26 2010 CIT GROUP CIT Group Inc. A2/A/A 68,824 20.6% $ 25.71 2006 APAC, INC. Apac, Inc NR 61,747 18.5% $ 25.20 2007 SVERDRUP TECHNOLOGY Jacobs Engineering Group Inc. NR 28,785 8.6% $ 16.04 2011 HUMANA EMPLOYERS N/A NR 18,445 5.5% $ 21.00 2007 - ------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) The borrower will initially partner with Orix Real Estate Equities, Inc., a diversified commercial financial services company with approximately $4 billion in assets, to acquire the subject. Orix will be contributing a $15,000,000 mezzanine loan secured by partnership interest. The mezzanine loan is expected to be replaced by up to 25 TIC members. Orix is a qualified manager pursuant to the terms of the mezzanine loan documents. (2) At closing, the borrower deposited $375,000 into a mezzanine extension holdback reserve to be released when the mezzanine debt is paid in full. (3) At closing, the borrower deposited $2,000,000 into a TI/LC reserve to mitigate near-term roll risk. Additional monthly collections of $20,000 per month will be funded into the TI/LC reserve with a cap of $3,000,000. Should the TI/LC reserve balance ever fall below $1,000,000, monthly collections will increase to $30,000 per month, with a revised cap of $1,500,000. (4) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 75 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- FORT KNOX EXECUTIVE OFFICE CENTER - -------------------------------------------------------------------------------- [PHOTOS OF FORT KNOX EXECUTIVE OFFICE CENTER] 76 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- FORT KNOX EXECUTIVE OFFICE CENTER - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $34,500,000 CUT-OFF DATE PRINCIPAL BALANCE: $34,437,725 % OF POOL BY IPB: 1.1% LOAN SELLER: Eurohypo AG, New York Branch BORROWER: NHW TP LLC SPONSOR: Charles Herkza ORIGINATION DATE: 03/15/05 INTEREST RATE: 6.060000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 04/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 358 months CALL PROTECTION: L(24),Def(90),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: Hard ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ------------------------------- TAXES: $125,317 $41,772 INSURANCE: $71,130 $11,855 CAPEX: $0 $4,855 REQUIRED REPAIRS: $59,869 $0 TI/LC: $1,770,000(1) $7,000(2) DEBT SERVICE: $250,000 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Office - Suburban SQUARE FOOTAGE: 291,288 LOCATION: Tallahassee, FL YEAR BUILT/RENOVATED: 1979/1995 OCCUPANCY: 91.9% OCCUPANCY DATE: 03/01/05 NUMBER OF TENANTS: 2 HISTORICAL NOI: 2002: $3,599,163 2003: $3,501,861 2004: $3,573,224 UW REVENUES: $4,585,584 UW EXPENSES: $1,811,864 UW NOI: $2,773,721 UW NET CASH FLOW: $2,676,515 APPRAISED VALUE: $41,200,000 APPRAISAL DATE: 02/07/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $118 CUT-OFF DATE LTV: 83.6% MATURITY DATE LTV: 71.1% UW DSCR: 1.07x - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE MOODY'S/ SQUARE % OF BASE RENT EXPIRATION TENANT NAME PARENT COMPANY S&P/FITCH(3) FEET GLA PSF YEAR - --------------------------------------------------------------------------------------------------------------------- AGENCY FOR HEALTH CARE State of Florida Aa1/AA+/AA 239,164 82.1% $16.75 2020 DEPARTMENT OF HEALTH State of Florida Aa1/AA+/AA 28,413 9.8% $18.57 2006 - --------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Includes $1,520,000 for TI/LC of which $589,259 has been released, as well as $250,000 relating to an expansion space under one of the leases. (2) If at any time at least $250,000 of the upfront TL/LC reserve for $1,520,000 is not escrowed, a monthly escrow will commence. (3) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. 77 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CASTLE POINT APARTMENTS - -------------------------------------------------------------------------------- [PHOTOS OF CASTLE POINT APARTMENTS] 78 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- CASTLE POINT APARTMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $34,000,000 CUT-OFF DATE PRINCIPAL BALANCE: $34,000,000 % OF POOL BY IPB: 1.1% LOAN SELLER: JPMorgan Chase Bank, N.A. BORROWER: Castle Point Investments, LLC SPONSORS: Raed I. Qadorh-Zidan, Hani I. Qaddoura ORIGINATION DATE: 05/10/05 INTEREST RATE: 5.678000% INTEREST ONLY PERIOD: N/A MATURITY DATE: 06/01/15 AMORTIZATION TYPE: Balloon ORIGINAL AMORTIZATION: 360 months REMAINING AMORTIZATION: 360 months CALL PROTECTION: L(24),Def(92),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: CMA ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Refinance - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY --------------------------- TAXES: $100,291 $50,145 INSURANCE: $138,482 $13,848 CAPEX: $0 $18,283 IMMEDIATE REPAIRS: $404,000(1) $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Multifamily -- Garden UNITS: 740 LOCATION: South Bend, IN YEAR BUILT/RENOVATED: 1974/1980 OCCUPANCY: 87.4% OCCUPANCY DATE: 05/03/05 HISTORICAL NOI: 2003: $2,645,200 2004: $2,935,500 TTM AS OF 03/31/05: $3,133,668 UW REVENUES: $5,507,144 UW EXPENSES: $2,224,283 UW NOI: $3,282,861 UW NET CASH FLOW: $3,063,458 APPRAISED VALUE: $42,500,000 APPRAISAL DATE: 01/19/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/UNIT: $45,946 CUT-OFF DATE LTV: 80.0% MATURITY DATE LTV: 67.2% UW DSCR: 1.30x - -------------------------------------------------------------------------------- <TABLE> - --------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY INFORMATION APPROXIMATE AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MONTHLY AVERAGE MONTHLY UNIT MIX NO. OF UNITS SQUARE FEET SF SF ASKING RENT MARKET RENT - --------------------------------------------------------------------------------------------------------------------------- ONE BEDROOM 382 749 286,168 41.4% $742 $742 TWO BEDROOM 358 1,133 405,785 58.6 $895 $895 - --------------------------------------------------------------------------------------------------------------------------- TOTAL/WEIGHTED AVERAGE 740 935 691,953 100.0% $816 $816 - --------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) The engineer calculated immediate repairs totaling $323,000 to be used for exterior improvements. The borrower has deposited 125% of the engineer's recommended amount in a capital reserve at closing. 79 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COMMONS AT TEMECULA - -------------------------------------------------------------------------------- [PHOTOS OF COMMONS AT TEMECULA] 80 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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-LDP2 - -------------------------------------------------------------------------------- COMMONS AT TEMECULA - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION - -------------------------------------------------------------------------------- ORIGINAL PRINCIPAL BALANCE: $29,623,024 CUT-OFF DATE PRINCIPAL BALANCE: $29,623,024 % OF POOL BY IPB: 1.0% LOAN SELLER: Nomura Credit & Capital, Inc. BORROWER: Inland Western Temecula Commons, L.L.C. SPONSOR: Inland Western Retail Real Estate Trust, Inc. ORIGINATION DATE: 05/13/05 INTEREST RATE: 4.580000% INTEREST ONLY PERIOD: 60 months MATURITY DATE: 06/11/10 AMORTIZATION TYPE: Interest Only ORIGINAL AMORTIZATION: N/A REMAINING AMORTIZATION: N/A CALL PROTECTION: L(36),Grtr1%UPBorYM(20),O(4) CROSS-COLLATERALIZATION: No LOCK BOX: No ADDITIONAL DEBT: No ADDITIONAL DEBT TYPE: N/A LOAN PURPOSE: Acquisition - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ESCROWS - -------------------------------------------------------------------------------- ESCROWS/RESERVES: INITIAL MONTHLY ----------------------- TAXES: $0 $0 INSURANCE: $0 $0 CAPEX: $0 $0 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PROPERTY INFORMATION - -------------------------------------------------------------------------------- SINGLE ASSET/PORTFOLIO: Single Asset TITLE: Fee PROPERTY TYPE: Retail-Anchored SQUARE FOOTAGE: 293,276 LOCATION: Temecula, CA YEAR BUILT: 1999 OCCUPANCY: 99.8% OCCUPANCY DATE: 04/07/05 NUMBER OF TENANTS: 17 HISTORICAL NOI: 2002: $3,444,406 2003: $3,309,221 TTM AS OF 09/30/04: $3,433,382 UW REVENUES: $4,860,195 UW EXPENSES: $1,371,393 UW NOI: $3,488,802 UW NET CASH FLOW: $3,290,751 APPRAISED VALUE: $55,000,000 APPRAISAL DATE: 03/07/05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FINANCIAL INFORMATION - -------------------------------------------------------------------------------- CUT-OFF DATE LOAN/SF: $101 CUT-OFF DATE LTV: 53.9% MATURITY DATE LTV: 53.9% UW DSCR: 2.43x - -------------------------------------------------------------------------------- <TABLE> - -------------------------------------------------------------------------------------------------------------------------------- SIGNIFICANT TENANTS LEASE SIGNIFICANT TENANTS MOODY'S/ SQUARE % OF BASE RENT EXPIRATION SALES TENANT NAME PARENT COMPANY S&P/FITCH(1) FEET GLA PSF YEAR PSF(2) - -------------------------------------------------------------------------------------------------------------------------------- JO-ANN FABRICS Jo-Ann Stores, Inc. B+/B1/NR 46,553 15.9% $11.25 2011 $188 SPORTS CHALET Sport Chalet, Inc. NR 41,408 14.1% $12.82 2010 $269 LINENS 'N THINGS Linens 'N Things, Inc. NR 35,700 12.2% $12.14 2015 $282 CIRCUIT CITY Circuit City, Inc. NR 28,445 9.7% $12.65 2020 NAV OFFICE DEPOT Office Depot, Inc. BBB-/Baa3/NR 25,127 8.6% $14.30 2014 NAV - -------------------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Ratings provided are for the entity listed in the "Parent Company" field whether or not the parent company guarantees the lease. (2) Sales PSF information is based on a combination of 2003 and 2004 figures. 81 of 81 THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN 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.
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Filed: 26 May 05, 12:00am