FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-206361-09 | ||
Free Writing Prospectus dated March 10, 2017
The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (866) 669-7629 or by emailing the ABS Syndicate Desk atabs_synd@jpmorgan.com.
The information in this file (the “File”) is an electronic copy of the information set forth in the Appendix titled "Certain Characteristics of the Mortgage Loans and Mortgaged Properties" to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision.
The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.
Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.
Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system.
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ANNEX A-1
Number of | Property | Property | Year | ||||||||||
Loan # | Seller(1) | Property Name | Street Address | City | State | Zip Code | County | Properties | Type | Subtype | Year Built | Renovated | Units(2) |
1 | GACC | 229 West 43rd Street Retail Condo | 229 West 43rd Street | New York | NY | 10036 | New York | 1 | Retail | Anchored | 1913-1947 | 2009 | 248,457 |
2 | GACC | 350 Park Avenue | 350 Park Avenue | New York | NY | 10022 | New York | 1 | Office | CBD | 1961 | 2012 | 570,784 |
3 | GACC | Prudential Plaza | 130 East Randolph Street & 180 North Stetson Avenue | Chicago | IL | 60601 | Cook | 1 | Office | CBD | 1955, 1990 | 1990, 2014-2015 | 2,269,632 |
4 | JPMCB | Hilton Hawaiian Village | 2005 Kalia Road | Honolulu | HI | 96815 | Honolulu | 1 | Hotel | Full Service | 1961 | 2016 | 2,860 |
5 | GACC | Key Center Cleveland | 127 Public Square | Cleveland | OH | 44114 | Cuyahoga | 1 | Mixed Use | Office/Hotel/Parking | 1890, 1991 | 1,369,980 | |
6 | GACC | Gateway I & II | 135 East 125th Street & 126 East 126th Street | New York | NY | 10035 | New York | 1 | Mixed Use | Office/Retail | 2001, 2008 | 95,782 | |
7 | JPMCB | Landmark Square | 1-7 Landmark Square | Stamford | CT | 06901 | Fairfield | 1 | Mixed Use | Office/Retail | 1974, 1976, 1977, 1981, 1983, 2006 | 757,917 | |
8 | JPMCB | Dallas Design District | Various | Dallas | TX | 75207 | Dallas | 1 | Industrial | Flex | Various | Various | 728,452 |
9 | JPMCB | Moffett Gateway | 1225-1265 Crossman Avenue | Sunnyvale | CA | 94089 | Santa Clara | 1 | Office | Suburban | 2016 | 612,691 | |
10 | GACC | Uovo Art Storage | 41-54 22nd Street & 21-15 21st Street | Long Island City | NY | 11101 | Queens | 1 | Self Storage | Art Storage | 2014-2015 | 275,000 | |
11 | GACC | AHIP FL 5 Portfolio | Various | Various | FL | Various | Various | 5 | Hotel | Various | Various | Various | 473 |
11.01 | GACC | Holiday Inn Express Ft Myers East | 3427 Forum Boulevard | Fort Myers | FL | 33905 | Lee | 1 | Hotel | Limited Service | 2009 | 111 | |
11.02 | GACC | Staybridge Suites Tampa East Brandon | 3624 North Flakenburg Road | Tampa | FL | 33619 | Hillsborough | 1 | Hotel | Extended Stay | 2007 | 2014 | 100 |
11.03 | GACC | Holiday Inn Express Sarasota I-75 | 5730 Gantt Road | Sarasota | FL | 34233 | Sarasota | 1 | Hotel | Limited Service | 2003 | 2012 | 101 |
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | 10971 West Colonial Drive | Ocoee | FL | 34761 | Orange | 1 | Hotel | Limited Service | 2004 | 2014 | 80 |
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | 13575 Cypress Glen Lane | Tampa | FL | 33637 | Hillsborough | 1 | Hotel | Limited Service | 1995 | 2013 | 81 |
12 | GACC | 580 Walnut Street | 580 Walnut Street | Cincinnati | OH | 45202 | Hamilton | 1 | Mixed Use | Office/Retail | 1973 | 2016 | 245,520 |
13 | JPMCB | Delamar Greenwich Harbor | 500 Steamboat Road | Greenwich | CT | 06830 | Fairfield | 1 | Hotel | Full Service | 1961 | 2012 | 82 |
14 | JPMCB | Summit Mall | 3265 West Market Street | Fairlawn | OH | 44333 | Summit | 1 | Retail | Regional Mall | 1965 | 2007 | 528,234 |
15 | GACC | Park Center Plaza I, II & III | 6050, 6100 and 6150 Oak Tree Boulevard | Independence | OH | 44131 | Cuyahoga | 1 | Office | Suburban | 1998-2000 | 418,999 | |
16 | GACC | Summit Place Wisconsin | 6737 West Washington Street | West Allis | WI | 53214 | Milwaukee | 1 | Office | Suburban | 1905 | 2003 | 664,479 |
17 | JPMCB | Shopko Oregon Portfolio | Various | Various | OR | Various | Various | 3 | Retail | Various | Various | 319,006 | |
17.01 | JPMCB | Shopko Salem | 1230 Lancaster Drive Southeast | Salem | OR | 97317 | Marion | 1 | Retail | Single Tenant | 1991 | 117,326 | |
17.02 | JPMCB | Shopko Bend | 60 Northeast Bend River Mall Drive | Bend | OR | 97703 | Deschutes | 1 | Retail | Single Tenant | 1989 | 100,840 | |
17.03 | JPMCB | Shopko Eugene | 2815 Chad Drive | Eugene | OR | 97408 | Lane | 1 | Retail | Freestanding | 1987 | 100,840 | |
18 | JPMCB | Providence at Memorial | 1370 Afton Street | Houston | TX | 77055 | Harris | 1 | Multifamily | Garden | 1971 | 2015-2016 | 321 |
19 | GACC | Holiday Inn Miami Beach | 4333 Collins Avenue | Miami Beach | FL | 33140 | Miami-Dade | 1 | Hotel | Full Service | 1957 | 2007-2008 | 253 |
20 | JPMCB | Jevan Multifamily Portfolio | Various | Austin | TX | 78758 | Travis | 3 | Multifamily | Garden | Various | 2014 | 422 |
20.01 | JPMCB | Vida | 1735 Rutland Drive | Austin | TX | 78758 | Travis | 1 | Multifamily | Garden | 1983 | 2014 | 160 |
20.02 | JPMCB | Amor | 1200 Mearns Meadow Boulevard | Austin | TX | 78758 | Travis | 1 | Multifamily | Garden | 1984 | 2014 | 132 |
20.03 | JPMCB | Feliz | 1804 West Rundberg Lane | Austin | TX | 78758 | Travis | 1 | Multifamily | Garden | 1980 | 2014 | 130 |
21 | GACC | Cupertino Civic Center | 20370, 20380 and 20410 Town Center Lane | Cupertino | CA | 95014 | Santa Clara | 1 | Office | Suburban | 1974, 1984 | 2008 | 63,062 |
22 | GACC | Congressional Place | 6700 East Pacific Coast Highway | Long Beach | CA | 90803 | Los Angeles | 1 | Office | Suburban | 1984 | 76,939 | |
23 | GACC | Trabuco Hills | 27755–27875 Santa Margarita Parkway | Mission Viejo | CA | 92691 | Orange | 1 | Retail | Shadow Anchored | 1992 | 2005 | 49,781 |
24 | GACC | Creekview & Country Village Apartments | Various | Sherman | TX | 75092 | Grayson | 2 | Multifamily | Garden | Various | 292 | |
24.01 | GACC | Creekview Apartments | 700 South F.M. 1417 | Sherman | TX | 75092 | Grayson | 1 | Multifamily | Garden | 1985, 1994 | 144 | |
24.02 | GACC | Country Village Apartments | 900 South F.M. 1417 | Sherman | TX | 75092 | Grayson | 1 | Multifamily | Garden | 1997 | 148 | |
25 | JPMCB | Dick’s Sporting Goods Portfolio | Various | Various | Various | Various | Various | 6 | Retail | Various | Various | 264,338 | |
25.01 | JPMCB | Dick’s Keene | 42 Ash Brook Road | Keene | NH | 03431 | Cheshire | 1 | Retail | Shadow Anchored | 2005 | 45,471 | |
25.02 | JPMCB | Dick’s Concord | 295 Loudon Road | Concord | NH | 03301 | Merrimack | 1 | Retail | Freestanding | 2005 | 50,000 | |
25.03 | JPMCB | Dick’s Wichita | 4600 West Kellogg Drive | Wichita | KS | 67209 | Sedgwick | 1 | Retail | Anchored | 2003 | 48,780 | |
25.04 | JPMCB | Dick’s Bloomingdale | 328 West Army Trail Road | Bloomingdale | IL | 60108 | DuPage | 1 | Retail | Shadow Anchored | 2006 | 50,000 | |
25.05 | JPMCB | Dick’s Fort Wayne | 309 East Coliseum Boulevard | Fort Wayne | IN | 46805 | Allen | 1 | Retail | Unanchored | 2004 | 50,000 | |
25.06 | JPMCB | PetSmart Concord | 299 Loudon Road | Concord | NH | 03301 | Merrimack | 1 | Retail | Freestanding | 2006 | 20,087 | |
26 | GACC | Plaza Ashland | 98 Central Avenue | Ashland | OR | 97520 | Jackson | 1 | Hotel | Limited Service | 2002 | 2013-2016 | 92 |
27 | GACC | Cleveland Towne Center | 4580 Frontage Road Northwest | Cleveland | TN | 37312 | Bradley | 1 | Retail | Anchored | 2008 | 152,839 | |
28 | GACC | Courtyard Marriott Richland | 480 Columbia Point Drive | Richland | WA | 99352 | Benton | 1 | Hotel | Limited Service | 2004 | 2012, 2015 | 120 |
29 | GACC | Grossmont Medical Center | 8851 Center Drive | La Mesa | CA | 91942 | San Diego | 1 | Office | Medical | 1986 | 70,122 | |
30 | JPMCB | Horizon Village | 2855 Lawrenceville Suwanee Road | Suwanee | GA | 30024 | Gwinnett | 1 | Retail | Anchored | 1996 | 97,001 | |
31 | JPMCB | WoodSpring Suites Orlando Portfolio | Various | Various | FL | Various | Various | 2 | Hotel | Extended Stay | 2007 | 226 | |
31.01 | JPMCB | Value Place Clermont | 16311 SR 50 | Clermont | FL | 34711 | Lake | 1 | Hotel | Extended Stay | 2007 | 121 | |
31.02 | JPMCB | Value Place Clarcona | 4125 Clarcona Ocoee Road | Orlando | FL | 32810 | Orange | 1 | Hotel | Extended Stay | 2007 | 105 | |
32 | JPMCB | Hampton Inn & Suites - Pensacola | 8021 Lavelle Way | Pensacola | FL | 32526 | Escambia | 1 | Hotel | Limited Service | 2014 | 75 | |
33 | GACC | Shopko Billings | 905 South 24th Street West | Billings | MT | 59102 | Yellowstone | 1 | Retail | Single Tenant | 1990 | 100,800 | |
34 | JPMCB | Continental Plaza | 2701 Troy Center Drive | Troy | MI | 48084 | Oakland | 1 | Office | Suburban | 1986 | 1999 | 95,953 |
35 | GACC | Crossroads Village Apartments | 6600 Constitution Boulevard | Portage | MI | 49024 | Kalamazoo | 1 | Multifamily | Garden | 1991 | 2014-2016 | 153 |
A-1-1
ANNEX A-1
Original | Current | ||||||||||||||||
Unit of | Occupancy | Appraised | Appraisal | Current | Original | Balance | Current | Balance | % of Initial | Crossed | Related | Interest | Admin. | ||||
Loan # | Seller(1) | Property Name | Measure | Occupancy %(3) | Date | Value ($)(4) | Date | LTV %(4) | Balance ($)(5)(6) | per Unit ($) | Balance ($)(5)(6) | per Unit ($) | Pool Balance | Loan | Borrower(7) | Rate %(8) | Fee %(8) |
1 | GACC | 229 West 43rd Street Retail Condo | Square Feet | 100.0% | 10/01/16 | 470,000,000 | 10/01/16 | 60.6% | 80,000,000 | 1,147 | 80,000,000 | 1,147 | 7.7% | No | No | 4.00550 | 0.01173 |
2 | GACC | 350 Park Avenue | Square Feet | 99.1% | 11/01/16 | 710,000,000 | 11/01/16 | 41.7% | 66,667,200 | 519 | 66,667,200 | 519 | 6.4% | No | No | 3.91513 | 0.01048 |
3 | GACC | Prudential Plaza | Square Feet | 77.1% | 11/30/16 | 700,000,000 | 07/20/16 | 59.3% | 65,000,000 | 183 | 65,000,000 | 183 | 6.2% | No | No | 4.61000 | 0.01173 |
4 | JPMCB | Hilton Hawaiian Village | Rooms | 94.6% | 09/30/16 | 2,230,000,000 | 08/30/16 | 31.2% | 62,250,000 | 243,566 | 62,250,000 | 243,566 | 6.0% | No | No | 4.19950 | 0.01048 |
5 | GACC | Key Center Cleveland | Square Feet | 92.9% | 10/19/16 | 362,000,000 | 12/01/17 | 60.8% | 60,000,000 | 161 | 60,000,000 | 161 | 5.8% | No | No | 5.31000 | 0.01923 |
6 | GACC | Gateway I & II | Square Feet | 95.5% | 10/31/16 | 77,000,000 | 11/16/16 | 71.4% | 55,000,000 | 574 | 55,000,000 | 574 | 5.3% | No | No | 4.69000 | 0.01654 |
7 | JPMCB | Landmark Square | Square Feet | 84.9% | 12/31/16 | 175,700,000 | 11/09/16 | 56.9% | 49,000,000 | 132 | 49,000,000 | 132 | 4.7% | No | No | 4.97000 | 0.01173 |
8 | JPMCB | Dallas Design District | Square Feet | 98.7% | 12/28/16 | 193,085,000 | Various | 62.1% | 45,000,000 | 165 | 45,000,000 | 165 | 4.3% | No | No | 5.25700 | 0.01173 |
9 | JPMCB | Moffett Gateway | Square Feet | 100.0% | 03/01/17 | 525,000,000 | 07/20/16 | 46.3% | 40,000,000 | 397 | 40,000,000 | 397 | 3.8% | No | No | 3.31940 | 0.01173 |
10 | GACC | Uovo Art Storage | Square Feet | 83.9% | 01/10/17 | 165,000,000 | 01/09/17 | 52.6% | 37,000,000 | 316 | 36,943,588 | 316 | 3.5% | No | No | 4.73500 | 0.01173 |
11 | GACC | AHIP FL 5 Portfolio | Rooms | 74.1% | 09/30/16 | 61,600,000 | 11/01/17 | 59.8% | 37,000,000 | 78,224 | 36,865,905 | 77,941 | 3.5% | No | No | 4.99000 | 0.01654 |
11.01 | GACC | Holiday Inn Express Ft Myers East | Rooms | 75.0% | 09/30/16 | 14,500,000 | 11/01/17 | 8,709,416 | 8,677,851 | 0.8% | |||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | Rooms | 74.7% | 09/30/16 | 13,400,000 | 11/01/17 | 8,048,701 | 8,019,531 | 0.8% | |||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | Rooms | 65.4% | 09/30/16 | 12,500,000 | 11/01/17 | 7,508,117 | 7,480,906 | 0.7% | |||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | Rooms | 80.6% | 09/30/16 | 11,000,000 | 11/01/17 | 6,607,143 | 6,583,197 | 0.6% | |||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | Rooms | 76.3% | 09/30/16 | 10,200,000 | 11/01/17 | 6,126,623 | 6,104,419 | 0.6% | |||||||
12 | GACC | 580 Walnut Street | Square Feet | 93.9% | 01/01/17 | 51,750,000 | 04/01/17 | 68.5% | 35,500,000 | 145 | 35,445,906 | 144 | 3.4% | No | No | 4.74000 | 0.01654 |
13 | JPMCB | Delamar Greenwich Harbor | Rooms | 72.7% | 10/31/16 | 50,000,000 | 10/01/16 | 70.8% | 35,500,000 | 432,927 | 35,377,503 | 431,433 | 3.4% | No | No | 5.25500 | 0.03654 |
14 | JPMCB | Summit Mall | Square Feet | 92.3% | 07/05/16 | 205,000,000 | 08/08/16 | 41.5% | 35,000,000 | 161 | 35,000,000 | 161 | 3.4% | No | No | 3.31400 | 0.01173 |
15 | GACC | Park Center Plaza I, II & III | Square Feet | 93.6% | 12/28/16 | 50,650,000 | 11/15/16 | 68.1% | 34,500,000 | 82 | 34,500,000 | 82 | 3.3% | No | No | 4.60000 | 0.03404 |
16 | GACC | Summit Place Wisconsin | Square Feet | 99.1% | 10/31/16 | 99,000,000 | 10/05/16 | 72.7% | 32,000,000 | 108 | 32,000,000 | 108 | 3.1% | No | No | 4.89000 | 0.01173 |
17 | JPMCB | Shopko Oregon Portfolio | Square Feet | 100.0% | 03/01/17 | 40,600,000 | Various | 69.2% | 28,125,000 | 88 | 28,083,385 | 88 | 2.7% | No | No | 4.99800 | 0.01654 |
17.01 | JPMCB | Shopko Salem | Square Feet | 100.0% | 03/01/17 | 14,800,000 | 01/08/17 | 10,400,000 | 10,384,612 | 1.0% | |||||||
17.02 | JPMCB | Shopko Bend | Square Feet | 100.0% | 03/01/17 | 14,600,000 | 01/01/17 | 10,000,000 | 9,985,203 | 1.0% | |||||||
17.03 | JPMCB | Shopko Eugene | Square Feet | 100.0% | 03/01/17 | 11,200,000 | 01/08/17 | 7,725,000 | 7,713,570 | 0.7% | |||||||
18 | JPMCB | Providence at Memorial | Units | 91.9% | 02/07/17 | 38,100,000 | 02/06/17 | 70.9% | 27,000,000 | 84,112 | 27,000,000 | 84,112 | 2.6% | No | No | 5.19600 | 0.03654 |
19 | GACC | Holiday Inn Miami Beach | Rooms | 81.5% | 12/31/16 | 61,400,000 | 12/15/16 | 42.3% | 26,000,000 | 102,767 | 26,000,000 | 102,767 | 2.5% | No | No | 4.44000 | 0.01654 |
20 | JPMCB | Jevan Multifamily Portfolio | Units | 97.2% | 09/25/16 | 38,350,000 | 09/30/16 | 61.6% | 23,610,000 | 55,948 | 23,610,000 | 55,948 | 2.3% | No | No | 3.82000 | 0.01654 |
20.01 | JPMCB | Vida | Units | 97.5% | 09/25/16 | 15,900,000 | 09/30/16 | 9,788,762 | 9,788,762 | 0.9% | |||||||
20.02 | JPMCB | Amor | Units | 96.2% | 09/25/16 | 11,250,000 | 09/30/16 | 6,926,010 | 6,926,010 | 0.7% | |||||||
20.03 | JPMCB | Feliz | Units | 97.7% | 09/25/16 | 11,200,000 | 09/30/16 | 6,895,228 | 6,895,228 | 0.7% | |||||||
21 | GACC | Cupertino Civic Center | Square Feet | 99.4% | 12/09/16 | 28,500,000 | 11/09/16 | 70.0% | 19,950,000 | 316 | 19,950,000 | 316 | 1.9% | No | No | 4.77000 | 0.03654 |
22 | GACC | Congressional Place | Square Feet | 100.0% | 01/11/17 | 24,000,000 | 11/04/16 | 68.3% | 16,400,000 | 213 | 16,400,000 | 213 | 1.6% | No | Yes - Group 1 | 4.82000 | 0.01654 |
23 | GACC | Trabuco Hills | Square Feet | 92.0% | 12/07/16 | 26,000,000 | 11/14/16 | 58.8% | 15,300,000 | 307 | 15,300,000 | 307 | 1.5% | No | Yes - Group 1 | 4.75000 | 0.01654 |
24 | GACC | Creekview & Country Village Apartments | Units | 99.0% | 12/29/16 | 17,550,000 | 11/10/16 | 73.9% | 13,000,000 | 44,521 | 12,968,616 | 44,413 | 1.2% | No | No | 5.32500 | 0.01654 |
24.01 | GACC | Creekview Apartments | Units | 99.3% | 12/29/16 | 9,100,000 | 11/10/16 | 6,700,000 | 6,683,825 | 0.6% | |||||||
24.02 | GACC | Country Village Apartments | Units | 98.6% | 12/29/16 | 8,450,000 | 11/10/16 | 6,300,000 | 6,284,791 | 0.6% | |||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | Square Feet | 100.0% | 03/01/17 | 43,750,000 | Various | 70.5% | 13,000,000 | 117 | 12,930,513 | 117 | 1.2% | No | No | 4.44800 | 0.01173 |
25.01 | JPMCB | Dick’s Keene | Square Feet | 100.0% | 03/01/17 | 11,000,000 | 07/20/16 | 3,267,000 | 3,249,537 | 0.3% | |||||||
25.02 | JPMCB | Dick’s Concord | Square Feet | 100.0% | 03/01/17 | 9,200,000 | 07/22/16 | 2,734,000 | 2,719,386 | 0.3% | |||||||
25.03 | JPMCB | Dick’s Wichita | Square Feet | 100.0% | 03/01/17 | 8,100,000 | 07/19/16 | 2,407,000 | 2,394,134 | 0.2% | |||||||
25.04 | JPMCB | Dick’s Bloomingdale | Square Feet | 100.0% | 03/01/17 | 6,500,000 | 07/22/16 | 1,933,000 | 1,922,668 | 0.2% | |||||||
25.05 | JPMCB | Dick’s Fort Wayne | Square Feet | 100.0% | 03/01/17 | 5,100,000 | 07/20/16 | 1,514,000 | 1,505,907 | 0.1% | |||||||
25.06 | JPMCB | PetSmart Concord | Square Feet | 100.0% | 03/01/17 | 3,850,000 | 07/20/16 | 1,145,000 | 1,138,880 | 0.1% | |||||||
26 | GACC | Plaza Ashland | Rooms | 63.0% | 09/30/16 | 19,800,000 | 11/11/16 | 63.5% | 12,600,000 | 136,957 | 12,567,761 | 136,606 | 1.2% | No | Yes - Group 2 | 4.97000 | 0.01654 |
27 | GACC | Cleveland Towne Center | Square Feet | 96.3% | 12/06/16 | 18,100,000 | 12/02/16 | 67.9% | 12,285,000 | 80 | 12,285,000 | 80 | 1.2% | No | No | 5.07000 | 0.05654 |
28 | GACC | Courtyard Marriott Richland | Rooms | 69.8% | 10/31/16 | 18,500,000 | 11/14/16 | 64.6% | 12,000,000 | 100,000 | 11,958,011 | 99,650 | 1.1% | No | Yes - Group 2 | 5.18000 | 0.01654 |
29 | GACC | Grossmont Medical Center | Square Feet | 91.6% | 12/06/16 | 17,520,000 | 10/10/16 | 65.6% | 11,500,000 | 164 | 11,500,000 | 164 | 1.1% | No | No | 4.46000 | 0.01654 |
30 | JPMCB | Horizon Village | Square Feet | 97.0% | 10/16/16 | 14,275,000 | 10/14/16 | 69.7% | 10,000,000 | 103 | 9,949,173 | 103 | 1.0% | No | No | 4.96500 | 0.05654 |
31 | JPMCB | WoodSpring Suites Orlando Portfolio | Rooms | 87.7% | 12/31/16 | 15,500,000 | 10/21/16 | 55.2% | 8,600,000 | 38,053 | 8,559,103 | 37,872 | 0.8% | No | No | 5.41000 | 0.01654 |
31.01 | JPMCB | Value Place Clermont | Rooms | 87.2% | 12/31/16 | 8,500,000 | 10/21/16 | 4,716,129 | 4,693,702 | 0.4% | |||||||
31.02 | JPMCB | Value Place Clarcona | Rooms | 88.3% | 12/31/16 | 7,000,000 | 10/21/16 | 3,883,871 | 3,865,401 | 0.4% | |||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | Rooms | 81.2% | 12/31/16 | 12,000,000 | 12/20/16 | 62.5% | 7,500,000 | 100,000 | 7,500,000 | 100,000 | 0.7% | No | No | 5.00000 | 0.01654 |
33 | GACC | Shopko Billings | Square Feet | 100.0% | 03/06/17 | 10,300,000 | 11/17/16 | 64.8% | 6,700,000 | 66 | 6,677,030 | 66 | 0.6% | No | No | 5.16000 | 0.01654 |
34 | JPMCB | Continental Plaza | Square Feet | 95.5% | 11/01/16 | 9,200,000 | 11/18/16 | 69.3% | 6,375,000 | 66 | 6,375,000 | 66 | 0.6% | No | No | 4.77700 | 0.01654 |
35 | GACC | Crossroads Village Apartments | Units | 96.7% | 12/13/16 | 6,700,000 | 10/20/16 | 71.5% | 4,800,000 | 31,373 | 4,788,497 | 31,297 | 0.5% | No | No | 5.37000 | 0.01654 |
A-1-2
ANNEX A-1
Net | ||||||||||||||||||
Mortgage | Monthly Debt | Annual Debt | First | Partial IO | Partial IO Loan | Rem. | Rem. | IO- | Payment | Grace Period | Grace Period | |||||||
Loan # | Seller(1) | Property Name | Rate %(8) | Accrual Type | Service ($)(9)(10) | Service ($)(10) | Note Date | Payment Date(11) | Last IO Payment | First P&I Payment | Term(11) | Amort | Period(11) | Seasoning(11) | Due Date | (Late Payment) | (Default) | Maturity Date |
1 | GACC | 229 West 43rd Street Retail Condo | 3.99377 | Actual/360 | 270,742.13 | 3,248,905.56 | 10/13/16 | 12/06/16 | 116 | 0 | 120 | 4 | 6 | 0 | 0 | 11/06/26 | ||
2 | GACC | 350 Park Avenue | 3.90465 | Actual/360 | 220,529.92 | 2,646,359.04 | 12/02/16 | 01/06/17 | 118 | 0 | 121 | 3 | 6 | 0 | 0 | 01/06/27 | ||
3 | GACC | Prudential Plaza | 4.59827 | Actual/360 | 333,607.41 | 4,003,288.92 | 07/30/15 | 09/06/15 | 08/06/19 | 09/06/19 | 101 | 360 | 48 | 19 | 6 | 0 | 0 | 08/06/25 |
4 | JPMCB | Hilton Hawaiian Village | 4.18902 | Actual/360 | 220,874.74 | 2,650,496.93 | 10/24/16 | 12/01/16 | 116 | 0 | 120 | 4 | 1 | 0 | 0 | 11/01/26 | ||
5 | GACC | Key Center Cleveland | 5.29077 | Actual/360 | 361,675.66 | 4,340,107.92 | 01/31/17 | 03/06/17 | 02/06/19 | 03/06/19 | 119 | 300 | 24 | 1 | 6 | 0 | 0 | 02/06/27 |
6 | GACC | Gateway I & II | 4.67346 | Actual/360 | 284,920.31 | 3,419,043.72 | 02/03/17 | 03/06/17 | 02/06/20 | 03/06/20 | 119 | 360 | 36 | 1 | 6 | 0 | 0 | 02/06/27 |
7 | JPMCB | Landmark Square | 4.95827 | Actual/360 | 205,760.30 | 2,469,123.61 | 12/02/16 | 02/01/17 | 118 | 0 | 120 | 2 | 1 | 0 | 0 | 01/01/27 | ||
8 | JPMCB | Dallas Design District | 5.24527 | Actual/360 | 248,686.81 | 2,984,241.72 | 01/05/17 | 03/01/17 | 02/01/20 | 03/01/20 | 119 | 360 | 36 | 1 | 1 | 0 | 0 | 02/01/27 |
9 | JPMCB | Moffett Gateway | 3.30767 | Actual/360 | 194,405.32 | 2,332,863.79 | 09/22/16 | 11/01/16 | 10/01/21 | 11/01/21 | 121 | 360 | 60 | 5 | 1 | 0 | 0 | 04/01/27 |
10 | GACC | Uovo Art Storage | 4.72327 | Actual/360 | 192,675.13 | 2,312,101.56 | 02/02/17 | 03/06/17 | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 02/06/27 | ||
11 | GACC | AHIP FL 5 Portfolio | 4.97346 | Actual/360 | 198,397.93 | 2,380,775.16 | 11/29/16 | 01/06/17 | 117 | 357 | 0 | 3 | 6 | 0 | 0 | 12/06/26 | ||
11.01 | GACC | Holiday Inn Express Ft Myers East | ||||||||||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | ||||||||||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | ||||||||||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | ||||||||||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | ||||||||||||||||
12 | GACC | 580 Walnut Street | 4.72346 | Actual/360 | 184,970.89 | 2,219,650.68 | 01/23/17 | 03/06/17 | 119 | 359 | 0 | 1 | 6 | 0 | 0 | 02/06/27 | ||
13 | JPMCB | Delamar Greenwich Harbor | 5.21846 | Actual/360 | 196,142.27 | 2,353,707.24 | 11/14/16 | 01/01/17 | 117 | 357 | 0 | 3 | 1 | 0 | 0 | 12/01/26 | ||
14 | JPMCB | Summit Mall | 3.30227 | Actual/360 | 98,000.81 | 1,176,009.72 | 09/07/16 | 11/01/16 | 115 | 0 | 120 | 5 | 1 | 0 | 0 | 10/01/26 | ||
15 | GACC | Park Center Plaza I, II & III | 4.56596 | Actual/360 | 176,862.31 | 2,122,347.72 | 01/05/17 | 02/06/17 | 01/06/22 | 02/06/22 | 118 | 360 | 60 | 2 | 6 | 0 | 0 | 01/06/27 |
16 | GACC | Summit Place Wisconsin | 4.87827 | Actual/360 | 169,638.10 | 2,035,657.20 | 12/01/16 | 01/06/17 | 12/06/19 | 01/06/20 | 117 | 360 | 36 | 3 | 6 | 0 | 0 | 12/06/26 |
17 | JPMCB | Shopko Oregon Portfolio | 4.98146 | Actual/360 | 150,946.71 | 1,811,360.52 | 01/31/17 | 03/01/17 | 119 | 359 | 0 | 1 | 1 | 0 | 0 | 02/01/27 | ||
17.01 | JPMCB | Shopko Salem | ||||||||||||||||
17.02 | JPMCB | Shopko Bend | ||||||||||||||||
17.03 | JPMCB | Shopko Eugene | ||||||||||||||||
18 | JPMCB | Providence at Memorial | 5.15946 | Actual/360 | 148,193.23 | 1,778,318.76 | 03/02/17 | 04/01/17 | 04/01/18 | 05/01/18 | 61 | 360 | 13 | 0 | 1 | 0 | 0 | 04/01/22 |
19 | GACC | Holiday Inn Miami Beach | 4.42346 | Actual/360 | 97,536.11 | 1,170,433.32 | 02/15/17 | 04/06/17 | 120 | 0 | 120 | 0 | 6 | 0 | 0 | 03/06/27 | ||
20 | JPMCB | Jevan Multifamily Portfolio | 3.80346 | Actual/360 | 76,202.37 | 914,428.42 | 10/27/16 | 12/01/16 | 116 | 0 | 120 | 4 | 1 | 0 | 0 | 11/01/26 | ||
20.01 | JPMCB | Vida | ||||||||||||||||
20.02 | JPMCB | Amor | ||||||||||||||||
20.03 | JPMCB | Feliz | ||||||||||||||||
21 | GACC | Cupertino Civic Center | 4.73346 | Actual/360 | 104,309.28 | 1,251,711.36 | 12/13/16 | 02/06/17 | 01/06/22 | 02/06/22 | 118 | 360 | 60 | 2 | 6 | 0 | 0 | 01/06/27 |
22 | GACC | Congressional Place | 4.80346 | Actual/360 | 86,243.49 | 1,034,921.88 | 01/12/17 | 03/06/17 | 02/06/21 | 03/06/21 | 119 | 360 | 48 | 1 | 6 | 0 | 0 | 02/06/27 |
23 | GACC | Trabuco Hills | 4.73346 | Actual/360 | 79,812.04 | 957,744.48 | 12/08/16 | 02/06/17 | 01/06/24 | 02/06/24 | 118 | 360 | 84 | 2 | 6 | 0 | 0 | 01/06/27 |
24 | GACC | Creekview & Country Village Apartments | 5.30846 | Actual/360 | 72,391.56 | 868,698.72 | 12/30/16 | 02/06/17 | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | ||
24.01 | GACC | Creekview Apartments | ||||||||||||||||
24.02 | GACC | Country Village Apartments | ||||||||||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 4.43627 | Actual/360 | 65,468.04 | 785,616.48 | 10/11/16 | 12/01/16 | 116 | 356 | 0 | 4 | 1 | 0 | 0 | 11/01/26 | ||
25.01 | JPMCB | Dick’s Keene | ||||||||||||||||
25.02 | JPMCB | Dick’s Concord | ||||||||||||||||
25.03 | JPMCB | Dick’s Wichita | ||||||||||||||||
25.04 | JPMCB | Dick’s Bloomingdale | ||||||||||||||||
25.05 | JPMCB | Dick’s Fort Wayne | ||||||||||||||||
25.06 | JPMCB | PetSmart Concord | ||||||||||||||||
26 | GACC | Plaza Ashland | 4.95346 | Actual/360 | 67,408.69 | 808,904.28 | 12/20/16 | 02/06/17 | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | ||
27 | GACC | Cleveland Towne Center | 5.01346 | Actual/360 | 66,475.10 | 797,701.20 | 12/21/16 | 02/06/17 | 01/06/19 | 02/06/19 | 82 | 360 | 24 | 2 | 6 | 0 | 0 | 01/06/24 |
28 | GACC | Courtyard Marriott Richland | 5.16346 | Actual/360 | 65,745.12 | 788,941.44 | 12/06/16 | 01/06/17 | 117 | 357 | 0 | 3 | 6 | 0 | 0 | 12/06/26 | ||
29 | GACC | Grossmont Medical Center | 4.44346 | Actual/360 | 57,995.81 | 695,949.72 | 12/07/16 | 02/06/17 | 01/06/20 | 02/06/20 | 118 | 360 | 36 | 2 | 6 | 0 | 0 | 01/06/27 |
30 | JPMCB | Horizon Village | 4.90846 | Actual/360 | 58,255.27 | 699,063.24 | 11/14/16 | 01/01/17 | 117 | 297 | 0 | 3 | 1 | 0 | 0 | 12/01/26 | ||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | 5.39346 | Actual/360 | 52,350.30 | 628,203.60 | 11/18/16 | 01/01/17 | 57 | 297 | 0 | 3 | 1 | 0 | 0 | 12/01/21 | ||
31.01 | JPMCB | Value Place Clermont | ||||||||||||||||
31.02 | JPMCB | Value Place Clarcona | ||||||||||||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | 4.98346 | Actual/360 | 40,261.62 | 483,139.44 | 02/06/17 | 04/01/17 | 120 | 360 | 0 | 0 | 1 | 0 | 0 | 03/01/27 | ||
33 | GACC | Shopko Billings | 5.14346 | Actual/360 | 39,794.64 | 477,535.68 | 12/27/16 | 02/06/17 | 118 | 298 | 0 | 2 | 6 | 0 | 0 | 01/06/27 | ||
34 | JPMCB | Continental Plaza | 4.76046 | Actual/360 | 33,358.85 | 400,306.20 | 02/06/17 | 04/01/17 | 120 | 360 | 0 | 0 | 1 | 0 | 0 | 03/01/27 | ||
35 | GACC | Crossroads Village Apartments | 5.35346 | Actual/360 | 26,863.66 | 322,363.92 | 12/16/16 | 02/06/17 | 118 | 358 | 0 | 2 | 6 | 0 | 0 | 01/06/27 |
A-1-3
ANNEX A-1
HISTORICAL FINANCIALS(13) | |||||||||||||||||
Final | Maturity | Maturity | Prepayment | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | |||||
Loan # | Seller(1) | Property Name | ARD Loan | Mat Date | Balance ($)(5) | LTV %(4) | Provision (Payments)(11)(12) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | |
1 | GACC | 229 West 43rd Street Retail Condo | No | 80,000,000 | 60.6% | L(28),Def(85),O(7) | 16,672,907 | 7,051,784 | 9,621,123 | 17,393,374 | 5,444,159 | 11,949,215 | |||||
2 | GACC | 350 Park Avenue | No | 66,667,200 | 41.7% | L(27),Def(87),O(7) | 49,059,877 | 19,398,319 | 29,661,558 | 53,863,805 | 20,957,359 | 32,906,446 | 56,086,766 | 21,560,422 | 34,526,344 | ||
3 | GACC | Prudential Plaza | No | 58,349,599 | 53.2% | L(35),Def(79),O(6) | 52,525,460 | 30,482,948 | 22,042,511 | 50,276,294 | 28,845,540 | 21,430,754 | 53,321,676 | 32,167,828 | 21,153,848 | ||
4 | JPMCB | Hilton Hawaiian Village | No | 62,250,000 | 31.2% | L(28),DeforGrtr1%orYM(85),O(7) | 324,974,888 | 214,010,053 | 110,964,835 | 346,089,627 | 226,228,808 | 119,860,819 | 366,791,222 | 238,053,500 | 128,737,723 | ||
5 | GACC | Key Center Cleveland | No | 48,945,796 | 49.6% | L(25),Def(91),O(4) | 65,945,696 | 39,071,471 | 26,874,225 | 64,203,206 | 39,347,384 | 24,855,822 | 63,246,960 | 40,993,349 | 22,253,611 | ||
6 | GACC | Gateway I & II | No | 48,352,535 | 62.8% | L(25),Def(90),O(5) | 4,186,208 | 622,781 | 3,563,426 | 4,286,378 | 665,514 | 3,620,865 | 4,140,882 | 871,072 | 3,269,810 | ||
7 | JPMCB | Landmark Square | No | 49,000,000 | 56.9% | L(26),Def(90),O(4) | 21,090,032 | 11,173,914 | 9,916,119 | 22,206,765 | 11,760,507 | 10,446,258 | 19,852,023 | 12,384,894 | 7,467,129 | ||
8 | JPMCB | Dallas Design District | No | 40,055,051 | 55.3% | L(25),Grtr1%orYM(91),O(4) | 11,762,840 | 4,136,520 | 7,626,320 | 13,056,367 | 4,051,248 | 9,005,119 | 12,606,620 | 4,108,165 | 8,498,455 | ||
9 | JPMCB | Moffett Gateway | No | 33,981,330 | 39.3% | L(29),Def(90),O(7) | |||||||||||
10 | GACC | Uovo Art Storage | No | 30,145,800 | 43.0% | L(25),Def(91),O(4) | 3,339,891 | 2,447,678 | 892,213 | ||||||||
11 | GACC | AHIP FL 5 Portfolio | No | 30,405,825 | 49.4% | L(27),Def(89),O(4) | 12,653,134 | 7,945,974 | 4,707,160 | 14,894,915 | 8,776,057 | 6,118,858 | |||||
11.01 | GACC | Holiday Inn Express Ft Myers East | 7,157,215 | 2,772,802 | 1,782,490 | 990,312 | 3,412,160 | 1,995,284 | 1,416,876 | ||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | 6,614,254 | 2,516,503 | 1,611,789 | 904,714 | 2,922,625 | 1,696,893 | 1,225,732 | ||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | 6,170,013 | 2,769,281 | 1,647,141 | 1,122,140 | 3,197,310 | 1,885,853 | 1,311,457 | ||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | 5,429,612 | 2,364,382 | 1,404,824 | 959,558 | 2,750,863 | 1,609,726 | 1,141,137 | ||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | 5,034,731 | 2,230,166 | 1,499,730 | 730,436 | 2,611,957 | 1,588,301 | 1,023,656 | ||||||||
12 | GACC | 580 Walnut Street | No | 28,928,515 | 55.9% | L(25),Def(91),O(4) | 3,945,600 | 1,337,762 | 2,607,838 | 4,474,216 | 1,398,593 | 3,075,622 | |||||
13 | JPMCB | Delamar Greenwich Harbor | No | 29,423,393 | 58.8% | L(25),Grtr1%orYM(91),O(4) | 8,182,130 | 5,224,701 | 2,957,429 | 9,015,412 | 5,822,754 | 3,192,658 | 9,159,178 | 5,645,641 | 3,513,537 | ||
14 | JPMCB | Summit Mall | No | 35,000,000 | 41.5% | L(29),Def(84),O(7) | 15,065,656 | 3,761,536 | 11,304,120 | 16,182,561 | 3,902,553 | 12,280,008 | 16,012,933 | 3,778,460 | 12,234,473 | ||
15 | GACC | Park Center Plaza I, II & III | No | 31,619,464 | 62.4% | L(26),Def(90),O(4) | 8,943,770 | 3,642,209 | 5,301,561 | 7,888,316 | 3,696,629 | 4,191,687 | 8,540,572 | 3,940,939 | 4,599,633 | ||
16 | GACC | Summit Place Wisconsin | No | 28,260,975 | 64.2% | L(27),Def(89),O(4) | 10,578,455 | 4,705,840 | 5,872,615 | 10,832,394 | 4,954,024 | 5,878,370 | 11,703,109 | 5,013,588 | 6,689,521 | ||
17 | JPMCB | Shopko Oregon Portfolio | No | 23,114,856 | 56.9% | L(25),Grtr1%orYM(88),O(7) | 2,854,097 | 72,547 | 2,781,549 | 2,868,804 | 69,705 | 2,799,099 | 2,883,733 | 83,295 | 2,800,438 | ||
17.01 | JPMCB | Shopko Salem | 8,547,360 | 1,049,701 | 25,096 | 1,024,605 | 1,054,679 | 26,615 | 1,028,064 | 1,061,208 | 31,555 | 1,029,654 | |||||
17.02 | JPMCB | Shopko Bend | 8,218,616 | 1,015,001 | 26,009 | 988,992 | 1,020,970 | 22,838 | 998,132 | 1,025,459 | 28,207 | 997,252 | |||||
17.03 | JPMCB | Shopko Eugene | 6,348,881 | 789,395 | 21,442 | 767,953 | 793,155 | 20,252 | 772,904 | 797,066 | 23,533 | 773,533 | |||||
18 | JPMCB | Providence at Memorial | No | 25,423,820 | 66.7% | L(26),Grtr1%orYM(32),O(3) | 3,316,963 | 1,762,152 | 1,554,811 | 3,460,358 | 1,528,957 | 1,931,402 | |||||
19 | GACC | Holiday Inn Miami Beach | No | 26,000,000 | 42.3% | L(24),Def(92),O(4) | 16,618,199 | 10,615,641 | 6,002,558 | 17,120,201 | 10,833,360 | 6,286,841 | 17,052,512 | 11,126,279 | 5,926,233 | ||
20 | JPMCB | Jevan Multifamily Portfolio | No | 23,610,000 | 61.6% | L(25),Grtr1%orYM(92),O(3) | 3,693,051 | 1,857,744 | 1,835,307 | 4,177,273 | 1,951,502 | 2,225,770 | |||||
20.01 | JPMCB | Vida | 9,788,762 | 1,514,879 | 717,192 | 797,687 | 1,658,411 | 753,255 | 905,155 | ||||||||
20.02 | JPMCB | Amor | 6,926,010 | 1,105,329 | 542,310 | 563,019 | 1,267,076 | 561,024 | 706,052 | ||||||||
20.03 | JPMCB | Feliz | 6,895,228 | 1,072,843 | 598,242 | 474,601 | 1,251,786 | 637,223 | 614,563 | ||||||||
21 | GACC | Cupertino Civic Center | No | 18,333,165 | 64.3% | L(26),Def(87),O(7) | 1,644,425 | 797,364 | 847,061 | 2,052,115 | 885,944 | 1,166,172 | 2,379,987 | 917,327 | 1,462,660 | ||
22 | GACC | Congressional Place | No | 14,777,113 | 61.6% | L(25),Def(91),O(4) | 2,178,117 | 730,885 | 1,447,232 | 2,102,984 | 743,313 | 1,359,671 | 2,308,499 | 769,530 | 1,538,969 | ||
23 | GACC | Trabuco Hills | No | 14,590,551 | 56.1% | L(26),Def(90),O(4) | 1,486,738 | 368,596 | 1,118,142 | 1,635,428 | 403,359 | 1,232,069 | 1,606,530 | 382,447 | 1,224,083 | ||
24 | GACC | Creekview & Country Village Apartments | No | 10,797,717 | 61.5% | L(26),Def(90),O(4) | 2,234,256 | 1,164,813 | 1,069,443 | 2,373,390 | 1,197,961 | 1,175,429 | |||||
24.01 | GACC | Creekview Apartments | 5,564,977 | 1,179,027 | 601,399 | 577,628 | 1,227,531 | 637,829 | 589,702 | ||||||||
24.02 | GACC | Country Village Apartments | 5,232,740 | 1,055,229 | 563,414 | 491,815 | 1,145,859 | 560,132 | 585,727 | ||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | No | 10,489,831 | 57.2% | L(28),Def(88),O(4) | 4,697,103 | 1,560,301 | 3,136,802 | 4,825,210 | 1,701,014 | 3,124,197 | 4,846,626 | 1,685,546 | 3,161,080 | ||
25.01 | JPMCB | Dick’s Keene | 2,636,175 | 903,752 | 175,911 | 727,841 | 816,444 | 89,965 | 726,479 | 830,411 | 95,398 | 735,013 | |||||
25.02 | JPMCB | Dick’s Concord | 2,206,092 | 786,600 | 194,689 | 591,911 | 794,147 | 228,357 | 565,791 | 781,425 | 203,318 | 578,107 | |||||
25.03 | JPMCB | Dick’s Wichita | 1,942,233 | 699,550 | 98,050 | 601,500 | 702,152 | 94,456 | 607,696 | 702,203 | 94,338 | 607,865 | |||||
25.04 | JPMCB | Dick’s Bloomingdale | 1,559,757 | 1,236,368 | 687,606 | 548,762 | 1,419,980 | 871,107 | 548,873 | 1,417,694 | 869,611 | 548,083 | |||||
25.05 | JPMCB | Dick’s Fort Wayne | 1,221,662 | 791,542 | 381,123 | 410,419 | 800,088 | 381,215 | 418,873 | 826,805 | 391,169 | 435,636 | |||||
25.06 | JPMCB | PetSmart Concord | 923,912 | 279,290 | 22,921 | 256,368 | 292,399 | 35,914 | 256,485 | 288,088 | 31,712 | 256,376 | |||||
26 | GACC | Plaza Ashland | No | 10,346,823 | 52.3% | L(26),Def(89),O(5) | 3,126,500 | 1,497,041 | 1,629,459 | 3,139,611 | 1,573,568 | 1,566,043 | 3,487,582 | 1,527,683 | 1,959,899 | ||
27 | GACC | Cleveland Towne Center | No | 11,341,291 | 62.7% | L(26),Def(54),O(4) | 2,212,505 | 510,570 | 1,701,935 | ||||||||
28 | GACC | Courtyard Marriott Richland | No | 9,922,158 | 53.6% | L(27),Def(88),O(5) | 4,758,449 | 2,859,469 | 1,898,980 | 5,067,594 | 3,074,510 | 1,993,084 | 4,813,652 | 3,051,786 | 1,761,866 | ||
29 | GACC | Grossmont Medical Center | No | 10,057,367 | 57.4% | L(26),Def(89),O(5) | 1,822,615 | 845,165 | 977,450 | 1,648,866 | 877,447 | 771,419 | 1,702,101 | 911,587 | 790,514 | ||
30 | JPMCB | Horizon Village | No | 7,466,276 | 52.3% | L(27),Def(92),O(1) | 1,052,229 | 383,220 | 669,009 | 1,302,122 | 518,861 | 783,261 | 1,352,106 | 448,290 | 903,815 | ||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | No | 7,703,343 | 49.7% | L(13),Grtr1%orYM(45),O(2) | 2,210,823 | 1,585,970 | 624,854 | 2,398,207 | 1,497,068 | 901,139 | 2,774,345 | 1,595,398 | 1,178,947 | ||
31.01 | JPMCB | Value Place Clermont | 4,224,414 | 1,193,979 | 927,117 | 266,862 | 1,284,204 | 784,093 | 500,111 | 1,510,413 | 828,376 | 682,037 | |||||
31.02 | JPMCB | Value Place Clarcona | 3,478,929 | 1,016,844 | 658,853 | 357,991 | 1,114,002 | 712,975 | 401,027 | 1,263,932 | 767,022 | 496,910 | |||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | No | 6,166,480 | 51.4% | L(25),Grtr1%orYM(92),O(3) | 2,400,272 | 1,445,637 | 954,635 | ||||||||
33 | GACC | Shopko Billings | No | 5,037,384 | 48.9% | L(26),Def(90),O(4) | |||||||||||
34 | JPMCB | Continental Plaza | No | 5,202,989 | 56.6% | L(13),Grtr1%orYM(104),O(3) | 1,621,591 | 718,989 | 902,602 | 1,592,391 | 728,045 | 864,346 | 1,709,370 | 712,103 | 997,267 | ||
35 | GACC | Crossroads Village Apartments | No | 3,992,497 | 59.6% | L(23),Grtr5%orYM(93),O(4) | 1,193,522 | 690,048 | 503,474 | 1,211,460 | 788,795 | 422,665 | 1,245,875 | 737,409 | 508,467 |
A-1-4
ANNEX A-1
HISTORICAL FINANCIALS(13) | ||||||||||||||||
UW | ||||||||||||||||
Most Recent | Most Recent | Most Recent | Economic | UW | UW Total | UW | UW Capital | UW | UW | UW NCF | UW NOI | UW NCF | ||||
Loan # | Seller(1) | Property Name | Revenues ($) | Total Expenses ($) | NOI ($) | As of | Occupancy % | Revenues ($)(3) | Expenses ($) | NOI ($)(3)(14) | Items ($) | NCF ($)(3)(14) | NOI DSCR(15) | DSCR(15) | Debt Yield % | Debt Yield % |
1 | GACC | 229 West 43rd Street Retail Condo | 17,645,886 | 3,870,185 | 13,775,701 | 08/31/16 | 100.0% | 25,397,158 | 3,895,157 | 21,502,001 | 1,294,346 | 20,207,655 | 1.86 | 1.75 | 7.5% | 7.1% |
2 | GACC | 350 Park Avenue | 57,626,795 | 22,164,572 | 35,462,223 | 10/31/16 | 95.0% | 58,443,166 | 22,786,342 | 35,656,824 | 633,312 | 35,023,512 | 3.03 | 2.98 | 12.0% | 11.8% |
3 | GACC | Prudential Plaza | 58,858,563 | 32,295,671 | 26,562,892 | 11/30/16 | 79.6% | 70,131,390 | 32,570,196 | 37,561,194 | 3,658,566 | 33,902,628 | 1.47 | 1.33 | 9.1% | 8.2% |
4 | JPMCB | Hilton Hawaiian Village | 376,987,438 | 245,094,318 | 131,893,120 | 09/30/16 | 94.6% | 374,437,742 | 241,850,768 | 132,586,975 | 0 | 132,586,975 | 4.47 | 4.47 | 19.0% | 19.0% |
5 | GACC | Key Center Cleveland | 59,240,408 | 40,182,682 | 19,057,726 | 12/31/16 | 92.9% | 67,329,103 | 40,324,409 | 27,004,694 | 1,677,558 | 25,327,136 | 1.70 | 1.59 | 12.3% | 11.5% |
6 | GACC | Gateway I & II | 4,196,684 | 548,193 | 3,648,491 | 10/31/16 | 93.5% | 5,116,508 | 854,992 | 4,261,516 | 162,829 | 4,098,687 | 1.25 | 1.20 | 7.7% | 7.5% |
7 | JPMCB | Landmark Square | 22,240,746 | 12,516,518 | 9,724,228 | 12/31/16 | 85.4% | 24,368,179 | 12,347,514 | 12,020,665 | 962,555 | 11,058,110 | 2.39 | 2.19 | 12.0% | 11.1% |
8 | JPMCB | Dallas Design District | 13,673,772 | 4,035,907 | 9,637,865 | 09/30/16 | 95.0% | 15,304,762 | 4,048,471 | 11,256,291 | 1,051,292 | 10,204,999 | 1.41 | 1.28 | 9.4% | 8.5% |
9 | JPMCB | Moffett Gateway | 95.0% | 35,097,235 | 6,170,971 | 28,926,265 | 1,294,985 | 27,631,280 | 2.04 | 1.95 | 11.9% | 11.4% | ||||
10 | GACC | Uovo Art Storage | 8,842,355 | 2,882,846 | 5,959,509 | 12/31/16 | 71.6% | 11,241,398 | 2,760,281 | 8,481,117 | 29,476 | 8,451,641 | 1.56 | 1.55 | 9.8% | 9.7% |
11 | GACC | AHIP FL 5 Portfolio | 15,113,597 | 9,140,192 | 5,973,405 | 09/30/16 | 72.5% | 14,154,095 | 8,995,281 | 5,158,816 | 566,164 | 4,592,650 | 2.17 | 1.93 | 14.0% | 12.5% |
11.01 | GACC | Holiday Inn Express Ft Myers East | 3,572,607 | 2,123,884 | 1,448,723 | 09/30/16 | 71.5% | 3,246,527 | 2,018,220 | 1,228,308 | 129,861 | 1,098,446 | ||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | 2,995,814 | 1,882,210 | 1,113,604 | 09/30/16 | 73.0% | 2,807,777 | 1,823,942 | 983,836 | 112,311 | 871,524 | ||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | 3,013,301 | 1,876,826 | 1,136,475 | 09/30/16 | 67.0% | 2,986,221 | 1,899,883 | 1,086,338 | 119,449 | 966,889 | ||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | 2,765,281 | 1,562,516 | 1,202,765 | 09/30/16 | 80.4% | 2,571,948 | 1,564,957 | 1,006,991 | 102,878 | 904,113 | ||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | 2,766,594 | 1,694,756 | 1,071,838 | 09/30/16 | 72.5% | 2,541,622 | 1,688,279 | 853,343 | 101,665 | 751,678 | ||||
12 | GACC | 580 Walnut Street | 4,157,331 | 1,335,023 | 2,822,308 | 11/30/16 | 92.5% | 5,814,172 | 1,830,831 | 3,983,341 | 306,900 | 3,676,441 | 1.79 | 1.66 | 11.2% | 10.4% |
13 | JPMCB | Delamar Greenwich Harbor | 9,676,701 | 5,959,629 | 3,717,072 | 10/31/16 | 72.7% | 9,676,636 | 6,023,582 | 3,653,055 | 0 | 3,653,055 | 1.55 | 1.55 | 10.3% | 10.3% |
14 | JPMCB | Summit Mall | 16,529,626 | 3,769,744 | 12,759,882 | 07/31/16 | 92.7% | 17,294,164 | 3,863,136 | 13,431,028 | 586,095 | 12,844,933 | 4.70 | 4.50 | 15.8% | 15.1% |
15 | GACC | Park Center Plaza I, II & III | 9,153,503 | 3,859,898 | 5,293,604 | 08/31/16 | 90.8% | 8,987,319 | 4,126,117 | 4,861,202 | 311,588 | 4,549,614 | 2.29 | 2.14 | 14.1% | 13.2% |
16 | GACC | Summit Place Wisconsin | 12,051,768 | 4,793,337 | 7,258,431 | 09/30/16 | 92.0% | 11,802,741 | 4,819,635 | 6,983,106 | 703,103 | 6,280,003 | 1.52 | 1.37 | 9.7% | 8.7% |
17 | JPMCB | Shopko Oregon Portfolio | 3,703,006 | 727,433 | 2,975,573 | 12/31/16 | 95.0% | 2,826,794 | 82,700 | 2,744,095 | 287,105 | 2,456,989 | 1.51 | 1.36 | 9.8% | 8.7% |
17.01 | JPMCB | Shopko Salem | 1,371,649 | 277,274 | 1,094,375 | 12/31/16 | 95.0% | 1,039,656 | 31,330 | 1,008,326 | 105,593 | 902,733 | ||||
17.02 | JPMCB | Shopko Bend | 1,253,339 | 195,165 | 1,058,174 | 12/31/16 | 95.0% | 1,005,265 | 27,989 | 977,277 | 90,756 | 886,521 | ||||
17.03 | JPMCB | Shopko Eugene | 1,078,018 | 254,994 | 823,024 | 12/31/16 | 95.0% | 781,873 | 23,382 | 758,491 | 90,756 | 667,735 | ||||
18 | JPMCB | Providence at Memorial | 3,747,300 | 1,802,761 | 1,944,539 | 12/31/16 | 89.5% | 4,123,221 | 1,645,241 | 2,477,980 | 80,250 | 2,397,730 | 1.39 | 1.35 | 9.2% | 8.9% |
19 | GACC | Holiday Inn Miami Beach | 15,820,389 | 10,840,648 | 4,979,741 | 12/31/16 | 81.5% | 15,820,389 | 11,081,927 | 4,738,462 | 632,816 | 4,105,647 | 4.05 | 3.51 | 18.2% | 15.8% |
20 | JPMCB | Jevan Multifamily Portfolio | 4,470,794 | 2,024,023 | 2,446,771 | 12/31/16 | 93.5% | 4,486,147 | 2,245,961 | 2,240,186 | 117,302 | 2,122,884 | 2.45 | 2.32 | 9.5% | 9.0% |
20.01 | JPMCB | Vida | 1,753,507 | 774,874 | 978,633 | 12/31/16 | 91.1% | 1,742,969 | 862,701 | 880,268 | 43,040 | 837,228 | ||||
20.02 | JPMCB | Amor | 1,329,761 | 589,097 | 740,664 | 12/31/16 | 95.0% | 1,347,677 | 679,666 | 668,011 | 36,432 | 631,579 | ||||
20.03 | JPMCB | Feliz | 1,387,526 | 660,052 | 727,474 | 12/31/16 | 95.0% | 1,395,501 | 703,594 | 691,907 | 37,830 | 654,077 | ||||
21 | GACC | Cupertino Civic Center | 2,506,386 | 955,890 | 1,550,496 | 12/31/16 | 95.0% | 2,932,250 | 1,101,026 | 1,831,224 | 122,027 | 1,709,197 | 1.46 | 1.37 | 9.2% | 8.6% |
22 | GACC | Congressional Place | 2,374,928 | 744,292 | 1,630,636 | 09/30/16 | 95.0% | 2,375,584 | 817,166 | 1,558,418 | 217,737 | 1,340,681 | 1.51 | 1.30 | 9.5% | 8.2% |
23 | GACC | Trabuco Hills | 1,562,408 | 373,379 | 1,189,029 | 09/30/16 | 90.7% | 1,647,369 | 420,802 | 1,226,567 | 62,284 | 1,164,283 | 1.28 | 1.22 | 8.0% | 7.6% |
24 | GACC | Creekview & Country Village Apartments | 2,530,003 | 1,215,405 | 1,314,597 | 10/31/16 | 94.1% | 2,533,203 | 1,308,784 | 1,224,419 | 94,664 | 1,129,755 | 1.41 | 1.30 | 9.4% | 8.7% |
24.01 | GACC | Creekview Apartments | 1,296,749 | 609,006 | 687,742 | 10/31/16 | 93.7% | 1,296,749 | 652,262 | 644,487 | 47,123 | 597,364 | ||||
24.02 | GACC | Country Village Apartments | 1,233,254 | 606,399 | 626,855 | 10/31/16 | 94.5% | 1,236,454 | 656,522 | 579,932 | 47,541 | 532,391 | ||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 5,228,705 | 1,918,885 | 3,309,820 | 12/31/16 | 95.0% | 4,784,906 | 1,854,800 | 2,930,105 | 300,874 | 2,629,231 | 1.56 | 1.40 | 9.5% | 8.5% |
25.01 | JPMCB | Dick’s Keene | 958,174 | 184,897 | 773,277 | 12/31/16 | 95.0% | 829,418 | 119,147 | 710,271 | 50,018 | 660,253 | ||||
25.02 | JPMCB | Dick’s Concord | 917,947 | 260,639 | 657,308 | 12/31/16 | 95.0% | 798,471 | 231,430 | 567,041 | 56,500 | 510,541 | ||||
25.03 | JPMCB | Dick’s Wichita | 702,203 | 93,857 | 608,345 | 12/31/16 | 95.0% | 671,483 | 113,998 | 557,485 | 53,658 | 503,827 | ||||
25.04 | JPMCB | Dick’s Bloomingdale | 1,449,360 | 884,121 | 565,240 | 12/31/16 | 95.0% | 1,409,875 | 941,876 | 467,999 | 55,000 | 412,999 | ||||
25.05 | JPMCB | Dick’s Fort Wayne | 826,806 | 390,661 | 436,145 | 12/31/16 | 95.0% | 786,144 | 409,898 | 376,246 | 63,000 | 313,246 | ||||
25.06 | JPMCB | PetSmart Concord | 374,215 | 104,710 | 269,505 | 12/31/16 | 95.0% | 289,515 | 38,450 | 251,064 | 22,698 | 228,366 | ||||
26 | GACC | Plaza Ashland | 3,583,764 | 1,542,420 | 2,041,344 | 09/30/16 | 58.2% | 3,402,886 | 1,649,860 | 1,753,026 | 136,115 | 1,616,911 | 2.17 | 2.00 | 13.9% | 12.9% |
27 | GACC | Cleveland Towne Center | 2,310,831 | 479,493 | 1,831,338 | 10/31/16 | 93.0% | 2,259,732 | 533,116 | 1,726,616 | 75,284 | 1,651,332 | 2.16 | 2.07 | 14.1% | 13.4% |
28 | GACC | Courtyard Marriott Richland | 4,762,496 | 3,149,805 | 1,612,691 | 10/31/16 | 69.8% | 4,762,674 | 3,158,043 | 1,604,631 | 190,507 | 1,414,124 | 2.03 | 1.79 | 13.4% | 11.8% |
29 | GACC | Grossmont Medical Center | 1,730,081 | 919,597 | 810,484 | 09/30/16 | 92.4% | 2,329,781 | 960,218 | 1,369,563 | 94,909 | 1,274,654 | 1.97 | 1.83 | 11.9% | 11.1% |
30 | JPMCB | Horizon Village | 1,447,589 | 288,411 | 1,159,178 | 12/31/16 | 95.0% | 1,511,730 | 402,231 | 1,109,499 | 115,411 | 994,088 | 1.59 | 1.42 | 11.2% | 10.0% |
31 | JPMCB | WoodSpring Suites Orlando Portfolio | 3,241,106 | 1,863,552 | 1,377,554 | 12/31/16 | 87.7% | 3,232,628 | 1,858,056 | 1,374,572 | 0 | 1,374,572 | 2.19 | 2.19 | 16.1% | 16.1% |
31.01 | JPMCB | Value Place Clermont | 1,755,108 | 959,624 | 795,484 | 12/31/16 | 87.2% | 1,750,531 | 955,987 | 794,544 | 0 | 794,544 | ||||
31.02 | JPMCB | Value Place Clarcona | 1,485,998 | 903,928 | 582,070 | 12/31/16 | 88.3% | 1,482,097 | 902,070 | 580,028 | 0 | 580,028 | ||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | 2,744,877 | 1,751,983 | 992,894 | 12/31/16 | 81.2% | 2,737,467 | 1,775,198 | 962,269 | 0 | 962,269 | 1.99 | 1.99 | 12.8% | 12.8% |
33 | GACC | Shopko Billings | 95.0% | 762,027 | 22,861 | 739,167 | 0 | 739,167 | 1.55 | 1.55 | 11.1% | 11.1% | ||||
34 | JPMCB | Continental Plaza | 1,702,071 | 661,114 | 1,040,957 | 12/31/16 | 90.0% | 1,642,718 | 764,125 | 878,594 | 148,776 | 729,818 | 2.19 | 1.82 | 13.8% | 11.4% |
35 | GACC | Crossroads Village Apartments | 1,235,643 | 719,840 | 515,802 | 10/31/16 | 95.0% | 1,240,138 | 701,127 | 539,010 | 60,800 | 478,210 | 1.67 | 1.48 | 11.3% | 10.0% |
A-1-5
ANNEX A-1
UPFRONT ESCROW(17) | |||||||||||||||
Ground Lease | Ground Lease | Upfront Capex | Upfront Engin. | Upfront Envir. | Upfront TI/LC | Upfront RE Tax | Upfront Ins. | Upfront Debt Service | Upfront Other | ||||||
Loan # | Seller(1) | Property Name | Title Type(16) | Expiration | Extension Terms | PML % | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | |
1 | GACC | 229 West 43rd Street Retail Condo | Fee | 0 | 23,000 | 0 | 14,492,159 | 651,564 | 18,983 | 0 | 11,110,080 | ||||
2 | GACC | 350 Park Avenue | Fee | 0 | 0 | 0 | 1,829,270 | 0 | 0 | 0 | 1,413,328 | ||||
3 | GACC | Prudential Plaza | Fee | 2,525,657 | 0 | 0 | 21,489,422 | 1,134,682 | 248,278 | 0 | 47,911,435 | ||||
4 | JPMCB | Hilton Hawaiian Village | Fee/Leasehold | 07/31/35 | None | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
5 | GACC | Key Center Cleveland | Fee/Leasehold | 12/31/59 | One, 34-year option | 18,271,556 | 64,625 | 0 | 24,069,759 | 1,540,363 | 55,406 | 0 | 11,819,140 | ||
6 | GACC | Gateway I & II | Fee | 0 | 0 | 0 | 601,000 | 13,361 | 0 | 0 | 4,483,333 | ||||
7 | JPMCB | Landmark Square | Fee/Leasehold | 02/28/82 | Year to year | 0 | 0 | 0 | 0 | 1,325,844 | 0 | 0 | 0 | ||
8 | JPMCB | Dallas Design District | Fee/Leasehold | 12/20/51 | None | 374,106 | 123,125 | 0 | 3,278,052 | 316,270 | 200,000 | 0 | 2,032,511 | ||
9 | JPMCB | Moffett Gateway | Fee | 15% | 0 | 0 | 0 | 0 | 180,864 | 0 | 0 | 86,961,915 | |||
10 | GACC | Uovo Art Storage | Fee | 0 | 0 | 0 | 0 | 29,711 | 0 | 0 | 71,500 | ||||
11 | GACC | AHIP FL 5 Portfolio | Fee | 0 | 0 | 0 | 0 | 48,027 | 0 | 0 | 7,874,700 | ||||
11.01 | GACC | Holiday Inn Express Ft Myers East | Fee | ||||||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | Fee | ||||||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | Fee | ||||||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | Fee | ||||||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | Fee | ||||||||||||
12 | GACC | 580 Walnut Street | Fee | 0 | 0 | 0 | 2,330,975 | 85,098 | 41,113 | 0 | 0 | ||||
13 | JPMCB | Delamar Greenwich Harbor | Fee | 31,450 | 0 | 0 | 0 | 120,303 | 0 | 0 | 0 | ||||
14 | JPMCB | Summit Mall | Fee | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
15 | GACC | Park Center Plaza I, II & III | Fee | 0 | 6,250 | 0 | 3,100,000 | 88,877 | 4,493 | 0 | 0 | ||||
16 | GACC | Summit Place Wisconsin | Fee/Leasehold | 0 | 25,000 | 0 | 157,156 | 1,278,158 | 137,734 | 0 | 0 | ||||
17 | JPMCB | Shopko Oregon Portfolio | Fee | Various | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
17.01 | JPMCB | Shopko Salem | Fee | 8% | |||||||||||
17.02 | JPMCB | Shopko Bend | Fee | ||||||||||||
17.03 | JPMCB | Shopko Eugene | Fee | 7% | |||||||||||
18 | JPMCB | Providence at Memorial | Fee | 6,688 | 0 | 0 | 0 | 156,326 | 0 | 0 | 0 | ||||
19 | GACC | Holiday Inn Miami Beach | Fee | 0 | 107,000 | 0 | 0 | 193,179 | 0 | 0 | 3,795,000 | ||||
20 | JPMCB | Jevan Multifamily Portfolio | Fee | 422,000 | 28,190 | 0 | 0 | 0 | 0 | 0 | 1,636,834 | ||||
20.01 | JPMCB | Vida | Fee | ||||||||||||
20.02 | JPMCB | Amor | Fee | ||||||||||||
20.03 | JPMCB | Feliz | Fee | ||||||||||||
21 | GACC | Cupertino Civic Center | Fee | 12% | 0 | 10,625 | 0 | 200,000 | 119,728 | 0 | 0 | 0 | |||
22 | GACC | Congressional Place | Fee | 15% | 0 | 0 | 0 | 75,543 | 0 | 0 | 0 | 0 | |||
23 | GACC | Trabuco Hills | Fee | 9% | 0 | 133,848 | 0 | 100,000 | 52,673 | 0 | 0 | 375,000 | |||
24 | GACC | Creekview & Country Village Apartments | Fee | 0 | 27,875 | 0 | 0 | 20,334 | 0 | 0 | 0 | ||||
24.01 | GACC | Creekview Apartments | Fee | ||||||||||||
24.02 | GACC | Country Village Apartments | Fee | ||||||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | Fee/Leasehold | 1,696 | 0 | 0 | 22,028 | 22,218 | 0 | 0 | 0 | ||||
25.01 | JPMCB | Dick’s Keene | Fee | ||||||||||||
25.02 | JPMCB | Dick’s Concord | Fee | �� | |||||||||||
25.03 | JPMCB | Dick’s Wichita | Fee | ||||||||||||
25.04 | JPMCB | Dick’s Bloomingdale | Leasehold | 01/31/27 | Four, five-year options | ||||||||||
25.05 | JPMCB | Dick’s Fort Wayne | Leasehold | 01/31/50 | One, five-year option | ||||||||||
25.06 | JPMCB | PetSmart Concord | Fee | ||||||||||||
26 | GACC | Plaza Ashland | Fee | 5% | 0 | 149,577 | 0 | 0 | 13,534 | 0 | 74,176 | 169,000 | |||
27 | GACC | Cleveland Towne Center | Fee | 0 | 11,875 | 0 | 0 | 64,742 | 1,578 | 0 | 1,277,205 | ||||
28 | GACC | Courtyard Marriott Richland | Leasehold | 02/28/58 | Two, 15-year options; One, 14-year option | 0 | 375 | 0 | 0 | 17,230 | 0 | 0 | 185,745 | ||
29 | GACC | Grossmont Medical Center | Leasehold | 04/30/59 | None | 6% | 0 | 0 | 0 | 250,000 | 53,813 | 0 | 0 | 550,565 | |
30 | JPMCB | Horizon Village | Fee | 1,456 | 0 | 0 | 8,083 | 39,496 | 18,453 | 0 | 0 | ||||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | Fee | 10,490 | 0 | 0 | 0 | 20,458 | 0 | 0 | 40,108 | ||||
31.01 | JPMCB | Value Place Clermont | Fee | ||||||||||||
31.02 | JPMCB | Value Place Clarcona | Fee | ||||||||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | Fee | 7,503 | 0 | 0 | 0 | 19,721 | 11,665 | 0 | 0 | ||||
33 | GACC | Shopko Billings | Fee | 0 | 1,750 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
34 | JPMCB | Continental Plaza | Fee | 2,159 | 195,592 | 0 | 100,000 | 45,908 | 3,057 | 0 | 125,072 | ||||
35 | GACC | Crossroads Village Apartments | Fee | 0 | 938 | 0 | 0 | 56,632 | 0 | 0 | 0 |
A-1-6
ANNEX A-1
UPFRONT ESCROW(17) | MONTHLY ESCROW(18) | ||||||
Other Upfront | Monthly Capex | Monthly Envir. | Monthly TI/LC | ||||
Loan # | Seller(1) | Property Name | Description ($)(21) | Reserve ($) | Reserve ($) | Reserve ($) | |
1 | GACC | 229 West 43rd Street Retail Condo | Free Rent Reserve: 11,061,751; Bridge Rent Reserve: 48,329 | 6,211 | 0 | 0 | |
2 | GACC | 350 Park Avenue | Free Rent Reserve | Springing | 0 | Springing | |
3 | GACC | Prudential Plaza | Future Leasing Reserve: 35,000,000; Rent Abatement Reserve: 12,911,435 | 47,671 | 0 | 0 | |
4 | JPMCB | Hilton Hawaiian Village | Springing | 0 | 0 | ||
5 | GACC | Key Center Cleveland | PIP Reserve: 4,652,415; Marriott FF&E Reserve: 1,991,429; New Lease Letters of Credit: 5,175,296 | 29,284 | 0 | 110,513 | |
6 | GACC | Gateway I & II | Modells Free Rent Reserve: 733,333; Modells Holdback Reserve: 3,750,000 | 1,596 | 0 | 11,973 | |
7 | JPMCB | Landmark Square | Springing | 0 | Springing | ||
8 | JPMCB | Dallas Design District | Outstanding TI/LC Reserve: 1,693,764; Free Rent Reserve: 320,671; Ground Rent Reserve: 18,076 | Springing | 0 | Springing | |
9 | JPMCB | Moffett Gateway | Outstanding TI/LC Reserve: 49,386,882; Free Rent Reserve: 37,575,033 | 0 | 0 | 0 | |
10 | GACC | Uovo Art Storage | New PCO Reserve | 2,456 | 0 | 0 | |
11 | GACC | AHIP FL 5 Portfolio | PIP Reserve | Springing | 0 | 0 | |
11.01 | GACC | Holiday Inn Express Ft Myers East | |||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | |||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | |||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | |||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | |||||
12 | GACC | 580 Walnut Street | 5,115 | 0 | 20,460 | ||
13 | JPMCB | Delamar Greenwich Harbor | 4% of Gross Revenues | 0 | 0 | ||
14 | JPMCB | Summit Mall | Springing | 0 | Springing | ||
15 | GACC | Park Center Plaza I, II & III | 7,024 | 0 | 47,412 | ||
16 | GACC | Summit Place Wisconsin | 8,121 | 0 | 51,834 | ||
17 | JPMCB | Shopko Oregon Portfolio | 3,988 | 0 | 19,938 | ||
17.01 | JPMCB | Shopko Salem | |||||
17.02 | JPMCB | Shopko Bend | |||||
17.03 | JPMCB | Shopko Eugene | |||||
18 | JPMCB | Providence at Memorial | 6,688 | 0 | 0 | ||
19 | GACC | Holiday Inn Miami Beach | PIP Reserve | 4% of Gross Revenues | 0 | 0 | |
20 | JPMCB | Jevan Multifamily Portfolio | Capital Improvement Action Plan Reserve | 8,792 | 0 | 0 | |
20.01 | JPMCB | Vida | |||||
20.02 | JPMCB | Amor | |||||
20.03 | JPMCB | Feliz | |||||
21 | GACC | Cupertino Civic Center | 1,787 | 0 | 15,766 | ||
22 | GACC | Congressional Place | 1,603 | 0 | 16,587 | ||
23 | GACC | Trabuco Hills | Lease Sweep Reserve | 830 | 0 | 4,361 | |
24 | GACC | Creekview & Country Village Apartments | 7,886 | 0 | 0 | ||
24.01 | GACC | Creekview Apartments | |||||
24.02 | GACC | Country Village Apartments | |||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 1,696 | 0 | 22,028 | ||
25.01 | JPMCB | Dick’s Keene | |||||
25.02 | JPMCB | Dick’s Concord | |||||
25.03 | JPMCB | Dick’s Wichita | |||||
25.04 | JPMCB | Dick’s Bloomingdale | |||||
25.05 | JPMCB | Dick’s Fort Wayne | |||||
25.06 | JPMCB | PetSmart Concord | |||||
26 | GACC | Plaza Ashland | Seasonality Reserve | 4% of Gross Revenues | 0 | 0 | |
27 | GACC | Cleveland Towne Center | Lease Renewal Reserve | 2,547 | 0 | Springing | |
28 | GACC | Courtyard Marriott Richland | Seasonal Working Capital Reserve: 81,000; Payment Reserve: 65,745; Ground Rent Reserve: 39,000 | 4% of Gross Revenues | 0 | 0 | |
29 | GACC | Grossmont Medical Center | Sharp Hospital Reserve: 353,219; Dr. Mani Reserve: 158,345; Ground Rent Reserve: 39,000 | 1,461 | 0 | 8,765.25 through and including 02/06/2020, 11,687 thereafter | |
30 | JPMCB | Horizon Village | 1,456 | 0 | 8,083 | ||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | WoodSpring Conversion Reserve | 4% of Gross Revenues | 0 | 0 | |
31.01 | JPMCB | Value Place Clermont | |||||
31.02 | JPMCB | Value Place Clarcona | |||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | 4% of Gross Revenues | 0 | 0 | ||
33 | GACC | Shopko Billings | Springing | 0 | Springing | ||
34 | JPMCB | Continental Plaza | Prepaid Rent Reserve | 2,159 | 0 | 8,333 | |
35 | GACC | Crossroads Village Apartments | 5,067 | 0 | 0 |
A-1-7
ANNEX A-1
MONTHLY ESCROW(18) | ||||||
Monthly RE Tax | Monthly Ins. | Monthly Other | Other Monthly | |||
Loan # | Seller(1) | Property Name | Reserve ($) | Reserve ($) | Reserve ($)(21) | Description ($)(21) |
1 | GACC | 229 West 43rd Street Retail Condo | 126,690 | Springing | Springing | Lease Sweep Reserve |
2 | GACC | 350 Park Avenue | Springing | Springing | Springing | Ziff Reserve |
3 | GACC | Prudential Plaza | 1,134,682 | 82,759 | 236,236 | Future Leasing Funds |
4 | JPMCB | Hilton Hawaiian Village | Springing | Springing | 0 | |
5 | GACC | Key Center Cleveland | 770,181 | Springing | 5,000 | Ground Rent Reserve: 5,000; PIP Reserve: Springing |
6 | GACC | Gateway I & II | 6,680 | Springing | Springing | Lease Sweep Reserve |
7 | JPMCB | Landmark Square | 220,974 | Springing | 0 | |
8 | JPMCB | Dallas Design District | 316,270 | Springing | 6,025 | Ground Rent Reserve |
9 | JPMCB | Moffett Gateway | 180,864 | Springing | 0 | |
10 | GACC | Uovo Art Storage | 14,855 | Springing | 0 | |
11 | GACC | AHIP FL 5 Portfolio | 48,027 | Springing | Springing | Condominium Assessments Reserve |
11.01 | GACC | Holiday Inn Express Ft Myers East | ||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | ||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | ||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | ||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | ||||
12 | GACC | 580 Walnut Street | 30,121 | Springing | Springing | Common Charges Reserve; Lease Sweep Reserve |
13 | JPMCB | Delamar Greenwich Harbor | 20,640 | Springing | 0 | |
14 | JPMCB | Summit Mall | Springing | Springing | 0 | |
15 | GACC | Park Center Plaza I, II & III | 88,877 | 4,493 | Springing | Lease Sweep Reserve |
16 | GACC | Summit Place Wisconsin | 106,513 | 8,878 | 116,325 | Brookdale Rollover Deposits: 116,325; Lease Sweep Reserve: Springing; Low Debt Service Cure Reserve: Springing |
17 | JPMCB | Shopko Oregon Portfolio | Springing | Springing | 16,667 | Additional Collateral Reserve |
17.01 | JPMCB | Shopko Salem | ||||
17.02 | JPMCB | Shopko Bend | ||||
17.03 | JPMCB | Shopko Eugene | ||||
18 | JPMCB | Providence at Memorial | 39,081 | Springing | 0 | |
19 | GACC | Holiday Inn Miami Beach | 38,636 | Springing | Springing | PIP Reserve |
20 | JPMCB | Jevan Multifamily Portfolio | 50,778 | Springing | 0 | |
20.01 | JPMCB | Vida | ||||
20.02 | JPMCB | Amor | ||||
20.03 | JPMCB | Feliz | ||||
21 | GACC | Cupertino Civic Center | 20,354 | Springing | 0 | |
22 | GACC | Congressional Place | 14,242 | Springing | Springing | Free Rent Reserve; Lease Sweep Reserve |
23 | GACC | Trabuco Hills | 13,168 | Springing | Springing | Lease Sweep Reserve; Free Rent Reserve |
24 | GACC | Creekview & Country Village Apartments | 20,334 | Springing | 0 | |
24.01 | GACC | Creekview Apartments | ||||
24.02 | GACC | Country Village Apartments | ||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 11,109 | Springing | Springing | Ground Rent Reserve; Condominium Assessments Reserve |
25.01 | JPMCB | Dick’s Keene | ||||
25.02 | JPMCB | Dick’s Concord | ||||
25.03 | JPMCB | Dick’s Wichita | ||||
25.04 | JPMCB | Dick’s Bloomingdale | ||||
25.05 | JPMCB | Dick’s Fort Wayne | ||||
25.06 | JPMCB | PetSmart Concord | ||||
26 | GACC | Plaza Ashland | 6,767 | Springing | Springing | Seasonality Reserve |
27 | GACC | Cleveland Towne Center | 16,185 | 2,425 | 0 | |
28 | GACC | Courtyard Marriott Richland | 8,615 | Springing | 27,000 | Seasonality Reserve: 27,000; PIP Reserve: Springing |
29 | GACC | Grossmont Medical Center | 13,453 | Springing | Springing | Ground Rent Reserve; Lease Sweep Reserve |
30 | JPMCB | Horizon Village | 13,560 | 1,419 | Springing | Free Rent Reserve |
31 | JPMCB | WoodSpring Suites Orlando Portfolio | 10,229 | Springing | Springing | PIP Reserve |
31.01 | JPMCB | Value Place Clermont | ||||
31.02 | JPMCB | Value Place Clarcona | ||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | 6,574 | 2,916 | Springing | PIP Reserve |
33 | GACC | Shopko Billings | Springing | Springing | Springing | Lease Sweep Reserve |
34 | JPMCB | Continental Plaza | 11,962 | 1,528 | 0 | |
35 | GACC | Crossroads Village Apartments | 10,584 | Springing | 0 |
A-1-8
ANNEX A-1
RESERVE CAPS(19) | |||||||||||
CapEx | Envir. | TI/LC | RE Tax | Insur. | Debt Service | Other | Single | ||||
Loan # | Seller(1) | Property Name | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Reserve Cap ($) | Tenant | |
1 | GACC | 229 West 43rd Street Retail Condo | No | ||||||||
2 | GACC | 350 Park Avenue | 228,314 | 2,283,136 | Ziff Reserve: 25,000,000 | No | |||||
3 | GACC | Prudential Plaza | Future Leasing Funds: 10,000,000 | No | |||||||
4 | JPMCB | Hilton Hawaiian Village | No | ||||||||
5 | GACC | Key Center Cleveland | 1,757,065 | No | |||||||
6 | GACC | Gateway I & II | No | ||||||||
7 | JPMCB | Landmark Square | 500,000 | No | |||||||
8 | JPMCB | Dallas Design District | 372,816 | 3,278,052 | No | ||||||
9 | JPMCB | Moffett Gateway | Yes | ||||||||
10 | GACC | Uovo Art Storage | No | ||||||||
11 | GACC | AHIP FL 5 Portfolio | No | ||||||||
11.01 | GACC | Holiday Inn Express Ft Myers East | No | ||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | No | ||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | No | ||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | No | ||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | No | ||||||||
12 | GACC | 580 Walnut Street | No | ||||||||
13 | JPMCB | Delamar Greenwich Harbor | No | ||||||||
14 | JPMCB | Summit Mall | No | ||||||||
15 | GACC | Park Center Plaza I, II & III | 337,151 | 4,250,000 | No | ||||||
16 | GACC | Summit Place Wisconsin | 292,353 | 1,866,009 | No | ||||||
17 | JPMCB | Shopko Oregon Portfolio | Yes | ||||||||
17.01 | JPMCB | Shopko Salem | Yes | ||||||||
17.02 | JPMCB | Shopko Bend | Yes | ||||||||
17.03 | JPMCB | Shopko Eugene | Yes | ||||||||
18 | JPMCB | Providence at Memorial | No | ||||||||
19 | GACC | Holiday Inn Miami Beach | No | ||||||||
20 | JPMCB | Jevan Multifamily Portfolio | No | ||||||||
20.01 | JPMCB | Vida | No | ||||||||
20.02 | JPMCB | Amor | No | ||||||||
20.03 | JPMCB | Feliz | No | ||||||||
21 | GACC | Cupertino Civic Center | 350,000 | No | |||||||
22 | GACC | Congressional Place | 57,704 | 597,143 | No | ||||||
23 | GACC | Trabuco Hills | 29,869 | 156,984 | No | ||||||
24 | GACC | Creekview & Country Village Apartments | No | ||||||||
24.01 | GACC | Creekview Apartments | No | ||||||||
24.02 | GACC | Country Village Apartments | No | ||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 1,000,000 | Yes | |||||||
25.01 | JPMCB | Dick’s Keene | Yes | ||||||||
25.02 | JPMCB | Dick’s Concord | Yes | ||||||||
25.03 | JPMCB | Dick’s Wichita | Yes | ||||||||
25.04 | JPMCB | Dick’s Bloomingdale | Yes | ||||||||
25.05 | JPMCB | Dick’s Fort Wayne | Yes | ||||||||
25.06 | JPMCB | PetSmart Concord | Yes | ||||||||
26 | GACC | Plaza Ashland | 315,000 | No | |||||||
27 | GACC | Cleveland Towne Center | 61,135 | 300,000 | No | ||||||
28 | GACC | Courtyard Marriott Richland | Seasonality Reserve: 81,000 | No | |||||||
29 | GACC | Grossmont Medical Center | 450,000 | No | |||||||
30 | JPMCB | Horizon Village | 485,005 | No | |||||||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | No | ||||||||
31.01 | JPMCB | Value Place Clermont | No | ||||||||
31.02 | JPMCB | Value Place Clarcona | No | ||||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | No | ||||||||
33 | GACC | Shopko Billings | Yes | ||||||||
34 | JPMCB | Continental Plaza | No | ||||||||
35 | GACC | Crossroads Village Apartments | No |
A-1-9
ANNEX A-1
LARGEST TENANT(3), (20), (21), (22) | 2nd LARGEST TENANT(3), (20), (21), (22) | 3rd LARGEST TENANT(3), (20), (21), (22) | |||||||||||
Lease | Lease | Lease | |||||||||||
Loan # | Seller(1) | Property Name | Largest Tenant | Unit Size | Expiration | 2nd Largest Tenant | Unit Size | Expiration | 3rd Largest Tenant | Unit Size | Expiration | ||
1 | GACC | 229 West 43rd Street Retail Condo | Bowlmor Times Square, LLC | 77,536 | 07/31/34 | National Geographic | 59,137 | 10/31/32 | Gulliver’s Gate | 49,000 | 01/31/31 | ||
2 | GACC | 350 Park Avenue | Ziff Brothers Investments, L.L.C. | 287,030 | 04/30/21 | Manufacturers & Traders Trust Company | 102,622 | 03/31/23 | Egon-Zehnder International | 26,300 | 05/31/22 | ||
3 | GACC | Prudential Plaza | Wilson Sporting Goods Co. | 87,386 | 12/31/29 | Optiver US LLC | 73,779 | 04/30/23 | Clark Hill | 71,813 | 12/31/32 | ||
4 | JPMCB | Hilton Hawaiian Village | |||||||||||
5 | GACC | Key Center Cleveland | Keybank National Association | 477,781 | 06/30/30 | Squire Patton Boggs | 150,890 | 04/30/22 | Forest City | 147,795 | 03/31/33 | ||
6 | GACC | Gateway I & II | NYSARC | 37,284 | 10/31/29 | Modells | 16,363 | 12/31/26 | Sinergia | 15,087 | 11/30/24 | ||
7 | JPMCB | Landmark Square | Cummings & Lockwood | 55,643 | 04/30/26 | B and E Theaters LLC | 50,247 | 05/31/21 | Finn Dixon & Herling | 26,385 | 12/31/32 | ||
8 | JPMCB | Dallas Design District | Regulus Group LLC | 44,345 | 03/31/17 | Walter Lee Culp Associates, Inc. | 30,650 | 10/31/28 | David Sutherland, Inc. | 29,937 | 05/31/23 | ||
9 | JPMCB | Moffett Gateway | 612,691 | 03/31/27 | |||||||||
10 | GACC | Uovo Art Storage | |||||||||||
11 | GACC | AHIP FL 5 Portfolio | |||||||||||
11.01 | GACC | Holiday Inn Express Ft Myers East | |||||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | |||||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | |||||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | |||||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | |||||||||||
12 | GACC | 580 Walnut Street | Fifth Third Bank | 198,116 | 12/31/25 | Prime 47 Cincinnati LLC | 8,724 | 07/31/26 | Starbucks | 5,607 | 12/31/21 | ||
13 | JPMCB | Delamar Greenwich Harbor | |||||||||||
14 | JPMCB | Summit Mall | Macy’s | 195,776 | 10/24/20 | Goodyear | 11,732 | 06/30/31 | Gap | 9,532 | 01/31/18 | ||
15 | GACC | Park Center Plaza I, II & III | GSA | 58,821 | 11/30/19 | CBIZ, Inc. | 50,531 | 02/28/22 | Travelers Indemnity Company | 50,407 | 12/31/19 | ||
16 | GACC | Summit Place Wisconsin | Brookdale Senior Living | 185,399 | 04/30/24 | Children’s Hospital and Health System, Inc. | 132,362 | 07/31/26 | SaintA | 47,512 | 02/28/18 | ||
17 | JPMCB | Shopko Oregon Portfolio | |||||||||||
17.01 | JPMCB | Shopko Salem | Shopko | 117,326 | 01/31/27 | ||||||||
17.02 | JPMCB | Shopko Bend | Shopko | 100,840 | 01/31/27 | ||||||||
17.03 | JPMCB | Shopko Eugene | Shopko | 100,840 | 01/31/27 | ||||||||
18 | JPMCB | Providence at Memorial | |||||||||||
19 | GACC | Holiday Inn Miami Beach | |||||||||||
20 | JPMCB | Jevan Multifamily Portfolio | |||||||||||
20.01 | JPMCB | Vida | |||||||||||
20.02 | JPMCB | Amor | |||||||||||
20.03 | JPMCB | Feliz | |||||||||||
21 | GACC | Cupertino Civic Center | Cognex | 5,850 | 09/30/18 | Silicon Mitus Technology | 4,627 | 07/31/19 | AAC Technologies | 3,378 | 11/30/18 | ||
22 | GACC | Congressional Place | Morgan Stanley | 18,547 | 12/31/23 | Wells Fargo | 11,140 | 07/31/20 | Beachside Realtors | 6,127 | 05/31/19 | ||
23 | GACC | Trabuco Hills | Party City | 12,500 | 01/31/18 | Petco Supplies & Fish | 12,245 | 01/31/24 | AAA The Auto Club | 5,955 | 11/30/21 | ||
24 | GACC | Creekview & Country Village Apartments | |||||||||||
24.01 | GACC | Creekview Apartments | |||||||||||
24.02 | GACC | Country Village Apartments | |||||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | |||||||||||
25.01 | JPMCB | Dick’s Keene | Dick’s Sporting Goods | 45,471 | 10/31/20 | ||||||||
25.02 | JPMCB | Dick’s Concord | Dick’s Sporting Goods | 50,000 | 01/31/21 | ||||||||
25.03 | JPMCB | Dick’s Wichita | Dick’s Sporting Goods | 48,780 | 03/31/23 | ||||||||
25.04 | JPMCB | Dick’s Bloomingdale | Dick’s Sporting Goods | 50,000 | 01/31/22 | ||||||||
25.05 | JPMCB | Dick’s Fort Wayne | Dick’s Sporting Goods | 50,000 | 08/31/24 | ||||||||
25.06 | JPMCB | PetSmart Concord | PetSmart | 20,087 | 05/31/26 | ||||||||
26 | GACC | Plaza Ashland | |||||||||||
27 | GACC | Cleveland Towne Center | Ross Dress for Less | 24,956 | 01/31/19 | Bed Bath & Beyond | 23,400 | 01/31/19 | Michaels | 21,275 | 06/30/18 | ||
28 | GACC | Courtyard Marriott Richland | |||||||||||
29 | GACC | Grossmont Medical Center | Sharp Hospital | 7,020 | 07/31/22 | Borrego Community Health Foundation | 5,641 | 05/31/22 | Paul E. Dato, M.D., Inc | 5,310 | 03/14/19 | ||
30 | JPMCB | Horizon Village | Movie Tavern | 47,955 | 04/30/22 | You Fit Health Club | 11,100 | 09/30/23 | Performance Tire and Auto, Inc. | 6,587 | 08/31/26 | ||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | |||||||||||
31.01 | JPMCB | Value Place Clermont | |||||||||||
31.02 | JPMCB | Value Place Clarcona | |||||||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | |||||||||||
33 | GACC | Shopko Billings | Shopko | 100,800 | 12/21/36 | ||||||||
34 | JPMCB | Continental Plaza | Gestamp NA Inc. | 50,601 | 01/31/24 | Gold Star Law, PC | 9,956 | 12/31/18 | Ellis Porter PLC | 4,237 | 11/30/17 | ||
35 | GACC | Crossroads Village Apartments |
A-1-10
ANNEX A-1
4th LARGEST TENANT(3), (20), (21), (22) | 5th LARGEST TENANT(3), (20), (21), (22) | |||||||||||
Lease | Lease | Loan | ||||||||||
Loan # | Seller(1) | Property Name | 4th Largest Tenant | Unit Size | Expiration | 5th Largest Tenant | Unit Size | Expiration | Purpose | |||
1 | GACC | 229 West 43rd Street Retail Condo | Guitar Center Stores, Inc. | 28,119 | 01/31/29 | Guy’s American Kitchen | 15,670 | 11/30/32 | Refinance | |||
2 | GACC | 350 Park Avenue | CITCO (USA) Holdings Inc. | 22,864 | 06/30/28 | MFA Financial Inc | 21,014 | 06/30/20 | Refinance | |||
3 | GACC | Prudential Plaza | Leydig, Voit & Mayer, Ltd. | 66,783 | 09/30/25 | CBS Radio Holdings Corp. | 63,453 | 04/30/28 | Refinance | |||
4 | JPMCB | Hilton Hawaiian Village | Refinance | |||||||||
5 | GACC | Key Center Cleveland | Thompson Hine LLP | 125,120 | 09/30/29 | Baker Hostetler LLP | 115,615 | 10/31/31 | Acquisition | |||
6 | GACC | Gateway I & II | Duane Reade | 8,601 | 10/31/26 | Day Care Council NY | 7,580 | 12/31/20 | Refinance | |||
7 | JPMCB | Landmark Square | Morgan Stanley Smith Barney | 23,062 | 11/30/20 | Blaire Corp. | 21,840 | 06/30/25 | Refinance | |||
8 | JPMCB | Dallas Design District | Interior Design Collections, Ltd. | 24,651 | 06/30/26 | E.C. Dicken, Inc. | 23,083 | 05/31/20 | Refinance | |||
9 | JPMCB | Moffett Gateway | Refinance | |||||||||
10 | GACC | Uovo Art Storage | Refinance | |||||||||
11 | GACC | AHIP FL 5 Portfolio | Acquisition | |||||||||
11.01 | GACC | Holiday Inn Express Ft Myers East | ||||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | ||||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | ||||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | ||||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | ||||||||||
12 | GACC | 580 Walnut Street | PI Cincinnati LLC | 3,843 | 01/31/25 | Sushi Cafe World of Cincinnati | 3,621 | 01/31/20 | Refinance | |||
13 | JPMCB | Delamar Greenwich Harbor | Refinance | |||||||||
14 | JPMCB | Summit Mall | Express | 8,500 | 01/31/21 | Versona Accessories | 8,000 | 01/31/24 | Refinance | |||
15 | GACC | Park Center Plaza I, II & III | Life Line Screening of America, LTD. | 28,297 | 02/28/19 | Regus | 26,690 | 12/31/22 | Acquisition | |||
16 | GACC | Summit Place Wisconsin | Association of Equipment Manufacturers | 28,677 | 03/31/20 | Toshiba International Corporation | 26,716 | 12/31/22 | Refinance | |||
17 | JPMCB | Shopko Oregon Portfolio | Refinance | |||||||||
17.01 | JPMCB | Shopko Salem | ||||||||||
17.02 | JPMCB | Shopko Bend | ||||||||||
17.03 | JPMCB | Shopko Eugene | ||||||||||
18 | JPMCB | Providence at Memorial | Refinance | |||||||||
19 | GACC | Holiday Inn Miami Beach | Refinance | |||||||||
20 | JPMCB | Jevan Multifamily Portfolio | Acquisition | |||||||||
20.01 | JPMCB | Vida | ||||||||||
20.02 | JPMCB | Amor | ||||||||||
20.03 | JPMCB | Feliz | ||||||||||
21 | GACC | Cupertino Civic Center | Shashi Group | 2,350 | 06/30/19 | Golden Arrow Printing | 1,860 | 12/31/17 | Acquisition | |||
22 | GACC | Congressional Place | Law Offices of Wayne Singer | 5,727 | 02/28/18 | Diversified Securities Inc. | 5,259 | 04/30/20 | Acquisition | |||
23 | GACC | Trabuco Hills | Rock N’ Road | 5,100 | 12/31/21 | Schools First Credit Union | 2,500 | 11/30/21 | Refinance | |||
24 | GACC | Creekview & Country Village Apartments | Refinance | |||||||||
24.01 | GACC | Creekview Apartments | ||||||||||
24.02 | GACC | Country Village Apartments | ||||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | Refinance | |||||||||
25.01 | JPMCB | Dick’s Keene | ||||||||||
25.02 | JPMCB | Dick’s Concord | ||||||||||
25.03 | JPMCB | Dick’s Wichita | ||||||||||
25.04 | JPMCB | Dick’s Bloomingdale | ||||||||||
25.05 | JPMCB | Dick’s Fort Wayne | ||||||||||
25.06 | JPMCB | PetSmart Concord | ||||||||||
26 | GACC | Plaza Ashland | Refinance | |||||||||
27 | GACC | Cleveland Towne Center | Electronic Express | 20,421 | 01/31/22 | Books-A-Million | 15,516 | 05/31/19 | Acquisition | |||
28 | GACC | Courtyard Marriott Richland | Refinance | |||||||||
29 | GACC | Grossmont Medical Center | Mearl A Naponic | 4,475 | 11/30/18 | Sherev Heart and Vascular Clinic | 4,227 | 06/30/23 | Refinance | |||
30 | JPMCB | Horizon Village | Anatolia Café & Hookah Lounge | 6,300 | 10/31/18 | Crossroads Treatment Center | 3,700 | 03/31/21 | Refinance | |||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | Refinance | |||||||||
31.01 | JPMCB | Value Place Clermont | ||||||||||
31.02 | JPMCB | Value Place Clarcona | ||||||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | Refinance | |||||||||
33 | GACC | Shopko Billings | Recapitalization | |||||||||
34 | JPMCB | Continental Plaza | Edscha Automotive MI | 4,224 | 01/31/24 | Lebenbom & Rothman, PC | 3,392 | 09/30/18 | Acquisition | |||
35 | GACC | Crossroads Village Apartments | Refinance |
A-1-11
ANNEX A-1
Lockbox | Lockbox | ||||
Loan # | Seller(1) | Property Name | Principal / Carveout Guarantor(23) | (Y/N) | Type(24) |
1 | GACC | 229 West 43rd Street Retail Condo | Jared Kushner | Yes | Hard |
2 | GACC | 350 Park Avenue | Vornado Realty Trust | Yes | Hard |
3 | GACC | Prudential Plaza | Michael Silberberg, Mark Karasick | Yes | Hard |
4 | JPMCB | Hilton Hawaiian Village | Park Intermediate Holdings LLC | Yes | Hard |
5 | GACC | Key Center Cleveland | Frank T. Sinito, Malisse J. Sinito | Yes | Hard |
6 | GACC | Gateway I & II | Joseph J. Sitt | Yes | Hard |
7 | JPMCB | Landmark Square | SL Green Operating Partnership, L.P. | Yes | Hard |
8 | JPMCB | Dallas Design District | Donald Engle, William L. Hutchinson | Yes | Hard |
9 | JPMCB | Moffett Gateway | Joseph K. Paul, Jay Paul Revocable Living Trust Dated November 9, 1999, as Amended and Restated on March 19, 2010, Paul Guarantor LLC | Yes | Hard |
10 | GACC | Uovo Art Storage | Steven J. Guttman | Yes | Springing |
11 | GACC | AHIP FL 5 Portfolio | American Hotel Income Properties REIT Inc. | Yes | Hard |
11.01 | GACC | Holiday Inn Express Ft Myers East | |||
11.02 | GACC | Staybridge Suites Tampa East Brandon | |||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | |||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | |||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | |||
12 | GACC | 580 Walnut Street | Anthony W. Birkla, David B. Anderson | Yes | Hard |
13 | JPMCB | Delamar Greenwich Harbor | Charles Mallory, James Cabrera | Yes | Hard |
14 | JPMCB | Summit Mall | Simon Property Group, L.P. | Yes | Hard |
15 | GACC | Park Center Plaza I, II & III | Brad Coven, Joseph Greenberg | Yes | Hard |
16 | GACC | Summit Place Wisconsin | Richard G. Carlson, The Richard G. Carlson 1990 Revocable Trust, The Sandra K. Carlson 1990 Revocable Trust, The Brett A. Carlson 2016 Revocable Trust, The Stephanie A. Janssen 2016 Revocable Trust | Yes | Hard |
17 | JPMCB | Shopko Oregon Portfolio | Gordon D. Sondland, James A. Parsons, Gary S. Gilbert | Yes | Hard |
17.01 | JPMCB | Shopko Salem | |||
17.02 | JPMCB | Shopko Bend | |||
17.03 | JPMCB | Shopko Eugene | |||
18 | JPMCB | Providence at Memorial | Swapnil Agarwal | Yes | Springing |
19 | GACC | Holiday Inn Miami Beach | Charles Neiss | Yes | Springing |
20 | JPMCB | Jevan Multifamily Portfolio | David Fisher, Joshua Ungerecht, Warren Thomas | Yes | Springing |
20.01 | JPMCB | Vida | |||
20.02 | JPMCB | Amor | |||
20.03 | JPMCB | Feliz | |||
21 | GACC | Cupertino Civic Center | Cupertino Partners VI | Yes | Hard |
22 | GACC | Congressional Place | National Credit Tenant Investments, LLC | Yes | Springing |
23 | GACC | Trabuco Hills | National Credit Tenant Investments, LLC, Matthew Jung-Yu Chou | Yes | Springing |
24 | GACC | Creekview & Country Village Apartments | Bruce Woodward, James McCabe | Yes | Soft |
24.01 | GACC | Creekview Apartments | |||
24.02 | GACC | Country Village Apartments | |||
25 | JPMCB | Dick’s Sporting Goods Portfolio | NRFC NNN Holdings, LLC | Yes | Hard |
25.01 | JPMCB | Dick’s Keene | |||
25.02 | JPMCB | Dick’s Concord | |||
25.03 | JPMCB | Dick’s Wichita | |||
25.04 | JPMCB | Dick’s Bloomingdale | |||
25.05 | JPMCB | Dick’s Fort Wayne | |||
25.06 | JPMCB | PetSmart Concord | |||
26 | GACC | Plaza Ashland | William J. Lawson | Yes | Hard |
27 | GACC | Cleveland Towne Center | James Carr, Armando Codina, K. Lawrence Gragg, Blake R. Berg, Mark C. Ibanez | Yes | Springing |
28 | GACC | Courtyard Marriott Richland | William J. Lawson | Yes | Hard |
29 | GACC | Grossmont Medical Center | Mark Hamermesh, Gary Grabel | Yes | Hard |
30 | JPMCB | Horizon Village | Jacob Khotoveli | Yes | Springing |
31 | JPMCB | WoodSpring Suites Orlando Portfolio | Philip A. Cox, Tracy Fleenor | Yes | Hard |
31.01 | JPMCB | Value Place Clermont | |||
31.02 | JPMCB | Value Place Clarcona | |||
32 | JPMCB | Hampton Inn & Suites - Pensacola | Sumant Patel, Nareshkumar Narsinhbhai, Jatin Bhakta, Bipinchandra K. Bhakta | Yes | Springing |
33 | GACC | Shopko Billings | Wen-Hui Chiang, Philip Chau-Siang Lee, Stephen C. Lee, Diana Loria | Yes | Hard |
34 | JPMCB | Continental Plaza | Leland D. Blatt, Cheryl A. Bradshaw, John A. Blatt | Yes | Springing |
35 | GACC | Crossroads Village Apartments | Jeff A. Gardner | Yes | Springing |
A-1-12
ANNEX A-1
Pari Passu Debt | Additional Debt(24) | |||||||||||||
Cash Management(24) | Pari Passu | Pari Passu | Pari Passu | Total Cut-off | Additional | |||||||||
Pari Passu | Note Control | Piece In Trust | Piece Non Trust | Date Pari | Addit Debt | Addit Debt | Additional | Debt Cut off | Additional Debt | |||||
Loan # | Seller(1) | Property Name | (Y/N)(25) | (Y/N) | Cut-Off Balance | Cut-Off Balance | Passu Debt | Permitted (Y/N) | Exist (Y/N)(26) | Debt Type(s) | Date Balance | Interest Rate | ||
1 | GACC | 229 West 43rd Street Retail Condo | In Place | Yes | No | 80,000,000 | 205,000,000 | 285,000,000 | No | Yes | Mezzanine Loan | 85,000,000 | 7.92001 | |
2 | GACC | 350 Park Avenue | Springing | Yes | No | 66,667,200 | 229,320,800 | 295,988,000 | No | Yes | Subordinate Debt | 104,012,000 | 3.91513 | |
3 | GACC | Prudential Plaza | In Place | Yes | No | 65,000,000 | 350,000,000 | 415,000,000 | Yes | No | Permitted Mezzanine | NAP | NAP | |
4 | JPMCB | Hilton Hawaiian Village | Springing | Yes | No | 62,250,000 | 634,350,000 | 696,600,000 | No | Yes | Subordinate Debt | 578,400,000 | 4.19950 | |
5 | GACC | Key Center Cleveland | In Place | Yes | No | 60,000,000 | 160,000,000 | 220,000,000 | No | Yes | Mezzanine Loan | 42,500,000 | 12.75000 | |
6 | GACC | Gateway I & II | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
7 | JPMCB | Landmark Square | Springing | Yes | No | 49,000,000 | 51,000,000 | 100,000,000 | Yes | No | Permitted Mezzanine | NAP | NAP | |
8 | JPMCB | Dallas Design District | In Place | Yes | No | 45,000,000 | 75,000,000 | 120,000,000 | No | No | NAP | NAP | NAP | |
9 | JPMCB | Moffett Gateway | In Place | Yes | No | 40,000,000 | 203,000,000 | 243,000,000 | No | Yes | B-Note (102,000,000)/Mezzanine Loan (50,000,000) | 152,000,000 | 5.44408 | |
10 | GACC | Uovo Art Storage | Springing | Yes | No | 36,943,588 | 49,923,767 | 86,867,355 | No | No | NAP | NAP | NAP | |
11 | GACC | AHIP FL 5 Portfolio | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
11.01 | GACC | Holiday Inn Express Ft Myers East | ||||||||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | ||||||||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | ||||||||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | ||||||||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | ||||||||||||
12 | GACC | 580 Walnut Street | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
13 | JPMCB | Delamar Greenwich Harbor | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
14 | JPMCB | Summit Mall | Springing | Yes | No | 35,000,000 | 50,000,000 | 85,000,000 | No | No | NAP | NAP | NAP | |
15 | GACC | Park Center Plaza I, II & III | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
16 | GACC | Summit Place Wisconsin | Springing | Yes | No | 32,000,000 | 40,000,000 | 72,000,000 | No | No | NAP | NAP | NAP | |
17 | JPMCB | Shopko Oregon Portfolio | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
17.01 | JPMCB | Shopko Salem | ||||||||||||
17.02 | JPMCB | Shopko Bend | ||||||||||||
17.03 | JPMCB | Shopko Eugene | ||||||||||||
18 | JPMCB | Providence at Memorial | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
19 | GACC | Holiday Inn Miami Beach | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
20 | JPMCB | Jevan Multifamily Portfolio | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
20.01 | JPMCB | Vida | ||||||||||||
20.02 | JPMCB | Amor | ||||||||||||
20.03 | JPMCB | Feliz | ||||||||||||
21 | GACC | Cupertino Civic Center | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
22 | GACC | Congressional Place | Springing | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | |
23 | GACC | Trabuco Hills | Springing | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | |
24 | GACC | Creekview & Country Village Apartments | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
24.01 | GACC | Creekview Apartments | ||||||||||||
24.02 | GACC | Country Village Apartments | ||||||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | Springing | Yes | No | 12,930,513 | 17,903,787 | 30,834,300 | No | No | NAP | NAP | NAP | |
25.01 | JPMCB | Dick’s Keene | ||||||||||||
25.02 | JPMCB | Dick’s Concord | ||||||||||||
25.03 | JPMCB | Dick’s Wichita | ||||||||||||
25.04 | JPMCB | Dick’s Bloomingdale | ||||||||||||
25.05 | JPMCB | Dick’s Fort Wayne | ||||||||||||
25.06 | JPMCB | PetSmart Concord | ||||||||||||
26 | GACC | Plaza Ashland | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
27 | GACC | Cleveland Towne Center | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
28 | GACC | Courtyard Marriott Richland | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
29 | GACC | Grossmont Medical Center | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
30 | JPMCB | Horizon Village | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
31 | JPMCB | WoodSpring Suites Orlando Portfolio | In Place | No | NAP | NAP | NAP | NAP | Yes | No | Permitted Mezzanine | NAP | NAP | |
31.01 | JPMCB | Value Place Clermont | ||||||||||||
31.02 | JPMCB | Value Place Clarcona | ||||||||||||
32 | JPMCB | Hampton Inn & Suites - Pensacola | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
33 | GACC | Shopko Billings | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
34 | JPMCB | Continental Plaza | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP | |
35 | GACC | Crossroads Village Apartments | Springing | No | NAP | NAP | NAP | NAP | No | No | NAP | NAP | NAP |
A-1-13
ANNEX A-1
Total Debt | HOTEL OPERATING STATISTICS | ||||||||||||||||
Total Debt | Total Debt | ||||||||||||||||
Total Debt | UW NCF | Total Debt | UW NOI | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | |||||
Loan # | Seller(1) | Property Name | Cut-off Balance | DSCR | Current LTV % | Debt Yield % | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | ||
1 | GACC | 229 West 43rd Street Retail Condo | 370,000,000 | 1.10 | 78.7% | 5.8% | |||||||||||
2 | GACC | 350 Park Avenue | 400,000,000 | 2.21 | 56.3% | 8.9% | |||||||||||
3 | GACC | Prudential Plaza | 415,000,000 | 1.33 | 59.3% | 9.1% | |||||||||||
4 | JPMCB | Hilton Hawaiian Village | 1,275,000,000 | 2.44 | 57.2% | 10.4% | 89.9% | 247.48 | 222.57 | 90.7% | 259.85 | 235.77 | 94.4% | 240.62 | 227.20 | ||
5 | GACC | Key Center Cleveland | 262,500,000 | 1.17 | 72.5% | 10.3% | |||||||||||
6 | GACC | Gateway I & II | NAP | NAP | NAP | NAP | |||||||||||
7 | JPMCB | Landmark Square | 100,000,000 | 2.19 | 56.9% | 12.0% | |||||||||||
8 | JPMCB | Dallas Design District | 120,000,000 | 1.28 | 62.1% | 9.4% | |||||||||||
9 | JPMCB | Moffett Gateway | 395,000,000 | 1.22 | 75.2% | 7.3% | |||||||||||
10 | GACC | Uovo Art Storage | 86,867,355 | 1.55 | 52.6% | 9.8% | |||||||||||
11 | GACC | AHIP FL 5 Portfolio | NAP | NAP | NAP | NAP | 69.3% | 101.87 | 70.48 | 74.3% | 112.44 | 83.28 | |||||
11.01 | GACC | Holiday Inn Express Ft Myers East | NAP | NAP | NAP | 66.3% | 100.69 | 66.76 | 73.3% | 112.45 | 82.43 | ||||||
11.02 | GACC | Staybridge Suites Tampa East Brandon | NAP | NAP | NAP | 69.7% | 96.64 | 67.36 | 74.6% | 105.20 | 78.48 | ||||||
11.03 | GACC | Holiday Inn Express Sarasota I-75 | NAP | NAP | NAP | 67.4% | 109.59 | 73.86 | 68.2% | 125.18 | 85.37 | ||||||
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | NAP | NAP | NAP | 78.1% | 97.85 | 76.42 | 82.5% | 108.59 | 89.58 | ||||||
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | NAP | NAP | NAP | 66.5% | 104.29 | 69.35 | 74.6% | 109.30 | 81.54 | ||||||
12 | GACC | 580 Walnut Street | NAP | NAP | NAP | NAP | |||||||||||
13 | JPMCB | Delamar Greenwich Harbor | NAP | NAP | NAP | NAP | 67.1% | 308.83 | 207.26 | 70.6% | 310.16 | 218.84 | 71.1% | 313.20 | 222.57 | ||
14 | JPMCB | Summit Mall | 85,000,000 | 4.50 | 41.5% | 15.8% | |||||||||||
15 | GACC | Park Center Plaza I, II & III | NAP | NAP | NAP | NAP | |||||||||||
16 | GACC | Summit Place Wisconsin | 72,000,000 | 1.37 | 72.7% | 9.7% | |||||||||||
17 | JPMCB | Shopko Oregon Portfolio | NAP | NAP | NAP | NAP | |||||||||||
17.01 | JPMCB | Shopko Salem | NAP | NAP | NAP | ||||||||||||
17.02 | JPMCB | Shopko Bend | NAP | NAP | NAP | ||||||||||||
17.03 | JPMCB | Shopko Eugene | NAP | NAP | NAP | ||||||||||||
18 | JPMCB | Providence at Memorial | NAP | NAP | NAP | NAP | |||||||||||
19 | GACC | Holiday Inn Miami Beach | NAP | NAP | NAP | NAP | 83.1% | 168.93 | 140.41 | 83.6% | 171.88 | 143.65 | 84.4% | 170.45 | 143.90 | ||
20 | JPMCB | Jevan Multifamily Portfolio | NAP | NAP | NAP | NAP | |||||||||||
20.01 | JPMCB | Vida | NAP | NAP | NAP | ||||||||||||
20.02 | JPMCB | Amor | NAP | NAP | NAP | ||||||||||||
20.03 | JPMCB | Feliz | NAP | NAP | NAP | ||||||||||||
21 | GACC | Cupertino Civic Center | NAP | NAP | NAP | NAP | |||||||||||
22 | GACC | Congressional Place | NAP | NAP | NAP | NAP | |||||||||||
23 | GACC | Trabuco Hills | NAP | NAP | NAP | NAP | |||||||||||
24 | GACC | Creekview & Country Village Apartments | NAP | NAP | NAP | NAP | |||||||||||
24.01 | GACC | Creekview Apartments | NAP | NAP | NAP | ||||||||||||
24.02 | GACC | Country Village Apartments | NAP | NAP | NAP | ||||||||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 30,834,300 | 1.40 | 70.5% | 9.5% | |||||||||||
25.01 | JPMCB | Dick’s Keene | 1.40 | 70.5% | 9.5% | ||||||||||||
25.02 | JPMCB | Dick’s Concord | 1.40 | 70.5% | 9.5% | ||||||||||||
25.03 | JPMCB | Dick’s Wichita | 1.40 | 70.5% | 9.5% | ||||||||||||
25.04 | JPMCB | Dick’s Bloomingdale | 1.40 | 70.5% | 9.5% | ||||||||||||
25.05 | JPMCB | Dick’s Fort Wayne | 1.40 | 70.5% | 9.5% | ||||||||||||
25.06 | JPMCB | PetSmart Concord | 1.40 | 70.5% | 9.5% | ||||||||||||
26 | GACC | Plaza Ashland | NAP | NAP | NAP | NAP | 54.5% | 169.56 | 92.42 | 52.1% | 176.31 | 91.79 | 59.6% | 171.69 | 102.29 | ||
27 | GACC | Cleveland Towne Center | NAP | NAP | NAP | NAP | |||||||||||
28 | GACC | Courtyard Marriott Richland | NAP | NAP | NAP | NAP | 74.6% | 126.37 | 94.22 | 77.5% | 126.31 | 97.91 | 74.1% | 129.47 | 95.90 | ||
29 | GACC | Grossmont Medical Center | NAP | NAP | NAP | NAP | |||||||||||
30 | JPMCB | Horizon Village | NAP | NAP | NAP | NAP | |||||||||||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | NAP | NAP | NAP | NAP | 88.4% | 28.66 | 25.34 | 87.7% | 31.50 | 27.63 | 91.2% | 35.13 | 32.04 | ||
31.01 | JPMCB | Value Place Clermont | NAP | NAP | NAP | 88.9% | 28.61 | 25.43 | 86.0% | 31.91 | 27.46 | 90.7% | 35.89 | 32.56 | |||
31.02 | JPMCB | Value Place Clarcona | NAP | NAP | NAP | 87.8% | 28.73 | 25.24 | 89.7% | 31.04 | 27.83 | 91.7% | 34.27 | 31.43 | |||
32 | JPMCB | Hampton Inn & Suites - Pensacola | NAP | NAP | NAP | NAP | 71.7% | 121.06 | 86.83 | ||||||||
33 | GACC | Shopko Billings | NAP | NAP | NAP | NAP | |||||||||||
34 | JPMCB | Continental Plaza | NAP | NAP | NAP | NAP | |||||||||||
35 | GACC | Crossroads Village Apartments | NAP | NAP | NAP | NAP |
A-1-14
ANNEX A-1
HOTEL OPERATING STATISTICS | |||||||||
Most Recent | Most Recent | Most Recent | UW | UW | UW | ||||
Loan # | Seller(1) | Property Name | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Loan # |
1 | GACC | 229 West 43rd Street Retail Condo | 1 | ||||||
2 | GACC | 350 Park Avenue | 2 | ||||||
3 | GACC | Prudential Plaza | 3 | ||||||
4 | JPMCB | Hilton Hawaiian Village | 94.6% | 250.09 | 236.65 | 94.6% | 250.09 | 236.65 | 4 |
5 | GACC | Key Center Cleveland | 5 | ||||||
6 | GACC | Gateway I & II | 6 | ||||||
7 | JPMCB | Landmark Square | 7 | ||||||
8 | JPMCB | Dallas Design District | 8 | ||||||
9 | JPMCB | Moffett Gateway | 9 | ||||||
10 | GACC | Uovo Art Storage | 10 | ||||||
11 | GACC | AHIP FL 5 Portfolio | 74.1% | 114.72 | 84.79 | 72.5% | 109.68 | 79.40 | 11 |
11.01 | GACC | Holiday Inn Express Ft Myers East | 75.0% | 114.70 | 85.97 | 71.5% | 109.29 | 78.15 | 11.01 |
11.02 | GACC | Staybridge Suites Tampa East Brandon | 74.7% | 107.31 | 80.16 | 73.0% | 103.05 | 75.23 | 11.02 |
11.03 | GACC | Holiday Inn Express Sarasota I-75 | 65.4% | 122.96 | 80.40 | 67.0% | 119.24 | 79.89 | 11.03 |
11.04 | GACC | Fairfield Inn & Suites Orlando Ocoee | 80.6% | 114.76 | 92.54 | 80.4% | 107.07 | 86.09 | 11.04 |
11.05 | GACC | Courtyard Tampa North I-75 Fletcher | 76.3% | 113.61 | 86.68 | 72.5% | 109.06 | 79.04 | 11.05 |
12 | GACC | 580 Walnut Street | 12 | ||||||
13 | JPMCB | Delamar Greenwich Harbor | 72.7% | 323.02 | 234.70 | 72.7% | 323.02 | 234.70 | 13 |
14 | JPMCB | Summit Mall | 14 | ||||||
15 | GACC | Park Center Plaza I, II & III | 15 | ||||||
16 | GACC | Summit Place Wisconsin | 16 | ||||||
17 | JPMCB | Shopko Oregon Portfolio | 17 | ||||||
17.01 | JPMCB | Shopko Salem | 17.01 | ||||||
17.02 | JPMCB | Shopko Bend | 17.02 | ||||||
17.03 | JPMCB | Shopko Eugene | 17.03 | ||||||
18 | JPMCB | Providence at Memorial | 18 | ||||||
19 | GACC | Holiday Inn Miami Beach | 81.5% | 160.68 | 130.94 | 81.5% | 160.68 | 130.94 | 19 |
20 | JPMCB | Jevan Multifamily Portfolio | 20 | ||||||
20.01 | JPMCB | Vida | 20.01 | ||||||
20.02 | JPMCB | Amor | 20.02 | ||||||
20.03 | JPMCB | Feliz | 20.03 | ||||||
21 | GACC | Cupertino Civic Center | 21 | ||||||
22 | GACC | Congressional Place | 22 | ||||||
23 | GACC | Trabuco Hills | 23 | ||||||
24 | GACC | Creekview & Country Village Apartments | 24 | ||||||
24.01 | GACC | Creekview Apartments | 24.01 | ||||||
24.02 | GACC | Country Village Apartments | 24.02 | ||||||
25 | JPMCB | Dick’s Sporting Goods Portfolio | 25 | ||||||
25.01 | JPMCB | Dick’s Keene | 25.01 | ||||||
25.02 | JPMCB | Dick’s Concord | 25.02 | ||||||
25.03 | JPMCB | Dick’s Wichita | 25.03 | ||||||
25.04 | JPMCB | Dick’s Bloomingdale | 25.04 | ||||||
25.05 | JPMCB | Dick’s Fort Wayne | 25.05 | ||||||
25.06 | JPMCB | PetSmart Concord | 25.06 | ||||||
26 | GACC | Plaza Ashland | 63.0% | 166.59 | 104.95 | 58.2% | 171.53 | 99.85 | 26 |
27 | GACC | Cleveland Towne Center | 27 | ||||||
28 | GACC | Courtyard Marriott Richland | 69.8% | 133.51 | 93.26 | 69.8% | 133.52 | 93.26 | 28 |
29 | GACC | Grossmont Medical Center | 29 | ||||||
30 | JPMCB | Horizon Village | 30 | ||||||
31 | JPMCB | WoodSpring Suites Orlando Portfolio | 87.7% | 42.77 | 37.51 | 87.7% | 42.77 | 37.51 | 31 |
31.01 | JPMCB | Value Place Clermont | 87.2% | 43.39 | 37.83 | 87.2% | 43.39 | 37.83 | 31.01 |
31.02 | JPMCB | Value Place Clarcona | 88.3% | 42.08 | 37.15 | 88.3% | 42.08 | 37.15 | 31.02 |
32 | JPMCB | Hampton Inn & Suites - Pensacola | 81.2% | 121.70 | 98.80 | 81.2% | 121.70 | 98.80 | 32 |
33 | GACC | Shopko Billings | 33 | ||||||
34 | JPMCB | Continental Plaza | 34 | ||||||
35 | GACC | Crossroads Village Apartments | 35 |
A-1-15
JPMDB Commercial Mortgage Securities 2017-C5
Footnotes to Annex A-1
(1) | “JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; and “GACC” denotes German American Capital Corporation, as Mortgage Loan Seller. |
With respect to Loan No. 2, 350 Park Avenue, the 350 Park Avenue Whole Loan (as defined below) was co-originated by DBNY and Goldman Sachs Mortgage Company. | |
With the exception of loan No. 3, Prudential Plaza, which was originated by GACC, all of the loans for which GACC is the Mortgage Loan Seller were originated or co-originated by Deutsche Bank AG, New York Branch (“DBNY”). | |
With respect to Loan No. 4, Hilton Hawaiian Village, the Hilton Hawaiian Village Whole Loan (as defined below) was co-originated by JPMCB, DBNY, Goldman Sachs Mortgage Company, Barclays Bank PLC and Morgan Stanley Bank, N.A. | |
With respect to Loan No. 5, Key Center Cleveland, the Key Center Cleveland Whole Loan (as defined below) was co-originated by DBNY, Citi Real Estate Funding Inc. and Bank of America, N.A. | |
(2) | Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property. |
With respect to Loan No. 4, Hilton Hawaiian Village, the mortgaged property includes 14 hotel units and 26 commercial units of a condominium. The remaining units in the condominium consist of six time share units, which are owned by third parties and not part of collateral for the mortgage loan. The borrower controls the related board of directors for the association and is responsible for maintaining the common areas of the condominium. | |
With respect to Loan No. 5, Key Center Cleveland, Units represents only the office portion of the mortgaged property. Collateral for the mortgage loan also includes a 400-room hotel and 982 space parking garage. | |
With respect to Loan No. 10, Uovo Art Storage, Units is based on the gross building area of 275,000 square feet between the two buildings. The private storage units total 164,812 square feet and the managed storage units total 162,793 cubic feet. | |
With respect to Loan No. 11, AHIP FL 5 Portfolio, the mortgaged property identified as Holiday Inn Express Sarasota I-75 is one of four units in a land development condominium and comprises the full parcel of land on which the hotel, parking, and landscaping are located. The related borrower does not control the condominium. | |
With respect to Loan No. 12, 580 Walnut Street, the mortgaged property consists of the commercial components of a six unit commercial and residential condominium. The residential and commercial components of the condominium each have 50% control over the entire condominium, both with respect to the Board of Directors as well as any voting. | |
With respect to Loan No. 14, Summit Mall, Macy’s ground leases its premises from the borrower through October 2020 and pays annual ground rent of $146,367. | |
With respect to Loan No. 25.01, the mortgaged property identified as Dick’s Sporting Goods Portfolio—Dick’s Keene consists of one of 15 total units in a fractured condominium regime (constituting approximately 7.143% of the condominium regime). The borrower does not control the related condominium association; however, no amendment may alter the rights of, or impose greater obligation on, any unit owner without the consent of such unit owner and its mortgagee. | |
(3) | In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy. |
With respect to Loan No. 1, 229 West 43rd Street Retail Condo, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the 2nd Largest Tenant, National Geographic, for which the tenant has executed a lease but has yet to take occupancy at the property or commenced paying rent. National Geographic, which leases |
A-1-16
approximately 23.8% of the net rentable area, took possession of its leased space in October 2016 and is expected to open for business in August 2017. The tenant is in a free rent period through September 2016, and the related rent was reserved with lender at loan origination. | |
With respect to Loan No. 2, 350 Park Avenue, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the 4th Largest Tenant, CITCO (USA) Holdings Inc. (“CITCO Holdings”), for which the tenant has executed a lease for 8,039 square feet but has yet to take occupancy at the property or commence paying rent. The 8,039 square feet is currently occupied by Peconic Partners LLC, which is expected to vacate in August 2017. CITCO Holdings is expected to take occupancy and begin paying rent in November 2017. In addition to the newly leased 8,039 square feet, CITCO Holdings directly leases 14,825 square feet and subleases an additional 20,038 square feet. Additionally, occupancy% excludes Valley National Bank (2,720 square feet) which is dark but paying rent. At loan origination, the borrower reserved $1,413,328 for free rent associated with CITCO Holdings as well as other tenants at the 350 Park Avenue property not shown on the Annex A-1. | |
With respect to Loan No. 3, Prudential Plaza, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) includes three tenants that have executed leases but have not taken occupancy at the property or commenced paying rent. The Largest Tenant, Wilson Sporting Goods Co., has entered into a lease to occupy 87,386 square feet, which will commence in January 2018. Wilson Sporting Goods Co. has rent abatement periods on the first month of each year during the term of the lease. The 2nd Largest Tenant, Optiver US LLC, currently occupies approximately 73,779 square feet at the mortgaged property. Optiver US LLC has entered into a lease to occupy an additional approximately 25,000 square feet, which will commence in May 2017. Optiver US LLC is entitled to a rent abatement from May 2017 to October 2017 on the additional premises and from May 2018 to September 2018 on the existing premises. The first two months of the six-month free rent period in 2017 have been reserved for; however, the remaining four months of such free rent period in 2017, the free rent period in 2018, and the gap period prior to the lease commencement date for such additional Optiver US LLC space, have not been reserved for. The 3rd Largest Tenant, Clark Hill, has entered into a lease to occupy 71,813 square feet, which commenced in January 2017. Clark Hill has a rent abatement period from January 2017 to July 2017 which has not been reserved for. The 5th Largest Tenant, CBS Radio Holdings Corp., has a rent abatement period from May 2018 to December 2019 which has not been reserved for. | |
With respect to Loan No. 4, Hilton Hawaiian Village, approximately 18.4% of UW Revenues ($) is attributable to the food and beverage outlets at the mortgaged property and approximately 5.1% of UW Revenues ($) is attributable to the retail component of the mortgaged property. | |
With respect to Loan No. 5, Key Center Cleveland, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the 3rd Largest Tenant, Forest City, for which the tenant has executed a lease but has yet to take occupancy at the property or commenced paying rent. Forest City has entered into a lease to occupy 147,795 square feet, which is expected to commence in April 2018. The borrower provided a letter of credit with respect to all free rent through March 2018 and all planned leasing costs associated with Forest City’s lease were reserved at loan origination. In addition, approximately 61.3% of UW Revenues ($) is attributable to the office portion of the mortgaged property, approximately 32.8% of UW Revenues ($) is attributable to the hotel portion of the mortgaged property and approximately 5.9% of UW Revenues ($) is attributable to the parking garage at the mortgaged property. | |
With respect to Loan No. 6, Gateway I & II, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the 2nd Largest Tenant, Modells, for which the tenant has executed a lease but has not yet commenced paying rent. Modells entered into a lease to occupy 16,363 square feet, which commenced in January 2017. Modells has taken possession of its space and is anticipated to open in the fall of 2017. Modells is in a free rent period until September 2017. At loan origination, $733,333 was escrowed to a free rent reserve to cover Modells free rent period until September 2017. | |
With respect to Loan No. 8, Dallas Design District, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include three tenants, Janus et Cie, Interior Specifics LLC and Codarus, which have executed leases but have not yet taken occupancy or commenced paying rent. | |
With respect to Loan No. 9, Moffett Gateway, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the sole tenant, Google, which has executed two leases but not yet taken occupancy or commenced paying rent under either lease. Google leases the mortgaged property under two separate leases: (1) 1225 Crossman Avenue (“Building One”) and (2) 1265 Crossman Avenue (“Building Two”). According to the loan sponsor, Google is expected to take occupancy of both spaces in September 2017 and will commence paying |
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rent under each lease as follows: Building One in July 2018 and Building Two in July 2017. In addition, UW Revenues ($), UW NOI ($) and UW NCF ($) are calculated using the average rent of the sole tenant, Google, over the term of the related leases inclusive of the free rent reserve. | |
With respect to Loan No. 10, Uovo Art Storage, Occupancy% is based on the January 10, 2017 rent roll, and represents the occupancy percentage for the private storage space (measured in square feet). The managed storage space is measured in cubic feet and as of the January 10, 2017 rent roll is 48.2% leased. | |
With respect to Loan No. 12, 580 Walnut Street, approximately 22.8% of UW Revenues ($) is attributable to the parking garage at the mortgaged property. | |
With respect to Loan No. 29, Grossmont Medical Center, Occupancy%, UW Revenues ($), UW NOI ($) and UW NCF ($) include the Largest Tenant, Sharp Hospital, for which the tenant has executed a lease to occupy 7,020 square feet but has yet to take occupancy at the property or commence paying rent. Sharp Hospital is expected to take occupancy in August 2017. The lender reserved all free rent and planned leasing costs associated with Sharp Hospital’s lease at loan origination. | |
(4) | With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Current LTV% and the Maturity LTV% are based on the “as-is” Appraisal Value ($) even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met. |
With respect to Loan No. 1, 229 West 43rd Street Retail Condo, the Appraised Value ($) represents the “Hypothetical As-Is” appraised value of $470.0 million as of October 1, 2016. The “Hypothetical Market As-Is” appraised value reflects a credit for the approximately $25.6 million of contractual free rent and TI/LC obligations reserved at loan origination. Based on the “As-Is” appraised value of $445.0 million as of October 1, 2016, the Cut-off Date LTV and LTV Ratio at Maturity or ARD are 64.0% and 64.0%, respectively. | |
With respect to Loan No. 5, Key Center Cleveland, the Appraised Value ($) represents the “As Complete” appraised value of $362.0 million as of December 1, 2017. The “As Complete” appraised value assumes the completion of all budgeted CapEx and PIP work at the property. At loan origination, $18,271,556 and $4,652,415 was reserved by the lender for CapEx and PIP work, respectively. Based on the “As-Is” appraised value of $298.35 million as of December 1, 2016, the Cut-off Date LTV and LTV Ratio at Maturity or ARD are 73.7% and 60.2%, respectively. In addition, $1,991,429 is held in an FF&E reserve account held by Marriott Hotel Services, Inc. as the hotel manager for planned capital improvements for the hotel portion of the property. | |
With respect to Loan No. 9, Moffett Gateway, the Appraised Value ($) represents the “Hypothetical Value As-Stabilized” value of $525,000,000, which assumes that all tenant improvement construction is complete and all contractual free rent obligations have burned off as of the stabilized value date of July 20, 2016. At origination, the borrower was required to reserve $43,642,904 into the Upfront Other Reserve ($) for outstanding tenant improvements, $5,743,978 for outstanding leasing commissions and $37,575,033 for outstanding free rent. The “as-is” value as of July 20, 2016 was $430,000,000, which results in a Current LTV% and Maturity LTV% of 56.5% and 48.0%, respectively. | |
With respect to Loan No. 11, AHIP FL 5 Portfolio, the Appraised Value ($) represents the “As Complete” appraised value of $61.6 million as of November 1, 2017. The “As Complete” appraised value assumes the completion of the franchise required PIP at the mortgaged properties. At loan origination, $7,874,700 was reserved for the completion of the franchise required PIP. Based on the “As-Is” appraised value of $53.4 million as of November 1, 2016, the Cut-off Date LTV and LTV Ratio at Maturity or ARD are 69.0% and 56.9%, respectively. | |
With respect to Loan No. 12, 580 Walnut Street, the Appraised Value ($) represents the “As Complete” appraised value of $51.75 million as of April 1, 2017. The “As Complete” appraised value assumes (i) the completion of the $2,330,975 in landlord obligations that were reserved for at loan origination, (ii) a commercial and retail occupancy of 95.0% and 90.0%, respectively, (iii) vacancy loss of 5.0% and (iv) credit loss of 0.5%. Based on the “As-Is” appraised value of $50.0 million as of November 10, 2016, the Cut-off Date LTV and LTV Ratio at Maturity or ARD are 70.9% and 57.9%, respectively. |
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(5) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($) and Maturity Balance ($) are allocated to the respective mortgaged property based on the respective mortgage loan documents, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. |
(6) | With respect to Loan No. 1, 229 West 43rd Street Retail Condo, the mortgage loan is part of a whole loan with an original principal balance of $285,000,000 (the “229 West 43rd Street Retail Condo Whole Loan”) which is comprised of nine pari passu components (Note A-1, Note A-2, Note A-3, Note A-4-A, Note A-4-B, Note A-5, Note A-6, Note A-7 and Note A-8). Note A-2 and Note A-3 have an aggregate outstanding principal balance as of the Cut-off Date of $80,000,000 and are being contributed to the JPMDB 2017-C5 Trust. Note A-1 and Note A-6 have an aggregate outstanding principal balance as of the Cut-off Date of $75,000,000 and were contributed to the CD 2016-CD2 trust. Note A-4-B, Note A-5, Note A-7 and Note A-8 have an aggregate outstanding principal balance as of the Cut-off Date of $100,000,000 and were contributed to the CD 2017-CD3 trust. Note A-4-A has an outstanding principal balance as of the Cut-off Date of $30,000,000 and is held by Citigroup Global Markets Realty Corp. or an affiliate and is expected to be contributed to a future securitization trust. All loan level metrics are based on the 229 West 43rd Street Retail Condo Whole Loan balance. |
With respect to Loan No. 2, 350 Park Avenue, the mortgage loan is part of a whole loan with an original principal balance of $400,000,000 (the “350 Park Avenue Whole Loan”) which is comprised of four pari passu senior components (Note A-1, Note A-2, Note A-3 and Note A-4) and two subordinate companion loans (Note B-1 and Note B-2). Note A-4 has an outstanding principal balance as of the Cut-off Date of $66,667,200 and is being contributed to the JPMDB 2017-C5 Trust. The pari passu senior Notes A-1 and A-3 and the two subordinate companion loans, Notes B-1 and B-2 have an aggregate outstanding principal balance as of the Cut-off Date of $233,332,000 and were contributed to the VNDO 2016-350P trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $100,000,800 and is held by Goldman Sachs Mortgage Company or an affiliate, and is expected to be contributed to a future securitization trust. All loan level metrics are based on the 350 Park Avenue Whole Loan balance excluding the subordinate companion loans. | |
With respect to Loan No. 3, Prudential Plaza, the mortgage loan is part of a whole loan with an original principal balance of $415,000,000 (the “Prudential Plaza Whole Loan”) which is comprised of eight pari passu components (Note A-1, Note A-2-1, Note A-3-1, Note A-2-2, Note A-3-2, Note A-3-3, Note A-4-1 and Note A-4-2). Note A-4-2 has an outstanding principal balance as of the Cut-off Date of $65,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $115,000,000 and was contributed to the COMM 2015-CCRE26 trust. Note A-2-1 has an outstanding principal balance as of the Cut-off Date of $50,000,000 and was contributed to the CD 2016-CD1 trust. Note A-2-2 and Note A-3-3 have an aggregate outstanding principal balance as of the Cut-off Date of $75,000,000 and were contributed to the CD 2016-CD2 trust. Note A-3-1 has an outstanding principal balance as of the Cut-off Date of $40,000,000 and was contributed to the COMM 2016-COR1 trust. Note A-3-2 and Note A-4-1 have an aggregate outstanding principal balance as of the Cut-off Date of $70,000,000 and were contributed to the CD 2017-CD3 trust. All loan level metrics are based on the Prudential Plaza Whole Loan balance. | |
With respect to Loan No. 4, Hilton Hawaiian Village, the mortgage loan is part of a whole loan with an original principal balance of $1,275,000,000 (the “Hilton Hawaiian Village Whole Loan”), which is comprised of 16 pari passu components (Note A-1-A, Note A-1-B, Note A-1-C, Note A-1-D, Note A-1-E, Note A-2-A-1, Note A-2-A-2, Note A-2-A-3, Note A-2-A-4, Note A-2-B-1, Note A-2-B-2, Note A-2-B-3, Note A-2-D-1, Note A-2-D-2, Note A-2-E-1 and Note A-2-E-2) and five subordinate companion loans (Note B-1, Note B-2, Note B-3, Note B-4 and Note B-5). Note A-2-A-3 and Note A-2-A-4 have an aggregate outstanding principal balance as of the Cut-off Date of $62,250,000 and are being contributed to the JPMDB 2017-C5 Trust. Notes A-2-A-1, A-2-A-2, A-2-B-1, A-2-D-1, A-2-D-2, A-2-E-1, A-2-E-2 and A-2-B-3, with an aggregate principal balance as of the Cut-off Date of $406,125,000, have been contributed to other securitization trusts. Notes A-1-A, A-1-B, A-1-C, A-1-D and A-1-E, with an aggregate outstanding principal balance as of the Cut-off Date of $171,600,000, and the subordinate companion loans with an aggregate outstanding principal balance as of the Cut-off Date of $578,400,000, were contributed to a private securitization trust. The remaining pari passu component has an outstanding principal balance as of the Cut-off Date of $56,625,000, is held by DBNY and is expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Hilton Hawaiian Village Whole Loan balance excluding the subordinate companion loan. |
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With respect to Loan No. 5, Key Center Cleveland, the mortgage loan is part of a whole loan with an original principal balance of $220,000,000 (the “Key Center Cleveland Whole Loan”) which is comprised of six pari passu components (Note A-1, Note A-2, Note A-3, Note A-4, Note A-5 and Note A-6). Note A-3 and Note A-6 have an outstanding principal balance as of the Cut-off Date of $60,000,000 and are being contributed to the JPMDB 2017-C5 Trust. Note A-1 and Note A-4 have an aggregate outstanding principal balance as of the Cut-off Date of $80,000,000 and are held by Citigroup Global Markets Realty Corp. or an affiliate, and are expected to be contributed to one or more future securitization trusts. Note A-2 and Note A-5 have an aggregate outstanding principal balance as of the Cut-off Date of $80,000,000 and are held by Bank of America, N.A. or an affiliate and are expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Key Center Cleveland Whole Loan balance. | |
With respect to Loan No. 7, Landmark Square, the mortgage loan is part of a whole loan with an original principal balance of $100,000,000 (the “Landmark Square Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-2 has an outstanding principal balance as of the Cut-off Date of $49,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $51,000,000 and is expected to be contributed to the JPMCC 2017-JP5 trust. All loan level metrics are based on the Landmark Square Whole Loan balance. | |
With respect to Loan No. 8, Dallas Design District, the mortgage loan is part of a whole loan with an original principal balance of $120,000,000 (the “Dallas Design District Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-2 has an outstanding principal balance as of the Cut-off Date of $45,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $75,000,000 and is expected to be contributed to the JPMCC 2017-JP5 trust. All loan level metrics are based on the Dallas Design District Whole Loan balance. | |
With respect to Loan No. 9, Moffett Gateway, the mortgage loan is part of a whole loan with an original principal balance of $345,000,000 (the “Moffett Gateway Whole Loan”) which is comprised of five pari passu components (Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5) and one subordinate companion loan (Note B-1). Note A-3 has an aggregate outstanding principal balance as of the Cut-off Date of $40,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $80,000,000 and is expected to be contributed to the JPMCC 2017-JP5 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $60,000,000 and was contributed to the JPMCC 2016-JP4 Trust. Note A-5 has an outstanding principal balance as of the Cut-off Date of $43,000,000 and was contributed to the JPMDB 2016-C4 Trust. Note A-4 has an outstanding principal balance as of the Cut-off Date of $20,000,000 and is expected to be contributed to one or more future securitization trusts. Note B-1 has an outstanding balance as of the Cut-off Date of $102,000,000 and was sold to a third-party investor. All loan level metrics are based on the Moffett Gateway Whole Loan balance excluding the subordinate companion loan. | |
With respect to Loan No. 10, Uovo Art Storage, the mortgage loan is part of a whole loan with an original principal balance of $87,000,000 (the “Uovo Art Storage Whole Loan”) which is comprised of four pari passu components (Note A-1, Note A-2, Note A-3 and Note A-4). Note A-2 and Note A-3 have an aggregate outstanding principal balance as of the Cut-off Date of approximately $37,000,000 and are being contributed to the JPMDB 2017-C5 Trust. Note A-1 and Note A-4 have an aggregate outstanding principal balance as of the Cut-off Date of approximately $50,000,000 and are held by DBNY and are expected to be contributed to one or more future securitization trusts. All loan level metrics are based on the Uovo Art Storage Whole Loan balance. | |
With respect to Loan No. 14, Summit Mall, the mortgage loan is part of a whole loan with an original principal balance of $85,000,000 (the “Summit Mall Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-2 has an outstanding principal balance as of the Cut-off Date of $35,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $50,000,000 and was contributed to the JPMCC 2016-JP4 Trust. All loan level metrics are based on the Summit Mall Whole Loan balance. | |
With respect to Loan No. 16, Summit Place Wisconsin, the mortgage loan is part of a whole loan with an original principal balance of $72,000,000 (the “Summit Place Wisconsin Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-2 has an outstanding principal balance as of the Cut-off Date of $32,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of $40,000,000 and was contributed to the CD 2017-CD3 trust. All loan level metrics are based on the Summit Place Wisconsin Whole Loan balance. |
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With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, the mortgage loan is part of a whole loan with an original principal balance of $31,000,000 (the “Dick’s Sporting Goods Portfolio Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A2). Note A-2 has an outstanding principal balance as of the Cut-off Date of approximately $13,000,000 and is being contributed to the JPMDB 2017-C5 Trust. Note A-1 has an outstanding principal balance as of the Cut-off Date of approximately $18,000,000 and was contributed to the JPMCC 2016-JP4 Trust. All loan level metrics are based on the Dick’s Sporting Goods Portfolio Whole Loan balance. | |
(7) | Each number identifies a group of related borrowers. |
With respect to Loan Nos. 1, 22, 23 and 30, 229 West 43rd Street Retail Condo, Congressional Place, Trabuco Hills and Horizon Village, the borrowers own the property as tenants-in-common. | |
With respect to Loan No. 8, Dallas Design District, two of the borrowers own the majority of the mortgaged property as tenants-in-common. The third borrower, 1500 Dragon Dunhill LLC, owns the fee interest to its parcel located at 1500 Dragon, Dallas, Texas. | |
(8) | For each mortgage loan, the Net Mortgage Fee Rate equals the excess of the related Interest Rate% over the related Servicing Fee Rate, the Trustee Fee Rate (including the Certificate Administrator Fee Rate), the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Admin Fee%”). |
(9) | For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service ($) was calculated as 1/12 of the product of (i) the Original Balance ($), (ii) the Interest Rate% and (iii) 365/360. |
(10) | With respect to all mortgage loans, except for the mortgage loan(s) listed below, Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12. |
With respect to Loan No. 9, Moffett Gateway, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments after the expiration of the interest-only period based on the assumed principal payment schedule set forth on Annex G to this Preliminary Prospectus. As such, the Current Balance ($), Maturity Balance ($), Monthly Debt Service ($), UW NOI DSCR and UW NCF DSCR all reflect this principal payment schedule and a fixed interest rate of 3.319403%. | |
(11) | With respect to Loan No. 18, Providence at Memorial, the first payment date for the loan is May 1, 2017. On the Closing Date, JPMCB will deposit sufficient funds to pay the interest associated with the interest due for the April 2017 payment for the related loan. Seasoning, Prepayment Provision (Payments), First Payment Date, Remaining Term and IO-Period are inclusive of the additional April 2017 interest-only payment funded by JPMCB on the Closing Date. |
(12) | The “L” component of the prepayment provision represents lockout payments. The “Def” component of the prepayment provision represents defeasance payments. The “YM” component of the prepayment provision represents yield maintenance payments. |
The “O” Component of the prepayment provision represents the free payments including the Maturity Date. | |
With respect to Loan No. 1, 229 West 43rd Street Retail Condo, the lockout period will be at least 28 payments beginning with and including the first payment on December 6, 2016. Defeasance of the full $285.0 million 229 West 43rd Street Retail Condo Whole Loan is permitted after the date that is the earlier of (i) October 13, 2019 and (ii) the date that is two years from the closing date of the securitization that includes the note to be last securitized. The assumed lockout period is based on the expected JPMDB 2017-C5 securitization closing date in March 2017. The actual lockout period may be longer. | |
With respect to Loan No. 4, Hilton Hawaiian Village, the lockout period will be at least 28 payments beginning with and including the first payment on December 1, 2016. Defeasance of the full $1,275,000,000 Hilton Hawaiian Village Whole Loan is permitted after the earlier to occur of (i) May 1, 2019 and (ii) the date that is two years from the closing date of the securitization that includes the last note to be securitized (the earlier of (i) and (ii), the “Hilton Hawaiian Village Defeasance Date”). Following the expiration of the Hilton Hawaiian Village Defeasance Date, the borrower is also permitted to prepay the Hilton Hawaiian Village Whole Loan (in whole but not in part) |
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with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMDB 2017-C5 securitization closing date in March 2017. The actual lockout period may be longer. | |
With respect to Loan No. 5, Key Center Cleveland, the lockout period will be at least 25 payments beginning with and including the first payment on March 6, 2017. Defeasance of the full $220.0 million Key Center Cleveland Whole Loan is permitted after the date that is the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) July 31, 2020. The assumed lockout period of 25 payments is based on the expected JPMDB 2017-C5 securitization closing date in March 2017. The actual lockout period may be longer. | |
With respect to Loan No. 9, Moffett Gateway, the lockout period will be at least 29 payments beginning with and including the first payment on November 1, 2016. Defeasance of the full $345.0 million Moffett Gateway Whole Loan is permitted after the date that is two years from the closing date of the securitization that includes the last note to be securitized (the “Moffett Gateway Defeasance Date”). If the Moffett Gateway Defeasance Date has not occurred by November 1, 2020, the borrower is permitted to prepay the Moffett Gateway Whole Loan (in whole but not in part) with the payment of a yield maintenance premium. The assumed lockout period is based on the expected JPMDB 2017-C5 securitization closing date in March 2017.The actual lockout period may be longer. | |
With respect to Loan No. 10, Uovo Art Storage, the lockout period will be at least 25 payments beginning with and including the first payment on March 6, 2017. Defeasance of the full $87.0 million Uovo Art Storage Whole Loan is permitted after the date that is the earlier to occur of (i) two years after the closing date of the securitization that includes the last pari passu note to be securitized and (ii) February 2, 2020. The assumed lockout period of 25 payments is based on the expected JPMDB 2017-C5 securitization closing date in March 2017. The actual lockout period may be longer. | |
(13) | With respect to some mortgage loans, historical financial information may not be available due to when the properties were constructed and/or acquired. |
With respect to Loan No. 1, 229 West 43rd Street Retail Condo, limited historical financial information is available as the sponsor acquired the property in October 2015. Most Recent Revenues ($), Most Recent Total Expenses ($) and Most Recent NOI ($) are based on the trailing ten-month period ending August 31, 2016, annualized. | |
With respect to Loan No. 6, Gateway I & II, limited historical financial information is available as the sponsor acquired the property in June 2016. Most Recent Revenues ($), Most Recent Total Expenses ($) and Most Recent NOI ($) are based on the trailing five-month period ending October 31, 2016, annualized. | |
With respect to Loan No. 9, Moffett Gateway, limited historical financial information is available as the mortgaged property was constructed in 2016. | |
With respect to Loan No 10, Uovo Art Storage, limited historical financial information is available as the mortgaged property was constructed between 2014 and 2015. | |
With respect to Loan No.12, 580 Walnut Street, limited historical financial information is available as the sponsor acquired the property in 2013. | |
With respect to Loan No. 18, Providence at Memorial, limited historical financial information is available as the sponsor acquired the property in July 2015. 2015 Revenues ($), 2015 Total Expenses ($) and 2015 NOI ($) are based on the trailing five-month period ending December 31, 2015, annualized. | |
With respect to Loan No. 20, Jevan Multifamily Portfolio, limited historical financial information is available as the mortgaged properties were acquired in connection with the origination of the mortgage loan. | |
With respect to Loan No. 27, Cleveland Towne Center, limited historical financial information is available as the mortgaged properties were acquired in connection with the origination of the mortgage loan. | |
With respect to Loan No. 32, Hampton Inn & Suites – Pensacola, limited historical financial information is available as the mortgaged property was constructed in 2014. | |
With respect to Loan No. 33, Shopko Billings, limited historical financial information is available as the sponsor acquired the property in 2016. |
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(14) | With respect to all JPMCB hotel properties, the UW NOI ($) is shown after taking a deduction for an FF&E reserve, and as such, the UW NOI ($) and UW NCF ($) for these properties are the same. |
(15) | The UW NOI DSCR and UW NCF DSCR for all partial interest-only mortgage loans were calculated based on the first principal and interest payment after the Note Date during the term of the mortgage loan. |
With respect to Loan No. 9, Moffett Gateway, UW NOI DSCR and UW NCF DSCR were calculated based on the sum of the first 12 payments after the expiration of the interest-only period based on the assumed principal payment schedule set forth on Annex G to this Preliminary Prospectus. | |
(16) | With respect to Loan No. 4, Hilton Hawaiian Village, the borrowers hold a leasehold interest with respect to 5,900 square feet of the mortgaged property, and, except as noted in the footnote below, the remainder of the mortgaged property is owned by the borrower in fee simple. |
With respect to Loan Nos. 4, 11 and 13, Hilton Hawaiian Village, AHIP FL 5 Portfolio and Delamar Greenwich Harbor, the respective borrowers have pledged both the fee interest in the mortgaged property held by the borrower which owns the mortgaged property (“Owner Borrower”) as well as the leasehold interest of the related borrower which is the operating lessee of the property (“Lessee Borrower”) under an operating lease between Owner Borrower and Lessee Borrower. | |
With respect to Loan No. 5, Key Center Cleveland, the City of Cleveland, Ohio owns the land beneath the parking lot and leases it to the borrower through 2059 with one 34-year extension through 2093 (“Parking Ground Lease”). The parking manager reserves at least 45% of the spaces for transient parking and hotel guests and the remainder are leased on a monthly basis. Minimum base rent paid to the city under the Parking Ground Lease is $60,000 per year provided that if the revenue exceeds certain breakpoints (based on the percentage of parking space leased on a monthly basis), percentage rent will also be payable. | |
With respect to Loan No. 7, Landmark Square, a portion of the mortgaged property consisting of 1 Landmark Square is a leasehold interest in an air rights parcel owned by the borrower which expires February 28, 2082. | |
With respect to Loan No. 8, Dallas Design District, a portion of the mortgaged property located at 1621 Oak Lawn, Dallas, Texas, is a leasehold interest owned by two of the borrowers under a ground lease, which expires December 20, 2051. | |
With respect to Loan No. 16, Summit Place Wisconsin, the Mortgage Loan has three borrowers, one of which (the “Summit Place Wisconsin Fee Borrower”) owns all of the Mortgaged Property, except a parking parcel, in fee, and ground leases the parking parcel. The parking parcel is owned by a second borrower, which ground leases the parking parcel to the Summit Place Wisconsin Fee Borrower, which in turn has assigned a portion of its ground leasehold interest in the parking parcel to a third borrower. All three borrowers’ interests secure the Mortgage Loan. | |
(17) | Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related loan documents. |
With respect to Loan No. 5, Key Center Cleveland, at origination, the borrowers were permitted to deliver two letters of credit in the aggregate amount of $5,175,296 from KeyBank National Association to cover gap rent payable in connection with the recently executed Forest City and Millennia leases in lieu of a cash deposit. | |
With respect to Loan No. 6, Gateway I & II, the borrower reserved $3,750,000 at origination of the mortgage loan for a Holdback Reserve that will be released to the borrower once, among other conditions, (i) the property achieves a debt yield of at least 7.3%, (ii) Modells is in occupancy, open for business and paying full unabated rent (or, alternatively sufficient funds have been retained in the holdback reserve to account for all remaining scheduled free rent periods or rent abatements under the Modells lease) with all tenant improvements or other landlord obligations required to be performed or paid by lender under such lease having been completed. | |
With respect to Loan No. 7, Landmark Square, so long as the Principal / Carve-out Guarantor or an affiliate maintains a long term, unsecured debt rating of “BBB-” (or its equivalent) from each of Moody’s and Fitch or has total assets in excess of $500.0 million and maintains a net worth of at least $250.0 million (in each case, exclusive of any interest in the mortgaged property), the borrower may deliver a partial payment guaranty from such entity in lieu of the borrower’s requirement to make the following deposits: (i) the deposits into the Upfront |
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TI/LC Reserve ($) in the amount of $2,500,000; (ii) the deposits into the Upfront Other Reserve ($) for free rent and outstanding tenant improvements and leasing commissions in the aggregate amount of $3,746,483; and (iii) the deposits into the Upfront CapEx Reserve ($) in the amount of $17,053. The amount of this partial payment guaranty is required to be equal to the lesser of (A) the amount that would be contained in each reserve if not for the delivery of the partial payment guaranty and (B) the then outstanding principal balance of the Whole Loan. The borrower is also permitted to deliver a letter of credit in an amount required by the loan documents, or a combination of a partial payment guaranty and letter of credit, in lieu of such deposits. The Principal / Carve-out Guarantor delivered the partial payment guaranty referenced above at origination of the mortgage loan in lieu of making such deposits. | |
With respect to Loan No. 14, Summit Mall, Upfront Other Reserve ($) does not include a $413,507 guaranty from the loan sponsor for outstanding tenant improvements. Since origination, the outstanding tenant improvements have been paid and the guaranty has been released to the borrower. | |
With respect to Loan No. 19, Holiday Inn Miami Beach, the borrower is performing PIP work at the property based on a draft PIP as to which the remaining PIP items are estimated to cost approximately $1,591,200. At origination the borrower deposited $3,795,000 into a PIP Reserve to cover the costs of the PIP work currently underway at the related property. Provided no event of default is continuing and each of the franchise satisfaction conditions outlined in the loan agreement have been satisfied, if, the borrower has (i) provided evidence reasonably acceptable to the lender that the PIP has been finalized, which PIP includes a finalized schedule for the completion of the PIP work, and (ii) provided to the lender sufficient information to determine, in the lender’s reasonable discretion, the amount required to complete the PIP work (the “PIP Deposit Amount”), and the lender determines that the amount of the PIP funds in the PIP reserve account exceed the PIP Deposit Amount (the “Excess PIP Deposit”), the Excess PIP Deposit will be released to the borrower. | |
With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, the borrowers were required at origination to deposit $22,218 into the Upfront RE Tax Reserve ($) for taxes for the Dick’s Concord and PetSmart properties. The borrowers were not required to deposit any other tax reserves at origination with respect to any other mortgaged property. | |
With respect to Loan No. 34, Continental Plaza, the Upfront Other Reserve ($) consists of a reserve for rents from the mortgaged property that have been paid more than one month in advance. Provided no Event of Default has occurred and is then continuing, on each payment date in March 2017 through November 2017, the lender is required to disburse an amount equal to approximately $13,897 to the borrower (if no cash sweep period has occurred and is continuing) or to the cash management account (if a cash sweep period has occurred and is continuing). | |
(18) | Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being triggered in the respective mortgage loan documents. |
With respect to Loan No. 2, 350 Park Avenue, on each due date during the continuance of a Ziff Reserve Period (as defined herein) (unless in the case of a Ziff Reserve Period, funds in the Ziff reserve account equal or exceed the Ziff Reserve Cap (as defined herein)), the related loan documents require the borrower to deposit into the Ziff reserve account all excess cash flow after payment of debt service, required reserves and operating expenses. A “Ziff Reserve Period” is a period commencing on the due date in October 2019 if the lease with Ziff Brothers Investments, L.L.C. has not been renewed and generally terminating upon (a) the borrower’s entering into a lease renewal or replacement leases meeting certain conditions contained in the loan documents or the trailing 12-month debt yield as of the end of the most recent fiscal quarter is at least 7.25% and (b) the amount in the applicable reserve account being at least equal to the lesser of (x) the remaining unpaid actual out-of-pocket tenant allowance and tenant improvement costs, leasing commissions and other expenses in respect of such lease renewal or replacement leases and (y) $85.46 multiplied by the aggregate amount of leasable square feet in the space demised under a lease renewal or replacement leases in accordance with the loan documents minus all actual out-of-pocket tenant allowance and tenant improvement costs, leasing commissions and other expenses previously disbursed in respect of such lease renewal or replacement leases. |
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With respect to Loan No. 4, Hilton Hawaiian Village, the borrower is required to deposit into the Monthly CapEx Reserve ($), on a monthly basis to fund the cost of replacements, an amount equal to the greater of (i) the aggregate amount of all deposits for replacements required to be deposited pursuant to any franchise or management agreement or (ii) 4.0% of gross income from operations for the two calendar months prior to the date on which the borrower is required to make such deposit. To the extent no event of default exists, the loan documents provide that the borrower will receive a credit against each monthly deposit on a dollar for dollar basis to the extent the borrower makes deposits into a similar reserve or if such amounts otherwise accounted for pursuant to the working capital peg balance held in either operating account. In addition, the Monthly RE Tax Reserve ($) and Monthly Ins. Reserve ($) are waived to the extent there is no cash sweep period continuing under the loan documents or to the extent the borrower reserve such funds with the manager or the manager pay such taxes and insurance premiums in accordance with the management agreement. The management agreement currently requires the borrower to make monthly deposits of amounts accounting for the Monthly RE Tax Reserve ($), Monthly Ins. Reserve ($) and the Monthly CapEx Reserve ($). | |
With respect to Loan No. 5, Key Center Cleveland, on a monthly basis the borrower is required to deposit into the Monthly CapEx Reserve ($), an amount equal to 1/12 of 5.0% (or if Marriott Corporation or an affiliate is the hotel manager, 4.0%) of gross hotel revenues unless (a) Marriott Corporation or an affiliate thereof is the hotel manager, (b) the borrower is required to reserve with the hotel manager an amount not less than the FF&E payment required under the Key Center Loan documents, and (c) no event of default is continuing. In addition, in the event that a property improvement plan (“PIP”) is required pursuant to the applicable hotel management agreement, on a monthly basis the borrower will be required to deposit into the Monthly Other Reserve ($), all excess cash flow, until an amount equal to 110% of the costs of such a PIP (exclusive of any portion of the PIP which is duplicative of any of the approved FF&E that has already been reserved for) has been deposited into the PIP reserve account. | |
With respect to Loan No. 7, Landmark Square, so long as the Principal / Carve-out Guarantor or an affiliate of the borrower maintains a long term unsecured debt rating of “BBB-” (or its equivalent) from each of Moody’s and Fitch or has total assets in excess of $500.0 million and maintains a net worth of at least $250.0 million (in each case, exclusive of any interest in the mortgaged property), the borrower may deliver a partial payment guaranty from such entity in lieu of the borrower’s requirement to make (i) the deposits into the Monthly TI/LC Reserve ($) and (ii) the deposits into the Monthly CapEx Reserve ($). The amount of this partial payment guaranty is required to be equal to the lesser of (A) the amount that would be contained in each reserve if not for the delivery of the partial payment guaranty and (B) the then outstanding principal balance of the Landmark Square Whole Loan. The borrower is also permitted to deliver a letter of credit in an amount required by the loan documents, or a combination of a partial payment guaranty and letter of credit, in lieu of such deposits. The Principal / Carve-out Guarantor delivered the partial payment guaranty referenced above at origination of the mortgage loan in lieu of making such deposits. | |
With respect to Loan No. 11, AHIP FL 5 Portfolio, beginning with the monthly payment date in December 2018, the borrowers are required to deposit the greater of (i) 1/12 of an amount equal to 4.0% of annual gross revenues for each hotel estimated in the borrowers’ approved annual budget for the year in which such payment date occurs and (ii) the then-current amount required by the franchise agreement for FF&E work. In lieu of depositing such amounts, the borrowers may elect to deliver to the lender a letter of credit on a monthly payment date with a term of not less than 12 months and for a stated amount of not less than the total amount of 4.0% of the gross revenues from the hotel for the 12 calendar months preceding the date such letter of credit is provided to lender. Additionally, upon the occurrence and during the continuance of a Trigger Period (as defined below), the borrowers are required to deposit with the lender, on each monthly payment date, an amount equal to 1/12 of the condominium assessments that the lender estimates will be payable during the next ensuing 12 months. A “Trigger Period” will commence upon the occurrence of (i) an event of default or (ii) the debt service coverage ratio, based on underwritten net cash flow, falling below 1.25x at the end of any calendar quarter and will end upon, (a) with respect to clause (i) above, a cure of such event of default has been accepted by the lender or (b) with respect to clause (ii) above, the portfolio achieving a debt service coverage ratio of at least 1.30x for two consecutive calendar quarters. | |
With respect to Loan No. 12, 580 Walnut Street, from and after the date the condominium board imposes assessments, the borrower will be required to deposit on a monthly basis an amount equal to the monthly amount as set forth in the approved budget for such assessments. |
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With respect to Loan No. 14, Summit Mall, the Monthly RE Tax Reserve ($) is waived until the occurrence of certain events set forth in the loan documents. The Monthly RE Tax Reserve ($) will commence upon (a) the occurrence and continuing of an event of default, (b) the date the debt service coverage ratio, based on the trailing four calendar quarters, falls below 2.00x for two consecutive calendar quarters (a “DSCR Trigger Event”), (c) the date (i) Macy’s closes, ceases operation, goes dark, vacates or abandons its leased space on or prior to September 7, 2017 and (ii) the DSCR based on the trailing four calendar quarters falls below 3.00x (a “Macy’s Trigger Event”), (d) the date two or more of Macy’s, Dillards North and Dillards South close, ceases operation, go dark, vacate or abandon the space (“Anchor Trigger Event”) as permitted by the lenders and (e) a period when less than 70.0% of the gross leasable square footage of in-line space is subject to a lease or other occupancy agreement with the loan sponsor (“Occupancy Trigger Event”), (the period during which any of (a) through (e) occurs, along with any bankruptcy action of the borrower or any affiliated property manager in accordance with the loan documents, is a “Lockbox Event Period”) or (f) the borrower’s failure to (i) pay all taxes prior to the assessment of any late payment penalty and the date that such taxes become delinquent or (ii) provide the lender with satisfactory evidence of the tax payment. In addition, the Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($) are waived provided that there is no Lockbox Event Period continuing. Following the occurrence and during the continuance of a Lockbox Event Period, the borrower is required to deposit $8,804 into the Monthly CapEx Reserve ($) for replacement reserves and $19,494 into the Monthly TI/LC Reserve ($) for tenant improvements and leasing commissions. | |
With respect to Loan No. 17, Shopko Oregon Portfolio, the loan documents provide that the deposits into the Monthly RE Tax Reserve ($) and the Monthly Ins. Reserve ($) are waived to the extent the sole tenant at the related mortgaged property is paying such taxes and insurance premiums, among other conditions. The loan documents also require that the Monthly CapEx Reserve ($) and the Monthly TI/LC Reserve ($) be reduced by a pro rata amount if any individual mortgaged property is released from its mortgage. In addition, the loan documents require the borrower to deposit $16,666.67, on a monthly basis as additional collateral for the loan, into the Monthly Other Reserve ($). The deposits made into the Monthly TI/LC Reserve ($) and the monthly payments for additional collateral reserve fund made into the Monthly Other Reserve ($) are waived provided that no event of default has occurred and is continuing, if (i) the leases with Shopko (or any replacement tenant leasing 50% of more of the gross leasable area of the applicable property) are renewed for a term of at least five years, among other conditions, with respect to all three of the individual mortgaged properties and (ii) the aggregate amount of gross annual rent payable under the renewed leases is not less than $3,700,000. With respect to Loan No. 19, Holiday Inn Miami Beach, until such time that a replacement franchise agreement has been signed in accordance with conditions set forth in the loan agreement, the borrower will be required to deposit on a monthly basis an amount equal to the greater of (i) 4.0% of the prior month’s gross revenues at the related property and (ii) the then-current amount required by the franchise agreement. Following the execution of a replacement franchise agreement in accordance with the conditions set forth in the loan agreement, monthly deposits into the FF&E reserve account will be waived so long as the related property maintains a debt yield of at least 12.0%. With respect to Loan No. 21, Cupertino Civic Center, upon satisfactory completion of the elevator modernization work, as outlined in the loan agreement, the borrower may request that deposits into the monthly capital expenditure reserve be reduced to $1,051 and the related cap be reduced to $25,224. | |
With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, the deposits into the Monthly RE Tax Reserve ($) and Monthly Ins. Reserve ($) are waived to the extent (a) not even of default has occurred and is continuing, (b) Dick’s Sporting Goods, PetSmart or any replacement tenant(s) is required by the terms of its lease to pay all taxes or insurance premiums, as applicable, with respect to such individual mortgaged property and (c) such tenant(s) actually pays such taxes and insurance premiums, as applicable, in full prior to the due date and provides written evidence of such payment, (d) the borrowers have provided written evidence reasonably acceptable to lender that all such taxes or insurance premium, as applicable, for such individual mortgaged property have been paid in full prior to the due date, and (e) the applicable lease for such individual property is in full force and effect. The Monthly CapEx Reserve ($) is waived with respect to any individual property so long as (a) no event of default has occurred and is continuing and (b) the borrower provides the lender with evidence that Dick’s Sporting Goods, PetSmart and/or any replacement tenant(s) is obligated to perform all required replacements at such individual property in accordance with the terms of its lease. In addition, the loan documents require the borrower to deposit all termination fees paid by any tenants into the Monthly TI/LC Reserve ($), as well as all excess cash flow after the occurrence of a cash sweep period caused either by (i) two or more individual mortgaged properties being dark (other than a temporary cessation of operations for purposes of performing renovations or alterations, or as a result of fire, casualty or other event of force majeure), (ii) the |
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related tenant at the Dick’s Keene and/or Dick’s Concord fails to renew the applicable lease prior to the date that is six months prior to the expiration date of such lease or (iii) unless the borrower has re-leased such properties in accordance with the loan documents and, following such renewals, the amount in the Monthly TI/LC Reserve ($) is less than $600,000. To the extent there is a cash sweep period caused by the failure to renew any ground lease at a property that is ground leased by the related borrower, all excess cash flow will be swept into the Monthly Other Reserve ($) for ground rent. With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, if any individual property is released from its mortgage, then the Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($) shall be reduced per annum by an amount equal to the amount of the Monthly CapEx Reserve ($) and Monthly TI/LC Reserve ($), respectively, that was being collected by lender with respect to such individual property. | |
With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, the Dick’s Wichita and Dick’s Fort Wayne mortgaged properties are excluded from the Monthly CapEx Reserve ($). With respect to Loan No. 27, Cleveland Towne Center, deposits into the Monthly TI/LC Reserve ($) will be waived through and including the monthly payment date in January 2018. Beginning with the monthly payment date in February 2018, the borrower will be required to deposit an amount equal to $12,500 into the Monthly TI/LC Reserve ($). With respect to Loan No. 29, Grossmont Medical Center, on each monthly payment date through and including February 6, 2020, the borrower will be required to deposit an amount equal to $8,765 into the Monthly TI/LC Reserve ($), and on each remaining monthly payment date thereafter, an amount equal to $11,687. With respect to Loan No. 30, Horizon Village, the loan documents permit the borrowers to deposit the amount of any free rent credit due from the borrowers into the Monthly Other Reserve ($) in connection with satisfying the requirements in the loan documents for renewing or replacing the lease of the Largest Tenant, Movie Tavern. With respect to Loan No. 34, Continental Plaza, the loan documents require that the borrower deposit all rent that has been paid more than one month in advance into the Monthly Other Reserve ($). Each deposit is required to be accompanied by a disbursement schedule (or an update to a previously provided disbursement schedule) that lists the tenant(s) and calendar month(s) to which such deposit applies and an officer’s certificate confirming that such schedule is correct, accurate and complete in all respects. Provided no Event of Default has occurred and is then continuing, the lender is required to disburse an amount in accordance with the disbursement schedule to the borrower (if no cash sweep period has occurred and is continuing) or to the cash management account (if a cash sweep period has occurred and is continuing). | |
(19) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. With respect to Loan No. 2, 350 Park Avenue, deposits into the Ziff reserve account are capped at an amount equal to the sum of (x) the product of (a) $85.46, multiplied by (b) the aggregate amount of leasable square feet in the space that has not been demised under a lease renewal or replacement leases in accordance with the loan documents, plus (y) the lesser of (a) the remaining unpaid actual out-of-pocket tenant allowance and tenant improvement costs, leasing commissions and other expenses in respect of such lease renewal or replacement leases and (b) $85.46 multiplied by the aggregate amount of leasable square feet in the space demised under a lease renewal or replacement leases in accordance with the loan documents minus all actual out-of-pocket tenant allowance and tenant improvement costs, leasing commissions and other expenses previously disbursed in respect of such lease renewals or replacement leases, provided, that in no event may the Ziff Reserve Cap exceed $25,000,000. With respect to Loan No. 15, Park Center Plaza I, II & III, on March 1, 2021, if each of the United States of America – Department of Veterans Affairs, Traveler’s Indemnity Company and CBIZ, Inc. has irrevocably exercised its renewal or extension option (or otherwise enters into an extension agreement acceptable to the lender that provides for at least a five year extension term) with respect to all of its leased space in accordance with the loan documents, and the base rent due under such lease is no less than 90% of the base rent due immediately prior to expiration and (ii) the debt service coverage ratio is no less than 1.50x, any funds then on deposit in the Monthly TI/LC Reserve ($) in excess of $2,500,000 (including the initial deposit) are required to be released to the borrower. |
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With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, if, on August 31, 2024, (i) no event of default or any bankruptcy action with respect to the borrower exists and (ii) amounts on deposit in the Monthly TI/LC Reserve ($) exceed $1,000,000 (the “August 2024 Rollover Reserve Cap”), then the lender is required to make a one-time disbursement equal to the amount then in the Monthly TI/LC Reserve ($) that exceeds the August 2024 Rollover Reserve Cap to an account designated by the borrower on the next monthly debt service payment date. In the event excess cash flow is required to be deposited into the Monthly TI/LC Reserve ($) as described in footnote 18 above, the loan documents provide for caps on the amount of excess cash that will be deposited into the reserve. With respect to a cash sweep period caused by two or more individual mortgaged properties being dark, the cap is $2.00 per square foot of gross leasable area with respect to each mortgaged property that is dark. With respect to a cash sweep period caused by the related tenant at the Dick’s Keene and/or Dick’s Concord failing to renew the applicable lease prior to the date that is six months prior to the expiration date of such lease, the cap is $400,000 (or $900,000, if the borrower has replaced the leases in accordance with the loan documents and the amount of funds on reserve in the Monthly TI/LC Reserve ($) is less than $600,000). With respect to Loan No. 27, Cleveland Towne Center, deposits to the Monthly TI/LC Reserve ($) will be capped at $300,000 from the origination date through and including December 31, 2020. Beginning on January 1, 2021, the monthly TI/LC reserve will be capped at $600,000 unless the anticipated expiration date of the then-current term of each initial lease (or initial lease replacement, as applicable) extends beyond January 1, 2026, in which case the cap remains at $300,000 for the remainder of the loan term. | |
With respect to Loan No. 30, Horizon Village, the loan documents provide that the TI/LC Reserve Cap ($) will be $485,005 at any time prior to the date that (i) the Largest Tenant, Movie Tavern, has renewed or extended its lease in accordance with the loan documents or (ii) the borrowers have entered into one or more replacement leases for the space leased by Movie Tavern in accordance with the loan documents, and upon satisfaction of either of the foregoing conditions, the TI/LC Reserve Cap ($) will be $291,003. Provided (i) no cash sweep period has occurred and is continuing, and (ii) the borrowers satisfy either (i) or (ii) above, amounts in excess of the reduced TI/LC Reserve Cap ($) will be disbursed to the borrowers. With respect to Loan No. 32, Hampton Inn & Suites – Pensacola, provided no event of default has occurred and is continuing, if there are insufficient amounts on deposit in the PIP subaccount for completing any PIP, the borrower may request that up to 50% of the funds in the Upfront Capex Reserve ($) and Monthly CapEx Reserve ($) for FF&E be transferred to the reserve for the PIP in accordance with the loan documents. | |
(20) | With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any Mortgaged Property. |
(21) | In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date, and may not include smaller spaces with different expiration dates. With respect to Loan No. 6, Gateway I & II, the Largest Tenant, New York State Chapter of The Arc (“NYSARC”), leases 13,133 square feet of space at the Mortgaged Property scheduled to expire on October 31, 2019 and 24,151 square feet of space scheduled to expire on October 31, 2029. With respect to Loan No. 12, 580 Walnut, the 3rd Largest Tenant, Starbucks, leases 3,463 square feet of office space scheduled to expire in December 31, 2021 and 2,144 square feet of retail space scheduled to expire in April 2025. With respect to Loan No. 16, Summit Place Wisconsin, the 2nd Largest Tenant, Children’s Hospital and Health System, Inc., currently leases 132,362 square feet at the Mortgaged Property comprised of: (i) 3,290 square feet expiring in May 2019, (ii) 2,655 square feet expiring in August 2019, (iii) 31,204 square feet expiring in December 2019, (iv) 3,549 SF expiring in June 2020 and (v) 91,664 square feet expiring in July 2026. |
(22) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In some instances, a tenant may have the option to abate or reduce its rent or terminate its leased space prior to the stated lease expiration date if certain co-tenancy provisions are not satisfied. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease. |
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With respect to Loan No. 2, 350 Park Avenue, the Largest Tenant, Ziff Brothers Investments, L.L.C., currently subleases 158,847 SF (approximately 55.3% of NRA) to seven tenants pursuant to subleases which expire on March 31, 2021. With respect to Loan No. 3, Prudential Plaza, the Largest Tenant, Wilson Sporting Goods Co., has a one-time right to terminate its lease on December 31, 2026, by providing at least 15 months’ prior written notice and the payment of a termination fee equal to the unamortized leasing costs amortized at a rate of 8% per year. The 3rd Largest Tenant, Clark Hill, has a right to terminate its lease on December 31, 2026, upon at least 15 months’ prior written notice, subject to a termination fee equal to then unamortized leasing costs associated with the Clark Hill lease amortized at a rate of 8% per year. | |
With respect to Loan No. 5, Key Center Cleveland, the Largest Tenant, KeyBank National Association, has an ongoing option, beginning in July 2020, to contract its space by up to 103,000 square feet; provided that each exercise of a contraction option may not exceed 44,000 square feet, and following each exercise of a contraction option, KeyBank may not exercise another contraction option for a period of three years following such exercise. Each exercise of such termination option requires twelve-months’ notice and payment of a termination fee. In addition, the 3rd Largest Tenant, Forest City, has the one-time option to contract its space by not less than one-half and not more than one full floor on March 31, 2023 upon 12 months prior notice. The 4th Largest Tenant, Thompson Hine LLP, has the one-time option to contract its space by not more than a full floor of either (i) any single, non-contiguous floor leased by it or (ii) the highest or lowest full floor of any contiguous block of floors leased by it, which contraction may be effective, at the tenant’s option, either on October 1, 2023 or October 1, 2025. Such option is exercisable upon written notice no later than 12 months prior to the applicable contraction date, and payment of a fee equal to unamortized tenant improvement allowances and leasing commissions that were paid with respect to the contraction space. With respect to Loan No. 7, Landmark Square, the Largest Tenant, Cummings & Lockwood has the right to contract its leased space by 5,000-10,000 square feet as of April 30, 2021, with 12 months’ notice and the payment of a contraction fee. The 3rd Largest Tenant, Finn Dixon & Herling, has a one-time right to terminate 3,240 square feet of its 26,385 total square feet as of January 1, 2023 with 18 months’ written notice. The 4th Largest Tenant, Morgan Stanley Smith Barney, has a one-time right to terminate its lease as of August 23, 2019 with 12 months’ written notice and the payment of a termination fee. With respect to Loan No. 8, Dallas Design District, the 3rd Largest Tenant, David Sutherland, Inc., has the right to terminate its lease on June 1, 2018, with notice on or prior to June 1, 2017 and the payment of a termination fee. | |
With respect to Loan No. 12, 580 Walnut Street, the 3rd Largest Tenant, Starbucks, has the right to terminate the retail portion of its lease in April 2020 with at least 180 days’ notice and payment of a termination fee equal to unamortized leasing commissions and tenant improvement allowance. With respect to Loan No. 14, Summit Mall, the 3rd Largest Tenant, Gap, the 4th Largest Tenant, Express, and the 5th Largest Tenant, Versona Accessories, among other tenants, each have the right to reduce their rent and/or terminate their lease if occupancy levels decrease below certain thresholds according to their individual co-tenancy clauses. In addition, Versona Accessories has the right to terminate its lease if its adjusted gross sales (as defined in the lease) do not exceed $2,000,000 during the sixth lease year (November 1, 2017 through October 31, 2018), with 90 days’ notice and the payment of a termination fee of $400,000. With respect to Loan No. 15, Park Center Plaza I, II & III, the 3rd Largest Tenant, Travelers Indemnity Company, has the right to terminate its lease with respect to 10,081 square feet of its leased space, effective December 31, 2017 upon at least nine months’ prior notice and payment of a termination fee equal to $8.44 per square foot of surrendered space. | |
With respect to Loan No. 16, Summit Place Wisconsin, the Largest Tenant, Brookdale Senior Living, has a single termination option on April 30, 2019 which requires 12 months’ prior written notice and payment of a termination fee equal to the unamortized balance of the pro rata portion of the abated rent for the period starting January 1, 2013 through April 30, 2014, together with interest charged at 8% as well as the unamortized tenant improvements, brokerage fees and other leasing costs. In addition, Brookdale Senior Living has the one-time option to reduce its leased premises by up to 30,000 square feet at any time until January 31, 2018 upon 12 months’ prior written notice and the payment of a termination fee. The 2nd Largest Tenant, Children’s Hospital and Health System, Inc., representing approximately 19.9% of the net rentable square footage, can terminate (i) up to 15,661 square feet as of July 31, 2019, (ii) up to 42,479 |
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square feet on July 31, 2021 and (iii) up to 91,664 square feet on July 31, 2023, upon twelve months’ notice and payment of a termination fee equal to the unamortized balance of the pro-rata share of the tenant improvements. | |
With respect to Loan No. 21, Cupertino Civic Center, the 4th Largest Tenant, Shashi Group, has the right to terminate its lease effective June 30, 2018 with no less than 180 days’ written notice and payment of a termination fee of $28,795. With respect to Loan No. 22, Congressional Place, the Largest Tenant, Morgan Stanley, has the right to terminate its lease effective December 31, 2020 with 180 days’ prior written notice and payment of a termination fee of $171,660. With respect to Loan Nos. 25.02, 25.04 and 25.06, Dick’s Concord, Dick’s Bloomingdale and PetSmart Concord, the sole tenants at the mortgaged properties, Dick’s Sporting Goods and PetSmart, respectively, have the right to reduce their rent and/or terminate their leases if the individual co-tenancy provisions in their related leases are breached or violated. With respect to Loan No. 34, Continental Plaza, the 2nd Largest Tenant, Gold Star Law, PC, subleases 2,211 square feet to United American Payroll LLC. | |
(23) | In certain cases, the Principal / Carveout Guarantor name was shortened for spacing purposes. With respect to Loan No. 1, 229 West 43rd Street Retail Condo, see “Description of the Mortgage Pool—Non-Recourse Carveout Limitations.” With respect to Loan No. 2, 350 Park Avenue, there is no nonrecourse carve-out guarantor. With respect to Loan No. 4, Hilton Hawaiian Village, the aggregate liability of the Principal / Carveout Guarantor with respect to all full recourse carveouts in the loan documents may not exceed an amount equal to 10% of the principal balance of the Hilton Hawaiian Village Whole Loan outstanding at the time of the occurrence of such event, plus any and all reasonable third-party collection costs actually incurred by the lender (including reasonable attorneys’ fees and costs reasonably incurred). In addition, the Principal / Carveout Guarantor is not a party to the environmental indemnity, and the borrowers are the sole parties liable for any breaches or violations of the indemnity. In lieu of the Principal / Carveout Guarantor signing the indemnity, the borrowers were required to obtain an environmental insurance policy in accordance with the loan documents. With respect to Loan No. 8, Dallas Design District, the aggregate liability of one of the Principal / Carve-out Guarantor, Donald Engle, with respect to all nonrecourse carve-out provisions in the loan documents is limited to only breaches or violations of the nonrecourse carve-outs related to the tenant-in-common borrower owned by such Principal / Carve-out Guarantor, and Donald Engle is not a party to the environmental indemnity. The other Principal / Carve-out Guarantor, William L. Hutchinson, has signed the environmental indemnity and is responsible for any violation or breach of the nonrecourse carve-out provisions. |
With respect to Loan No. 9, Moffett Gateway, the borrower is permitted to obtain the release of Joseph K. Paul and Jay Paul Revocable Living Trust Dated November 9, 1999, as Amended and Restated on March 19, 2010, on certain terms and conditions in the loan documents, which include, without limitation (i) no event of default has occurred and is then continuing, (ii) such release is permitted by then applicable REMIC requirements and (iii) Paul Guarantor LLC has a net worth of not less than $300,000,000 and liquidity of not less than $20,000,000. With respect to Loan No. 14, Summit Mall, the obligations and liabilities of the Principal / Carveout Guarantor are capped at $17,000,000 under the nonrecourse carveout guaranty, plus all reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) incurred by the lender in the enforcement of the guaranty or the preservations of the lender’s rights under the guaranty. | |
With respect to Loan No. 23, Trabuco Hills, there is a guarantor related to each tenant-in-common borrower. National Credit Tenant Investments, LLC (“NCTI Guarantor”) is the guarantor with respect to any acts by the NCTI Guarantor, the Pacific Trabuco Power Center II, LLC borrower, or any affiliate of the foregoing and any mezzanine loan borrower. Matthew Jung-Yu Chou (“Chou Guarantor”) is the guarantor with respect to all acts of either tenant-in-common borrower, except that with respect to bankruptcy related full recourse carveouts, the Chou Guarantor is liable only for the acts of the Pacific Castle Properties II, LLC borrower or an affiliate thereof and any related mezzanine loan borrower. |
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With respect to Loan No. 25, Dick’s Sporting Goods Portfolio, the Principal / Carveout Guarantor will not have liability under the environmental indemnity to the extent the borrower maintains an environmental insurance policy in accordance with the loan documents. | |
(24) | The classification of the lockbox and cash management types is described in the preliminary prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details. |
(25) | With respect to Loan No. 5, Key Center Cleveland, the Key Center Cleveland Whole Loan will be serviced pursuant to the JPMDB 2017-C5 Pooling and Servicing Agreement until such time that the controlling pari passu companion loan is securitized, at which point the Key Center Cleveland Whole Loan will be serviced under the related pooling and servicing agreement. The initial controlling noteholder is CGMRC, or an affiliate, as holder of the related controlling pari passu companion loan. With respect to Loan No. 10, Uovo Art Storage, the Uovo Art Storage Whole Loan will be serviced under the JPMDB 2017-C5 Pooling and Servicing Agreement until such time that the controlling pari passu companion loan is securitized, at which point the Uovo Art Storage Whole Loan will be serviced under the related pooling and servicing agreement. The initial controlling noteholder is DBNY, or an affiliate, as holder of the related controlling pari passu companion loan. |
(26) | Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Debt—Mezzanine Indebtedness,” “—Future Mezzanine Debt” and “—Preferred Equity” and “Certain Legal Aspects of the Mortgage Loans” in the preliminary prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future. With respect to Loan No. 14, Summit Mall, the loan documents permit the borrower to enter into a Property Assessed Clean Energy (PACE) loan that is repaid through multi-year assessments against the mortgaged property in an amount not to exceed $5,000,000, subject to the lender’s consent (which may not be unreasonably withheld, conditioned or delayed) and delivery of a rating agency confirmation. |
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