| With respect to Loan No. 11, 900 & 990 Stewart Avenue, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “Hypothetical Value With PILOT Extended and Assuming Reserve” appraised values of the two individual parcels comprising the mortgaged property as of May 2, 2019, in the aggregate amount of $121,400,000. The Hypothetical Value With PILOT Extended and Assuming Reserve appraised value assumes that (i) the borrower deposited $8.0 million into a reserve for future tenant improvements, leasing commissions and capital expenditures, which were reserved at origination and (ii) the related PILOT programs are extended beyond its current expiration date (as further described in footnote 16 below). At loan closing, such amounts were reserved accordingly. Based on the “As-Is” appraised value of $101,900,000 as of May 2, 2019, the Current LTV % and Maturity LTV % are equal to 82.4% and 82.4%, respectively. With respect to Loan No. 12, Hilton Cincinnati Netherland Plaza, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “Hypothetical As-Is” appraised value of $105,500,000, which assumes that approximately $1.5 million of PIP work has been completed. At loan origination, the borrower reserved $1,687,534, representing approximately 110.0% of the estimated cost of the remaining PIP work. Based on the “As-Is” appraised value of $104,000,000 as of August 22, 2019, the Current LTV % and Maturity LTV % are 69.7% and 64.6%, respectively. With respect to Loan No. 20, 230 Park Avenue South, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “Hypothetical Market Value As Stabilized Today” appraised value as of July 24, 2019, which assumes that that all outstanding free rent, tenant improvements and leasing commissions have been completed at the mortgaged property. At origination, approximately 34,263,578.42 was reserved for all outstanding free rent and 75% of tenant improvements and leasing commissions. The remaining outstanding tenant improvements and leasing commissions are fully guaranteed by the guarantor. Based on the “As-Is” appraised value of $415,000,000 as of July 24, 2019, the Current LTV % and Maturity LTV % are both 60.2%. With respect to Loan No. 21, Villas on Nueces, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “As Complete” value of $56,900,000 as of September 2, 2019, which includes Furniture, Fixtures and Equipment, deemed to have a contributory value of $1,107,000 and is an integral part of the subject student housing operation. The property was fully constructed and delivered in September 2019. Based on the “as-is” appraised value of $55,100,000 as of July 2, 2019, the Current LTV % and Maturity LTV % are both equal to 54.4%. |
| With respect to Loan No. 24, Florham Park Corporate Center, the Current LTV % and Maturity LTV % are calculated based on the “As-Stabilized” Appraised Value ($) of $37,200,000 as of September 1, 2020 which assumes the market participant attitude and perceptions stay the same at the mortgaged property. On the origination date Mortgaged Loan, the borrower sponsors reserved $310,164 for an Unfunded Tenant Obligations Reserve and $164,188 for a Free Rent Reserve. The Current LTV % and Maturity LTV%, calculated based on the “As-Is” Appraised Value of $35,600,000 as of September 6, 2019, are 70.2 and 59.0% respectively. With respect to Loan No. 29, 600 & 620 National Avenue, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “Market Value As Stabilized” appraised value of $197,000,000 as of August 19, 2019, which assumes that the sole tenant at the mortgaged property, Google, has taken possession of its space and commenced paying fully unabated rent and all outstanding tenant improvements and leasing commissions have been reserved. At loan origination, such amounts were reserved accordingly. Based on the “as-is” appraised value of $185,000,000 as of August 19, 2019, the Current LTV % and Maturity LTV % are both equal to 74.5%. With respect to Loan No. 32, The Shoppes at Southside, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “As-If Escrow Funded Hypothetical Market Value As-Is” appraised value of $23,400,000 as of August 13, 2019, which assumes amounts to complete the Aspen Dental will be funded at closing in an amount of $1,500,000, which is for construction costs, the tenant improvement allowance and leasing commissions. Based on the “as-is” appraised value of $21,900,000 as of August 13, 2019, the Current LTV %and Maturity LTV % are 75.3% and 68.5%, respectively. With respect to Loan No. 35, The Shops at Merchant’s Square, the Appraised Value reflects the “As-Is Hypothetical” appraised value of $18,100,000 as of August 9, 2019, which assumes the existing tenants are paying contract lease rates with no rent abatements; the vacant space is occupied with a tenant paying market rent; there are no outstanding tenant improvements and/or leasing commissions. The “As-Is” appraised value for the mortgaged property as of August 9, 2019 is $15,125,000, which results in a Current LTV % and Maturity LTV % of 89.1% and 73.2%, respectively. With respect to Loan No. 39, Daniel - The Dinex Group, the Appraised Value ($), Current LTV % and Maturity LTV % reflect the “Market Value Subject to the Hypothetical Condition As-Leased” appraised value of $19,800,000 as of August 28, 2019, which assumes that (i) the mortgaged property is leased to a related party, 65th Street |