FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-226123-11 | ||
Free Writing Prospectus dated February [28], 2021
The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-226123) 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 (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com.
The information in this file (the “File”) is an electronic copy of the information set forth in the Annex 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in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.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 | |||||||||
Loan # | Seller(1) | Property Name | Street Address | City | State | Zip Code | County | Properties | Type(2) | Subtype | Year Built |
1 | JPMCB | 410 Tenth Avenue | 410 Tenth Avenue | New York | NY | 10001 | New York | 1 | Office | CBD | 1927 |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | Various | Las Vegas | NV | Various | Clark | 2 | Hotel | Full Service | Various |
2.01 | CREFI/GACC | MGM Grand | 3799 South Las Vegas Boulevard | Las Vegas | NV | 89109 | Clark | 1 | Hotel | Full Service | 1993 |
2.02 | CREFI/GACC | Mandalay Bay | 3950 South Las Vegas Boulevard | Las Vegas | NV | 89119 | Clark | 1 | Hotel | Full Service | 1999 |
3 | GSMC | Phillips Point | 777 South Flagler Drive | West Palm Beach | FL | 33401 | Palm Beach | 1 | Office | CBD | 1985, 1988 |
4 | CREFI | 141 Livingston | 141 Livingston Street | Brooklyn | NY | 11201 | Kings | 1 | Office | CBD | 1959 |
5 | JPMCB | Pittock Block | 921 Southwest Washington Street | Portland | OR | 97205 | Multnomah | 1 | Mixed Use | Office/Retail/Data Center | 1913 |
6 | CREFI/JPMCB | The Galleria Office Towers | Various | Houston | TX | 77056 | Harris | 3 | Office | CBD | Various |
6.01 | CREFI/JPMCB | Galleria Tower I | 2700 Post Oak Boulevard | Houston | TX | 77056 | Harris | 1 | Office | CBD | 1974 |
6.02 | CREFI/JPMCB | Galleria Tower II | 5051 Westheimer Road | Houston | TX | 77056 | Harris | 1 | Office | CBD | 1970 |
6.03 | CREFI/JPMCB | Galleria Financial Center | 5065-5075 Westheimer Road | Houston | TX | 77056 | Harris | 1 | Office | CBD | 1977 |
7 | GSMC | U.S. Industrial Portfolio VI | Various | Various | Various | Various | Various | 10 | Industrial | Various | Various |
7.01 | GSMC | True Value | 308 South Division Street | Harvard | IL | 60033 | McHenry | 1 | Industrial | Warehouse/Distribution | 1942 |
7.02 | GSMC | Belnick | 4350 Ball Ground Highway | Canton | GA | 30114 | Cherokee | 1 | Industrial | Warehouse/Distribution | 1999 |
7.03 | GSMC | Tufco - 3161 South Ridge Road | 3161 South Ridge Road | Ashwaubenon | WI | 54304 | Brown | 1 | Industrial | Manufacturing | 1978 |
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 109 Maplewood Drive | Hazle Township | PA | 18202 | Luzerne | 1 | Industrial | Manufacturing | 1987, 1997, 2001 |
7.05 | GSMC | Total Logistics | 2900 Granada Lane North | Oakdale | MN | 55128 | Washington | 1 | Industrial | Warehouse | 1994 |
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 2441 East Glendale Avenue | Appleton | WI | 54911 | Outagamie | 1 | Industrial | Manufacturing | 1978 |
7.07 | GSMC | Amaray | 1300 West Park Road | Elizabethtown | KY | 42701 | Hardin | 1 | Industrial | Manufacturing | 1975 |
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 2430 East Glendale Avenue | Appleton | WI | 54911 | Outagamie | 1 | Industrial | Manufacturing | 1968, 1974, 1995, 1997 |
7.09 | GSMC | Tufco - 1205 Burris Road | 1205 Burris Road | Newton | NC | 28658 | Catawba | 1 | Industrial | Warehouse | 1971 |
7.10 | GSMC | Tufco - 1055 Parkview Road | 1055 Parkview Road | Ashwaubenon | WI | 54304 | Brown | 1 | Industrial | Manufacturing | 1983 |
8 | CREFI | Boca Office Portfolio | Various | Boca Raton | FL | 33433 | Palm Beach | 4 | Mixed Use | Office/Retail | Various |
8.01 | CREFI | Boardwalk @ 18th | 6909 Southwest 18th Street | Boca Raton | FL | 33433 | Palm Beach | 1 | Mixed Use | Office/Retail | 1986 |
8.02 | CREFI | Fountains Center | 7000-7700 West Camino Real | Boca Raton | FL | 33433 | Palm Beach | 1 | Mixed Use | Office/Retail | 1983 |
8.03 | CREFI | City National Park | 7000 Palmetto Park Road and 22125 Powerline Road | Boca Raton | FL | 33433 | Palm Beach | 1 | Mixed Use | Office/Retail | 1986, 1991, 1998 |
8.04 | CREFI | Grove Centre | 21301 Powerline Road | Boca Raton | FL | 33433 | Palm Beach | 1 | Mixed Use | Office/Retail | 1983 |
9 | CREFI | Gestamp Automocion SLB | 3063 Hickory Valley Road | Chattanooga | TN | 37421 | Hamilton | 1 | Industrial | Manufacturing | 2014 |
10 | JPMCB | 30 Hudson Yards 67 | 500 West 33rd Street | New York | NY | 10001 | New York | 1 | Office | CBD | 2019 |
11 | GSMC | Dawson Marketplace | GA-400 & Dawson Forest Road East | Dawsonville | GA | 30534 | Dawson | 1 | Retail | Anchored | 2017-2020 |
12 | GACC | 8670 Wilshire | 8670 Wilshire Boulevard | Beverly Hills | CA | 90211 | Los Angeles | 1 | Office | Medical | 1986 |
13 | GSMC | JW Marriott Nashville | 201 8th Avenue South | Nashville | TN | 37203 | Davidson | 1 | Hotel | Full Service | 2018 |
14 | CREFI | Morgan Stanley Tower | 150 2nd Avenue North | Saint Petersburg | FL | 33701 | Pinellas | 1 | Office | CBD | 1985 |
15 | JPMCB | The Village at Meridian | 1600-2300 North Eagle Road | Meridian | ID | 83642 | Ada | 1 | Retail | Anchored | 2012 |
16 | GSMC | Millennium Corporate Park | 18200-18700 Northeast Union Hill Road | Redmond | WA | 98052 | King | 1 | Office | Suburban | 1999-2000, 2014 |
17 | GSMC | 711 Fifth Avenue | 711 5th Avenue | New York | NY | 10022 | New York | 1 | Mixed Use | Office/Retail | 1927 |
18 | JPMCB | Oakland Commons I&II | 20700 & 20750 Civic Center Drive | Southfield | MI | 48076 | Oakland | 1 | Office | Suburban | 1999 |
19 | GACC | Orlando Technology Park | 100, 200, 250, 255 & 525 Technology Parkway | Lake Mary | FL | 32746 | Seminole | 1 | Office | Flex | 1986, 1998, 1999 |
20 | GACC | Woodbury Crossing Phase II | 530 Greenwood Drive Southwest | Olympia | WA | 98502 | Thurston | 1 | Multifamily | Garden | 2019-2020 |
21 | CREFI | Advanced Energy | 2424 Midpoint Drive and 1625 Sharp Point Drive | Fort Collins | CO | 80525 | Larimer | 1 | Industrial | R&D/Flex | 1987, 2000 |
22 | CREFI | Value Store It Miami | 5900 Northwest 102nd Avenue | Doral | FL | 33178 | Miami-Dade | 1 | Self Storage | Self Storage | 2010 |
23 | GSMC | Willoughby Commons | 36363 Euclid Avenue | Willoughby | OH | 44094 | Lake | 1 | Retail | Power Center | 1997-2000 |
24 | JPMCB | Camellia Trace | 100 Trace Drive | Jackson | TN | 38305 | Madison | 1 | Multifamily | Garden | 2002 |
25 | GACC | Dollar General Portfolio | Various | Various | Various | Various | Various | 15 | Retail | Freestanding | Various |
25.01 | GACC | Robinsonville | 13060 Highway 61 North | Robinsonville | MS | 38664 | Tunica | 1 | Retail | Freestanding | 2020 |
25.02 | GACC | Saint Mary’s | 5056 South Pleasants Highway | Belmont | WV | 26170 | Pleasants | 1 | Retail | Freestanding | 2020 |
25.03 | GACC | Alexandria (Carlos) | 4480 County Road 13 Northeast | Carlos | MN | 56319 | Douglas | 1 | Retail | Freestanding | 2020 |
25.04 | GACC | St. Martinville | 4009 Catahoula Highway | Saint Martinville | LA | 70582 | Saint Martin | 1 | Retail | Freestanding | 2020 |
25.05 | GACC | Fife Lake | 6950 U.S. 131 | Fife Lake | MI | 49633 | Grand Traverse | 1 | Retail | Freestanding | 2020 |
25.06 | GACC | Waubun | 3185 U.S. 59 | Waubun | MN | 56589 | Mahnomen | 1 | Retail | Freestanding | 2020 |
25.07 | GACC | Lake Village | 612 U.S. 65 | Lake Village | AR | 71653 | Chicot | 1 | Retail | Freestanding | 2020 |
25.08 | GACC | New Era | 4121 South Oceana Drive | New Era | MI | 49446 | Oceana | 1 | Retail | Freestanding | 2020 |
25.09 | GACC | Mooers | 2593 U.S. 11 | Mooers | NY | 12958 | Clinton | 1 | Retail | Freestanding | 2020 |
25.10 | GACC | Hinckley | 304 Fire Monument Road | Hinckley | MN | 55037 | Pine | 1 | Retail | Freestanding | 2020 |
25.11 | GACC | Center | 308 Lignite Avenue | Center | ND | 58530 | Oliver | 1 | Retail | Freestanding | 2020 |
25.12 | GACC | Lepanto | 330 West Broad Street | Lepanto | AR | 72354 | Poinsett | 1 | Retail | Freestanding | 2020 |
25.13 | GACC | Edgemont | 11116 U.S. 18 | Edgemont | SD | 57735 | Fall River | 1 | Retail | Freestanding | 2019 |
25.14 | GACC | Louisa | 31 Spankem Branch Road | Louisa | KY | 41230 | Lawrence | 1 | Retail | Freestanding | 2019 |
25.15 | GACC | Prue | 11152 New Prue Road | Prue | OK | 74054 | Osage | 1 | Retail | Freestanding | 2020 |
26 | CREFI | 9633 Westheimer Road | 9633 Westheimer Road | Houston | TX | 77063 | Harris | 1 | Mixed Use | Self Storage/Retail | 1973 |
27 | CREFI | 46-50 East 167th Street | 46-50 East 167th Street | Bronx | NY | 10452 | Bronx | 1 | Retail | Anchored | 1931 |
28 | CREFI | Bridgeport Distribution Center | 5425 Dixie Highway | Bridgeport | MI | 48601 | Saginaw | 1 | Industrial | Warehouse/Distribution | 1974 |
29 | CREFI | 303 3rd Street | 303 3rd Street | Huntington Beach | CA | 92648 | Orange | 1 | Mixed Use | Office/Retail | 1996 |
30 | CREFI | 5501 New Utrecht Avenue | 5501 New Utrecht Avenue | Brooklyn | NY | 11219 | Kings | 1 | Office | CBD | 2020 |
31 | CREFI | Hamden Self Storage | 1315 Dixwell Avenue | Hamden | CT | 06514 | New Haven | 1 | Mixed Use | Self Storage/Retail | 2002 |
A-1-1 |
ANNEX A-1
Number of | Property | Property | |||||||||
Loan # | Seller(1) | Property Name | Street Address | City | State | Zip Code | County | Properties | Type(2) | Subtype | Year Built |
32 | JPMCB | Bristol Park | 1141 Glen Iris Drive | Fayetteville | NC | 28314 | Cumberland | 1 | Multifamily | Garden | 2009 |
33 | GACC | 6450 Industrial | 6450 Technology Drive | Salem | VA | 24153 | Roanoke | 1 | Industrial | Warehouse/Distribution | 1997 |
34 | CREFI | 651 Bushwick Avenue | 651 Bushwick Avenue | Brooklyn | NY | 11221 | Kings | 1 | Mixed Use | Multifamily/Office/Retail | 2019 |
35 | GSMC | Grocery Outlet Truckee | 11213 Donner Pass Road | Truckee | CA | 96161 | Nevada | 1 | Mixed Use | Retail/Multifamily | 2020 |
36 | JPMCB | Holiday Inn Philadelphia South | 1 Pureland Drive | Swedesboro | NJ | 08085 | Gloucester | 1 | Hotel | Full Service | 1987 |
37 | CREFI | CVS Valley Stream | 44 North Central Avenue | Valley Stream | NY | 11580 | Nassau | 1 | Retail | Single Tenant | 1990 |
38 | CREFI | Deschutes Business Center | 20370 Empire Avenue | Bend | OR | 97703 | Deschutes | 1 | Industrial | Flex | 1981 |
39 | CREFI | The Cove Storage Portfolio | Various | Various | AL | Various | Madison | 3 | Self Storage | Self Storage | Various |
39.01 | CREFI | James Road | 485 James Road | Owens Cross Roads | AL | 35763 | Madison | 1 | Self Storage | Self Storage | 2006 |
39.02 | CREFI | Green Cove Road | 1610 Green Cove Road Southeast | Huntsville | AL | 35803 | Madison | 1 | Self Storage | Self Storage | 1997 |
39.03 | CREFI | Taylor Lane | 111 Taylor Lane | Owens Cross Roads | AL | 35763 | Madison | 1 | Self Storage | Self Storage | 2006 |
40 | CREFI | Scotsman Self Storage | 1956 Quality Boulevard | Huntsville | TX | 77320 | Walker | 1 | Self Storage | Self Storage | 2001, 2003 |
A-1-2 |
ANNEX A-1
Original | |||||||||||||
Year | Unit of | Occupancy | Appraised | Appraisal | Current | Original | Balance | Current | |||||
Loan # | Seller(1) | Property Name | Renovated | Units(3) | Measure | Occupancy %(4) | Date | Value ($)(5) | Date | LTV %(5) | Balance ($)(6)(7) | per Unit ($) | Balance ($)(6)(7) |
1 | JPMCB | 410 Tenth Avenue | 2020 | 631,944 | Square Feet | 99.2% | 12/16/20 | 955,000,000 | 12/01/20 | 39.8% | 80,000,000 | 601 | 80,000,000 |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 9,748 | Rooms | 71.4% | 09/30/20 | 4,600,000,000 | 01/10/20 | 35.5% | 79,985,667 | 167,645 | 79,985,667 | |
2.01 | CREFI/GACC | MGM Grand | 4,998 | Rooms | 68.5% | 09/30/20 | 2,505,000,000 | 01/10/20 | 43,592,189 | 43,592,189 | |||
2.02 | CREFI/GACC | Mandalay Bay | 4,750 | Rooms | 74.8% | 09/30/20 | 2,095,000,000 | 01/10/20 | 36,393,478 | 36,393,478 | |||
3 | GSMC | Phillips Point | 2018-2020 | 448,885 | Square Feet | 90.5% | 12/01/20 | 289,000,000 | 12/15/20 | 68.7% | 75,000,000 | 442 | 75,000,000 |
4 | CREFI | 141 Livingston | 2015 | 213,745 | Square Feet | 100.0% | 02/01/21 | 182,300,000 | 02/01/21 | 54.9% | 75,000,000 | 468 | 75,000,000 |
5 | JPMCB | Pittock Block | 2001 | 297,698 | Square Feet | 71.4% | 12/21/20 | 329,000,000 | 12/07/20 | 42.9% | 66,000,000 | 474 | 66,000,000 |
6 | CREFI/JPMCB | The Galleria Office Towers | Various | 1,067,672 | Square Feet | 68.1% | 01/20/21 | 185,000,000 | 01/06/21 | 48.6% | 65,000,000 | 84 | 65,000,000 |
6.01 | CREFI/JPMCB | Galleria Tower I | 2002, 2020 | 493,695 | Square Feet | 78.1% | 01/20/21 | 85,544,600 | 01/06/21 | 30,056,211 | 30,056,211 | ||
6.02 | CREFI/JPMCB | Galleria Tower II | 1992, 2005, 2020 | 320,687 | Square Feet | 68.1% | 01/20/21 | 55,566,781 | 01/06/21 | 19,523,464 | 19,523,464 | ||
6.03 | CREFI/JPMCB | Galleria Financial Center | 2020 | 253,290 | Square Feet | 48.7% | 01/20/21 | 43,888,619 | 01/06/21 | 15,420,326 | 15,420,326 | ||
7 | GSMC | U.S. Industrial Portfolio VI | Various | 2,981,955 | Square Feet | 95.9% | 02/01/21 | 136,500,000 | Various | 59.3% | 60,000,000 | 27 | 60,000,000 |
7.01 | GSMC | True Value | 1982 | 1,331,727 | Square Feet | 100.0% | 02/01/21 | 36,100,000 | 01/06/21 | 16,044,444 | 16,044,444 | ||
7.02 | GSMC | Belnick | 2011 | 477,152 | Square Feet | 100.0% | 02/01/21 | 28,900,000 | 01/05/21 | 12,844,444 | 12,844,444 | ||
7.03 | GSMC | Tufco - 3161 South Ridge Road | 226,900 | Square Feet | 100.0% | 02/01/21 | 14,900,000 | 12/28/20 | 6,622,222 | 6,622,222 | |||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 205,320 | Square Feet | 100.0% | 02/01/21 | 12,920,000 | 12/29/20 | 5,742,222 | 5,742,222 | |||
7.05 | GSMC | Total Logistics | 2008 | 86,460 | Square Feet | 100.0% | 02/01/21 | 10,800,000 | 12/21/20 | 4,747,407 | 4,747,407 | ||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 2002 | 172,261 | Square Feet | 100.0% | 02/01/21 | 9,440,000 | 12/28/20 | 4,149,630 | 4,149,630 | ||
7.07 | GSMC | Amaray | 194,519 | Square Feet | 100.0% | 02/01/21 | 9,200,000 | 12/30/20 | 4,043,704 | 4,043,704 | |||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 122,500 | Square Feet | 100.0% | 02/01/21 | 6,720,000 | 12/28/20 | 2,954,074 | 2,954,074 | |||
7.09 | GSMC | Tufco - 1205 Burris Road | 121,096 | Square Feet | 0.0% | 02/01/21 | 4,650,000 | 12/23/20 | 1,576,296 | 1,576,296 | |||
7.10 | GSMC | Tufco - 1055 Parkview Road | 44,020 | Square Feet | 100.0% | 02/01/21 | 2,870,000 | 12/28/20 | 1,275,556 | 1,275,556 | |||
8 | CREFI | Boca Office Portfolio | Various | 514,527 | Square Feet | 90.4% | 01/23/21 | 155,900,000 | 11/13/20 | 63.5% | 50,000,000 | 192 | 50,000,000 |
8.01 | CREFI | Boardwalk @ 18th | 2017 | 132,132 | Square Feet | 91.8% | 01/23/21 | 49,500,000 | 10/22/20 | 15,151,515 | 15,151,515 | ||
8.02 | CREFI | Fountains Center | 188,666 | Square Feet | 84.5% | 01/23/21 | 44,500,000 | 11/13/20 | 14,393,939 | 14,393,939 | |||
8.03 | CREFI | City National Park | 132,207 | Square Feet | 97.4% | 01/23/21 | 39,200,000 | 11/13/20 | 14,393,939 | 14,393,939 | |||
8.04 | CREFI | Grove Centre | 2017 | 61,522 | Square Feet | 90.8% | 01/23/21 | 17,500,000 | 10/22/20 | 6,060,606 | 6,060,606 | ||
9 | CREFI | Gestamp Automocion SLB | 637,750 | Square Feet | 100.0% | 03/06/21 | 78,900,000 | 02/01/21 | 62.7% | 49,500,000 | 78 | 49,500,000 | |
10 | JPMCB | 30 Hudson Yards 67 | 44,954 | Square Feet | 100.0% | 03/07/21 | 110,000,000 | 02/01/21 | 64.5% | 45,000,000 | 1,579 | 45,000,000 | |
11 | GSMC | Dawson Marketplace | 352,418 | Square Feet | 97.3% | 12/31/20 | 68,000,000 | 11/17/19 | 55.4% | 43,800,000 | 124 | 43,800,000 | |
12 | GACC | 8670 Wilshire | 2002 | 50,520 | Square Feet | 100.0% | 02/21/21 | 70,400,000 | 01/04/21 | 60.4% | 42,500,000 | 841 | 42,500,000 |
13 | GSMC | JW Marriott Nashville | 533 | Rooms | 44.1% | 09/30/20 | 301,000,000 | 11/10/20 | 61.5% | 35,000,000 | 347,092 | 35,000,000 | |
14 | CREFI | Morgan Stanley Tower | 2015 | 187,694 | Square Feet | 94.7% | 12/15/20 | 54,100,000 | 12/16/20 | 62.8% | 34,000,000 | 181 | 34,000,000 |
15 | JPMCB | The Village at Meridian | 841,927 | Square Feet | 79.3% | 10/01/20 | 197,000,000 | 10/06/20 | 33.5% | 30,995,000 | 78 | 30,995,000 | |
16 | GSMC | Millennium Corporate Park | 537,046 | Square Feet | 100.0% | 10/01/20 | 216,700,000 | 11/18/20 | 60.9% | 27,000,000 | 246 | 27,000,000 | |
17 | GSMC | 711 Fifth Avenue | 2013-2019 | 340,024 | Square Feet | 76.5% | 01/31/20 | 1,000,000,000 | 01/23/20 | 54.5% | 26,500,000 | 1,603 | 26,500,000 |
18 | JPMCB | Oakland Commons I&II | 315,839 | Square Feet | 77.7% | 01/18/21 | 34,900,000 | 02/01/21 | 69.6% | 24,300,000 | 77 | 24,300,000 | |
19 | GACC | Orlando Technology Park | 2015-2020 | 297,386 | Square Feet | 86.9% | 11/30/20 | 35,000,000 | 01/19/21 | 69.0% | 24,150,000 | 81 | 24,150,000 |
20 | GACC | Woodbury Crossing Phase II | 90 | Units | 95.6% | 01/31/21 | 32,800,000 | 12/18/20 | 62.1% | 20,380,000 | 226,444 | 20,380,000 | |
21 | CREFI | Advanced Energy | 1994, 2015 | 115,627 | Square Feet | 100.0% | 03/06/21 | 30,650,000 | 12/10/20 | 60.0% | 18,390,000 | 159 | 18,390,000 |
22 | CREFI | Value Store It Miami | 2017 | 119,850 | Square Feet | 93.1% | 01/11/21 | 27,200,000 | 01/08/21 | 62.5% | 17,000,000 | 142 | 17,000,000 |
23 | GSMC | Willoughby Commons | 351,581 | Square Feet | 98.9% | 09/30/20 | 51,700,000 | 11/22/19 | 71.5% | 16,950,000 | 105 | 16,950,000 | |
24 | JPMCB | Camellia Trace | 212 | Units | 99.1% | 02/02/21 | 24,700,000 | 01/06/21 | 63.4% | 15,655,000 | 73,844 | 15,655,000 | |
25 | GACC | Dollar General Portfolio | 139,012 | Square Feet | 100.0% | 03/06/21 | 21,320,000 | 01/19/21 | 65.0% | 13,850,000 | 100 | 13,850,000 | |
25.01 | GACC | Robinsonville | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,720,000 | 01/12/21 | 1,126,069 | 1,126,069 | |||
25.02 | GACC | Saint Mary’s | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,540,000 | 01/13/21 | 1,008,225 | 1,008,225 | |||
25.03 | GACC | Alexandria (Carlos) | 9,002 | Square Feet | 100.0% | 03/06/21 | 1,520,000 | 01/03/21 | 995,131 | 995,131 | |||
25.04 | GACC | St. Martinville | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,440,000 | 01/13/21 | 942,756 | 942,756 | |||
25.05 | GACC | Fife Lake | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,430,000 | 01/13/21 | 936,209 | 936,209 | |||
25.06 | GACC | Waubun | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,420,000 | 01/12/21 | 929,662 | 929,662 | |||
25.07 | GACC | Lake Village | 10,566 | Square Feet | 100.0% | 03/06/21 | 1,410,000 | 01/13/21 | 923,115 | 923,115 | |||
25.08 | GACC | New Era | 9,026 | Square Feet | 100.0% | 03/06/21 | 1,400,000 | 01/13/21 | 916,568 | 916,568 | |||
25.09 | GACC | Mooers | 9,026 | Square Feet | 100.0% | 03/06/21 | 1,380,000 | 01/12/21 | 903,474 | 903,474 | |||
25.10 | GACC | Hinckley | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,370,000 | 01/12/21 | 896,927 | 896,927 | |||
25.11 | GACC | Center | 9,026 | Square Feet | 100.0% | 03/06/21 | 1,370,000 | 01/12/21 | 896,927 | 896,927 | |||
25.12 | GACC | Lepanto | 10,640 | Square Feet | 100.0% | 03/06/21 | 1,350,000 | 01/11/21 | 883,834 | 883,834 | |||
25.13 | GACC | Edgemont | 9,000 | Square Feet | 100.0% | 03/06/21 | 1,320,000 | 01/13/21 | 867,466 | 867,466 | |||
25.14 | GACC | Louisa | 9,100 | Square Feet | 100.0% | 03/06/21 | 1,290,000 | 01/12/21 | 844,552 | 844,552 | |||
25.15 | GACC | Prue | 9,026 | Square Feet | 100.0% | 03/06/21 | 1,190,000 | 01/03/21 | 779,083 | 779,083 | |||
26 | CREFI | 9633 Westheimer Road | 2021 | 82,000 | Square Feet | 100.0% | 02/01/21 | 21,890,000 | 01/21/21 | 62.5% | 13,681,250 | 167 | 13,681,250 |
27 | CREFI | 46-50 East 167th Street | 26,500 | Square Feet | 100.0% | 11/01/20 | 20,900,000 | 12/21/20 | 65.0% | 13,585,000 | 513 | 13,585,000 | |
28 | CREFI | Bridgeport Distribution Center | 1994 | 610,808 | Square Feet | 100.0% | 09/30/20 | 16,800,000 | 01/25/21 | 69.6% | 11,700,000 | 19 | 11,700,000 |
29 | CREFI | 303 3rd Street | 2018-2019 | 15,095 | Square Feet | 100.0% | 02/01/21 | 18,050,000 | 12/31/20 | 52.6% | 9,500,000 | 629 | 9,500,000 |
30 | CREFI | 5501 New Utrecht Avenue | 21,152 | Square Feet | 100.0% | 11/01/20 | 16,600,000 | 11/04/20 | 57.2% | 9,500,000 | 449 | 9,500,000 | |
31 | CREFI | Hamden Self Storage | 113,115 | Square Feet | 95.3% | 02/04/21 | 15,300,000 | 12/07/20 | 57.2% | 9,500,000 | 84 | 9,500,000 |
A-1-3 |
ANNEX A-1
Original | |||||||||||||
Year | Unit of | Occupancy | Appraised | Appraisal | Current | Original | Balance | Current | |||||
Loan # | Seller(1) | Property Name | Renovated | Units(3) | Measure | Occupancy %(4) | Date | Value ($)(5) | Date | LTV %(5) | Balance ($)(6)(7) | per Unit ($) | Balance ($)(6)(7) |
32 | JPMCB | Bristol Park | 112 | Units | 94.6% | 02/02/21 | 13,000,000 | 12/29/20 | 65.5% | 8,515,000 | 76,027 | 8,515,000 | |
33 | GACC | 6450 Industrial | 2018 | 283,000 | Square Feet | 100.0% | 03/06/21 | 12,850,000 | 12/21/20 | 59.5% | 7,650,000 | 27 | 7,650,000 |
34 | CREFI | 651 Bushwick Avenue | 20 | Rooms | 100.0% | 02/01/21 | 12,400,000 | 01/04/21 | 56.5% | 7,000,000 | 350,000 | 7,000,000 | |
35 | GSMC | Grocery Outlet Truckee | 18,021 | Square Feet | 100.0% | 02/18/21 | 13,200,000 | 01/23/21 | 50.0% | 6,600,000 | 366 | 6,600,000 | |
36 | JPMCB | Holiday Inn Philadelphia South | 2019 | 161 | Rooms | 44.8% | 01/31/21 | 10,000,000 | 09/01/18 | 62.9% | 6,500,000 | 40,373 | 6,287,797 |
37 | CREFI | CVS Valley Stream | 11,352 | Square Feet | 100.0% | 03/06/21 | 10,200,000 | 12/29/20 | 60.6% | 6,180,000 | 544 | 6,180,000 | |
38 | CREFI | Deschutes Business Center | 53,874 | Square Feet | 88.7% | 01/25/21 | 9,500,000 | 12/08/20 | 57.9% | 5,500,000 | 102 | 5,500,000 | |
39 | CREFI | The Cove Storage Portfolio | 110,850 | Square Feet | 98.2% | 11/30/20 | 7,800,000 | 12/09/20 | 65.3% | 5,090,000 | 46 | 5,090,000 | |
39.01 | CREFI | James Road | 50,450 | Square Feet | 97.5% | 11/30/20 | 2,900,000 | 12/09/20 | 2,165,000 | 2,165,000 | |||
39.02 | CREFI | Green Cove Road | 37,000 | Square Feet | 98.6% | 11/30/20 | 3,000,000 | 12/09/20 | 1,920,000 | 1,920,000 | |||
39.03 | CREFI | Taylor Lane | 23,400 | Square Feet | 99.1% | 11/30/20 | 1,900,000 | 12/09/20 | 1,005,000 | 1,005,000 | |||
40 | CREFI | Scotsman Self Storage | 44,500 | Square Feet | 90.6% | 11/30/20 | 4,400,000 | 12/03/20 | 70.1% | 3,085,200 | 69 | 3,085,200 | |
A-1-4 |
ANNEX A-1
Current | Net | |||||||||||||
Balance | % of Initial | Crossed | Related | Interest | Admin. | Mortgage | Monthly Debt | Annual Debt | First | |||||
Loan # | Seller(1) | Property Name | per Unit ($) | Pool Balance | Loan | Borrower(8) | Rate %(9) | Fee %(9) | Rate %(9) | Accrual Type | Service ($)(10)(11) | Service ($)(11) | Note Date | Payment Date |
1 | JPMCB | 410 Tenth Avenue | 601 | 6.9% | No | No | 2.59159 | 0.01230 | 2.57929 | Actual/360 | 175,172.29 | 2,102,067.48 | 12/18/20 | 02/01/21 |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 167,645 | 6.9% | No | No | 3.55800 | 0.01043 | 3.54758 | Actual/360 | 240,451.36 | 2,885,416.32 | 02/14/20 | 04/05/20 |
2.01 | CREFI/GACC | MGM Grand | 3.8% | |||||||||||
2.02 | CREFI/GACC | Mandalay Bay | 3.1% | |||||||||||
3 | GSMC | Phillips Point | 442 | 6.5% | No | No | 3.34003 | 0.01105 | 3.32898 | Actual/360 | 211,650.89 | 2,539,810.68 | 01/15/21 | 03/06/21 |
4 | CREFI | 141 Livingston | 468 | 6.5% | No | No | 3.21000 | 0.01105 | 3.19895 | Actual/360 | 203,411.46 | 2,440,937.52 | 02/18/21 | 04/06/21 |
5 | JPMCB | Pittock Block | 474 | 5.7% | No | No | 3.29940 | 0.02105 | 3.27835 | Actual/360 | 183,987.60 | 2,207,851.20 | 12/30/20 | 02/01/21 |
6 | CREFI/JPMCB | The Galleria Office Towers | 84 | 5.6% | No | No | 4.46000 | 0.01105 | 4.44895 | Actual/360 | 327,802.40 | 3,933,628.75 | 02/17/21 | 04/06/21 |
6.01 | CREFI/JPMCB | Galleria Tower I | 2.6% | |||||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | 1.7% | |||||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | 1.3% | |||||||||||
7 | GSMC | U.S. Industrial Portfolio VI | 27 | 5.2% | No | No | 3.71600 | 0.01105 | 3.70495 | Actual/360 | 188,380.56 | 2,260,566.72 | 02/08/21 | 04/06/21 |
7.01 | GSMC | True Value | 1.4% | |||||||||||
7.02 | GSMC | Belnick | 1.1% | |||||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | 0.6% | |||||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 0.5% | |||||||||||
7.05 | GSMC | Total Logistics | 0.4% | |||||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 0.4% | |||||||||||
7.07 | GSMC | Amaray | 0.3% | |||||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 0.3% | |||||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | 0.1% | |||||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | 0.1% | |||||||||||
8 | CREFI | Boca Office Portfolio | 192 | 4.3% | No | No | 4.02000 | 0.01105 | 4.00895 | Actual/360 | 169,826.39 | 2,037,916.68 | 02/17/21 | 04/06/21 |
8.01 | CREFI | Boardwalk @ 18th | 1.3% | |||||||||||
8.02 | CREFI | Fountains Center | 1.2% | |||||||||||
8.03 | CREFI | City National Park | 1.2% | |||||||||||
8.04 | CREFI | Grove Centre | 0.5% | |||||||||||
9 | CREFI | Gestamp Automocion SLB | 78 | 4.3% | No | No | 3.61000 | 0.01105 | 3.59895 | Actual/360 | 225,327.69 | 2,703,932.28 | 02/19/21 | 04/06/21 |
10 | JPMCB | 30 Hudson Yards 67 | 1,579 | 3.9% | No | No | 3.37100 | 0.01105 | 3.35995 | Actual/360 | 128,168.23 | 1,538,018.76 | 02/19/21 | 04/07/21 |
11 | GSMC | Dawson Marketplace | 124 | 3.8% | No | No | 3.55000 | 0.01105 | 3.53895 | Actual/360 | 131,374.65 | 1,576,495.80 | 02/03/20 | 03/06/20 |
12 | GACC | 8670 Wilshire | 841 | 3.7% | No | No | 3.78400 | 0.01105 | 3.77295 | Actual/360 | 135,878.01 | 1,630,536.12 | 02/19/21 | 04/06/21 |
13 | GSMC | JW Marriott Nashville | 347,092 | 3.0% | No | No | 3.13900 | 0.01105 | 3.12795 | Actual/360 | 92,825.75 | 1,113,909.00 | 03/06/20 | 04/06/20 |
14 | CREFI | Morgan Stanley Tower | 181 | 2.9% | No | No | 3.50000 | 0.01105 | 3.48895 | Actual/360 | 152,675.19 | 1,832,102.28 | 02/12/21 | 04/06/21 |
15 | JPMCB | The Village at Meridian | 78 | 2.7% | No | No | 3.49900 | 0.02105 | 3.47795 | Actual/360 | 91,631.48 | 1,099,577.76 | 01/14/21 | 03/05/21 |
16 | GSMC | Millennium Corporate Park | 246 | 2.3% | No | No | 3.03200 | 0.01105 | 3.02095 | Actual/360 | 69,167.50 | 830,010.00 | 12/17/20 | 02/06/21 |
17 | GSMC | 711 Fifth Avenue | 1,603 | 2.3% | No | No | 3.16000 | 0.01230 | 3.14770 | Actual/360 | 70,752.55 | 849,030.60 | 03/06/20 | 04/06/20 |
18 | JPMCB | Oakland Commons I&II | 77 | 2.1% | No | No | 4.21500 | 0.05980 | 4.15520 | Actual/360 | 119,044.01 | 1,428,528.12 | 02/19/21 | 04/01/21 |
19 | GACC | Orlando Technology Park | 81 | 2.1% | No | No | 3.50100 | 0.01105 | 3.48995 | Actual/360 | 108,457.77 | 1,301,493.24 | 02/24/21 | 04/06/21 |
20 | GACC | Woodbury Crossing Phase II | 226,444 | 1.8% | No | No | 4.26737 | 0.01105 | 4.25632 | Actual/360 | 73,480.75 | 881,769.00 | 02/11/21 | 04/06/21 |
21 | CREFI | Advanced Energy | 159 | 1.6% | No | No | 3.87000 | 0.01105 | 3.85895 | Actual/360 | 86,424.01 | 1,037,088.12 | 02/12/21 | 04/06/21 |
22 | CREFI | Value Store It Miami | 142 | 1.5% | No | No | 3.61000 | 0.04105 | 3.56895 | Actual/360 | 51,851.97 | 622,223.64 | 02/11/21 | 04/06/21 |
23 | GSMC | Willoughby Commons | 105 | 1.5% | No | No | 4.03800 | 0.02105 | 4.01695 | Actual/360 | 81,293.66 | 975,523.92 | 12/20/19 | 02/06/20 |
24 | JPMCB | Camellia Trace | 73,844 | 1.4% | No | Yes - Group 1 | 3.45700 | 0.04105 | 3.41595 | Actual/360 | 45,725.83 | 548,709.96 | 02/12/21 | 04/01/21 |
25 | GACC | Dollar General Portfolio | 100 | 1.2% | No | No | 3.15100 | 0.01105 | 3.13995 | Actual/360 | 36,872.90 | 442,474.80 | 02/02/21 | 03/06/21 |
25.01 | GACC | Robinsonville | 0.1% | |||||||||||
25.02 | GACC | Saint Mary’s | 0.1% | |||||||||||
25.03 | GACC | Alexandria (Carlos) | 0.1% | |||||||||||
25.04 | GACC | St. Martinville | 0.1% | |||||||||||
25.05 | GACC | Fife Lake | 0.1% | |||||||||||
25.06 | GACC | Waubun | 0.1% | |||||||||||
25.07 | GACC | Lake Village | 0.1% | |||||||||||
25.08 | GACC | New Era | 0.1% | |||||||||||
25.09 | GACC | Mooers | 0.1% | |||||||||||
25.10 | GACC | Hinckley | 0.1% | |||||||||||
25.11 | GACC | Center | 0.1% | |||||||||||
25.12 | GACC | Lepanto | 0.1% | |||||||||||
25.13 | GACC | Edgemont | 0.1% | |||||||||||
25.14 | GACC | Louisa | 0.1% | |||||||||||
25.15 | GACC | Prue | 0.1% | |||||||||||
26 | CREFI | 9633 Westheimer Road | 167 | 1.2% | No | No | 3.89000 | 0.01105 | 3.87895 | Actual/360 | 44,966.03 | 539,592.36 | 02/17/21 | 04/06/21 |
27 | CREFI | 46-50 East 167th Street | 513 | 1.2% | No | No | 3.84000 | 0.01105 | 3.82895 | Actual/360 | 44,075.78 | 528,909.36 | 02/08/21 | 04/06/21 |
28 | CREFI | Bridgeport Distribution Center | 19 | 1.0% | No | No | 3.82000 | 0.01105 | 3.80895 | Actual/360 | 54,650.30 | 655,803.60 | 02/17/21 | 04/06/21 |
29 | CREFI | 303 3rd Street | 629 | 0.8% | No | No | 3.67000 | 0.01105 | 3.65895 | Actual/360 | 29,457.70 | 353,492.40 | 02/11/21 | 04/06/21 |
30 | CREFI | 5501 New Utrecht Avenue | 449 | 0.8% | No | No | 3.78000 | 0.01105 | 3.76895 | Actual/360 | 30,340.63 | 364,087.56 | 12/18/20 | 02/06/21 |
31 | CREFI | Hamden Self Storage | 84 | 0.8% | No | No | 3.87000 | 0.01105 | 3.85895 | Actual/360 | 44,645.36 | 535,744.32 | 02/12/21 | 04/06/21 |
A-1-5 |
ANNEX A-1
Current | Net | |||||||||||||
Balance | % of Initial | Crossed | Related | Interest | Admin. | Mortgage | Monthly Debt | Annual Debt | First | |||||
Loan # | Seller(1) | Property Name | per Unit ($) | Pool Balance | Loan | Borrower(8) | Rate %(9) | Fee %(9) | Rate %(9) | Accrual Type | Service ($)(10)(11) | Service ($)(11) | Note Date | Payment Date |
32 | JPMCB | Bristol Park | 76,027 | 0.7% | No | Yes - Group 1 | 3.50700 | 0.05105 | 3.45595 | Actual/360 | 25,230.71 | 302,768.52 | 02/16/21 | 04/01/21 |
33 | GACC | 6450 Industrial | 27 | 0.7% | No | No | 4.09400 | 0.01105 | 4.08295 | Actual/360 | 36,938.05 | 443,256.60 | 02/19/21 | 04/06/21 |
34 | CREFI | 651 Bushwick Avenue | 350,000 | 0.6% | No | No | 3.92000 | 0.01105 | 3.90895 | Actual/360 | 23,184.26 | 278,211.12 | 02/12/21 | 04/06/21 |
35 | GSMC | Grocery Outlet Truckee | 366 | 0.6% | No | No | 3.84100 | 0.01105 | 3.82995 | Actual/360 | 21,418.91 | 257,026.92 | 02/19/21 | 04/06/21 |
36 | JPMCB | Holiday Inn Philadelphia South | 39,055 | 0.5% | No | No | 5.21200 | 0.01105 | 5.20095 | Actual/360 | 35,740.41 | 428,884.92 | 10/15/18 | 12/01/18 |
37 | CREFI | CVS Valley Stream | 544 | 0.5% | No | No | 4.00000 | 0.01105 | 3.98895 | Actual/360 | 20,886.11 | 250,633.32 | 02/16/21 | 04/06/21 |
38 | CREFI | Deschutes Business Center | 102 | 0.5% | No | No | 3.78000 | 0.01105 | 3.76895 | Actual/360 | 17,565.63 | 210,787.56 | 02/17/21 | 04/06/21 |
39 | CREFI | The Cove Storage Portfolio | 46 | 0.4% | No | Yes - Group 2 | 3.83000 | 0.01105 | 3.81895 | Actual/360 | 23,804.24 | 285,650.88 | 02/12/21 | 04/06/21 |
39.01 | CREFI | James Road | 0.2% | |||||||||||
39.02 | CREFI | Green Cove Road | 0.2% | |||||||||||
39.03 | CREFI | Taylor Lane | 0.1% | |||||||||||
40 | CREFI | Scotsman Self Storage | 69 | 0.3% | No | Yes - Group 2 | 3.68000 | 0.01105 | 3.66895 | Actual/360 | 14,165.77 | 169,989.24 | 01/29/21 | 03/06/21 |
A-1-6 |
ANNEX A-1
ANNEX A-1
Partial IO | Partial IO Loan | Rem. | Rem. | Payment | Grace Period | |||||
Loan # | Seller(1) | Property Name | Last IO Payment | First P&I Payment | Term | Amort | I/O Period | Seasoning | Due Date | (Late Payment)(12) |
1 | JPMCB | 410 Tenth Avenue | 82 | 0 | 84 | 2 | 1 | 0 | ||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 108 | 0 | 120 | 12 | 5 | 0 | ||
2.01 | CREFI/GACC | MGM Grand | ||||||||
2.02 | CREFI/GACC | Mandalay Bay | ||||||||
3 | GSMC | Phillips Point | 119 | 0 | 120 | 1 | 6 | 5 days grace, once per 12-month period, other than the payment due on the Maturity Date | ||
4 | CREFI | 141 Livingston | 120 | 0 | 120 | 0 | 6 | 0 | ||
5 | JPMCB | Pittock Block | 118 | 0 | 120 | 2 | 1 | 0 | ||
6 | CREFI/JPMCB | The Galleria Office Towers | 120 | 360 | 0 | 0 | 6 | 0 | ||
6.01 | CREFI/JPMCB | Galleria Tower I | ||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | ||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | ||||||||
7 | GSMC | U.S. Industrial Portfolio VI | 120 | 0 | 120 | 0 | 6 | 0 | ||
7.01 | GSMC | True Value | ||||||||
7.02 | GSMC | Belnick | ||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | ||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | ||||||||
7.05 | GSMC | Total Logistics | ||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | ||||||||
7.07 | GSMC | Amaray | ||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | ||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | ||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | ||||||||
8 | CREFI | Boca Office Portfolio | 60 | 0 | 60 | 0 | 6 | 0 | ||
8.01 | CREFI | Boardwalk @ 18th | ||||||||
8.02 | CREFI | Fountains Center | ||||||||
8.03 | CREFI | City National Park | ||||||||
8.04 | CREFI | Grove Centre | ||||||||
9 | CREFI | Gestamp Automocion SLB | 03/06/26 | 04/06/26 | 120 | 360 | 60 | 0 | 6 | 0 |
10 | JPMCB | 30 Hudson Yards 67 | 120 | 0 | 120 | 0 | 7 | 0 | ||
11 | GSMC | Dawson Marketplace | 107 | 0 | 120 | 13 | 6 | 0 | ||
12 | GACC | 8670 Wilshire | 120 | 0 | 120 | 0 | 6 | 0 | ||
13 | GSMC | JW Marriott Nashville | 108 | 0 | 120 | 12 | 6 | 0 | ||
14 | CREFI | Morgan Stanley Tower | 03/06/24 | 04/06/24 | 120 | 360 | 36 | 0 | 6 | 5 (One time only) |
15 | JPMCB | The Village at Meridian | 119 | 0 | 120 | 1 | 5 | 0 | ||
16 | GSMC | Millennium Corporate Park | 58 | 0 | 60 | 2 | 6 | 5 | ||
17 | GSMC | 711 Fifth Avenue | 108 | 0 | 120 | 12 | 6 | 0 | ||
18 | JPMCB | Oakland Commons I&II | 03/01/23 | 04/01/23 | 120 | 360 | 24 | 0 | 1 | 0 |
19 | GACC | Orlando Technology Park | 03/06/24 | 04/06/24 | 120 | 360 | 36 | 0 | 6 | 5 (Once per every 366 day period) |
20 | GACC | Woodbury Crossing Phase II | 120 | 0 | 120 | 0 | 6 | 0 | ||
21 | CREFI | Advanced Energy | 03/06/24 | 04/06/24 | 120 | 360 | 36 | 0 | 6 | 0 |
22 | CREFI | Value Store It Miami | 120 | 0 | 120 | 0 | 6 | 0 | ||
23 | GSMC | Willoughby Commons | 01/06/24 | 02/06/24 | 106 | 360 | 48 | 14 | 6 | 0 |
24 | JPMCB | Camellia Trace | 120 | 0 | 120 | 0 | 1 | 0 | ||
25 | GACC | Dollar General Portfolio | 119 | 0 | 120 | 1 | 6 | 0 | ||
25.01 | GACC | Robinsonville | ||||||||
25.02 | GACC | Saint Mary’s | ||||||||
25.03 | GACC | Alexandria (Carlos) | ||||||||
25.04 | GACC | St. Martinville | ||||||||
25.05 | GACC | Fife Lake | ||||||||
25.06 | GACC | Waubun | ||||||||
25.07 | GACC | Lake Village | ||||||||
25.08 | GACC | New Era | ||||||||
25.09 | GACC | Mooers | ||||||||
25.10 | GACC | Hinckley | ||||||||
25.11 | GACC | Center | ||||||||
25.12 | GACC | Lepanto | ||||||||
25.13 | GACC | Edgemont | ||||||||
25.14 | GACC | Louisa | ||||||||
25.15 | GACC | Prue | ||||||||
26 | CREFI | 9633 Westheimer Road | 120 | 0 | 120 | 0 | 6 | 0 | ||
27 | CREFI | 46-50 East 167th Street | 120 | 0 | 120 | 0 | 6 | 0 | ||
28 | CREFI | Bridgeport Distribution Center | 03/06/24 | 04/06/24 | 120 | 360 | 36 | 0 | 6 | 0 |
29 | CREFI | 303 3rd Street | 120 | 0 | 120 | 0 | 6 | 0 | ||
30 | CREFI | 5501 New Utrecht Avenue | 118 | 0 | 120 | 2 | 6 | 0 | ||
31 | CREFI | Hamden Self Storage | 120 | 360 | 0 | 0 | 6 | 0 |
A-1-7 |
ANNEX A-1
Partial IO | Partial IO Loan | Rem. | Rem. | Payment | Grace Period | |||||
Loan # | Seller(1) | Property Name | Last IO Payment | First P&I Payment | Term | Amort | I/O Period | Seasoning | Due Date | (Late Payment)(12) |
32 | JPMCB | Bristol Park | 120 | 0 | 120 | 0 | 1 | 0 | ||
33 | GACC | 6450 Industrial | 03/06/26 | 04/06/26 | 120 | 360 | 60 | 0 | 6 | 0 |
34 | CREFI | 651 Bushwick Avenue | 120 | 0 | 120 | 0 | 6 | 0 | ||
35 | GSMC | Grocery Outlet Truckee | 120 | 0 | 120 | 0 | 6 | 0 | ||
36 | JPMCB | Holiday Inn Philadelphia South | 92 | 332 | 0 | 28 | 1 | 0 | ||
37 | CREFI | CVS Valley Stream | 120 | 0 | 120 | 0 | 6 | 0 | ||
38 | CREFI | Deschutes Business Center | 120 | 0 | 120 | 0 | 6 | 0 | ||
39 | CREFI | The Cove Storage Portfolio | 03/06/24 | 04/06/24 | 120 | 360 | 36 | 0 | 6 | 0 |
39.01 | CREFI | James Road | ||||||||
39.02 | CREFI | Green Cove Road | ||||||||
39.03 | CREFI | Taylor Lane | ||||||||
40 | CREFI | Scotsman Self Storage | 02/06/24 | 03/06/24 | 119 | 360 | 36 | 1 | 6 | 0 |
A-1-8 |
ANNEX A-1
Grace Period | Final | Maturity/ARD | Maturity | Prepayment | ||||||
Loan # | Seller(1) | Property Name | (Default)(12) | Maturity Date | ARD Loan | Mat Date | Balance ($)(6) | LTV %(5) | Provision (Payments)(13) | |
1 | JPMCB | 410 Tenth Avenue | 0 | 01/01/28 | Yes | 03/01/32 | 80,000,000 | 39.8% | L(26),Def(54),O(4) | |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 0 | 03/05/30 | Yes | 03/05/32 | 79,985,667 | 35.5% | Grtr0.5%orYM(35),DeforGrtr0.5%orYM(78),O(7) | |
2.01 | CREFI/GACC | MGM Grand | 43,592,189 | |||||||
2.02 | CREFI/GACC | Mandalay Bay | 36,393,478 | |||||||
3 | GSMC | Phillips Point | 0 | 02/06/31 | No | 02/06/31 | 75,000,000 | 68.7% | L(25),Def(90),O(5) | |
4 | CREFI | 141 Livingston | 0 | 03/06/31 | No | 03/06/31 | 75,000,000 | 54.9% | L(24),Def(92),O(4) | |
5 | JPMCB | Pittock Block | 0 | 01/01/31 | No | 01/01/31 | 66,000,000 | 42.9% | L(4),Grtr1%orYM(112),O(4) | |
6 | CREFI/JPMCB | The Galleria Office Towers | 0 | 03/06/31 | No | 03/06/31 | 52,481,454 | 39.3% | L(24),Def(91),O(5) | |
6.01 | CREFI/JPMCB | Galleria Tower I | 24,267,594 | |||||||
6.02 | CREFI/JPMCB | Galleria Tower II | 15,763,381 | |||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | 12,450,478 | |||||||
7 | GSMC | U.S. Industrial Portfolio VI | 0 | 03/06/31 | No | 03/06/31 | 60,000,000 | 59.3% | L(24),Def(92),O(4) | |
7.01 | GSMC | True Value | 16,044,444 | |||||||
7.02 | GSMC | Belnick | 12,844,444 | |||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | 6,622,222 | |||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 5,742,222 | |||||||
7.05 | GSMC | Total Logistics | 4,747,407 | |||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 4,149,630 | |||||||
7.07 | GSMC | Amaray | 4,043,704 | |||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 2,954,074 | |||||||
7.09 | GSMC | Tufco - 1205 Burris Road | 1,576,296 | |||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | 1,275,556 | |||||||
8 | CREFI | Boca Office Portfolio | 0 | 03/06/26 | No | 03/06/26 | 50,000,000 | 63.5% | L(24),Def(33),O(3) | |
8.01 | CREFI | Boardwalk @ 18th | 15,151,515 | |||||||
8.02 | CREFI | Fountains Center | 14,393,939 | |||||||
8.03 | CREFI | City National Park | 14,393,939 | |||||||
8.04 | CREFI | Grove Centre | 6,060,606 | |||||||
9 | CREFI | Gestamp Automocion SLB | 0 | 03/06/31 | No | 03/06/31 | 44,619,939 | 56.6% | Grtr4%orYM(24),DeforGrtr1%orYM(89),O(7) | |
10 | JPMCB | 30 Hudson Yards 67 | 0 | 03/07/31 | No | 03/07/31 | 45,000,000 | 64.5% | L(24),Def(93),O(3) | |
11 | GSMC | Dawson Marketplace | 0 | 02/06/30 | No | 02/06/30 | 43,800,000 | 64.4% | L(37),Def(79),O(4) | |
12 | GACC | 8670 Wilshire | 0 | 03/06/31 | No | 03/06/31 | 42,500,000 | 60.4% | L(24),Def(91),O(5) | |
13 | GSMC | JW Marriott Nashville | 0 | 03/06/30 | No | 03/06/30 | 35,000,000 | 61.5% | L(36),Def(77),O(7) | |
14 | CREFI | Morgan Stanley Tower | 0 | 03/06/31 | No | 03/06/31 | 29,042,251 | 53.7% | L(24),Def(90),O(6) | |
15 | JPMCB | The Village at Meridian | 0 | 02/05/31 | No | 02/05/31 | 30,995,000 | 33.5% | L(24),Grtr1%orYM(1),DeforGrtr1%orYM(91),O(4) | |
16 | GSMC | Millennium Corporate Park | 0 | 01/06/26 | No | 01/06/26 | 27,000,000 | 60.9% | L(26),Def(29),O(5) | |
17 | GSMC | 711 Fifth Avenue | 0 | 03/06/30 | No | 03/06/30 | 26,500,000 | 54.5% | L(36),Def(77),O(7) | |
18 | JPMCB | Oakland Commons I&II | 5 (Once per year) | 03/01/31 | No | 03/01/31 | 20,595,926 | 59.0% | L(24),Def(92),O(4) | |
19 | GACC | Orlando Technology Park | 0 | 03/06/31 | No | 03/06/31 | 20,629,072 | 58.9% | L(24),Def(92),O(4) | |
20 | GACC | Woodbury Crossing Phase II | 0 | 03/06/31 | No | 03/06/31 | 20,380,000 | 62.1% | L(24),Def(92),O(4) | |
21 | CREFI | Advanced Energy | 0 | 03/06/31 | No | 03/06/31 | 15,856,059 | 51.7% | L(24),Def(93),O(3) | |
22 | CREFI | Value Store It Miami | 0 | 03/06/31 | No | 03/06/31 | 17,000,000 | 62.5% | L(24),Def(92),O(4) | |
23 | GSMC | Willoughby Commons | 0 | 01/06/30 | No | 01/06/30 | 15,042,338 | 63.4% | L(38),Def(77),O(5) | |
24 | JPMCB | Camellia Trace | 0 | 03/01/31 | No | 03/01/31 | 15,655,000 | 63.4% | L(25),Grtr1%orYM(91),O(4) | |
25 | GACC | Dollar General Portfolio | 0 | 02/06/31 | No | 02/06/31 | 13,850,000 | 65.0% | L(25),Def(90),O(5) | |
25.01 | GACC | Robinsonville | 1,126,069 | |||||||
25.02 | GACC | Saint Mary’s | 1,008,225 | |||||||
25.03 | GACC | Alexandria (Carlos) | 995,131 | |||||||
25.04 | GACC | St. Martinville | 942,756 | |||||||
25.05 | GACC | Fife Lake | 936,209 | |||||||
25.06 | GACC | Waubun | 929,662 | |||||||
25.07 | GACC | Lake Village | 923,115 | |||||||
25.08 | GACC | New Era | 916,568 | |||||||
25.09 | GACC | Mooers | 903,474 | |||||||
25.10 | GACC | Hinckley | 896,927 | |||||||
25.11 | GACC | Center | 896,927 | |||||||
25.12 | GACC | Lepanto | 883,834 | |||||||
25.13 | GACC | Edgemont | 867,466 | |||||||
25.14 | GACC | Louisa | 844,552 | |||||||
25.15 | GACC | Prue | 779,083 | |||||||
26 | CREFI | 9633 Westheimer Road | 0 | 03/06/31 | No | 03/06/31 | 13,681,250 | 62.5% | L(24),Def(92),O(4) | |
27 | CREFI | 46-50 East 167th Street | 0 | 03/06/31 | No | 03/06/31 | 13,585,000 | 65.0% | L(2),Grtr1%orYM(115),O(3) | |
28 | CREFI | Bridgeport Distribution Center | 0 | 03/06/31 | No | 03/06/31 | 10,075,345 | 60.0% | L(24),Def(92),O(4) | |
29 | CREFI | 303 3rd Street | 0 | 03/06/31 | No | 03/06/31 | 9,500,000 | 52.6% | L(24),Def(91),O(5) | |
30 | CREFI | 5501 New Utrecht Avenue | 0 | 01/06/31 | No | 01/06/31 | 9,500,000 | 57.2% | L(26),Def(91),O(3) | |
31 | CREFI | Hamden Self Storage | 0 | 03/06/31 | No | 03/06/31 | 7,511,012 | 49.1% | L(24),Def(92),O(4) |
A-1-9 |
ANNEX A-1
Grace Period | Final | Maturity/ARD | Maturity | Prepayment | ||||||
Loan # | Seller(1) | Property Name | (Default)(12) | Maturity Date | ARD Loan | Mat Date | Balance ($)(6) | LTV %(5) | Provision (Payments)(13) | |
32 | JPMCB | Bristol Park | 0 | 03/01/31 | No | 03/01/31 | 8,515,000 | 65.5% | L(25),Grtr1%orYM(91),O(4) | |
33 | GACC | 6450 Industrial | 0 | 03/06/31 | No | 03/06/31 | 6,954,011 | 54.1% | L(24),Def(91),O(5) | |
34 | CREFI | 651 Bushwick Avenue | 0 | 03/06/31 | No | 03/06/31 | 7,000,000 | 56.5% | L(24),Def(93),O(3) | |
35 | GSMC | Grocery Outlet Truckee | 0 | 03/06/31 | No | 03/06/31 | 6,600,000 | 50.0% | L(24),Def(89),O(7) | |
36 | JPMCB | Holiday Inn Philadelphia South | 0 | 11/01/28 | No | 11/01/28 | 5,380,813 | 53.8% | L(25),Grtr1%orYM(92),O(3) | |
37 | CREFI | CVS Valley Stream | 0 | 03/06/31 | No | 03/06/31 | 6,180,000 | 60.6% | L(24),Def(92),O(4) | |
38 | CREFI | Deschutes Business Center | 0 | 03/06/31 | No | 03/06/31 | 5,500,000 | 57.9% | L(24),Def(92),O(4) | |
39 | CREFI | The Cove Storage Portfolio | 0 | 03/06/31 | No | 03/06/31 | 4,384,297 | 56.2% | L(24),Def(92),O(4) | |
39.01 | CREFI | James Road | 1,864,834 | |||||||
39.02 | CREFI | Green Cove Road | 1,653,802 | |||||||
39.03 | CREFI | Taylor Lane | 865,662 | |||||||
40 | CREFI | Scotsman Self Storage | 0 | 02/06/31 | No | 02/06/31 | 2,647,543 | 60.2% | L(25),Def(91),O(4) | |
A-1-10 |
ANNEX A-1
HISTORICAL FINANCIALS(14) | |||||||||||||||
2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | Most Recent | Most Recent | Most Recent | ||||
Loan # | Seller(1) | Property Name | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($)(15) | As of |
1 | JPMCB | 410 Tenth Avenue | |||||||||||||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 2,161,960,165 | 1,556,922,957 | 605,037,208 | 2,191,540,530 | 1,574,171,264 | 617,369,266 | 2,106,295,488 | 1,586,215,135 | 520,080,353 | 1,157,516,861 | 935,475,514 | 222,041,347 | 09/30/20 |
2.01 | CREFI/GACC | MGM Grand | 1,179,680,639 | 834,995,842 | 344,684,797 | 1,226,105,346 | 854,539,115 | 371,566,231 | 1,161,850,748 | 879,242,083 | 282,608,665 | 662,869,240 | 533,910,560 | 128,958,680 | 09/30/20 |
2.02 | CREFI/GACC | Mandalay Bay | 982,279,526 | 721,927,115 | 260,352,411 | 965,435,184 | 719,632,149 | 245,803,035 | 944,444,740 | 706,973,052 | 237,471,688 | 494,647,621 | 401,564,954 | 93,082,667 | 09/30/20 |
3 | GSMC | Phillips Point | 23,410,018 | 8,783,998 | 14,626,020 | 25,191,774 | 9,017,791 | 16,173,983 | 25,024,486 | 9,421,017 | 15,603,469 | 26,444,348 | 9,026,741 | 17,417,607 | 11/30/20 |
4 | CREFI | 141 Livingston | 11,740,471 | 3,188,719 | 8,551,752 | 11,375,314 | 3,307,738 | 8,067,576 | 11,956,405 | 3,852,419 | 8,103,986 | 12,497,970 | 4,283,397 | 8,214,573 | 09/30/20 |
5 | JPMCB | Pittock Block | 13,166,469 | 3,537,767 | 9,628,702 | 14,107,319 | 5,034,876 | 9,072,443 | 15,357,144 | 5,337,329 | 10,019,815 | 16,674,600 | 5,627,162 | 11,047,438 | 11/30/20 |
6 | CREFI/JPMCB | The Galleria Office Towers | 26,749,292 | 13,278,242 | 13,471,050 | 28,701,343 | 13,539,624 | 15,161,719 | 26,285,767 | 13,909,984 | 12,375,783 | 25,710,718 | 13,251,714 | 12,459,004 | 12/31/20 |
6.01 | CREFI/JPMCB | Galleria Tower I | 11,076,241 | 6,085,514 | 4,990,728 | 13,159,814 | 6,172,968 | 6,986,846 | 13,355,546 | 6,322,096 | 7,033,450 | 14,475,006 | 6,136,741 | 8,338,265 | 12/31/20 |
6.02 | CREFI/JPMCB | Galleria Tower II | 8,621,729 | 3,923,686 | 4,698,043 | 8,239,631 | 4,058,660 | 4,180,971 | 7,540,539 | 4,118,572 | 3,421,967 | 7,275,570 | 3,976,206 | 3,299,364 | 12/31/20 |
6.03 | CREFI/JPMCB | Galleria Financial Center | 7,051,321 | 3,269,042 | 3,782,279 | 7,301,898 | 3,307,996 | 3,993,902 | 5,389,682 | 3,469,316 | 1,920,366 | 3,960,142 | 3,138,768 | 821,374 | 12/31/20 |
7 | GSMC | U.S. Industrial Portfolio VI | |||||||||||||
7.01 | GSMC | True Value | |||||||||||||
7.02 | GSMC | Belnick | |||||||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | |||||||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | |||||||||||||
7.05 | GSMC | Total Logistics | |||||||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | |||||||||||||
7.07 | GSMC | Amaray | |||||||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | |||||||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | |||||||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | |||||||||||||
8 | CREFI | Boca Office Portfolio | 11,976,379 | 5,035,273 | 6,941,106 | 13,568,307 | 5,056,153 | 8,512,154 | 14,625,310 | 5,697,675 | 8,927,635 | 13,895,191 | 5,846,969 | 8,048,222 | 12/31/20 |
8.01 | CREFI | Boardwalk @ 18th | 2,129,818 | 1,303,210 | 826,608 | 3,984,565 | 1,248,816 | 2,735,749 | 4,494,033 | 1,328,656 | 3,165,377 | 3,992,387 | 1,521,784 | 2,470,603 | 12/31/20 |
8.02 | CREFI | Fountains Center | 4,717,108 | 1,845,297 | 2,871,811 | 4,595,137 | 1,911,729 | 2,683,408 | 4,608,760 | 2,215,470 | 2,393,290 | 4,444,768 | 2,140,294 | 2,304,474 | 12/31/20 |
8.03 | CREFI | City National Park | 3,821,635 | 1,309,085 | 2,512,550 | 3,526,454 | 1,319,363 | 2,207,091 | 3,987,812 | 1,490,022 | 2,497,790 | 3,692,576 | 1,598,181 | 2,094,395 | 12/31/20 |
8.04 | CREFI | Grove Centre | 1,307,818 | 577,682 | 730,136 | 1,462,151 | 576,246 | 885,905 | 1,534,705 | 663,527 | 871,178 | 1,765,460 | 586,711 | 1,178,749 | 12/31/20 |
9 | CREFI | Gestamp Automocion SLB | |||||||||||||
10 | JPMCB | 30 Hudson Yards 67 | |||||||||||||
11 | GSMC | Dawson Marketplace | 4,313,060 | 839,535 | 3,473,525 | 4,922,998 | 957,637 | 3,965,361 | 4,587,733 | 916,721 | 3,671,012 | 12/31/20 | |||
12 | GACC | 8670 Wilshire | 3,530,532 | 885,907 | 2,644,625 | 3,708,299 | 1,074,298 | 2,634,001 | 3,954,464 | 1,103,805 | 2,850,658 | 3,925,244 | 1,099,581 | 2,825,663 | 12/31/20 |
13 | GSMC | JW Marriott Nashville | 93,677,197 | 65,123,527 | 28,553,670 | 48,245,221 | 40,461,820 | 7,783,401 | 09/30/20 | ||||||
14 | CREFI | Morgan Stanley Tower | 4,812,797 | 1,947,477 | 2,865,319 | 5,062,067 | 2,045,733 | 3,016,334 | 5,267,953 | 2,071,198 | 3,196,755 | 5,565,158 | 2,192,104 | 3,373,053 | 12/31/20 |
15 | JPMCB | The Village at Meridian | 19,006,696 | 8,151,813 | 10,854,883 | 18,970,139 | 8,128,280 | 10,841,859 | 20,491,196 | 7,886,173 | 12,605,023 | 21,395,616 | 7,579,294 | 13,816,322 | 10/31/20 |
16 | GSMC | Millennium Corporate Park | 12,492,137 | 2,779,147 | 9,712,990 | 13,171,355 | 3,120,392 | 10,050,963 | 14,163,501 | 3,148,266 | 11,015,235 | 14,590,482 | 3,260,799 | 11,329,683 | 10/31/20 |
17 | GSMC | 711 Fifth Avenue | 62,723,555 | 17,358,037 | 45,365,518 | 63,038,695 | 18,950,129 | 44,088,566 | 69,563,590 | 20,967,241 | 48,596,349 | 69,551,475 | 22,478,883 | 47,072,592 | 09/30/20 |
18 | JPMCB | Oakland Commons I&II | 4,537,061 | 2,250,639 | 2,286,422 | 4,486,044 | 1,999,743 | 2,486,301 | 4,577,523 | 1,992,178 | 2,585,345 | 12/31/20 | |||
19 | GACC | Orlando Technology Park | 2,407,985 | 911,099 | 1,496,887 | 2,834,283 | 1,058,179 | 1,776,104 | 3,641,046 | 1,058,108 | 2,582,938 | 3,717,608 | 1,120,111 | 2,597,497 | 11/30/20 |
20 | GACC | Woodbury Crossing Phase II | 1,104,528 | 281,915 | 822,613 | 12/31/20 | |||||||||
21 | CREFI | Advanced Energy | 1,749,114 | 524,520 | 1,224,594 | 1,795,172 | 587,304 | 1,207,867 | 1,860,489 | 617,703 | 1,242,785 | 11/30/20 | |||
22 | CREFI | Value Store It Miami | 1,789,933 | 646,250 | 1,143,683 | 1,948,939 | 645,367 | 1,303,572 | 01/31/21 | ||||||
23 | GSMC | Willoughby Commons | 4,700,619 | 1,259,309 | 3,441,310 | 4,806,432 | 1,218,102 | 3,588,330 | 4,230,476 | 1,041,512 | 3,188,964 | 09/30/20 | |||
24 | JPMCB | Camellia Trace | 2,364,409 | 941,158 | 1,423,251 | 12/31/20 | |||||||||
25 | GACC | Dollar General Portfolio | |||||||||||||
25.01 | GACC | Robinsonville | |||||||||||||
25.02 | GACC | Saint Mary’s | |||||||||||||
25.03 | GACC | Alexandria (Carlos) | |||||||||||||
25.04 | GACC | St. Martinville | |||||||||||||
25.05 | GACC | Fife Lake | |||||||||||||
25.06 | GACC | Waubun | |||||||||||||
25.07 | GACC | Lake Village | |||||||||||||
25.08 | GACC | New Era | |||||||||||||
25.09 | GACC | Mooers | |||||||||||||
25.10 | GACC | Hinckley | |||||||||||||
25.11 | GACC | Center | |||||||||||||
25.12 | GACC | Lepanto | |||||||||||||
25.13 | GACC | Edgemont | |||||||||||||
25.14 | GACC | Louisa | |||||||||||||
25.15 | GACC | Prue | |||||||||||||
26 | CREFI | 9633 Westheimer Road | |||||||||||||
27 | CREFI | 46-50 East 167th Street | 1,325,543 | 247,801 | 1,077,742 | 1,380,859 | 301,206 | 1,079,653 | 1,408,614 | 334,184 | 1,074,430 | 12/31/20 | |||
28 | CREFI | Bridgeport Distribution Center | 2,227,759 | 717,351 | 1,510,408 | 12/31/20 | |||||||||
29 | CREFI | 303 3rd Street | 459,965 | 120,962 | 339,003 | 597,433 | 137,716 | 459,717 | 12/31/20 | ||||||
30 | CREFI | 5501 New Utrecht Avenue | |||||||||||||
31 | CREFI | Hamden Self Storage | 1,312,388 | 511,011 | 801,378 | 1,445,300 | 614,060 | 831,240 | 1,394,820 | 557,091 | 837,728 | 1,430,631 | 520,463 | 910,168 | 12/31/20 |
A-1-11 |
ANNEX A-1
HISTORICAL FINANCIALS(14) | |||||||||||||||
2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | Most Recent | Most Recent | Most Recent | ||||
Loan # | Seller(1) | Property Name | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($) | Revenues ($) | Total Expenses ($) | NOI ($)(15) | As of |
32 | JPMCB | Bristol Park | 1,362,204 | 598,956 | 763,248 | 12/31/20 | |||||||||
33 | GACC | 6450 Industrial | 807,913 | 807,913 | 1,089,692 | 17,739 | 1,071,952 | 12/31/20 | |||||||
34 | CREFI | 651 Bushwick Avenue | |||||||||||||
35 | GSMC | Grocery Outlet Truckee | |||||||||||||
36 | JPMCB | Holiday Inn Philadelphia South | 4,495,273 | 3,920,032 | 575,241 | 4,653,603 | 3,828,948 | 824,655 | 3,958,155 | 3,634,530 | 323,625 | 2,830,115 | 2,524,561 | 305,554 | 01/31/21 |
37 | CREFI | CVS Valley Stream | 767,687 | 196,986 | 570,701 | 810,210 | 196,990 | 613,220 | 833,750 | 187,230 | 646,520 | 879,778 | 186,221 | 693,557 | 11/30/20 |
38 | CREFI | Deschutes Business Center | 797,054 | 367,671 | 429,383 | 902,955 | 313,178 | 589,777 | 12/31/20 | ||||||
39 | CREFI | The Cove Storage Portfolio | 677,961 | 206,874 | 471,087 | 681,821 | 203,312 | 478,509 | 688,891 | 221,936 | 466,955 | 10/31/20 | |||
39.01 | CREFI | James Road | 277,563 | 86,497 | 191,066 | 281,089 | 83,834 | 197,255 | 280,954 | 83,342 | 197,612 | 10/31/20 | |||
39.02 | CREFI | Green Cove Road | 249,882 | 62,010 | 187,872 | 250,196 | 62,190 | 188,006 | 253,254 | 74,486 | 178,768 | 10/31/20 | |||
39.03 | CREFI | Taylor Lane | 150,516 | 58,367 | 92,149 | 150,536 | 57,287 | 93,249 | 154,683 | 64,108 | 90,575 | 10/31/20 | |||
40 | CREFI | Scotsman Self Storage | 424,591 | 113,488 | 311,102 | 415,327 | 118,466 | 296,861 | 10/31/20 |
A-1-12 |
ANNEX A-1
UW | |||||||||||||||
Economic | UW | UW Total | UW | UW Capital | UW | UW | UW NCF | UW NOI | UW NCF | Ground Lease | Ground Lease | ||||
Loan # | Seller(1) | Property Name | Occupancy % | Revenues ($)(4) | Expenses ($) | NOI ($)(4)(15)(16) | Items ($) | NCF ($)(4)(16) | NOI DSCR(17) | DSCR(17) | Debt Yield % | Debt Yield % | Title Type(3)(18) | Expiration | Extension Terms |
1 | JPMCB | 410 Tenth Avenue | 98.0% | 63,431,013 | 14,141,037 | 49,289,976 | 284,375 | 49,005,601 | 4.94 | 4.91 | 13.0% | 12.9% | Fee | ||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 92.1% | 2,106,295,488 | 1,586,215,135 | 520,080,353 | 32,774,592 | 487,305,761 | 4.95 | 4.95 | 17.9% | 17.9% | Fee | ||
2.01 | CREFI/GACC | MGM Grand | 91.4% | 1,161,850,748 | 879,242,083 | 282,608,665 | 16,011,953 | 266,596,712 | Fee | ||||||
2.02 | CREFI/GACC | Mandalay Bay | 92.8% | 944,444,740 | 706,973,052 | 237,471,688 | 16,762,639 | 220,709,049 | Fee | ||||||
3 | GSMC | Phillips Point | 92.5% | 28,497,504 | 9,339,815 | 19,157,689 | 491,785 | 18,665,904 | 2.85 | 2.78 | 9.7% | 9.4% | Fee | ||
4 | CREFI | 141 Livingston | 95.0% | 14,702,075 | 5,797,645 | 8,904,430 | 701,551 | 8,202,879 | 2.74 | 2.52 | 8.9% | 8.2% | Fee | ||
5 | JPMCB | Pittock Block | 72.5% | 18,158,626 | 5,574,346 | 12,584,281 | 803,788 | 11,780,493 | 2.67 | 2.50 | 8.9% | 8.4% | Fee | ||
6 | CREFI/JPMCB | The Galleria Office Towers | 68.7% | 25,273,331 | 13,960,632 | 11,312,699 | 1,979,410 | 9,333,289 | 2.08 | 1.71 | 12.6% | 10.4% | Fee | ||
6.01 | CREFI/JPMCB | Galleria Tower I | 78.4% | 14,068,746 | 6,512,290 | 7,556,456 | 1,000,125 | 6,556,331 | Fee | ||||||
6.02 | CREFI/JPMCB | Galleria Tower II | 65.3% | 6,843,731 | 4,135,679 | 2,708,052 | 708,817 | 1,999,236 | Fee | ||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | 51.9% | 4,360,855 | 3,312,664 | 1,048,191 | 270,468 | 777,722 | Fee | ||||||
7 | GSMC | U.S. Industrial Portfolio VI | 91.9% | 8,943,989 | 268,320 | 8,675,669 | 857,895 | 7,817,775 | 2.84 | 2.56 | 10.7% | 9.7% | Fee | ||
7.01 | GSMC | True Value | 92.9% | 2,406,946 | 72,208 | 2,334,737 | 396,519 | 1,938,218 | Fee | ||||||
7.02 | GSMC | Belnick | 95.6% | 1,779,184 | 53,376 | 1,725,809 | 141,428 | 1,584,381 | Fee | ||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | 95.0% | 1,130,867 | 33,926 | 1,096,941 | 76,692 | 1,020,249 | Fee | ||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 97.0% | 824,584 | 24,738 | 799,847 | 60,818 | 739,029 | Fee | ||||||
7.05 | GSMC | Total Logistics | 96.3% | 754,061 | 22,622 | 731,439 | 25,454 | 705,985 | Fee | ||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 97.0% | 691,816 | 20,754 | 671,062 | 51,072 | 619,990 | Fee | ||||||
7.07 | GSMC | Amaray | 95.0% | 645,164 | 19,355 | 625,809 | 56,520 | 569,289 | Fee | ||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 97.0% | 491,972 | 14,759 | 477,212 | 36,626 | 440,586 | Fee | ||||||
7.09 | GSMC | Tufco - 1205 Burris Road | 0.0% | 0 | 0 | 0 | 0 | 0 | Fee | ||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | 95.0% | 219,395 | 6,582 | 212,813 | 12,766 | 200,047 | Fee | ||||||
8 | CREFI | Boca Office Portfolio | 92.6% | 16,623,446 | 6,161,981 | 10,461,465 | 538,846 | 9,922,619 | 2.59 | 2.46 | 10.6% | 10.0% | Fee | ||
8.01 | CREFI | Boardwalk @ 18th | 95.0% | 4,793,055 | 1,573,741 | 3,219,314 | 165,667 | 3,053,647 | Fee | ||||||
8.02 | CREFI | Fountains Center | 86.9% | 5,288,444 | 2,332,314 | 2,956,130 | 167,704 | 2,788,425 | Fee | ||||||
8.03 | CREFI | City National Park | 97.6% | 4,752,927 | 1,662,836 | 3,090,091 | 149,483 | 2,940,608 | Fee | ||||||
8.04 | CREFI | Grove Centre | 91.6% | 1,789,020 | 593,091 | 1,195,930 | 55,992 | 1,139,938 | Fee | ||||||
9 | CREFI | Gestamp Automocion SLB | 95.0% | 5,177,982 | 823,112 | 4,354,870 | 248,182 | 4,106,687 | 1.61 | 1.52 | 8.8% | 8.3% | Fee/Leasehold | ||
10 | JPMCB | 30 Hudson Yards 67 | 95.0% | 6,405,945 | 1,700,425 | 4,705,520 | 53,945 | 4,651,575 | 1.94 | 1.92 | 6.6% | 6.6% | Fee | ||
11 | GSMC | Dawson Marketplace | 94.5% | 5,493,094 | 1,083,965 | 4,409,129 | 347,632 | 4,061,498 | 2.80 | 2.58 | 10.1% | 9.3% | Fee | ||
12 | GACC | 8670 Wilshire | 95.0% | 4,407,286 | 1,104,428 | 3,302,858 | 60,624 | 3,242,234 | 2.03 | 1.99 | 7.8% | 7.6% | Fee | ||
13 | GSMC | JW Marriott Nashville | 85.8% | 94,449,843 | 66,104,698 | 28,345,145 | 3,777,994 | 24,567,151 | 4.81 | 4.17 | 15.3% | 13.3% | Fee/Leasehold | 03/06/2030 | Four, 10-year options |
14 | CREFI | Morgan Stanley Tower | 93.0% | 5,714,307 | 2,078,501 | 3,635,806 | 278,813 | 3,356,993 | 1.98 | 1.83 | 10.7% | 9.9% | Fee/Leasehold | 07/30/2059 | None |
15 | JPMCB | The Village at Meridian | 81.4% | 20,128,093 | 7,548,855 | 12,579,238 | 547,253 | 12,031,985 | 5.37 | 5.14 | 19.1% | 18.2% | Fee | ||
16 | GSMC | Millennium Corporate Park | 96.0% | 16,787,509 | 3,539,016 | 13,248,492 | 528,010 | 12,720,483 | 3.26 | 3.13 | 10.0% | 9.6% | Fee | ||
17 | GSMC | 711 Fifth Avenue | 90.6% | 74,193,553 | 22,888,769 | 51,304,783 | 629,356 | 50,675,427 | 2.94 | 2.90 | 9.4% | 9.3% | Fee | ||
18 | JPMCB | Oakland Commons I&II | 77.2% | 4,486,232 | 2,020,520 | 2,465,712 | 132,271 | 2,333,441 | 1.73 | 1.63 | 10.1% | 9.6% | Fee | ||
19 | GACC | Orlando Technology Park | 90.7% | 4,071,833 | 1,281,177 | 2,790,656 | 152,778 | 2,637,878 | 2.14 | 2.03 | 11.6% | 10.9% | Fee | ||
20 | GACC | Woodbury Crossing Phase II | 95.0% | 2,279,577 | 526,184 | 1,753,392 | 22,500 | 1,730,892 | 1.99 | 1.96 | 8.6% | 8.5% | Fee | ||
21 | CREFI | Advanced Energy | 95.0% | 2,312,818 | 627,151 | 1,685,667 | 48,829 | 1,636,838 | 1.63 | 1.58 | 9.2% | 8.9% | Fee | ||
22 | CREFI | Value Store It Miami | 88.6% | 2,105,866 | 663,548 | 1,442,318 | 11,985 | 1,430,333 | 2.32 | 2.30 | 8.5% | 8.4% | Fee | ||
23 | GSMC | Willoughby Commons | 95.0% | 5,143,774 | 1,681,913 | 3,461,862 | 168,202 | 3,293,659 | 1.63 | 1.55 | 9.4% | 8.9% | Fee | ||
24 | JPMCB | Camellia Trace | 95.0% | 2,423,878 | 949,429 | 1,474,448 | 53,000 | 1,421,448 | 2.69 | 2.59 | 9.4% | 9.1% | Fee | ||
25 | GACC | Dollar General Portfolio | 95.0% | 1,302,023 | 39,061 | 1,262,962 | 20,852 | 1,242,110 | 2.85 | 2.81 | 9.1% | 9.0% | Fee | ||
25.01 | GACC | Robinsonville | Fee | ||||||||||||
25.02 | GACC | Saint Mary’s | Fee | ||||||||||||
25.03 | GACC | Alexandria (Carlos) | Fee | ||||||||||||
25.04 | GACC | St. Martinville | Fee | ||||||||||||
25.05 | GACC | Fife Lake | Fee | ||||||||||||
25.06 | GACC | Waubun | Fee | ||||||||||||
25.07 | GACC | Lake Village | Fee | ||||||||||||
25.08 | GACC | New Era | Fee | ||||||||||||
25.09 | GACC | Mooers | Fee | ||||||||||||
25.10 | GACC | Hinckley | Fee | ||||||||||||
25.11 | GACC | Center | Fee | ||||||||||||
25.12 | GACC | Lepanto | Fee | ||||||||||||
25.13 | GACC | Edgemont | Fee | ||||||||||||
25.14 | GACC | Louisa | Fee | ||||||||||||
25.15 | GACC | Prue | Fee | ||||||||||||
26 | CREFI | 9633 Westheimer Road | 95.0% | 1,725,297 | 520,020 | 1,205,277 | 65,590 | 1,139,687 | 2.23 | 2.11 | 8.8% | 8.3% | Fee | ||
27 | CREFI | 46-50 East 167th Street | 97.4% | 1,475,871 | 359,400 | 1,116,471 | 24,536 | 1,091,935 | 2.11 | 2.06 | 8.2% | 8.0% | Fee | ||
28 | CREFI | Bridgeport Distribution Center | 95.0% | 2,211,721 | 760,672 | 1,451,049 | 148,613 | 1,302,437 | 2.21 | 1.99 | 12.4% | 11.1% | Fee | ||
29 | CREFI | 303 3rd Street | 95.0% | 1,134,345 | 295,003 | 839,342 | 46,975 | 792,367 | 2.37 | 2.24 | 8.8% | 8.3% | Fee | ||
30 | CREFI | 5501 New Utrecht Avenue | 95.0% | 923,884 | 126,423 | 797,461 | 36,055 | 761,406 | 2.19 | 2.09 | 8.4% | 8.0% | Fee | ||
31 | CREFI | Hamden Self Storage | 81.7% | 1,430,631 | 566,999 | 863,632 | 41,184 | 822,448 | 1.61 | 1.54 | 9.9% | 9.4% | Fee |
A-1-13 |
ANNEX A-1
UW | |||||||||||||||
Economic | UW | UW Total | UW | UW Capital | UW | UW | UW NCF | UW NOI | UW NCF | Ground Lease | Ground Lease | ||||
Loan # | Seller(1) | Property Name | Occupancy % | Revenues ($)(4) | Expenses ($) | NOI ($)(4)(15)(16) | Items ($) | NCF ($)(4)(16) | NOI DSCR(17) | DSCR(17) | Debt Yield % | Debt Yield % | Title Type(3)(18) | Expiration | Extension Terms |
32 | JPMCB | Bristol Park | 94.5% | 1,397,074 | 587,820 | 809,254 | 28,000 | 781,254 | 2.67 | 2.58 | 9.5% | 9.2% | Fee | ||
33 | GACC | 6450 Industrial | 95.0% | 1,243,812 | 215,063 | 1,028,749 | 57,049 | 971,699 | 2.32 | 2.19 | 13.4% | 12.7% | Fee | ||
34 | CREFI | 651 Bushwick Avenue | 95.0% | 679,531 | 135,327 | 544,204 | 15,567 | 528,638 | 1.96 | 1.90 | 7.8% | 7.6% | Fee | ||
35 | GSMC | Grocery Outlet Truckee | 95.0% | 848,803 | 192,797 | 656,006 | 10,535 | 645,471 | 2.55 | 2.51 | 9.9% | 9.8% | Fee | ||
36 | JPMCB | Holiday Inn Philadelphia South | 59.8% | 4,653,603 | 3,874,359 | 779,244 | 0 | 779,244 | 1.82 | 1.82 | 12.4% | 12.4% | Fee | ||
37 | CREFI | CVS Valley Stream | 97.5% | 675,544 | 175,710 | 499,835 | 7,868 | 491,966 | 1.99 | 1.96 | 8.1% | 8.0% | Fee | ||
38 | CREFI | Deschutes Business Center | 88.1% | 877,062 | 323,053 | 554,009 | 36,702 | 517,307 | 2.63 | 2.45 | 10.1% | 9.4% | Fee | ||
39 | CREFI | The Cove Storage Portfolio | 81.9% | 688,891 | 238,375 | 450,516 | 11,085 | 439,431 | 1.58 | 1.54 | 8.9% | 8.6% | Fee | ||
39.01 | CREFI | James Road | 82.6% | 280,954 | 90,436 | 190,518 | 5,045 | 185,473 | Fee | ||||||
39.02 | CREFI | Green Cove Road | 79.9% | 253,254 | 81,214 | 172,041 | 3,700 | 168,341 | Fee | ||||||
39.03 | CREFI | Taylor Lane | 84.3% | 154,683 | 66,726 | 87,957 | 2,340 | 85,617 | Fee | ||||||
40 | CREFI | Scotsman Self Storage | 90.0% | 404,447 | 122,888 | 281,559 | 4,450 | 277,109 | 1.66 | 1.63 | 9.1% | 9.0% | Fee | ||
A-1-14 |
ANNEX A-1
Franchise | Upfront Capex | Upfront Engin. | Upfront Envir. | Upfront TI/LC | Upfront RE Tax | Upfront Ins. | Upfront Debt Service | Upfront Other | |||||
Loan # | Seller(1) | Property Name | Expiration Date(19) | PML % | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | |
1 | JPMCB | 410 Tenth Avenue | 10,647 | 0 | 0 | 53,233 | 379,548 | 78,467 | 0 | 92,879,875 | |||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
2.01 | CREFI/GACC | MGM Grand | |||||||||||
2.02 | CREFI/GACC | Mandalay Bay | |||||||||||
3 | GSMC | Phillips Point | 0 | 768,881 | 0 | 6,650,000 | 0 | 0 | 0 | 1,556,161 | |||
4 | CREFI | 141 Livingston | 0 | 0 | 0 | 0 | 70,582 | 0 | 0 | 0 | |||
5 | JPMCB | Pittock Block | 16% | 0 | 0 | 0 | 0 | 0 | 0 | 1,512,030 | 7,500,000 | ||
6 | CREFI/JPMCB | The Galleria Office Towers | 0 | 0 | 0 | 6,000,000 | 1,133,321 | 0 | 0 | 2,290,985 | |||
6.01 | CREFI/JPMCB | Galleria Tower I | |||||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | |||||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | |||||||||||
7 | GSMC | U.S. Industrial Portfolio VI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 701,088 | |||
7.01 | GSMC | True Value | |||||||||||
7.02 | GSMC | Belnick | |||||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | |||||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | |||||||||||
7.05 | GSMC | Total Logistics | |||||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | |||||||||||
7.07 | GSMC | Amaray | |||||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | |||||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | |||||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | |||||||||||
8 | CREFI | Boca Office Portfolio | 0 | 18,755 | 6,750 | 1,500,000 | 609,758 | 1,008,948 | 1,000,000 | 211,000 | |||
8.01 | CREFI | Boardwalk @ 18th | |||||||||||
8.02 | CREFI | Fountains Center | |||||||||||
8.03 | CREFI | City National Park | |||||||||||
8.04 | CREFI | Grove Centre | |||||||||||
9 | CREFI | Gestamp Automocion SLB | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
10 | JPMCB | 30 Hudson Yards 67 | 0 | 0 | 0 | 0 | 143,650 | 97,653 | 0 | 4,868,592 | |||
11 | GSMC | Dawson Marketplace | 0 | 0 | 0 | 0 | 139,820 | 0 | 0 | 6,475,815 | |||
12 | GACC | 8670 Wilshire | 17% | 0 | 0 | 0 | 0 | 0 | 39,366 | 0 | 617,517 | ||
13 | GSMC | JW Marriott Nashville | 07/01/2048 | 1,875,692 | 0 | 0 | 0 | 0 | 0 | 8,831,707 | 0 | ||
14 | CREFI | Morgan Stanley Tower | 0 | 0 | 0 | 643,632 | 185,636 | 122,133 | 0 | 489,553 | |||
15 | JPMCB | The Village at Meridian | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,742,823 | |||
16 | GSMC | Millennium Corporate Park | 9% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9,568,123 | ||
17 | GSMC | 711 Fifth Avenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,048,024 | |||
18 | JPMCB | Oakland Commons I&II | 5,264 | 30,360 | 0 | 1,400,000 | 331,670 | 0 | 0 | 92,202 | |||
19 | GACC | Orlando Technology Park | 0 | 0 | 0 | 1,000,000 | 135,902 | 0 | 325,373 | 456,925 | |||
20 | GACC | Woodbury Crossing Phase II | 7% | 0 | 0 | 0 | 0 | 78,669 | 0 | 0 | 0 | ||
21 | CREFI | Advanced Energy | 100,000 | 0 | 0 | 800,000 | 29,339 | 0 | 0 | 5,203,215 | |||
22 | CREFI | Value Store It Miami | 0 | 0 | 0 | 0 | 17,539 | 0 | 0 | 0 | |||
23 | GSMC | Willoughby Commons | 0 | 110,000 | 0 | 825,000 | 152,941 | 0 | 0 | 566,188 | |||
24 | JPMCB | Camellia Trace | 4,417 | 719 | 0 | 0 | 122,711 | 52,319 | 0 | 0 | |||
25 | GACC | Dollar General Portfolio | Various | 0 | 11,063 | 0 | 0 | 50,000 | 945 | 0 | 0 | ||
25.01 | GACC | Robinsonville | |||||||||||
25.02 | GACC | Saint Mary’s | |||||||||||
25.03 | GACC | Alexandria (Carlos) | |||||||||||
25.04 | GACC | St. Martinville | |||||||||||
25.05 | GACC | Fife Lake | |||||||||||
25.06 | GACC | Waubun | |||||||||||
25.07 | GACC | Lake Village | |||||||||||
25.08 | GACC | New Era | |||||||||||
25.09 | GACC | Mooers | |||||||||||
25.10 | GACC | Hinckley | |||||||||||
25.11 | GACC | Center | |||||||||||
25.12 | GACC | Lepanto | 6% | ||||||||||
25.13 | GACC | Edgemont | |||||||||||
25.14 | GACC | Louisa | |||||||||||
25.15 | GACC | Prue | |||||||||||
26 | CREFI | 9633 Westheimer Road | 0 | 1,250 | 0 | 0 | 103,036 | 40,777 | 0 | 0 | |||
27 | CREFI | 46-50 East 167th Street | 0 | 0 | 0 | 0 | 73,159 | 4,754 | 260,832 | 172,000 | |||
28 | CREFI | Bridgeport Distribution Center | 0 | 0 | 0 | 650,000 | 64,898 | 8,601 | 0 | 0 | |||
29 | CREFI | 303 3rd Street | 8% | 0 | 0 | 0 | 0 | 19,581 | 0 | 174,325 | 467,562 | ||
30 | CREFI | 5501 New Utrecht Avenue | 0 | 0 | 0 | 0 | 16,939 | 4,180 | 179,550 | 200,259 | |||
31 | CREFI | Hamden Self Storage | 0 | 168,500 | 22,500 | 100,000 | 45,126 | 14,706 | 0 | 1,275,000 |
A-1-15 |
ANNEX A-1
Franchise | Upfront Capex | Upfront Engin. | Upfront Envir. | Upfront TI/LC | Upfront RE Tax | Upfront Ins. | Upfront Debt Service | Upfront Other | |||||
Loan # | Seller(1) | Property Name | Expiration Date(19) | PML % | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | |
32 | JPMCB | Bristol Park | 2,333 | 0 | 0 | 0 | 76,062 | 33,944 | 0 | 0 | |||
33 | GACC | 6450 Industrial | 0 | 6,617 | 0 | 0 | 0 | 5,280 | 0 | 589,825 | |||
34 | CREFI | 651 Bushwick Avenue | 0 | 6,375 | 0 | 0 | 19,318 | 11,399 | 0 | 409,023 | |||
35 | GSMC | Grocery Outlet Truckee | 8% | 0 | 0 | 0 | 0 | 0 | 3,953 | 0 | 0 | ||
36 | JPMCB | Holiday Inn Philadelphia South | 10/15/2033 | 0 | 0 | 0 | 0 | 11,800 | 0 | 427,000 | 2,427,500 | ||
37 | CREFI | CVS Valley Stream | 0 | 0 | 0 | 0 | 10,030 | 0 | 0 | 0 | |||
38 | CREFI | Deschutes Business Center | 4% | 0 | 26,679 | 0 | 300,000 | 31,829 | 0 | 0 | 0 | ||
39 | CREFI | The Cove Storage Portfolio | 71,346 | 165,444 | 0 | 0 | 9,756 | 0 | 0 | 0 | |||
39.01 | CREFI | James Road | |||||||||||
39.02 | CREFI | Green Cove Road | |||||||||||
39.03 | CREFI | Taylor Lane | |||||||||||
40 | CREFI | Scotsman Self Storage | 96,675 | 10,594 | 0 | 0 | 4,613 | 0 | 0 | 0 |
A-1-16 |
ANNEX A-1
UPFRONT ESCROW(20) | |||
Other Upfront | |||
Loan # | Seller(1) | Property Name | Description ($) |
1 | JPMCB | 410 Tenth Avenue | Free Rent Reserve: 57,700,000; Outstanding TI/LC Reserve: 35,179,874.66 |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | |
2.01 | CREFI/GACC | MGM Grand | |
2.02 | CREFI/GACC | Mandalay Bay | |
3 | GSMC | Phillips Point | Unfunded Obligations Reserve |
4 | CREFI | 141 Livingston | |
5 | JPMCB | Pittock Block | Holdback Reserve |
6 | CREFI/JPMCB | The Galleria Office Towers | Unfunded Obligations Reserve: 2,192,842; Condo Reserve: 98,143.16 |
6.01 | CREFI/JPMCB | Galleria Tower I | |
6.02 | CREFI/JPMCB | Galleria Tower II | |
6.03 | CREFI/JPMCB | Galleria Financial Center | |
7 | GSMC | U.S. Industrial Portfolio VI | Unfunded Obligations Reserve |
7.01 | GSMC | True Value | |
7.02 | GSMC | Belnick | |
7.03 | GSMC | Tufco - 3161 South Ridge Road | |
7.04 | GSMC | Pro Con - 109 Maplewood Drive | |
7.05 | GSMC | Total Logistics | |
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | |
7.07 | GSMC | Amaray | |
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | |
7.09 | GSMC | Tufco - 1205 Burris Road | |
7.10 | GSMC | Tufco - 1055 Parkview Road | |
8 | CREFI | Boca Office Portfolio | Unfunded Obligations Reserve |
8.01 | CREFI | Boardwalk @ 18th | |
8.02 | CREFI | Fountains Center | |
8.03 | CREFI | City National Park | |
8.04 | CREFI | Grove Centre | |
9 | CREFI | Gestamp Automocion SLB | |
10 | JPMCB | 30 Hudson Yards 67 | Outstanding TI/LC Reserve: 4,799,293; Condominium Reserve: 69,299 |
11 | GSMC | Dawson Marketplace | Unfunded Obligations Reserve |
12 | GACC | 8670 Wilshire | Rent Holdback Reserve: 373,770.96; Rent Replication Reserve: 243,746 |
13 | GSMC | JW Marriott Nashville | |
14 | CREFI | Morgan Stanley Tower | Unfunded Obligations Reserve: 356,368; Rent Concessions Reserve: 133,185 |
15 | JPMCB | The Village at Meridian | Gap Rent |
16 | GSMC | Millennium Corporate Park | Unfunded Obligations Reserve |
17 | GSMC | 711 Fifth Avenue | TCO Renewal Reserve: 2,000,000; Unfunded Obligations Reserve: 1,048,024.18 |
18 | JPMCB | Oakland Commons I&II | Outstanding TI Reserve: 74,622; Free Rent Reserve: 17,580 |
19 | GACC | Orlando Technology Park | Outstanding TI/LC Reserve: 396,441.50; Free Rent Reserve: 60,483 |
20 | GACC | Woodbury Crossing Phase II | |
21 | CREFI | Advanced Energy | Unfunded Obligations Reserve |
22 | CREFI | Value Store It Miami | |
23 | GSMC | Willoughby Commons | Critical Tenant Reserve: 496,188; Unfunded Obligations Reserve: 70,000 |
24 | JPMCB | Camellia Trace | |
25 | GACC | Dollar General Portfolio | |
25.01 | GACC | Robinsonville | |
25.02 | GACC | Saint Mary’s | |
25.03 | GACC | Alexandria (Carlos) | |
25.04 | GACC | St. Martinville | |
25.05 | GACC | Fife Lake | |
25.06 | GACC | Waubun | |
25.07 | GACC | Lake Village | |
25.08 | GACC | New Era | |
25.09 | GACC | Mooers | |
25.10 | GACC | Hinckley | |
25.11 | GACC | Center | |
25.12 | GACC | Lepanto | |
25.13 | GACC | Edgemont | |
25.14 | GACC | Louisa | |
25.15 | GACC | Prue | |
26 | CREFI | 9633 Westheimer Road | |
27 | CREFI | 46-50 East 167th Street | Designated Tenant Reserve: 100,000; Unfunded Obligations Reserve: 72,000 |
28 | CREFI | Bridgeport Distribution Center | |
29 | CREFI | 303 3rd Street | Unfunded Obligations Reserve: 395,580; Gap Rent Reserve: 71,982 |
30 | CREFI | 5501 New Utrecht Avenue | ICAP Tax Reserve |
31 | CREFI | Hamden Self Storage | Economic Holdback Reserve: 750,000; Roof Replacement Reserve: 500,000; Subway HVAC Replacement Reserve: 25,000 |
A-1-17 |
ANNEX A-1
UPFRONT ESCROW(20) | |||
Other Upfront | |||
Loan # | Seller(1) | Property Name | Description ($) |
32 | JPMCB | Bristol Park | |
33 | GACC | 6450 Industrial | HVAC Work Reserve: 479,820; Roof Work Reserve: 110,005 |
34 | CREFI | 651 Bushwick Avenue | Section 421(a) Reserve: 226,823; Rent Concession Reserve: 182,200 |
35 | GSMC | Grocery Outlet Truckee | |
36 | JPMCB | Holiday Inn Philadelphia South | PIP Reserve |
37 | CREFI | CVS Valley Stream | |
38 | CREFI | Deschutes Business Center | |
39 | CREFI | The Cove Storage Portfolio | |
39.01 | CREFI | James Road | |
39.02 | CREFI | Green Cove Road | |
39.03 | CREFI | Taylor Lane | |
40 | CREFI | Scotsman Self Storage | |
A-1-18 |
ANNEX A-1
MONTHLY ESCROW(21) | |||||||||||
Monthly Capex | Monthly Envir. | Monthly TI/LC | Monthly RE Tax | Monthly Ins. | Monthly Other | Other Monthly | |||||
Loan # | Seller(1) | Property Name | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Description ($) | ||
1 | JPMCB | 410 Tenth Avenue | 10,647 | 0 | Springing | 378,496 | 78,467 | Springing | Base Building Capital Expenditure Reserve | ||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | Springing | 0 | 0 | Springing | Springing | 0 | |||
2.01 | CREFI/GACC | MGM Grand | |||||||||
2.02 | CREFI/GACC | Mandalay Bay | |||||||||
3 | GSMC | Phillips Point | 0 | 0 | Springing | Springing | Springing | 0 | |||
4 | CREFI | 141 Livingston | Springing | 0 | 0 | 17,646 | Springing | Springing | Renewal Tenant Reserve | ||
5 | JPMCB | Pittock Block | Springing | 0 | Springing | Springing | Springing | 0 | |||
6 | CREFI/JPMCB | The Galleria Office Towers | 21,990 | 0 | 88,973 | 283,330 | Springing | Springing | Condo Reserve | ||
6.01 | CREFI/JPMCB | Galleria Tower I | |||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | |||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | |||||||||
7 | GSMC | U.S. Industrial Portfolio VI | Springing | 0 | Springing | Springing | Springing | 0 | |||
7.01 | GSMC | True Value | |||||||||
7.02 | GSMC | Belnick | |||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | |||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | |||||||||
7.05 | GSMC | Total Logistics | |||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | |||||||||
7.07 | GSMC | Amaray | |||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | |||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | |||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | |||||||||
8 | CREFI | Boca Office Portfolio | 10,614 | 0 | 42,877 | 152,439 | 84,079 | 0 | |||
8.01 | CREFI | Boardwalk @ 18th | |||||||||
8.02 | CREFI | Fountains Center | |||||||||
8.03 | CREFI | City National Park | |||||||||
8.04 | CREFI | Grove Centre | |||||||||
9 | CREFI | Gestamp Automocion SLB | Springing | 0 | 0 | Springing | Springing | 0 | |||
10 | JPMCB | 30 Hudson Yards 67 | Springing | 0 | 0 | 47,883 | 7,512 | 0 | |||
11 | GSMC | Dawson Marketplace | 2,944 | 0 | 11,776 | 34,955 | Springing | 0 | |||
12 | GACC | 8670 Wilshire | 842 | 0 | Springing | 17,561 | 4,374 | 0 | |||
13 | GSMC | JW Marriott Nashville | Springing | 0 | 0 | Springing | Springing | 0 | |||
14 | CREFI | Morgan Stanley Tower | 3,128 | 0 | 23,462 | 37,127 | 9,395 | Springing | Parking Lease Reserve: Springing; Morgan Stanley Rent Concession Reserve: Springing | ||
15 | JPMCB | The Village at Meridian | Springing | 0 | Springing | Springing | Springing | 0 | |||
16 | GSMC | Millennium Corporate Park | Springing | 0 | Springing | Springing | Springing | Springing | Microsoft Rollover Reserve | ||
17 | GSMC | 711 Fifth Avenue | Springing | 0 | Springing | Springing | Springing | Springing | Downgraded Tenant Reserve | ||
18 | JPMCB | Oakland Commons I&II | 5,264 | 0 | 35,532 | 64,835 | Springing | 0 | |||
19 | GACC | Orlando Technology Park | 2,974 | 0 | Springing | 27,180 | Springing | 0 | |||
20 | GACC | Woodbury Crossing Phase II | 1,875 | 0 | 0 | 15,734 | 2,558 | 0 | |||
21 | CREFI | Advanced Energy | Springing | 0 | Springing | 29,339 | Springing | 0 | |||
22 | CREFI | Value Store It Miami | 999 | 0 | 0 | 17,539 | Springing | 0 | |||
23 | GSMC | Willoughby Commons | 5,274 | 0 | Springing | 21,849 | Springing | 0 | |||
24 | JPMCB | Camellia Trace | 4,417 | 0 | 0 | 20,452 | 5,813 | 0 | |||
25 | GACC | Dollar General Portfolio | Springing | 0 | Springing | 20,000 | 945 | Springing | Lease Sweep Reserve | ||
25.01 | GACC | Robinsonville | |||||||||
25.02 | GACC | Saint Mary’s | |||||||||
25.03 | GACC | Alexandria (Carlos) | |||||||||
25.04 | GACC | St. Martinville | |||||||||
25.05 | GACC | Fife Lake | |||||||||
25.06 | GACC | Waubun | |||||||||
25.07 | GACC | Lake Village | |||||||||
25.08 | GACC | New Era | |||||||||
25.09 | GACC | Mooers | |||||||||
25.10 | GACC | Hinckley | |||||||||
25.11 | GACC | Center | |||||||||
25.12 | GACC | Lepanto | |||||||||
25.13 | GACC | Edgemont | |||||||||
25.14 | GACC | Louisa | |||||||||
25.15 | GACC | Prue | |||||||||
26 | CREFI | 9633 Westheimer Road | 1,025 | 0 | Springing | 20,607 | 5,825 | Springing | Roof Replacement Reserve | ||
27 | CREFI | 46-50 East 167th Street | 331 | 0 | 2,760 | 24,386 | 2,377 | 0 | |||
28 | CREFI | Bridgeport Distribution Center | 5,090 | 0 | 12,725 | 21,633 | 4,301 | 0 | |||
29 | CREFI | 303 3rd Street | 377 | 0 | 1,887 | 6,527 | Springing | 0 | |||
30 | CREFI | 5501 New Utrecht Avenue | 353 | 0 | 2,652 | 8,469 | 1,393 | Springing | Condominium Assessment Reserve | ||
31 | CREFI | Hamden Self Storage | 1,414 | 0 | 2,820 | 11,281 | 4,902 | 0 |
A-1-19 |
ANNEX A-1
MONTHLY ESCROW(21) | |||||||||||
Monthly Capex | Monthly Envir. | Monthly TI/LC | Monthly RE Tax | Monthly Ins. | Monthly Other | Other Monthly | |||||
Loan # | Seller(1) | Property Name | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Reserve ($) | Description ($) | ||
32 | JPMCB | Bristol Park | 2,333 | 0 | 0 | 10,866 | 3,772 | 0 | |||
33 | GACC | 6450 Industrial | 5,424 | 0 | 7,075 | 11,990 | 2,640 | 0 | |||
34 | CREFI | 651 Bushwick Avenue | 497 | 0 | 801 | 4,829 | 1,425 | Springing | Section 421(a) Reserve | ||
35 | GSMC | Grocery Outlet Truckee | 264 | 0 | 0 | Springing | 1,976 | 0 | |||
36 | JPMCB | Holiday Inn Philadelphia South | 7,492 | 0 | 0 | 12,253 | Springing | 0 | |||
37 | CREFI | CVS Valley Stream | Springing | 0 | Springing | 10,030 | Springing | 0 | |||
38 | CREFI | Deschutes Business Center | 1,347 | 0 | 2,776 | 6,366 | Springing | 0 | |||
39 | CREFI | The Cove Storage Portfolio | 924 | 0 | 0 | 1,951 | Springing | 0 | |||
39.01 | CREFI | James Road | |||||||||
39.02 | CREFI | Green Cove Road | |||||||||
39.03 | CREFI | Taylor Lane | |||||||||
40 | CREFI | Scotsman Self Storage | 371 | 0 | 0 | 2,307 | Springing | 0 | |||
A-1-20 |
ANNEX A-1
RESERVE CAPS(22) | ||||||||||||
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 | JPMCB | 410 Tenth Avenue | No | |||||||||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | No | |||||||||
2.01 | CREFI/GACC | MGM Grand | No | |||||||||
2.02 | CREFI/GACC | Mandalay Bay | No | |||||||||
3 | GSMC | Phillips Point | 6,650,000 | No | ||||||||
4 | CREFI | 141 Livingston | No | |||||||||
5 | JPMCB | Pittock Block | No | |||||||||
6 | CREFI/JPMCB | The Galleria Office Towers | 8,000,000 | No | ||||||||
6.01 | CREFI/JPMCB | Galleria Tower I | No | |||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | No | |||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | No | |||||||||
7 | GSMC | U.S. Industrial Portfolio VI | 894,587 | 1,789,173 | Yes | |||||||
7.01 | GSMC | True Value | Yes | |||||||||
7.02 | GSMC | Belnick | Yes | |||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | Yes | |||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | Yes | |||||||||
7.05 | GSMC | Total Logistics | Yes | |||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | Yes | |||||||||
7.07 | GSMC | Amaray | Yes | |||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | Yes | |||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | Yes | |||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | Yes | |||||||||
8 | CREFI | Boca Office Portfolio | 3,000,000 | No | ||||||||
8.01 | CREFI | Boardwalk @ 18th | No | |||||||||
8.02 | CREFI | Fountains Center | No | |||||||||
8.03 | CREFI | City National Park | No | |||||||||
8.04 | CREFI | Grove Centre | No | |||||||||
9 | CREFI | Gestamp Automocion SLB | Yes | |||||||||
10 | JPMCB | 30 Hudson Yards 67 | Yes | |||||||||
11 | GSMC | Dawson Marketplace | 706,540 | No | ||||||||
12 | GACC | 8670 Wilshire | 200,000 | No | ||||||||
13 | GSMC | JW Marriott Nashville | No | |||||||||
14 | CREFI | Morgan Stanley Tower | 2,000,000 | No | ||||||||
15 | JPMCB | The Village at Meridian | 126,288 | 1,683,864 | No | |||||||
16 | GSMC | Millennium Corporate Park | No | |||||||||
17 | GSMC | 711 Fifth Avenue | 170,012 | 1,020,072 | No | |||||||
18 | JPMCB | Oakland Commons I&II | 1,750,000 | No | ||||||||
19 | GACC | Orlando Technology Park | 1,000,000 unless the DSCR falls below 1.50x | No | ||||||||
20 | GACC | Woodbury Crossing Phase II | 67,500 | No | ||||||||
21 | CREFI | Advanced Energy | 100,000 | 800,000 | Yes | |||||||
22 | CREFI | Value Store It Miami | 35,955 | No | ||||||||
23 | GSMC | Willoughby Commons | 350,000 | 825,000 | No | |||||||
24 | JPMCB | Camellia Trace | No | |||||||||
25 | GACC | Dollar General Portfolio | Yes | |||||||||
25.01 | GACC | Robinsonville | Yes | |||||||||
25.02 | GACC | Saint Mary’s | Yes | |||||||||
25.03 | GACC | Alexandria (Carlos) | Yes | |||||||||
25.04 | GACC | St. Martinville | Yes | |||||||||
25.05 | GACC | Fife Lake | Yes | |||||||||
25.06 | GACC | Waubun | Yes | |||||||||
25.07 | GACC | Lake Village | Yes | |||||||||
25.08 | GACC | New Era | Yes | |||||||||
25.09 | GACC | Mooers | Yes | |||||||||
25.10 | GACC | Hinckley | Yes | |||||||||
25.11 | GACC | Center | Yes | |||||||||
25.12 | GACC | Lepanto | Yes | |||||||||
25.13 | GACC | Edgemont | Yes | |||||||||
25.14 | GACC | Louisa | Yes | |||||||||
25.15 | GACC | Prue | Yes | |||||||||
26 | CREFI | 9633 Westheimer Road | 24,600 | No | ||||||||
27 | CREFI | 46-50 East 167th Street | 165,600 | No | ||||||||
28 | CREFI | Bridgeport Distribution Center | 800,000 | No | ||||||||
29 | CREFI | 303 3rd Street | No | |||||||||
30 | CREFI | 5501 New Utrecht Avenue | 159,120 | No | ||||||||
31 | CREFI | Hamden Self Storage | 338,000 | No |
A-1-21 |
ANNEX A-1
RESERVE CAPS(22) | ||||||||||||
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 | ||
32 | JPMCB | Bristol Park | No | |||||||||
33 | GACC | 6450 Industrial | Yes | |||||||||
34 | CREFI | 651 Bushwick Avenue | No | |||||||||
35 | GSMC | Grocery Outlet Truckee | 9,516 | No | ||||||||
36 | JPMCB | Holiday Inn Philadelphia South | No | |||||||||
37 | CREFI | CVS Valley Stream | Yes | |||||||||
38 | CREFI | Deschutes Business Center | 60,450 | No | ||||||||
39 | CREFI | The Cove Storage Portfolio | No | |||||||||
39.01 | CREFI | James Road | No | |||||||||
39.02 | CREFI | Green Cove Road | No | |||||||||
39.03 | CREFI | Taylor Lane | No | |||||||||
40 | CREFI | Scotsman Self Storage | No | |||||||||
A-1-22 |
ANNEX A-1
LARGEST TENANT(4)(23)(24)(25) | 2nd LARGEST TENANT(4)(23)(24)(25) | ||||||||
Lease | Lease | ||||||||
Loan # | Seller(1) | Property Name | Largest Tenant | Unit Size | Expiration | 2nd Largest Tenant | Unit Size | Expiration | |
1 | JPMCB | 410 Tenth Avenue | Amazon | 335,408 | 05/31/37 | First Republic | 211,521 | 08/31/36 | |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | |||||||
2.01 | CREFI/GACC | MGM Grand | |||||||
2.02 | CREFI/GACC | Mandalay Bay | |||||||
3 | GSMC | Phillips Point | Gunster, Yoakley, Valdes-Fauli | 50,800 | 08/31/24 | Akerman, Senterfitt & Eidson | 48,678 | 09/30/28 | |
4 | CREFI | 141 Livingston | City of New York Department of Citywide Administrative Services | 206,084 | 12/26/25 | Smith & Livingston Parking | 7,568 | 06/30/27 | |
5 | JPMCB | Pittock Block | LS Networks | 15,238 | 07/31/21 | Hennebery Eddy Architects | 13,696 | 07/31/27 | |
6 | CREFI/JPMCB | The Galleria Office Towers | |||||||
6.01 | CREFI/JPMCB | Galleria Tower I | WeWork Companies, Inc. | 100,141 | 11/30/33 | Citigroup Technology | 49,740 | 12/31/28 | |
6.02 | CREFI/JPMCB | Galleria Tower II | Quanta Services | 56,345 | 03/31/22 | Hoover, Slovacek | 49,076 | 03/31/32 | |
6.03 | CREFI/JPMCB | Galleria Financial Center | Situs Holdings, LLC | 18,240 | 07/31/22 | Southwest Risk, LP | 12,169 | 05/31/26 | |
7 | GSMC | U.S. Industrial Portfolio VI | |||||||
7.01 | GSMC | True Value | True Value | 1,331,727 | 02/28/29 | ||||
7.02 | GSMC | Belnick | Belnick | 477,152 | 06/01/29 | ||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | Tufco | 226,900 | 07/21/37 | ||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | Pro Con | 205,320 | 12/30/30 | ||||
7.05 | GSMC | Total Logistics | Total Logistics | 86,460 | 08/31/32 | ||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | Pro Con | 172,261 | 12/30/30 | ||||
7.07 | GSMC | Amaray | Amaray | 194,519 | 10/31/33 | ||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | Pro Con | 122,500 | 12/30/30 | ||||
7.09 | GSMC | Tufco - 1205 Burris Road | |||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | Tufco | 44,020 | 07/21/37 | ||||
8 | CREFI | Boca Office Portfolio | |||||||
8.01 | CREFI | Boardwalk @ 18th | Women’s Health Partners, LLC | 16,662 | 12/31/27 | Carraba’s Tropical Coast | 5,921 | 04/30/23 | |
8.02 | CREFI | Fountains Center | University of Miami | 12,987 | 10/31/25 | Madsen, Kneepers & Associates | 6,350 | 12/31/24 | |
8.03 | CREFI | City National Park | Belux LLC (Aka Opus) | 17,902 | 12/31/30 | TDL Centers Inc | 14,067 | 07/14/30 | |
8.04 | CREFI | Grove Centre | Soberinves Sober Investments, LLC | 10,885 | 06/30/24 | Kabbalah Center | 4,500 | 02/28/26 | |
9 | CREFI | Gestamp Automocion SLB | Gestamp Automocion | 637,750 | 12/31/40 | ||||
10 | JPMCB | 30 Hudson Yards 67 | Related Companies L.P. | 44,954 | 02/28/39 | ||||
11 | GSMC | Dawson Marketplace | Hobby Lobby | 55,000 | 02/29/32 | Burlington | 40,232 | 02/29/28 | |
12 | GACC | 8670 Wilshire | Cedars-Sinai Medical Center | 28,831 | 11/30/26 | Specialty Surgical Center of Beverly Hills, L.P. | 16,879 | 07/31/30 | |
13 | GSMC | JW Marriott Nashville | |||||||
14 | CREFI | Morgan Stanley Tower | Morgan Stanley Smith Barney | 21,854 | 04/30/29 | Enstar (US) Inc | 21,044 | 03/31/26 | |
15 | JPMCB | The Village at Meridian | Big Al’s | 65,913 | 08/31/27 | Village Cinema | 55,309 | 10/31/33 | |
16 | GSMC | Millennium Corporate Park | Microsoft Corp. | 479,193 | 04/30/28 | Golder Associates, Inc. | 36,965 | 03/31/24 | |
17 | GSMC | 711 Fifth Avenue | SunTrust Banks | 84,516 | 04/30/24 | Allen & Company | 70,972 | 09/30/33 | |
18 | JPMCB | Oakland Commons I&II | Livingston International Tech | 35,343 | 03/31/27 | State Farm Mutual Automobile Insurance Company | 26,193 | 12/31/22 | |
19 | GACC | Orlando Technology Park | Priority Healthcare | 54,590 | 08/01/22 | FARO Tech | 46,481 | 03/01/25 | |
20 | GACC | Woodbury Crossing Phase II | |||||||
21 | CREFI | Advanced Energy | Advanced Energy Industries, Inc. | 115,627 | 12/31/35 | ||||
22 | CREFI | Value Store It Miami | |||||||
23 | GSMC | Willoughby Commons | BJ’s Wholesale Club | 109,751 | 03/28/30 | Giant Eagle | 77,500 | 07/31/28 | |
24 | JPMCB | Camellia Trace | |||||||
25 | GACC | Dollar General Portfolio | |||||||
25.01 | GACC | Robinsonville | Dollar General | 9,100 | 05/31/35 | ||||
25.02 | GACC | Saint Mary’s | Dollar General | 9,100 | 12/13/35 | ||||
25.03 | GACC | Alexandria (Carlos) | Dollar General | 9,002 | 10/31/35 | ||||
25.04 | GACC | St. Martinville | Dollar General | 9,100 | 04/30/35 | ||||
25.05 | GACC | Fife Lake | Dollar General | 9,100 | 10/31/35 | ||||
25.06 | GACC | Waubun | Dollar General | 9,100 | 11/30/35 | ||||
25.07 | GACC | Lake Village | Dollar General | 10,566 | 10/31/35 | ||||
25.08 | GACC | New Era | Dollar General | 9,026 | 11/30/35 | ||||
25.09 | GACC | Mooers | Dollar General | 9,026 | 04/30/35 | ||||
25.10 | GACC | Hinckley | Dollar General | 9,100 | 12/31/35 | ||||
25.11 | GACC | Center | Dollar General | 9,026 | 11/30/35 | ||||
25.12 | GACC | Lepanto | Dollar General | 10,640 | 11/30/35 | ||||
25.13 | GACC | Edgemont | Dollar General | 9,000 | 10/31/34 | ||||
25.14 | GACC | Louisa | Dollar General | 9,100 | 11/30/34 | ||||
25.15 | GACC | Prue | Dollar General | 9,026 | 01/31/35 | ||||
26 | CREFI | 9633 Westheimer Road | Swiss International | 42,000 | 01/31/31 | Tesla Motors TX, Inc. | 40,000 | 01/31/31 | |
27 | CREFI | 46-50 East 167th Street | CVS Pharmacy | 15,770 | 01/31/34 | Rainbow Apparel Companies | 8,230 | 01/31/27 | |
28 | CREFI | Bridgeport Distribution Center | L & B Cartage, Inc. | 416,038 | 11/30/30 | Central Warehouse Operations, Inc. | 194,770 | 05/31/22 | |
29 | CREFI | 303 3rd Street | Compass California | 8,325 | 02/28/29 | The House Salon | 1,968 | 07/31/26 | |
30 | CREFI | 5501 New Utrecht Avenue | Joseph Oberlander | 3,325 | 02/28/31 | H Friedman & Associates CPA | 3,325 | 12/31/30 | |
31 | CREFI | Hamden Self Storage | Creative Kids | 25,000 | 11/30/27 | Rent-A-Center | 4,800 | 02/28/22 |
A-1-23 |
ANNEX A-1
LARGEST TENANT(4)(23)(24)(25) | 2nd LARGEST TENANT(4)(23)(24)(25) | ||||||||
Lease | Lease | ||||||||
Loan # | Seller(1) | Property Name | Largest Tenant | Unit Size | Expiration | 2nd Largest Tenant | Unit Size | Expiration | |
32 | JPMCB | Bristol Park | |||||||
33 | GACC | 6450 Industrial | Mack Trucks | 283,000 | 08/31/24 | ||||
34 | CREFI | 651 Bushwick Avenue | Adrian Fanus Grooming, Inc. | 3,024 | 11/30/29 | Ferebe Supplies, LLC | 1,900 | 01/31/26 | |
35 | GSMC | Grocery Outlet Truckee | Grocery Outlet | 16,147 | 06/30/35 | Residential Master Lease | 1,874 | 06/24/25 | |
36 | JPMCB | Holiday Inn Philadelphia South | |||||||
37 | CREFI | CVS Valley Stream | CVS Pharmacy | 11,352 | 01/31/31 | ||||
38 | CREFI | Deschutes Business Center | Evoke At Cascades, Inc. | 4,995 | 12/31/22 | Bob Chaney Service Physics, Inc. | 3,181 | 06/30/21 | |
39 | CREFI | The Cove Storage Portfolio | |||||||
39.01 | CREFI | James Road | |||||||
39.02 | CREFI | Green Cove Road | |||||||
39.03 | CREFI | Taylor Lane | |||||||
40 | CREFI | Scotsman Self Storage | |||||||
A-1-24 |
ANNEX A-1
3rd LARGEST TENANT(4)(23)(24)(25) | 4th LARGEST TENANT(4)(23)(24)(25) | 5th LARGEST TENANT(4)(23)(24)(25) | ||||||||||||
Lease | Lease | Lease | ||||||||||||
Loan # | Seller(1) | Property Name | 3rd Largest Tenant | Unit Size | Expiration | 4th Largest Tenant | Unit Size | Expiration | 5th Largest Tenant | Unit Size | Expiration | |||
1 | JPMCB | 410 Tenth Avenue | Related | 70,852 | 10/31/45 | Rocky’s Bar & Grill | 2,834 | 12/31/26 | Café Maman | 1,955 | 12/31/30 | |||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | ||||||||||||
2.01 | CREFI/GACC | MGM Grand | ||||||||||||
2.02 | CREFI/GACC | Mandalay Bay | ||||||||||||
3 | GSMC | Phillips Point | Affiliated Managers Group (AMG) | 38,499 | 03/31/26 | Greenberg Traurig | 30,254 | 11/30/27 | Morgan Stanley | 26,463 | 10/31/24 | |||
4 | CREFI | 141 Livingston | AT&T Mobility | 0 | 12/31/23 | |||||||||
5 | JPMCB | Pittock Block | Sagacity Media Inc. | 11,936 | 03/31/23 | Oregon Symphony | 10,701 | 10/31/23 | DCI - D’Amato, Conversano, Inc. | 7,981 | 08/31/26 | |||
6 | CREFI/JPMCB | The Galleria Office Towers | ||||||||||||
6.01 | CREFI/JPMCB | Galleria Tower I | Westlake Management | 40,588 | 08/31/25 | BKD, LLP | 29,690 | 06/30/29 | Ascende, Inc. | 27,511 | 04/30/22 | |||
6.02 | CREFI/JPMCB | Galleria Tower II | Kane Russell Coleman & Logan PC | 25,390 | 03/31/22 | Capgemini U.S. LLC | 21,651 | 01/31/27 | Infrastructure Network | 15,879 | 03/31/22 | |||
6.03 | CREFI/JPMCB | Galleria Financial Center | GSA | 11,544 | 02/28/31 | Banorte -IXE Securities | 10,063 | 02/29/28 | Fusion Learning, Inc | 9,536 | 03/31/25 | |||
7 | GSMC | U.S. Industrial Portfolio VI | ||||||||||||
7.01 | GSMC | True Value | ||||||||||||
7.02 | GSMC | Belnick | ||||||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | ||||||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | ||||||||||||
7.05 | GSMC | Total Logistics | ||||||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | ||||||||||||
7.07 | GSMC | Amaray | ||||||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | ||||||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | ||||||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | ||||||||||||
8 | CREFI | Boca Office Portfolio | ||||||||||||
8.01 | CREFI | Boardwalk @ 18th | Wild Hair Salon | 5,889 | 11/30/21 | Boca Pointe Community Assoc. | 5,551 | 11/30/25 | Rooms For Prince & Princess | 4,920 | 08/31/24 | |||
8.02 | CREFI | Fountains Center | Gil Lichtshein | 5,987 | 07/31/26 | Salt Academy | 5,950 | 08/31/28 | Cohen & Sheinker, MD, PA | 5,066 | 02/28/23 | |||
8.03 | CREFI | City National Park | Hellenic Petroleum LLC | 8,381 | 02/28/25 | Harbinger Capital Group | 8,281 | 06/30/21 | Revamp Healthcare Partners | 7,622 | 08/31/27 | |||
8.04 | CREFI | Grove Centre | Big Boca Smiles | 4,495 | 11/30/26 | Sequoia Insurance | 4,371 | 10/31/24 | Skin Apeel, Inc. | 3,162 | 01/31/24 | |||
9 | CREFI | Gestamp Automocion SLB | ||||||||||||
10 | JPMCB | 30 Hudson Yards 67 | ||||||||||||
11 | GSMC | Dawson Marketplace | One Life Fitness | 35,000 | 12/31/37 | Restoration Hardware Outlet | 30,000 | 01/31/28 | Marshalls | 23,500 | 03/31/27 | |||
12 | GACC | 8670 Wilshire | Screening Services Group, LLC | 3,910 | 03/31/26 | Alexander Café LLC | 900 | 09/30/23 | ||||||
13 | GSMC | JW Marriott Nashville | ||||||||||||
14 | CREFI | Morgan Stanley Tower | DCR Loan Servicing, LLC | 13,460 | 07/31/28 | UBS Financial Services, Inc | 13,310 | 09/30/23 | Manning & Napier Advisors | 10,438 | 12/31/22 | |||
15 | JPMCB | The Village at Meridian | OpSec Online LLC | 40,805 | 02/28/25 | Axiom Fitness | 37,699 | 03/31/24 | Boise Co-Op | 25,036 | 11/30/35 | |||
16 | GSMC | Millennium Corporate Park | Quantrarium, LLC | 11,798 | 07/31/24 | People Tech Group | 7,992 | 08/31/24 | CBRE Management Office | 1,098 | 12/31/39 | |||
17 | GSMC | 711 Fifth Avenue | Ralph Lauren | 38,638 | 06/30/29 | Loro Piana USA | 24,388 | 08/31/25 | Sandler Capital | 17,200 | 06/30/27 | |||
18 | JPMCB | Oakland Commons I&II | Moncur Design, Inc. | 13,833 | 03/31/26 | Aerotek, Inc. | 13,611 | 10/31/21 | Grede Holdings LLC | 13,312 | 12/31/25 | |||
19 | GACC | Orlando Technology Park | Metric Engineering | 26,096 | 04/01/26 | AOE | 21,174 | 11/01/27 | Carestream | 19,450 | 02/01/26 | |||
20 | GACC | Woodbury Crossing Phase II | ||||||||||||
21 | CREFI | Advanced Energy | ||||||||||||
22 | CREFI | Value Store It Miami | ||||||||||||
23 | GSMC | Willoughby Commons | Regal Cinemas | 66,963 | 10/31/32 | PetSmart | 26,259 | 06/30/23 | Office Max | 23,806 | 07/31/28 | |||
24 | JPMCB | Camellia Trace | ||||||||||||
25 | GACC | Dollar General Portfolio | ||||||||||||
25.01 | GACC | Robinsonville | ||||||||||||
25.02 | GACC | Saint Mary’s | ||||||||||||
25.03 | GACC | Alexandria (Carlos) | ||||||||||||
25.04 | GACC | St. Martinville | ||||||||||||
25.05 | GACC | Fife Lake | ||||||||||||
25.06 | GACC | Waubun | ||||||||||||
25.07 | GACC | Lake Village | ||||||||||||
25.08 | GACC | New Era | ||||||||||||
25.09 | GACC | Mooers | ||||||||||||
25.10 | GACC | Hinckley | ||||||||||||
25.11 | GACC | Center | ||||||||||||
25.12 | GACC | Lepanto | ||||||||||||
25.13 | GACC | Edgemont | ||||||||||||
25.14 | GACC | Louisa | ||||||||||||
25.15 | GACC | Prue | ||||||||||||
26 | CREFI | 9633 Westheimer Road | ||||||||||||
27 | CREFI | 46-50 East 167th Street | Crab Du Jour | 2,500 | 01/31/33 | |||||||||
28 | CREFI | Bridgeport Distribution Center | ||||||||||||
29 | CREFI | 303 3rd Street | Jay Birds LBX | 1,678 | 07/31/30 | Mahkin Thai & Sushi | 1,666 | 12/31/25 | Hummus Bean | 1,458 | 06/30/26 | |||
30 | CREFI | 5501 New Utrecht Avenue | Royal Bag | 3,325 | 12/31/30 | E&D Childrens Center | 3,325 | 12/31/30 | Care Design NY | 3,325 | 11/30/30 | |||
31 | CREFI | Hamden Self Storage | Subway | 3,000 | 05/31/25 | Hull’s Art Supply | 1,000 | 04/22/21 |
A-1-25 |
ANNEX A-1
3rd LARGEST TENANT(4)(23)(24)(25) | 4th LARGEST TENANT(4)(23)(24)(25) | 5th LARGEST TENANT(4)(23)(24)(25) | ||||||||||||
Lease | Lease | Lease | ||||||||||||
Loan # | Seller(1) | Property Name | 3rd Largest Tenant | Unit Size | Expiration | 4th Largest Tenant | Unit Size | Expiration | 5th Largest Tenant | Unit Size | Expiration | |||
32 | JPMCB | Bristol Park | ||||||||||||
33 | GACC | 6450 Industrial | ||||||||||||
34 | CREFI | 651 Bushwick Avenue | Arline Almonte | 760 | 01/31/23 | Charlene New York LLC | 470 | 01/31/22 | Briana Rolan | 250 | 01/31/22 | |||
35 | GSMC | Grocery Outlet Truckee | ||||||||||||
36 | JPMCB | Holiday Inn Philadelphia South | ||||||||||||
37 | CREFI | CVS Valley Stream | ||||||||||||
38 | CREFI | Deschutes Business Center | Matt deMontegre / High Desert | 3,140 | 01/24/24 | Jazzercise Bend OR Fitness Center | 2,675 | 02/28/22 | Nashelle Jewelry dba Nashelle, LLC | 2,252 | 04/30/24 | |||
39 | CREFI | The Cove Storage Portfolio | ||||||||||||
39.01 | CREFI | James Road | ||||||||||||
39.02 | CREFI | Green Cove Road | ||||||||||||
39.03 | CREFI | Taylor Lane | ||||||||||||
40 | CREFI | Scotsman Self Storage | ||||||||||||
A-1-26 |
ANNEX A-1
Loan | |||||
Loan # | Seller(1) | Property Name | Purpose | Principal / Carveout Guarantor(26) | |
1 | JPMCB | 410 Tenth Avenue | Acquisition | Mark Karasick, Michael Silberberg | |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | Acquisition | BREIT Operating Partnership L.P., MGM Growth Properties Operating Partnership LP | |
2.01 | CREFI/GACC | MGM Grand | |||
2.02 | CREFI/GACC | Mandalay Bay | |||
3 | GSMC | Phillips Point | Acquisition | The Related Companies, Inc. | |
4 | CREFI | 141 Livingston | Refinance | Clipper Realty Inc., Clipper Realty L.P. | |
5 | JPMCB | Pittock Block | Acquisition | 1547 Data Center Real Estate Fund II, L.P. | |
6 | CREFI/JPMCB | The Galleria Office Towers | Refinance | Azrieli Group Ltd. | |
6.01 | CREFI/JPMCB | Galleria Tower I | |||
6.02 | CREFI/JPMCB | Galleria Tower II | |||
6.03 | CREFI/JPMCB | Galleria Financial Center | |||
7 | GSMC | U.S. Industrial Portfolio VI | Refinance | BIG STNL II LLC | |
7.01 | GSMC | True Value | |||
7.02 | GSMC | Belnick | |||
7.03 | GSMC | Tufco - 3161 South Ridge Road | |||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | |||
7.05 | GSMC | Total Logistics | |||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | |||
7.07 | GSMC | Amaray | |||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | |||
7.09 | GSMC | Tufco - 1205 Burris Road | |||
7.10 | GSMC | Tufco - 1055 Parkview Road | |||
8 | CREFI | Boca Office Portfolio | Recapitalization; Acquisition | Carlos Ulloa, Debra Corchia, Daniel Statlander, James Caprio | |
8.01 | CREFI | Boardwalk @ 18th | |||
8.02 | CREFI | Fountains Center | |||
8.03 | CREFI | City National Park | |||
8.04 | CREFI | Grove Centre | |||
9 | CREFI | Gestamp Automocion SLB | Acquisition | AG Net Lease IV Corp., AG Net Lease IV (Q) Corp., AG Net Lease Realty Fund IV Investments (H-1), L.P. | |
10 | JPMCB | 30 Hudson Yards 67 | Refinance | Massa Nova GmbH | |
11 | GSMC | Dawson Marketplace | Recapitalization | J. Kenneth Dunn | |
12 | GACC | 8670 Wilshire | Refinance | Andrew Brooks, Randhir Tuli | |
13 | GSMC | JW Marriott Nashville | Refinance | Jacquelyn Soffer | |
14 | CREFI | Morgan Stanley Tower | Refinance | Lawrence Feldman | |
15 | JPMCB | The Village at Meridian | Recapitalization | None | |
16 | GSMC | Millennium Corporate Park | Acquisition | Vanbarton Group LLC | |
17 | GSMC | 711 Fifth Avenue | Refinance | Bayerische Versorgungskammer, Deutsche Finance America LLC, DF Deutsche Finance Holding AG, Hessen Lawyers Pension Fund | |
18 | JPMCB | Oakland Commons I&II | Refinance | The Farbman Family #3, LLC | |
19 | GACC | Orlando Technology Park | Acquisition | TCM Technology Park LLC, Somerset Real Estate Opportunity Fund II, L.P., Benjamin M. Adams | |
20 | GACC | Woodbury Crossing Phase II | Refinance | Ronald D. Newman, Leonard Brandon Smith | |
21 | CREFI | Advanced Energy | Acquisition | Louis J. Rogers | |
22 | CREFI | Value Store It Miami | Refinance | Todd A. Ruderman | |
23 | GSMC | Willoughby Commons | Refinance | Mitchell C. Schneider | |
24 | JPMCB | Camellia Trace | Refinance | Anthony Kassis, Gary Shahid, Blevins Family Properties, LLC | |
25 | GACC | Dollar General Portfolio | Acquisition | William O. Fuller, Martin A. Pinilla II | |
25.01 | GACC | Robinsonville | |||
25.02 | GACC | Saint Mary’s | |||
25.03 | GACC | Alexandria (Carlos) | |||
25.04 | GACC | St. Martinville | |||
25.05 | GACC | Fife Lake | |||
25.06 | GACC | Waubun | |||
25.07 | GACC | Lake Village | |||
25.08 | GACC | New Era | |||
25.09 | GACC | Mooers | |||
25.10 | GACC | Hinckley | |||
25.11 | GACC | Center | |||
25.12 | GACC | Lepanto | |||
25.13 | GACC | Edgemont | |||
25.14 | GACC | Louisa | |||
25.15 | GACC | Prue | |||
26 | CREFI | 9633 Westheimer Road | Refinance | Aria Mehrabi | |
27 | CREFI | 46-50 East 167th Street | Refinance | Shmuel Kairy | |
28 | CREFI | Bridgeport Distribution Center | Acquisition | Bob Yari | |
29 | CREFI | 303 3rd Street | Refinance | Jayne M. Flinn, Michael A. Saltman | |
30 | CREFI | 5501 New Utrecht Avenue | Refinance | Binyamin Beitel | |
31 | CREFI | Hamden Self Storage | Refinance | Ira Schwartz |
A-1-27 |
ANNEX A-1
Loan | |||||
Loan # | Seller(1) | Property Name | Purpose | Principal / Carveout Guarantor(26) | |
32 | JPMCB | Bristol Park | Refinance | Anthony Kassis, Gary Shahid, Blevins Family Properties, LLC | |
33 | GACC | 6450 Industrial | Acquisition | Mariano Weil, Federico Weil, Federico Wilensky | |
34 | CREFI | 651 Bushwick Avenue | Refinance | Albert Farhi, David Farhi, Leon Farhi | |
35 | GSMC | Grocery Outlet Truckee | Acquisition | Mordecai (“Max”) Schireson | |
36 | JPMCB | Holiday Inn Philadelphia South | Refinance | William B. McNamara | |
37 | CREFI | CVS Valley Stream | Recapitalization | Geoffrey S. Serota, Eric Oppenheimer Credit Shelter Trust, Karen Serota | |
38 | CREFI | Deschutes Business Center | Refinance | Kenneth Levy, Kenneth Levy, As Trustee of the Levy Family Trust Dated February 18, 1983, as Amended | |
39 | CREFI | The Cove Storage Portfolio | Acquisition | George Thacker, Lawrence Charles Kaplan, Richard Schontz | |
39.01 | CREFI | James Road | |||
39.02 | CREFI | Green Cove Road | |||
39.03 | CREFI | Taylor Lane | |||
40 | CREFI | Scotsman Self Storage | Acquisition | George Thacker, Lawrence Charles Kaplan, Richard Schontz | |
A-1-28 |
ANNEX A-1
Pari Passu Debt | ||||||||||
Pari Passu | Pari Passu | Pari Passu | Total Cut-off | |||||||
Lockbox | Lockbox | Cash | Pari Passu | Note Control | Piece In Trust | Piece Non Trust | Date Pari | |||
Loan # | Seller(1) | Property Name | (Y/N) | Type(27) | Management(27) | (Y/N) | (Y/N) | Cut-Off Balance | Cut-Off Balance | Passu Debt |
1 | JPMCB | 410 Tenth Avenue | Yes | Hard | In Place | Yes | No | 80,000,000 | 300,000,000 | 380,000,000 |
2 | CREFI/GACC | MGM Grand & Mandalay Bay | Yes | Hard | Springing | Yes | No | 79,985,667 | 1,554,214,333 | 1,634,200,000 |
2.01 | CREFI/GACC | MGM Grand | ||||||||
2.02 | CREFI/GACC | Mandalay Bay | ||||||||
3 | GSMC | Phillips Point | Yes | Hard | Springing | Yes | No | 75,000,000 | 123,520,000 | 198,520,000 |
4 | CREFI | 141 Livingston | Yes | Springing | Springing | Yes | Yes | 75,000,000 | 25,000,000 | 100,000,000 |
5 | JPMCB | Pittock Block | Yes | Hard | Springing | Yes | No | 66,000,000 | 75,000,000 | 141,000,000 |
6 | CREFI/JPMCB | The Galleria Office Towers | Yes | Hard | Springing | Yes | Yes | 65,000,000 | 25,000,000 | 90,000,000 |
6.01 | CREFI/JPMCB | Galleria Tower I | ||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | ||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | ||||||||
7 | GSMC | U.S. Industrial Portfolio VI | Yes | Hard | Springing | Yes | Yes | 60,000,000 | 21,000,000 | 81,000,000 |
7.01 | GSMC | True Value | ||||||||
7.02 | GSMC | Belnick | ||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | ||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | ||||||||
7.05 | GSMC | Total Logistics | ||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | ||||||||
7.07 | GSMC | Amaray | ||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | ||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | ||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | ||||||||
8 | CREFI | Boca Office Portfolio | Yes | Hard | Springing | Yes | Yes | 50,000,000 | 49,000,000 | 99,000,000 |
8.01 | CREFI | Boardwalk @ 18th | ||||||||
8.02 | CREFI | Fountains Center | ||||||||
8.03 | CREFI | City National Park | ||||||||
8.04 | CREFI | Grove Centre | ||||||||
9 | CREFI | Gestamp Automocion SLB | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
10 | JPMCB | 30 Hudson Yards 67 | Yes | Hard | Springing | Yes | Yes | 45,000,000 | 26,000,000 | 71,000,000 |
11 | GSMC | Dawson Marketplace | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
12 | GACC | 8670 Wilshire | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
13 | GSMC | JW Marriott Nashville | Yes | Hard | Springing | Yes | No | 35,000,000 | 150,000,000 | 185,000,000 |
14 | CREFI | Morgan Stanley Tower | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
15 | JPMCB | The Village at Meridian | Yes | Hard | Springing | Yes | No | 30,995,000 | 35,000,000 | 65,995,000 |
16 | GSMC | Millennium Corporate Park | Yes | Hard | Springing | Yes | No | 27,000,000 | 105,000,000 | 132,000,000 |
17 | GSMC | 711 Fifth Avenue | Yes | Hard | Springing | Yes | No | 26,500,000 | 518,500,000 | 545,000,000 |
18 | JPMCB | Oakland Commons I&II | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
19 | GACC | Orlando Technology Park | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
20 | GACC | Woodbury Crossing Phase II | Yes | Hard | In Place | No | NAP | NAP | NAP | NAP |
21 | CREFI | Advanced Energy | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
22 | CREFI | Value Store It Miami | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
23 | GSMC | Willoughby Commons | Yes | Springing | Springing | Yes | No | 16,950,000 | 20,000,000 | 36,950,000 |
24 | JPMCB | Camellia Trace | Yes | Soft | Springing | No | NAP | NAP | NAP | NAP |
25 | GACC | Dollar General Portfolio | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
25.01 | GACC | Robinsonville | ||||||||
25.02 | GACC | Saint Mary’s | ||||||||
25.03 | GACC | Alexandria (Carlos) | ||||||||
25.04 | GACC | St. Martinville | ||||||||
25.05 | GACC | Fife Lake | ||||||||
25.06 | GACC | Waubun | ||||||||
25.07 | GACC | Lake Village | ||||||||
25.08 | GACC | New Era | ||||||||
25.09 | GACC | Mooers | ||||||||
25.10 | GACC | Hinckley | ||||||||
25.11 | GACC | Center | ||||||||
25.12 | GACC | Lepanto | ||||||||
25.13 | GACC | Edgemont | ||||||||
25.14 | GACC | Louisa | ||||||||
25.15 | GACC | Prue | ||||||||
26 | CREFI | 9633 Westheimer Road | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
27 | CREFI | 46-50 East 167th Street | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
28 | CREFI | Bridgeport Distribution Center | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
29 | CREFI | 303 3rd Street | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
30 | CREFI | 5501 New Utrecht Avenue | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
31 | CREFI | Hamden Self Storage | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
A-1-29 |
ANNEX A-1
Pari Passu Debt | ||||||||||
Pari Passu | Pari Passu | Pari Passu | Total Cut-off | |||||||
Lockbox | Lockbox | Cash | Pari Passu | Note Control | Piece In Trust | Piece Non Trust | Date Pari | |||
Loan # | Seller(1) | Property Name | (Y/N) | Type(27) | Management(27) | (Y/N) | (Y/N) | Cut-Off Balance | Cut-Off Balance | Passu Debt |
32 | JPMCB | Bristol Park | Yes | Soft | Springing | No | NAP | NAP | NAP | NAP |
33 | GACC | 6450 Industrial | Yes | Hard | Springing | No | NAP | NAP | NAP | NAP |
34 | CREFI | 651 Bushwick Avenue | Yes | Soft | Springing | No | NAP | NAP | NAP | NAP |
35 | GSMC | Grocery Outlet Truckee | Yes | Hard (Commercial) / Soft (Residential) | Springing | No | NAP | NAP | NAP | NAP |
36 | JPMCB | Holiday Inn Philadelphia South | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
37 | CREFI | CVS Valley Stream | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
38 | CREFI | Deschutes Business Center | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
39 | CREFI | The Cove Storage Portfolio | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
39.01 | CREFI | James Road | ||||||||
39.02 | CREFI | Green Cove Road | ||||||||
39.03 | CREFI | Taylor Lane | ||||||||
40 | CREFI | Scotsman Self Storage | Yes | Springing | Springing | No | NAP | NAP | NAP | NAP |
A-1-30 |
ANNEX A-1
Additional Debt | Total Debt | ||||||||||||
Additional | Total Debt | Total Debt | |||||||||||
Addit Debt | Addit Debt | Additional | Debt Cut off | Additional Debt | Total Debt | UW NCF | Total Debt | UW NOI | |||||
Loan # | Seller(1) | Property Name | Permitted (Y/N)(28) | Exist (Y/N)(28) | Debt Type(s) | Date Balance | Interest Rate | Cut-off Balance | DSCR | Current LTV % | Debt Yield % | ||
1 | JPMCB | 410 Tenth Avenue | No | Yes | B-Note/Mezzanine Loans | 325,000,000 | 3.58598 | 705,000,000 | 2.25 | 73.8% | 7.0% | ||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | Yes | Yes | B-Notes (804,400,000)/C-Notes (561,400,000)/Permitted Mezzanine | 1,365,800,000 | 3.55800 | 3,000,000,000 | 2.70 | 65.2% | 9.7% | ||
2.01 | CREFI/GACC | MGM Grand | 2.70 | 65.2% | 9.7% | ||||||||
2.02 | CREFI/GACC | Mandalay Bay | 2.70 | 65.2% | 9.7% | ||||||||
3 | GSMC | Phillips Point | No | Yes | Mezzanine Loan | 30,540,000 | 7.00000 | 229,060,000 | 2.10 | 79.3% | 8.4% | ||
4 | CREFI | 141 Livingston | No | No | NAP | NAP | NAP | 100,000,000 | 2.52 | 54.9% | 8.9% | ||
5 | JPMCB | Pittock Block | Yes | Yes | B-Note/Permitted Mezzanine | 22,470,000 | 5.85000 | 163,470,000 | 1.95 | 49.7% | 7.7% | ||
6 | CREFI/JPMCB | The Galleria Office Towers | No | No | NAP | NAP | NAP | 90,000,000 | 1.71 | 48.6% | 12.6% | ||
6.01 | CREFI/JPMCB | Galleria Tower I | 1.71 | 48.6% | 12.6% | ||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | 1.71 | 48.6% | 12.6% | ||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | 1.71 | 48.6% | 12.6% | ||||||||
7 | GSMC | U.S. Industrial Portfolio VI | Yes | No | Permitted Mezzanine | NAP | NAP | 81,000,000 | 2.56 | 59.3% | 10.7% | ||
7.01 | GSMC | True Value | 2.56 | 59.3% | 10.7% | ||||||||
7.02 | GSMC | Belnick | 2.56 | 59.3% | 10.7% | ||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | 2.56 | 59.3% | 10.7% | ||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 2.56 | 59.3% | 10.7% | ||||||||
7.05 | GSMC | Total Logistics | 2.56 | 59.3% | 10.7% | ||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 2.56 | 59.3% | 10.7% | ||||||||
7.07 | GSMC | Amaray | 2.56 | 59.3% | 10.7% | ||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 2.56 | 59.3% | 10.7% | ||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | 2.56 | 59.3% | 10.7% | ||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | 2.56 | 59.3% | 10.7% | ||||||||
8 | CREFI | Boca Office Portfolio | No | No | NAP | NAP | NAP | 99,000,000 | 2.46 | 63.5% | 10.6% | ||
8.01 | CREFI | Boardwalk @ 18th | 2.46 | 63.5% | 10.6% | ||||||||
8.02 | CREFI | Fountains Center | 2.46 | 63.5% | 10.6% | ||||||||
8.03 | CREFI | City National Park | 2.46 | 63.5% | 10.6% | ||||||||
8.04 | CREFI | Grove Centre | 2.46 | 63.5% | 10.6% | ||||||||
9 | CREFI | Gestamp Automocion SLB | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
10 | JPMCB | 30 Hudson Yards 67 | No | No | NAP | NAP | NAP | 71,000,000 | 1.92 | 64.5% | 6.6% | ||
11 | GSMC | Dawson Marketplace | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
12 | GACC | 8670 Wilshire | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
13 | GSMC | JW Marriott Nashville | No | No | NAP | NAP | NAP | 185,000,000 | 4.17 | 61.5% | 15.3% | ||
14 | CREFI | Morgan Stanley Tower | Yes | No | Permitted Mezzanine/Preferred Equity | NAP | NAP | NAP | NAP | NAP | NAP | ||
15 | JPMCB | The Village at Meridian | No | No | NAP | NAP | NAP | 65,995,000 | 5.14 | 33.5% | 19.1% | ||
16 | GSMC | Millennium Corporate Park | No | No | NAP | NAP | NAP | 132,000,000 | 3.13 | 60.9% | 10.0% | ||
17 | GSMC | 711 Fifth Avenue | Yes | No | Permitted Mezzanine | NAP | NAP | 545,000,000 | 2.90 | 54.5% | 9.4% | ||
18 | JPMCB | Oakland Commons I&II | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
19 | GACC | Orlando Technology Park | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
20 | GACC | Woodbury Crossing Phase II | No | Yes | Mezzanine Loan | 3,120,000 | 12.00000 | 23,500,000 | 1.37 | 71.6% | 7.5% | ||
21 | CREFI | Advanced Energy | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
22 | CREFI | Value Store It Miami | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
23 | GSMC | Willoughby Commons | No | No | NAP | NAP | NAP | 36,950,000 | 1.55 | 71.5% | 9.4% | ||
24 | JPMCB | Camellia Trace | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
25 | GACC | Dollar General Portfolio | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
25.01 | GACC | Robinsonville | NAP | NAP | NAP | ||||||||
25.02 | GACC | Saint Mary’s | NAP | NAP | NAP | ||||||||
25.03 | GACC | Alexandria (Carlos) | NAP | NAP | NAP | ||||||||
25.04 | GACC | St. Martinville | NAP | NAP | NAP | ||||||||
25.05 | GACC | Fife Lake | NAP | NAP | NAP | ||||||||
25.06 | GACC | Waubun | NAP | NAP | NAP | ||||||||
25.07 | GACC | Lake Village | NAP | NAP | NAP | ||||||||
25.08 | GACC | New Era | NAP | NAP | NAP | ||||||||
25.09 | GACC | Mooers | NAP | NAP | NAP | ||||||||
25.10 | GACC | Hinckley | NAP | NAP | NAP | ||||||||
25.11 | GACC | Center | NAP | NAP | NAP | ||||||||
25.12 | GACC | Lepanto | NAP | NAP | NAP | ||||||||
25.13 | GACC | Edgemont | NAP | NAP | NAP | ||||||||
25.14 | GACC | Louisa | NAP | NAP | NAP | ||||||||
25.15 | GACC | Prue | NAP | NAP | NAP | ||||||||
26 | CREFI | 9633 Westheimer Road | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
27 | CREFI | 46-50 East 167th Street | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
28 | CREFI | Bridgeport Distribution Center | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
29 | CREFI | 303 3rd Street | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
30 | CREFI | 5501 New Utrecht Avenue | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
31 | CREFI | Hamden Self Storage | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
A-1-31 |
ANNEX A-1
Additional Debt | Total Debt | ||||||||||||
Additional | Total Debt | Total Debt | |||||||||||
Addit Debt | Addit Debt | Additional | Debt Cut off | Additional Debt | Total Debt | UW NCF | Total Debt | UW NOI | |||||
Loan # | Seller(1) | Property Name | Permitted (Y/N)(28) | Exist (Y/N)(28) | Debt Type(s) | Date Balance | Interest Rate | Cut-off Balance | DSCR | Current LTV % | Debt Yield % | ||
32 | JPMCB | Bristol Park | Yes | No | Permitted Mezzanine | NAP | NAP | NAP | NAP | NAP | NAP | ||
33 | GACC | 6450 Industrial | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
34 | CREFI | 651 Bushwick Avenue | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
35 | GSMC | Grocery Outlet Truckee | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
36 | JPMCB | Holiday Inn Philadelphia South | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
37 | CREFI | CVS Valley Stream | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
38 | CREFI | Deschutes Business Center | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
39 | CREFI | The Cove Storage Portfolio | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
39.01 | CREFI | James Road | NAP | NAP | NAP | ||||||||
39.02 | CREFI | Green Cove Road | NAP | NAP | NAP | ||||||||
39.03 | CREFI | Taylor Lane | NAP | NAP | NAP | ||||||||
40 | CREFI | Scotsman Self Storage | No | No | NAP | NAP | NAP | NAP | NAP | NAP | NAP | ||
A-1-32 |
ANNEX A-1
HOTEL OPERATING STATISTICS | ||||||||||||||||||||
2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | Most Recent | Most Recent | Most Recent | UW | UW | UW | ||||||
Loan # | Seller(1) | Property Name | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Loan # | ||
1 | JPMCB | 410 Tenth Avenue | 1 | |||||||||||||||||
2 | CREFI/GACC | MGM Grand & Mandalay Bay | 91.0% | 193.58 | 176.24 | 91.5% | 192.62 | 176.18 | 92.1% | 196.52 | 180.94 | 71.4% | 187.46 | 133.76 | 92.1% | 196.52 | 180.94 | 2 | ||
2.01 | CREFI/GACC | MGM Grand | 92.1% | 181.76 | 167.36 | 92.7% | 182.10 | 168.76 | 91.4% | 190.29 | 173.85 | 68.5% | 184.50 | 126.33 | 91.4% | 190.29 | 173.85 | 2.01 | ||
2.02 | CREFI/GACC | Mandalay Bay | 90.0% | 206.28 | 185.57 | 90.2% | 203.96 | 183.96 | 92.8% | 202.98 | 188.40 | 74.8% | 190.71 | 142.69 | 92.8% | 202.98 | 188.40 | 2.02 | ||
3 | GSMC | Phillips Point | 3 | |||||||||||||||||
4 | CREFI | 141 Livingston | 4 | |||||||||||||||||
5 | JPMCB | Pittock Block | 5 | |||||||||||||||||
6 | CREFI/JPMCB | The Galleria Office Towers | 6 | |||||||||||||||||
6.01 | CREFI/JPMCB | Galleria Tower I | 6.01 | |||||||||||||||||
6.02 | CREFI/JPMCB | Galleria Tower II | 6.02 | |||||||||||||||||
6.03 | CREFI/JPMCB | Galleria Financial Center | 6.03 | |||||||||||||||||
7 | GSMC | U.S. Industrial Portfolio VI | 7 | |||||||||||||||||
7.01 | GSMC | True Value | 7.01 | |||||||||||||||||
7.02 | GSMC | Belnick | 7.02 | |||||||||||||||||
7.03 | GSMC | Tufco - 3161 South Ridge Road | 7.03 | |||||||||||||||||
7.04 | GSMC | Pro Con - 109 Maplewood Drive | 7.04 | |||||||||||||||||
7.05 | GSMC | Total Logistics | 7.05 | |||||||||||||||||
7.06 | GSMC | Pro Con - 2441 East Glendale Avenue | 7.06 | |||||||||||||||||
7.07 | GSMC | Amaray | 7.07 | |||||||||||||||||
7.08 | GSMC | Pro Con - 2430 East Glendale Avenue | 7.08 | |||||||||||||||||
7.09 | GSMC | Tufco - 1205 Burris Road | 7.09 | |||||||||||||||||
7.10 | GSMC | Tufco - 1055 Parkview Road | 7.10 | |||||||||||||||||
8 | CREFI | Boca Office Portfolio | 8 | |||||||||||||||||
8.01 | CREFI | Boardwalk @ 18th | 8.01 | |||||||||||||||||
8.02 | CREFI | Fountains Center | 8.02 | |||||||||||||||||
8.03 | CREFI | City National Park | 8.03 | |||||||||||||||||
8.04 | CREFI | Grove Centre | 8.04 | |||||||||||||||||
9 | CREFI | Gestamp Automocion SLB | 9 | |||||||||||||||||
10 | JPMCB | 30 Hudson Yards 67 | 10 | |||||||||||||||||
11 | GSMC | Dawson Marketplace | 11 | |||||||||||||||||
12 | GACC | 8670 Wilshire | 12 | |||||||||||||||||
13 | GSMC | JW Marriott Nashville | 85.5% | 294.74 | 251.86 | 44.1% | 277.42 | 122.29 | 85.8% | 295.53 | 253.69 | 13 | ||||||||
14 | CREFI | Morgan Stanley Tower | 14 | |||||||||||||||||
15 | JPMCB | The Village at Meridian | 15 | |||||||||||||||||
16 | GSMC | Millennium Corporate Park | 16 | |||||||||||||||||
17 | GSMC | 711 Fifth Avenue | 17 | |||||||||||||||||
18 | JPMCB | Oakland Commons I&II | 18 | |||||||||||||||||
19 | GACC | Orlando Technology Park | 19 | |||||||||||||||||
20 | GACC | Woodbury Crossing Phase II | 20 | |||||||||||||||||
21 | CREFI | Advanced Energy | 21 | |||||||||||||||||
22 | CREFI | Value Store It Miami | 22 | |||||||||||||||||
23 | GSMC | Willoughby Commons | 23 | |||||||||||||||||
24 | JPMCB | Camellia Trace | 24 | |||||||||||||||||
25 | GACC | Dollar General Portfolio | 25 | |||||||||||||||||
25.01 | GACC | Robinsonville | 25.01 | |||||||||||||||||
25.02 | GACC | Saint Mary’s | 25.02 | |||||||||||||||||
25.03 | GACC | Alexandria (Carlos) | 25.03 | |||||||||||||||||
25.04 | GACC | St. Martinville | 25.04 | |||||||||||||||||
25.05 | GACC | Fife Lake | 25.05 | |||||||||||||||||
25.06 | GACC | Waubun | 25.06 | |||||||||||||||||
25.07 | GACC | Lake Village | 25.07 | |||||||||||||||||
25.08 | GACC | New Era | 25.08 | |||||||||||||||||
25.09 | GACC | Mooers | 25.09 | |||||||||||||||||
25.10 | GACC | Hinckley | 25.10 | |||||||||||||||||
25.11 | GACC | Center | 25.11 | |||||||||||||||||
25.12 | GACC | Lepanto | 25.12 | |||||||||||||||||
25.13 | GACC | Edgemont | 25.13 | |||||||||||||||||
25.14 | GACC | Louisa | 25.14 | |||||||||||||||||
25.15 | GACC | Prue | 25.15 | |||||||||||||||||
26 | CREFI | 9633 Westheimer Road | 26 | |||||||||||||||||
27 | CREFI | 46-50 East 167th Street | 27 | |||||||||||||||||
28 | CREFI | Bridgeport Distribution Center | 28 | |||||||||||||||||
29 | CREFI | 303 3rd Street | 29 | |||||||||||||||||
30 | CREFI | 5501 New Utrecht Avenue | 30 | |||||||||||||||||
31 | CREFI | Hamden Self Storage | 31 |
A-1-33 |
ANNEX A-1
HOTEL OPERATING STATISTICS | ||||||||||||||||||||
2017 | 2017 | 2017 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | Most Recent | Most Recent | Most Recent | UW | UW | UW | ||||||
Loan # | Seller(1) | Property Name | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Occupancy % | ADR ($) | RevPAR ($) | Loan # | ||
32 | JPMCB | Bristol Park | 32 | |||||||||||||||||
33 | GACC | 6450 Industrial | 33 | |||||||||||||||||
34 | CREFI | 651 Bushwick Avenue | 34 | |||||||||||||||||
35 | GSMC | Grocery Outlet Truckee | 35 | |||||||||||||||||
36 | JPMCB | Holiday Inn Philadelphia South | 57.6% | 108.25 | 62.35 | 59.8% | 106.47 | 63.69 | 57.2% | 94.42 | 54.05 | 44.8% | 89.72 | 40.21 | 59.8% | 106.47 | 63.69 | 36 | ||
37 | CREFI | CVS Valley Stream | 37 | |||||||||||||||||
38 | CREFI | Deschutes Business Center | 38 | |||||||||||||||||
39 | CREFI | The Cove Storage Portfolio | 39 | |||||||||||||||||
39.01 | CREFI | James Road | 39.01 | |||||||||||||||||
39.02 | CREFI | Green Cove Road | 39.02 | |||||||||||||||||
39.03 | CREFI | Taylor Lane | 39.03 | |||||||||||||||||
40 | CREFI | Scotsman Self Storage | 40 |
A-1-34 |
Footnotes to Annex A-1 | |
(1) | “JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; “GACC” denotes German American Capital Corporation or one of its affiliates, as Mortgage Loan Seller; “CREFI” denotes Citi Real Estate Funding Inc. or one of its affiliates, as Mortgage Loan Seller; and “GSMC” denotes Goldman Sachs Mortgage Company, or one of its affiliates, as Mortgage Loan Seller. With respect to Loan No. 2, MGM Grand & Mandalay Bay, the mortgage loan is part of a whole loan that was co–originated by Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., Deutsche Bank AG, acting through its New York Branch and Société Générale Financial Corporation. With respect to Loan No. 6, The Galleria Office Towers, the mortgage loan is part of a whole loan that was co-originated by Citi Real Estate Funding Inc. and JPMorgan Chase Bank, National Association. With respect to Loan No. 8, the Boca Office Portfolio, the mortgage loan is part of a whole loan that was co-originated by Citi Real Estate Funding Inc. and Bank of America, N.A. With respect to Loan No. 17, 711 Fifth Avenue, the mortgage loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Bank of America, N.A. |
(2) | With respect to Loan No. 1, 410 Tenth Avenue, the mortgaged property includes five retail tenants that together consist of 4.4% of the net rentable area. With respect to Loan No. 2, MGM Grand & Mandalay Bay, each of the related mortgaged properties consist of a resort and casino and, as of the trailing twelve months ending September 30, 2020 (i) with respect to the MGM Grand Mortgaged Property, approximately 27.0% of the revenues were from hotel rooms, approximately 23.1% of the revenues were from food and beverage sales, approximately 26.9% of the revenues were from gaming, and approximately 23.1% of the revenues were from other sources and (ii) with respect to the Mandalay Bay Mortgaged Property, approximately 34.0% of the revenues were from hotel rooms, approximately 26.5% of the revenues were from food and beverage sales, approximately 17.5% of the revenues were from gaming, and approximately 22.0% of the revenues were from other sources. With respect to Loan No. 5, Pittock Block, the mortgaged property consists of 191,284 square feet of office space (approximately 64.3% of net rentable area), 81,906 square feet of colocation, data center and Meet-Me-Room space (27.5% of net rentable area), 19,981 square feet of retail space (6.7% of net rentable area), 3,831 square feet of storage space (1.3% of net rentable area), and 696 square feet of roof space (0.2% of net rentable area). With respect to Loan No. 12, 8670 Wilshire, the mortgaged property consists of 45,710 square feet of medical office space (90.5% of net rentable area), and 4,810 square feet of retail space (9.5% of net rentable area). With respect to Loan No. 17, 711 Fifth Avenue, the mortgaged property includes 286,226 square feet of office space, representing approximately 84.2% of the net rentable area, and 53,798 square feet of retail space, representing approximately 15.8% of the net rentable area. With respect to Loan No. 19, Orlando Technology Park, the mortgaged property consists of 121,974 square feet of flex industrial space (41.0% of net rentable area) and 175,412 square feet of office space (59.0% of net rentable area). With respect to Loan No. 35, Grocery Outlet Truckee, the mortgaged property includes 16,147 square feet of retail space, representing approximately 89.6% of the net rentable area, and three residential units (1,874 total square feet), representing approximately 10.4% of the net rentable area. |
(3) | 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. 14, Morgan Stanley Tower, the borrower, Second Avenue Tower Limited Partnership, is the ground lessee of 174 of the 370 parking spaces required for zoning compliance at the mortgaged property. The leasehold interest is owned by the City of St. Petersburg. The term of the ground lease expires on July 30, 2059. |
(4) | 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. UW Revenues ($), UW NOI ($) and UW NCF ($) are generally calculated by the Mortgage Loan Seller in accordance with its underwriting guidelines. UW NOI ($) and UW NCF ($) may include contractual or market rent escalations and, in the case of certain tenants, may be |
A-1-35 |
based on the average rent paid by the tenant through either the term of the related lease or the mortgage loan. Please see “Description of the Mortgage Pool—Certain Calculations and Definitions” for additional information. With respect to Loan No. 1, 410 Tenth Avenue, each of the Largest Tenant and the 2nd Largest Tenant, Amazon and First Republic, has executed its lease but has not yet taken occupancy of its leased premises or commenced paying rent. Amazon is expected to (a) with respect to the floors 9 through 14 and 16 through 20, take possession of such space by March 25, 2021, and commence paying rent in June 2022; and (b) with respect to the 15th floor, upon completion of pre-commencement work with respect to the related space, take possession by May 1, 2021 and commence paying rent in August 2022. First Republic is expected to (a) take possession of the entirety of its space by April 2021, at which point all pre-commencement and turnkey work is projected to have been completed and (b) commence paying rent in (i) August 2021 with respect to floors 4 through 6, (ii) October 2021 with respect to floors 2 and 3, (iii) September 2021 with respect to the ground floor retail space and (iv) May 2022 with respect to the below grade space. At origination, approximately $57.7 million was reserved for outstanding gap rent and free rent, in excess of projected amounts based on the estimated lease commencement dates. With respect to Loan No. 2, MGM Grand & Mandalay Bay, each of the related mortgaged properties consist of a resort and casino and, as of the trailing twelve months ending September 30, 2020 (i) with respect to the MGM Grand Mortgaged Property, approximately 27.0% of the revenues were from hotel rooms, approximately 23.1% of the revenues were from food and beverage sales, approximately 26.9% of the revenues were from gaming, and approximately 23.1% of the revenues were from other sources and (ii) with respect to the Mandalay Bay Mortgaged Property, approximately 34.0% of the revenues were from hotel rooms, approximately 26.5% of the revenues were from food and beverage sales, approximately 17.5% of the revenues were from gaming, and approximately 22.0% of the revenues were from other sources. With respect to Loan No. 3, Phillips Point, the 3rd Largest Tenant, Affiliated Managers Group (AMG), representing approximately 8.6% of the net rentable area, is dark but paying rent with respect to 15,176 square feet of its space. We cannot assure you that Affiliated Managers Group (AMG) will take occupancy as expected or at all. With respect to Loan No. 7.09, U.S. Industrial Portfolio VI – Tufco - 1205 Burris Road, the sole tenant, Tufco, is currently dark. Tufco is expected to continue paying full rent until the end of its lease term in July 2037. We cannot assure you that Tufco will continue paying rent as expected or at all. | |
With respect to Loan No. 11, Dawson Marketplace, the 3rd Largest Tenant, One Life Fitness, representing approximately 9.9% of the net rentable area, has executed a lease but has not yet taken occupancy or begun paying rent. One Life Fitness is anticipated to take occupancy of its space by the first quarter of 2022 and to commence paying its pro rata share of operating expenses by July 2021, 50% of its base rent by January 2022 and its entire base rent by August 2022. We cannot assure you that One Life Fitness will take occupancy or begin paying rent as expected or at all. With respect to Loan No. 12, 8670 Wilshire, the Largest Tenant, Cedars-Sinai Medical Center, representing approximately 57.1% of the net rentable area, has been temporarily closed since March 2020 in order to convert its space into a full-time home of the California Heart Center. As of February 17, 2020, Cedars-Sinai Medical Center has finished the major construction and has started moving equipment into the patient rooms and getting employees onsite. Cedars-Sinai Medical Center is anticipated to open to the public in March 2021. The 2nd Largest Tenant, Specialty Surgical Center of Beverly Hills, L.P, representing approximately 33.4% of the net rentable area, executed a ten-year extension of its lease in April 2020, and received (i) abated rent for August and September 2020, and (ii) two months of free rent exercisable at any time during the term of its lease with 30 days’ prior written notice. At origination, $243,746 was deposited into a rent replication reserve related to Specialty Surgical Center of Beverly Hills, L.P.’s two months’ of free rent according to its lease. With respect to Loan No. 17, 711 Fifth Avenue, the 3rd Largest Tenant, Ralph Lauren, representing approximately 11.4% of the net rentable area and approximately 41.1% of the underwritten base rent, has the right to go dark at any time. If the borrower believes Ralph Lauren has ceased retail operations in all of the premises under the related lease, the borrower may give notice thereof to Ralph Lauren. Within 30 days after the borrower gives such notice, Ralph Lauren must notify the borrower whether it intends to cease retail operations at the premises. If Ralph Lauren notifies the borrower of its intent to cease such retail operations, the borrower has the right to terminate the lease. Ralph Lauren’s space (excluding the Polo Bar), is currently dark. Ralph Lauren has requested to sublease its entire space to Mango, a Spanish retail chain, for a rent that is expected to be significantly lower than Ralph Lauren’s prime rent. The borrower initially denied the request, asserting that Mango (i) is not a first class retailer, (ii) does not conform to the mix of retail tenants that exists at the mortgaged property, and (iii) has a reputation for unfair labor practices. The dispute went to arbitration, where the arbitrator found that it was unreasonable for the borrower to withhold consent. The sublease has not yet been executed and we cannot assure you it will be executed as expected or at all. |
A-1-36 |
With respect to Loan No. 23, Willoughby Commons, the 3rd Largest Tenant, Regal Cinemas, representing approximately 19.0% of the net rentable area, is dark with respect to its space but is paying partial rent. | |
(5) | With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Current LTV % and the Maturity LTV % are based on the “as-is” Appraisal Value ($) even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met. With respect to Loan No. 1, 410 Tenth Avenue, the Appraised Value ($), Current LTV %, and Maturity LTV % are based on the “Hypothetical Market Value Assuming Reserves” of $955,000,000 effective December 1, 2020, which assumes that the borrowers escrow all contractually obligated free rent, tenant improvements, leasing costs and all of the remaining capital expenditures. At origination, the borrowers reserved $57,700,000 for outstanding gap rent and free rent and approximately $35,179,875 for all outstanding tenant improvements and leasing commissions. Based on the “As-Is” appraised value of $825,000,000 effective December 1, 2020, the Current LTV % and Maturity LTV % are 46.1%. With respect to Loan No. 2, MGM Grand & Mandalay Bay, the Appraised Value ($) of $4,600,000,000 as of January 10, 2020, set forth above is the appraised value solely with respect to real property at the MGM Grand & Mandalay Bay Mortgaged Properties, excluding personal property and intangible property attributable to the MGM Grand & Mandalay Bay Properties (the “Aggregate Real Property Appraised Value”). The appraisal also includes an “As Leased–Sale–Leaseback Appraised Value,” which is equal to the Aggregate Real Property Appraised Value. The Appraised Value of $7,352,600,000 (“Aggregate As Is Appraised Value”) as of January 10, 2020, includes personal property and intangible property attributable to the MGM Grand & Mandalay Bay Mortgaged Properties. The personal property and intangible property relating to the MGM Grand & Mandalay Bay Mortgaged Properties is owned by the MGM tenant or certain sublessees at the MGM Grand & Mandalay Bay Mortgaged Properties that are wholly owned subsidiaries of MGM (the “MGM/Mandalay Operating Subtenants”) (as more particularly provided in the master lease), which granted a security interest in certain property of the MGM tenant and the MGM/Mandalay Operating Subtenants (with certain exclusions, including an exclusion for the intellectual property of MGM tenant (as more particularly described in the master lease); and provided that the FF&E is only transferred to the MGM Grand & Mandalay Bay Borrowers at no cost in the event of a termination of the master lease due to an event of default by the MGM tenant thereunder, in favor of the MGM Grand & Mandalay Bay Borrowers, and such security interest was collaterally assigned by the MGM Grand & Mandalay Bay Borrowers to the lender. The Current LTV % and the Maturity % are based on the “Aggregate As Is Appraised Value” are 22.2% and 22.2%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan. The Current LTV % and the Maturity % are based on the Aggregate Real Property Appraised Value are 35.5% and 35.5%, respectively, based on the MGM Grand & Mandalay Bay Senior Loan. With respect to Loan No. 3, Phillips Point, the Current LTV % and Maturity LTV % are calculated utilizing the “Hypothetical As Is” appraised value of $289,000,000 as of December 15, 2020, which assumes that an additional $6.65 million would be reserved by the borrower sponsor at origination for future tenant improvement allowances and leasing commissions. The Current LTV % and Maturity LTV % calculated based on the “as-is” appraised value of $282,000,000, as of December 15, 2020, are both 70.4%. |
With respect to Loan No. 8, Boca Office Portfolio, the Appraised Value represents the “portfolio appraised value”, which attributes a premium to the aggregate value of the mortgaged properties as a whole. Based on the sum of the individual appraised values of the mortgaged properties, the Appraised Value would be $150,700,000, which results in a Current LTV % of 65.7% and a Maturity LTV% of 65.7%. With respect to Loan No. 10, 30 Hudson Yards 67, the Appraised Value ($), Current LTV %, and Maturity LTV % are based on the “Hypothetical Value: Escrow Tenant Improvements” of $110,000,000 effective February 1, 2021, which assumes that the outstanding tenant improvement costs of $4,799,293 associated with the existing lease will be placed into an escrow account. At loan origination, the borrower reserved $4,799,293 for outstanding tenant improvements and leasing commissions. Based on the “As-Is” appraised value of $105,000,000 effective February 1, 2021, the Current LTV % and Maturity LTV % are 67.6%. With respect to Loan No. 11, Dawson Marketplace, the Current LTV % is calculated utilizing the “as-is” appraised value of $68,000,000 as of November 17, 2019, and the Current Balance ($) net of the earn-out reserve of approximately $6,095,133. The Current LTV % calculated based on the “as-is” appraised value and Current Balance ($), without netting the earn-out reserve, is 64.4%. With respect to Loan No. 17, 711 Fifth Avenue, the “as-is” appraised value of $1,000,000,000 as of January 23, 2020 includes the extraordinary assumption that the timely and workmanlike completion of certain scheduled renovations and improvements will be commensurate to similar Class A and Class B office buildings in the competitive marketplace. |
A-1-37 |
With respect to Loan No. 18, Oakland Commons I&II, the Appraised Value ($), Current LTV %, and Maturity LTV % are based on the “Hypothetical Market Value including Capital Reserve Account” of $34,900,000 effective February 1, 2021, which assumes that a reserve in the amount of $1,400,000 (to be used toward tenant improvements and leasing commissions) is funded as of the as is date of value. At loan origination, the borrower reserved $1,400,000 for tenant improvements and leasing commissions. Based on the “As-Is” appraised value of $33,500,000 effective February 1, 2021, the Current LTV % and Maturity LTV % are 72.5% and 61.5%, respectively. With respect to Loan No. 25, Dollar General Portfolio, the Appraised Value ($), Current LTV % and Maturity LTV % are based on the “As-Portfolio” appraised value of $21,320,000. The “As-Portfolio” is a consolidated roll-up value, which reflects the benefit from divergent locations, long remaining lease terms, and value added from consolidating a portfolio of 15 separate Dollar General stores. The appraisal concluded a combined “As-Is” appraised value of $21,150,000, which results in a Current LTV % and Maturity LTV % of 65.5%. | |
(6) | For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($), and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. With respect to Loan No. 1, 410 Tenth Avenue, the whole loan is structured with an anticipated repayment date (“ARD”) of January 1, 2028 and a final maturity date of March 1, 2032. After the ARD, the interest rate will be revised to the greater of (i) 4.59159%, (ii) the 7-year swap yield as of the ARD plus 3.94159%, subject to a cap of 7.59159% and (iii) the default rate, when applicable pursuant to the 410 Tenth Avenue Whole Loan documents. With respect to Loan No. 2, MGM Grand & Mandalay Bay, The MGM Grand & Mandalay Bay Whole Loan is structured with an Anticipated Repayment Date (“ARD”) of March 5, 2030 and a final maturity date of March 5, 2032. After the ARD, the following structure would apply: (i) the interest rate will increase by 200 basis points over the greater of (x) 3.55800%, and (y)(1) the ARD Treasury Note Rate in effect on the ARD (such new rate, the “Adjusted Interest Rate”) plus (2) 1.77000%, (ii) amounts in the Excess Cash Flow Reserve (as defined in the related loan agreement) will be applied first to pay monthly additional interest amounts which, to the extent not paid, will be deferred (together with interest accrued thereon at the Adjusted Interest Rate) and added to the principal balance of the applicable note(s) comprising a portion of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents, and (iii) a full cash flow sweep to the extent of remaining amounts in the Excess Cash Flow Reserve will be applied to principal of the MGM Grand & Mandalay Bay Whole Loan in the manner set forth in the MGM Grand & Mandalay Bay Whole Loan documents. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—ARD Loans” in this Preliminary Prospectus. |
(7) | With respect to Loan Nos. 1, 2, 3, 4, 5, 6, 7, 8, 10, 13, 15, 16, 17 and 23, 410 Tenth Avenue, MGM Grand & Mandalay Bay, Phillips Point, 141 Livingston, Pittock Block, The Galleria Office Towers, U.S. Industrial Portfolio VI, Boca Office Portfolio, 30 Hudson Yards 67, JW Marriott Nashville, The Village at Meridian, Millennium Corporate Park, 711 Fifth Avenue and Willoughby Commons, in each case, the mortgage loan is part of a larger split whole loan, which consists of the mortgage loan and one or more pari passu and/or subordinate components. Please see “Description of the Mortgage Pool—The Whole Loans” for additional information. |
(8) | Each number identifies a group of related borrowers. With respect to Loan Nos. 1, 24 and 32, 410 Tenth Avenue, Camellia Trace and Bristol Park, in each case, the borrowers own the mortgaged properties as tenants-in-common. With respect to Loan No. 1, 410 Tenth Avenue, one of the co-borrowers of the whole loan, Tenth Ave 4 Lessee LLC, is not a tenant-in-common and is expected to be a borrower only until completion of the “reverse exchange” under Section 1031 of the Internal Revenue Code required under the related whole loan documents. See “Description of the Mortgage Pool—Tenant Issues—Affiliated Leases” for additional information related to the reverse 1031 exchange. With respect to Loan Nos. 24 and 32, Camellia Trace and Bristol Park, the mortgaged properties are owned by related borrowers. With respect to Loan Nos. 39 and 40, The Cove Storage Portfolio and Scotsman Self Storage, the mortgaged properties are owned by separate borrowers, but are related through the sponsors, George Thacker, Lawrence Charles Kaplan, and Richard Schontz. |
(9) | For each mortgage loan, the Net Mortgage Rate % is equal to 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 |
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Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Admin Fee %”). | |
(10) | For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360. |
(11) | With respect to all mortgage loans, Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12. |
(12) | In some instances in which the loan documents provide grace periods with respect to payments, such grace periods may be permitted a limited number of times per any 12-month periods. With respect to Loan No. 3, Phillips Point, the mortgage loan documents provide the borrower with one five-day grace period in any 12-month period for any payments due on a payment date (other than the maturity date). With respect to Loan No. 19, Orlando Technology Park, the mortgage loan documents provide the borrower with a five day grace period, one time per every 366-day period during the term of the mortgage loan prior to the imposition of the late payment charge for any payments due on a payment date. |
(13) | 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. 6, The Galleria Office Towers, the defeasance lockout period will be at least 24 payment dates beginning with and including the first payment date in April 2021. The borrower has the right to defease the Galleria Office Towers Whole Loan in whole (and not in part) after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) February 17, 2025. The assumed defeasance |
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lockout period of 24 months is based on the expected closing date of the Benchmark 2021-B24 securitization in March 2021. The actual lockout period may be longer. With respect to Loan No. 7, U.S. Industrial Portfolio VI, the lockout period will be at least 24 payment dates beginning with and including the first payment date in April 2021. Defeasance of the U.S. Industrial Portfolio VI Whole Loan in full is permitted on or after the first payment date following the date that is the earlier to occur of (i) February 8, 2024 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 24 payments is based on the expected Benchmark 2021-B24 securitization closing date in March 2021. The actual lockout period may be longer. With respect to Loan No. 8, Boca Office Portfolio, the lockout period will be at least 24 payment dates beginning with and including the first payment date in April 2021. Defeasance of the Boca Office Portfolio Whole Loan is permitted at any time after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) February 17, 2025. The assumed defeasance lockout period of 24 payment dates is based on the expected Benchmark 2021-B24 securitization closing date in March 2021. The actual lockout period may be longer. With respect to Loan No. 10, 30 Hudson Yards 67, the lockout period will be at least 24 payment dates beginning with and including the first payment date of April 7, 2021. The borrower is permitted to (a) defease all, but not part, of the whole loan after two years after the closing date of the securitization that includes the last note to be securitized (the “Permitted Defeasance Date”) or (b) prepay all, but not part, of the whole loan on or after April 7, 2025, with the payment of yield maintenance premium if the Permitted Defeasance Date has not yet occurred. The assumed lockout period of 24 payment dates is based on the expected Benchmark 2021-B24 securitization closing date in March 2021. The actual lockout period may be longer. With respect to Loan No. 13, JW Marriott Nashville, the lockout period will be at least 36 payment dates beginning with and including the first payment date in April 2020. Defeasance of the JW Marriott Nashville Whole Loan in full is permitted on or after the first payment date following the date that is the earlier to occur of (i) March 6, 2023 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized. The assumed lockout period of 36 payments is based on the expected Benchmark 2021-B24 securitization closing date in March 2021. The actual lockout period may be longer. | |
(14) | With respect to some mortgage loans, historical financial information may not be available due to the when the properties were constructed, renovated and/or acquired. With respect to Loan No. 1, 410 Tenth Avenue, historical financial information was not available because the mortgaged property was newly redeveloped with approximately 96% of the work complete as of January 2021. With respect to Loan No. 7, U.S. Industrial Portfolio VI, historical cash flow information is not available because each of the related mortgaged properties is subject to a triple-net lease with the related sole tenant. With respect to Loan No. 9, Gestamp Automocion SLB, historical financial information was not available because the mortgage loan is being used to facilitate the acquisition of the mortgaged property. With respect to Loan No. 10, 30 Hudson Yards 67, historical financial information was not available because the mortgaged property is leased to a single tenant under a triple net lease. With respect to Loan No. 20, Woodbury Crossing Phase II, historical cash flow information is not available because the first units were delivered in the summer of 2019 and have been leased as phases of the construction were completed. All units were assumed to be delivered as of the Cut-off Date. With respect to Loan No. 24, Camellia Trace, historical financial information was not available because the borrower sponsors acquired the mortgaged property in 2019. With respect to Loan No. 25, Dollar General Portfolio, historical cash flow information is not available because all 15 mortgage properties were recently built in 2019 and 2020. With respect to Loan No. 26, 9633 Westheimer Road, historical financial information was not available because the mortgaged property was recently renovated. |
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With respect to Loan No. 28, Bridgeport Distribution Center, historical financial information was not available because the mortgage loan is being used to facilitate the acquisition of the mortgaged property. With respect to Loan No. 30, 5501 New Utrecht Avenue, historical financial information was not available because the mortgaged property was recently constructed. | |
With respect to Loan No. 32, Bristol Park, historical financial information was not available because the borrower sponsors acquired the mortgaged property in 2019. With respect to Loan No. 33, 6450 Industrial, historical cash flow information is not available because the mortgaged property was renovated in 2018 in conjunction with the sole tenant, Mack Trucks, taking occupancy in September 2018 and then expanding from 200,000 square feet into the entire building in 2019. With respect to Loan No. 34, 651 Bushwick Avenue, historical financial information was not available because the mortgaged property was recently constructed. With respect to Loan No. 35, Grocery Outlet Truckee, historical cash flow information is not available because the related mortgaged property is newly constructed. | |
(15) | In the case of certain mortgage loans, the UW NOI ($) exceeds Most Recent NOI ($) by 10%. With respect to Loan No. 2, MGM Grand & Mandalay Bay, the increase by 10% or more from Most Recent NOI to UW NOI is a result of the temporary closure of the MGM Grand & Mandalay Bay Properties due to COVID-19. On May 1, 2020, MGM Resorts International reported that, as a result of the temporary closure of its domestic properties (which includes the MGM Grand & Mandalay Bay Properties) following the outbreak of COVID-19, its domestic properties (which includes the MGM Grand & Mandalay Bay Properties) were effectively generating no revenue, there were high levels of room and convention cancellation through the third quarter of 2020, and that, following the re-opening of its domestic properties (which includes the MGM Grand & Mandalay Bay Properties), it expected weakened demand in light of consumer fears and general economic uncertainty, among other things. With respect to Loan No. 6.03, The Galleria Office Towers – Galleria Financial Center, the increase from Most Recent NOI to UW NOI at the mortgaged property is primarily attributable to the inclusion of potential income from vacant space, which was underwritten per the appraiser’s concluded market rent for each vacant space. With respect to Loan No. 8, Boca Office Portfolio, the increase from Most Recent NOI to UW NOI at the mortgage property is primarily attributable to unrealized rent accounting for new tenants occupying space, rent abatement expiration, contractual rent steps, and potential income from vacant space. With respect to Loan No. 11, Dawson Marketplace, the increase from the Most Recent NOI ($) to UW NOI ($) is primarily attributable to the inclusion of One Life Fitness ($630,000 in underwritten base rent) along with two recently executed inline leases, AYK Jewelry and Sakura Teriyaki ($83,520 in underwritten base rent). With respect to Loan No. 12, 8670 Wilshire, the increase in Most Recent NOI ($) to UW NOI ($) is primarily attributed to (i) $202,047 of rent steps through January 2022 and straight line rent for investment grade tenants and (ii) the 2nd largest tenant, Specialty Surgical Center of Beverly Hills, L.P., executing a 10-year lease renewal in April 2020 which included two months of free rent in August and September 2020 and increased its rental rate 20.7% from a weighted average $71.78 PSF to $86.64 PSF. |
With respect to Loan No. 13, JW Marriott Nashville, the increase from the Most Recent NOI ($) to UW NOI ($) is primarily attributable to underwriting stabilized hotel operations pre-COVID-19 as of the trailing 12-month period ending on January 31, 2020. The latest trailing 12-month period ending on September 30, 2020 reflects the months heavily impacted by COVID-19. Additionally, the borrower sponsor has posted an 18-month debt service reserve equal to $8,831,707, which will be applied to monthly debt service payments through March 2022. With respect to Loan No. 16, Millennium Corporate Park, the increase from the Most Recent NOI ($) to UW NOI ($) is primarily attributable to contractual rent steps through March 31, 2022 and the present value of contractual rent step increments over the remainder of the investment-grade tenant’s lease term, with staggered lease expirations running through April 30, 2028. With respect to Loan No. 20, Woodbury Crossing Phase II, the increase in Most Recent NOI ($) to UW NOI ($) is primarily attributed to recent completion and leasing up of the mortgaged property. The first units were delivered in the summer of 2019 and have been leased as phases of the construction are completed. All units were assumed to be delivered as |
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of the Cut-off Date. The lender is underwriting to annualized in-place income and expenses that are supported by current occupancy of 95.6%, the appraisal, and the first phase of the project, Woodbury Commons Phase I, which is not part of the collateral and has been 98% leased since 2018. With respect to Loan No. 21, Advanced Energy, the increase from Most Recent NOI to UW NOI at the mortgage property is primarily attributable to a contractual increased in base rent for Advanced Energy Industries, Inc. With respect to Loan No. 22, Value Store It Miami, the increase from Most Recent NOI to UW NOI at the mortgage property is primarily attributable to potential income from vacant space. With respect to Loan No. 29, 303 3rd Street, the increase from Most Recent NOI to UW NOI at the mortgage property is primarily attributable to the mortgaged property being redeveloped from 2018-2019 and being leased up in 2020. | |
(16) | With respect to all hotel properties, except for the mortgage loan(s) listed below, the UW NOI ($) 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. With respect to Loan No. 1, 410 Tenth Avenue, the seller of the mortgaged property has submitted an application to the New York City Department of Finance for the Industrial & Commercial Abatement Program (the “ICAP”). The ICAP abatement for the mortgaged property is expected to commence in the tax year of 2024/25 and expire in 2033/34. However, the taxes for the mortgaged property were not underwritten based on the abated tax amounts. See “Description of the Mortgage Pool – Real Estate and Other Tax Considerations” in the preliminary prospectus for additional information. With respect to Loan No. 5, Pittock Block, the UW NOI ($) and the UW NCF ($) include underwriting for a new license agreement that was recently signed with a Fortune 10 technology company totaling $837,000 in underwritten rent. With respect to Loan No. 9, Gestamp Automocion SLB, the mortgaged property is subject to two separate ground leases entered into in connection with two payment in lieu of taxes (“PILOT”) agreements, which operate as a tax incentive. Taxes are underwritten at $495,580 per the appraiser’s conclusion of actual required tax payments under the PILOT agreements. With respect to Loan No. 10, 30 Hudson Yards 67, the borrower owns the fee interest in the Mortgaged Property. However, to obtain the New York City real estate tax exemption and the payment-in-lieu of taxes (“PILOT”) benefits, the borrower has leased the Mortgaged Property to the New York City Industrial Development Agency, which has subleased the Mortgaged Property back to the borrower under an agency lease, which obligates borrower to make PILOT payments. The PILOT commenced in the 2019/20 tax year and is scheduled to expire after the tax year 2038/39. The real estate taxes were underwritten based on the abated tax amount. See “Description of the Mortgage Pool – Real Estate and Other Tax Considerations” in the preliminary prospectus for additional information. With respect to Loan No. 30, 5501 New Utrecht Avenue, the related mortgaged property is in the process of qualifying for a 15 year Industrial & Commercial Abatement Program (“ICAP”) tax abatement which would run through the 2035/2036 tax year. The abatement amount would be 100% for the first 11 years, with the abatement percentage declining by 20% every year thereafter. |
With respect to Loan No. 34, 651 Bushwick Avenue, the borrower has applied for 35-year 421-a Affordable Housing NY Program tax abatement that would benefit the residential portion of the mortgaged property, and a 25-year ICAP that would benefit the commercial portion of the property. Six of the residential units at the mortgaged property must be designated for affordable housing and leased at 130% of area median income. The remaining 14 units must remain free market rent stabilized for the duration of the 421-a tax abatement. The mortgaged property will receive a 100% exemption on any assessment increase above the base year assessment for the first 25 years, and a 30% exemption for the final 10 years until fully phased out. Taxes were underwritten to the abated tax amount for the residential portion equal to approximately $7,737, and the unabated tax amount for the commercial portion, excluding any ICAP benefits, equal to approximately $47,457, for a total of $55,194. | |
(17) | Except for the mortgage loan(s) listed below, 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. 2, MGM Grand & Mandalay Bay, the UW NOI DSCR and UW NCF DSCR was calculated based on initial MGM/Mandalay Lease annual rent of $292,000,000. The UW NOI DSCR and UW NCF DSCR based on UW NOI and UW NCF are 8.82x and 8.27x, respectively |
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(18) | In the case of certain mortgage loans, all or a portion of the Title Type consists of a leasehold interest. With respect to Loan No. 6, The Galleria Office Towers, the mortgaged properties are subject to a condominium regime with six total condominium units (for all purposes under the condominium documents), three of which constitute the entirety of the collateral, and three of which are not part of the collateral. There are six board seats, and the borrower is allocated three of the board seats. Please see “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” for additional information. With respect to Loan No. 9, Gestamp Automocion SLB, the mortgage loan is encumbered by the fee and leasehold interests of the mortgaged property, which includes a long-term ground lease to the Industrial Development Board of the County of Hamilton, Tennessee in the form of a PILOT, which operates as a tax incentive. With respect to Loan No. 10, 30 Hudson Yard 67, the related mortgaged property is subject to a condominium declaration that governs eight condominium units. The borrower is entitled to approximately 1.6% of voting rights, and does not have control of the condominium board or any blocking rights with respect to for certain major decisions, such as unit removals and use of proceeds in connection with casualty or condemnation proceedings. However, the condominium policy prohibits implementation of any policies that would have disproportionately negative impacts any unit owners. In addition, the borrower has provided a non-recourse carveout for any losses associated with, among other things, the withdrawal of the unit comprising the mortgaged property from the condominium regime or termination of the condominium regime. Please see “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” in this Preliminary Prospectus for additional information. With respect to Loan No. 14, Morgan Stanley Tower, the borrower, Second Avenue Tower Limited Partnership, is the ground lessee of 174 of the 370 parking spaces required for zoning compliance at the mortgaged property. The leasehold interest is owned by the City of St. Petersburg. The term of the ground lease expires on July 30, 2059. With respect to Loan No. 34, 651 Bushwick Avenue, in connection with the borrower’s application for a 421-a Affordable Housing NY Program tax abatement and an ICAP tax abatement, the mortgaged property will be divided into two condominium units. Please see “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” for additional information. |
(19) | With respect to each hotel property, shows the expiration date of the related license agreement, franchise agreement, operating agreement or management agreement. See “Description of the Mortgage Pool—Property Types—Hotel Properties” in the preliminary prospectus for information related to mortgage loans secured by hotel properties. |
(20) | 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, Pittock Block, at loan origination, the borrower reserved a $7,500,000 holdback (the “Holdback”) to be released upon either of the following events: (a) the borrower enters into a data license agreement with the largest tenant of the Portland NAP, a Fortune 10 technology company, which demises no fewer than 31 cabinets at the Mortgaged Property and provides for annual rent/license fees in an amount not less than $837,000 (the “Data License”), and any payment concessions in favor of the tenant/licensee and/or obligations of the borrower to perform and/or pay for any work in connection with the applicable Data License have either been completed and satisfied in full or the reserve funds have been established with the lender for the purpose of covering the same; or (b) the Mortgaged Property achieves a debt service coverage ratio of 1.95x and a loan to value ratio of 51%. The Fortune 10 technology company recently signed a license agreement for 31 additional cabinets. Accordingly, the Holdback is expected to be released to the borrower. With respect to Loan No. 17, 711 Fifth Avenue, the borrower funded $2,000,000 at origination for estimated costs in connection with obtaining a new temporary or permanent certificate of occupancy to replace the temporary certificate of occupancy that expired in November 2019. The borrower obtained a temporary certificate of occupancy that was effective as of March 24, 2020, and the $2,000,000 has been disbursed to the borrower. With respect to Loan No. 31, Hamden Self Storage, the borrower will have the right to make a release request (as defined in the loan agreement) no more than one time per calendar quarter, and in all cases, no release request can be made after the 24th monthly payment date upon the following conditions: (i) no trigger period has occurred and is continuing; and (ii) lender has determined that the debt yield equals or exceeds 9% (based on the proposed net loan amount after giving effect to the release of the proposed economic holdback reserve release amount). |
(21) | 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 |
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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 trigger in the respective mortgage loan documents. With respect to Loan No. 3, Phillips Point, on each payment date, if and to the extent the amount contained in the TI/LC reserve account is less than $6,650,000, the borrower is required to deposit into the TI/LC reserve account a Monthly TI/LC Reserve ($) amount equal to approximately $18,704. With respect to Loan No. 12, 8670 Wilshire, the borrower was required to deposit approximately $373,771 into a rent holdback reserve at origination, which is equivalent to one year of base rent for the 3rd Largest Tenant, Screening Services Group, LLC, and the 4th Largest Tenant, Alexander Café LLC. At origination, $243,746 was deposited into a rent replication reserve related to Specialty Surgical Center of Beverly Hills, L.P.’s two months’ of free rent according to its lease. With respect to Loan No. 13, JW Marriott Nashville, beginning on the payment date in April 2021, the Monthly Capex Reserve ($) is an FF&E reserve in an amount equal to (i) for the payment dates through and including July 2023, 3% of the gross revenues of the mortgaged property for the prior calendar month and (ii) thereafter, 4% of the gross revenues of the mortgaged property for the prior calendar month. With respect to Loan No. 19, Orlando Technology Park, the borrower was required to deposit approximately $396,442 into an approved leasing expense reserve at origination, with $60,340 allocated to Praxis Specialty Pharmacy, approximately $236,102 allocated to D-BAT Lake Mary, and $100,000 allocated to FARO Tech. At origination, $60,483 was deposited into a free rent reserve related to D-BAT Lake Mary’s six months’ of free rent according to its lease. At origination, three months of amortizing debt service payments in an amount of approximately $325,373 was deposited into a Debt Service Reserve and held as additional collateral for the mortgage loan. Moreover, if no trigger event occurs and provided certain additional conditions are satisfied, the Debt Service Reserve will be transferred into the CapEx Reserve and/or the TI/LC Reserve six months after the Closing Date. | |
With respect to Loan No. 20, Woodbury Crossing Phase II, at origination, the guarantor gave a limited payment guaranty in the amount of up to $1,244,090 under the loan (the “Senior Debt Service Guaranty”), which is the amount of debt service due under the loan and the mezzanine loan for the first 12 months. The Senior Debt Service Guaranty will be released upon the satisfaction of certain conditions set forth in the related loan documents (but in no event earlier than 12 months), including (1) no trigger period exists, (2) the absence of any shutdown, “shelter-in-place” or “socially distance” requirements and any other limitations on business operations relating to the COVID-19 pandemic for at least 90 days, (3) for the immediately preceding 3 month period, the mortgaged property has: (x) maintained an average occupancy rate of 92.5% and (y) maintained an average non-delinquent collection rate of 92.5% from tenants in occupancy, (4) the DSCR under the loan is no less than 1.88x and (5) the combined DSCR (for both the loan and the mezzanine loan) is no less than 1.31x. Additionally, the guarantor gave a limited payment guaranty in the amount of up to approximately $374,400 under the mezzanine loan for debt service due under the mezzanine loan during the first 12 months. With respect to Loan No. 23, Willoughby Commons, on each payment date, if and to the extent the amount contained in the TI/LC reserve account is less than $825,000, the borrower is required to deposit into the TI/LC reserve account a Monthly TI/LC Reserve ($) amount equal to approximately $22,917. With respect to Loan No. 36, Holiday Inn Philadelphia South, the mortgage loan documents were modified in April 2020 to, among other things, defer the requirement to fund the FF&E reserve from April 2020 to and including July 2020. In addition, the mortgage loan documents are expected to be further modified to require the borrower to, from and after the Payment Date occurring in August 2020, in addition to the FF&E monthly deposit, deposit into the Monthly Capex Reserve ($) an amount equal to the excess cash flow remaining after satisfaction of the waterfall items as set forth in the mortgage loan documents (a “FF&E Reserve True Up Deposit”) until such time as the aggregate amount of FF&E Reserve True Up Deposits deposited with the lender equals the aggregate amount of the FF&E monthly deposits deferred pursuant to the mortgage loan documents. With respect to Loan No. 38, Deschutes Business Center, the borrower is required to make monthly deposits into the Leasing Reserve Account (i) commencing with the first monthly payment date and on each monthly payment date occurring thereafter up to and including the 36th monthly payment date, in an amount equal to $2,775.75, and (ii) commencing with the 37th monthly payment date and on each monthly payment date occurring thereafter up to but not including the stated maturity date, during which a Trigger Period has occurred and is continuing, in an amount equal to $1,997.69 for tenant improvements and leasing commissions. | |
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With respect to Loan No. 38, Deschutes Business Center, the borrower is required to make monthly deposits into the Replacement Reserve Account (i) commencing with the first monthly payment date and on each monthly payment date occurring thereafter up to and including the 48th monthly payment date, in an amount equal to $1,346.83, and (ii) commencing with the 49th monthly payment date and on each monthly payment date occurring thereafter up to and including the 96th monthly payment date, in an amount equal to $451.08. | |
(22) | Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. With respect to Loan No. 7, U.S. Industrial Portfolio VI, the CapEx Reserve Cap ($) is equal to the product of (x) $0.10 multiplied by (y) the aggregate number of rentable square feet then contained in the mortgaged properties multiplied by (z) three. The TI/LC Reserve Cap ($) is equal to the product of (x) $0.20 multiplied by (y) the aggregate number of rentable square feet then contained in the mortgaged properties multiplied by (z) three. As of the Cut-off Date, the aggregate number of rentable square feet is 2,981,955. With respect to Loan No. 19, Orlando Technology Park, at origination, $1,000,000 was escrowed into the TI/LC Reserve. The borrower’s obligation to escrow funds into the TI/LC Reserve will be suspended so long as the DSCR is equal to or greater than 1.50x and at least $500,000 is in the TI/LC Reserve. If at any point during the loan term the funds in the TI/LC Reserve fall below $500,000, or the DSCR drops below 1.50x, $16,108 per month ($0.65 per square foot per annum) will be escrowed into the TI/LC Reserve until it reaches $1,000,000. The $1,000,000 cap is only applicable so long as the DSCR is equal to or greater than 1.50x. With respect to Loan No. 23, Willoughby Commons, the TI/LC Reserve Cap ($) will increase to $1,250,000 if any amounts attributable to termination proceeds deposited in the TI/LC reserve account are included in the calculation. |
(23) | 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. 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. With respect to Loan No. 3, Phillips Point, the 4th Largest Tenant, Greenberg Traurig, representing approximately 6.7% of the net rentable area, subleases 2,796 square feet to Frankel Loughran Starr & Vallone on a 24-month term through May 2021 at $34.00 per square foot. With respect to Loan No. 6.02, The Galleria Office Towers – Galleria Tower II, the Largest Tenant, Quanta Services, subleases 56,345 square feet from Panhandle Eastern Pipe Line Company, L.P. With respect to Loan No. 6.02, The Galleria Office Towers – Galleria Tower II, the 3rd Largest Tenant, Kane Russell Coleman & Logan PC, subleases 18,687 square feet from Panhandle Eastern Pipe Line Company, L.P. With respect to Loan No. 6.03, The Galleria Office Towers – Galleria Financial Center, the 2nd Largest Tenant, Southwest Risk, LP, subleases 7,775 square feet to Big Data Energy Services, Inc. With respect to Loan No. 10, 30 Hudson Yards 67, Related Companies L.P., the sole tenant at the mortgaged property with a lease expiration date of February 28, 2039, is subleasing its entire premises to Facebook, Inc. whose sublease expires in June 30, 2024. With respect to Loan No. 15, The Village at Meridian, the Third Largest Tenant, OpSec Online LLC, has subleased 13,500 square feet of its total lease area of 40,805 square feet to Engage Technologies Group, Inc. for 52 months. The term of the sublease commenced on November 1, 2020, and expires on February 27, 2025, one day before the expiration date of the prime lease. |
(24) | 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. 1, 410 Tenth Avenue, the Largest Tenant, Amazon, leases (i) floors 9-14 and 16-20 totaling 300,206 square feet with an expected lease commencement date in March 2021 and lease expiration in May 2037 and (ii) floor 15 totaling 35,202 square feet with an expected lease commencement date in May 2021 and lease expiration in July 2037. |
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With respect to Loan No. 1, 410 Tenth Avenue, the 2nd Largest Tenant, First Republic, leases (i) floors 2-6 totaling 189,260 square feet and (ii) ground floor and below grade retail space totaling 22,261 square feet with a lease commencement date in April 2021 and an expiration date in August 2036. With respect to Loan No. 5, Pittock Block, the Largest Tenant, LS Networks, leases 15,238 square feet of which (i) 14,821 square feet is office space leased for $22.73 per square foot and is set to expire in July 2021 and (ii) 417 square feet is storage space leased for approximately $8.49 per square foot on a month to month basis. The Second Largest Tenant, Hennebery Eddy Architects, leases 13,696 square feet of which (i) 13,522 square feet is office space leased for $28.84 per square foot and is set to expire in July 2027 and (ii) 174 square feet is storage space leased for approximately $7.59 per square foot on a month to month basis. The Third Largest Tenant, Sagacity Media Inc., leases 11,936 square feet of which (i) 11,850 square feet is office space leased for $24.13 per square foot and is set to expire in March 2023 and (ii) 86 square feet is storage space leased for approximately $6.28 per square foot on a month to month basis. The Fourth Largest Tenant, Oregon Symphony, leases 10,701 square feet of which (i) 10,229 square feet is office space leased for $25.34 per square foot and is set to expire in October 2023 and (ii) 472 square feet is storage space leased for approximately $6.23 per square foot on a month to month basis. With respect to Loan. 12, 8670 Wilshire, the Largest Tenant, Cedars-Sinai Medical Center, leases 23,329 square feet that expires on November 30, 2026 and 5,502 square feet that expires on January 31, 2023. With respect to Loan No. 16, Millennium Corporate Park, the Largest Tenant, Microsoft Corp., representing approximately 89.2% of the net rentable area, leases 199,843 square feet expiring on April 30, 2028, 148,545 square feet expiring on May 31, 2024 and 130,805 square feet expiring on May 31, 2022. | |
(25) | 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. Certain tenants may have the right to reduce or abate rent or terminate all or a portion of their leased spaces for a breach or violation of co-tenancy provisions in the related leases. With respect to Loan No. 1, 410 Tenth Avenue, (a) the Largest Tenant, Amazon, has the right to terminate its lease with respect to all or, if the floors are contiguous, less than all of its premises (the “Terminated Premises”) effective as of May 29, 2032 (based on assumed first tranche commencement date of March 25, 2021 and first tranche rent commencement date of May 29, 2022) with a 600 days’ prior written notice and the payment of a termination fee equal to the an amount equal to the then unamortized portion (determined on a straight-line basis over the 10 year period commencing on the last rent commencement date) of certain costs associated with the Terminated Premises in accordance with the lease; and (b) the 2nd Largest Tenant, Related, has the right to terminate its lease effective October 31, 2030, October 31, 2035 or October 31, 2040, in each case with 18 months’ prior notice. With respect to Loan No. 3, Phillips Point, the 2nd Largest Tenant, Akerman, Senterfitt & Eidson, representing approximately 10.8% of the net rentable area, has two, one-time rights to reduce its premises and/or terminate its lease with respect to the entire premises effective October 31, 2023 or April 30, 2026, with nine months’ prior notice and payment of a reduction or termination fee. With respect to Loan No. 5, Pittock Block, approximately 55.6% of the underwritten rent at the Mortgaged Property is currently leased on month-to-month leases that comprise a large portion of data centers, colocations and “meet-me-rooms” spaces collectively referred to as the Pittock Internet Exchange (“Portland NAP”). The Portland NAP represents approximately 73.0% of the underwritten rent at the Mortgaged Property (excluding rent associated with the new license agreement expected to be signed with a Fortune 10 technology company). The Second Largest Tenant of the Portland NAP by the underwritten colocation and cross connect rent, Facebook, has three separate license agreements for colocation space of which (i) two license agreements collectively representing $1,458,000 in underwritten rent are set to expire in January 2025 and (ii) one license agreement representing $525,600 in underwritten rent is on a month to month basis. The Fourth Largest Tenant of the Portland NAP by the underwritten colocation and cross connect rent, Zayo, has seven separate license agreements for the colocation space of which (i) one license agreement representing $364,152 in underwritten rent is set to expire in December 2022, (ii) two license agreements collectively representing $174,840 in underwritten rent are on a month to month basis, (iii) two license agreements collectively representing $127,296 in underwritten rent are set to expire in March 2021, (iv) one license agreement representing $122,400 in underwritten rent is set to expire in July 2021 and (v) one license agreement representing $112,800 in underwritten rent is set to expire in April 2021. Please see “Annex A-3 – Description of Top Fifteen Mortgage Loans – Pittock Block” for additional information related to the Portland NAP. |
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With respect to Loan No. 6.01, The Galleria Office Towers – Galleria Tower I, the 2nd Largest Tenant, Citigroup Technology, provided no event of default, has a one-time right to terminate either 100.0% or up to 50.0% of its space on June 30, 2025 upon 12 months’ written notice to the landlord. Citigroup Technology will pay an early termination fee. | |
With respect to Loan No. 6.01, The Galleria Office Towers – Galleria Tower I, the 4th Largest Tenant, BKD, LLP, has a one-time right to contract up to the entirety of the 14th floor (9,440 square feet) effective as of April 30, 2024. With respect to Loan No. 8.01, Boca Office Portfolio – Boardwalk @ 18th, the 2nd Largest Tenant, Carraba’s Tropical Coast, commencing May 1, 2021, if sales from the mortgaged property fall below $2,500,000 for the prior trailing twelve-month period, the tenant will have the option of terminating its lease by written notice to landlord. The lease will terminate 30 days after tenant’s exercise of the early termination option. With respect to Loan No. 8.03, Boca Office Portfolio – City National Park, the 4th Largest Tenant, Harbinger Capital Group, will have the right to terminate its lease on 60 days prior notice to the landlord. With respect to Loan No, 8.04, Boca Office Portfolio – Grove Centre, the 2nd Largest Tenant, Kabbalah Center, landlord agrees that no part of the center and no part of the mortgaged property will be used for a spiritual center, or religious institution or any other similar type of business service and landlord will not execute any lease in the center or within any part of the mortgaged property permitting the same. A violation of this provision will constitute material default of landlord entitling the tenant to all rights and remedies at law and in equity including injunctive relief, and the unilateral right of the tenant to terminate its lease, upon 10 days written notice to landlord. With respect to Loan No, 8.04, Boca Office Portfolio – Grove Centre, the 4th Largest Tenant, Sequoia Insurance, the tenant may return Suite 313 (1,393 square feet) by giving landlord at least 6 months’ prior written notice and by paying the cost of closing the doorway between the adjoining suites. The tenant will also forfeit $3,500 of their security deposit. With respect to Loan No. 14, Morgan Stanley Tower, The Largest Tenant, Morgan Stanley Smith Barney, has the option to terminate its lease on May 1, 2022 upon 12 months’ notice and payment of a termination fee of $1,087,310 or on May 1, 2025 upon 12 months’ notice and payment of a termination fee of $786,024. With respect to Loan No. 14, Morgan Stanley Tower, The 3rd Largest Tenant, DCR Loan Servicing, LLC has the right to terminate its lease on July 31, 2025 on nine months’ notice and payment of a $375,000 termination fee. With respect to Loan No. 19, Orlando Technology Park, the 2nd Largest Tenant, FARO Tech, has a one-time termination option effective on January 1, 2023 with twelve months’ prior notice and a termination payment of approximately $406,408. The 4th Largest Tenant, AOE, has a one-time termination option effective on November 30, 2025 with nine months’ prior written notice and a termination payment that will be amortized based on the straight line method of amortization at an interest rate of 8.0% over a period equal to the length of the term of the lease. With respect to Loan No. 26, 9633 Westheimer Road, the 2nd Largest Tenant, Tesla Motors TX, Inc., if the tenant does not obtain all approvals - improvement approvals, zoning approvals, licensing approvals - within the initial approvals period of 120 days after commencement date as well as two additional periods of 30 days known as extended approval periods, the tenant, within 10 business days after the expiration of the approvals period, has the right to terminate the lease. If the tenant fails to deliver the termination notice to landlord prior to the expiration of such 10 business day period, tenant will be deemed to have waived its right to terminate the lease. | |
(26) | In certain cases, the Principal / Carveout Guarantor name was shortened for spacing purposes or due to the number of parties serving as the Principal / Carveout Guarantor. In the case of certain mortgage loans, the loan documents permit the borrower to replace the Principal / Carveout Guarantor upon satisfaction of certain terms and conditions in the related loan documents. With respect to Loan No. 2, MGM Grand & Mandalay Bay, the guarantors’ liability for full recourse events is several and not joint, and is capped at an amount equal to 10% of the aggregate outstanding principal balance of the MGM Grand & Mandalay Bay Loan Combination as of the date of the event. In addition, only the MGM Grand & Mandalay Bay Borrowers are liable for breaches of environmental covenants; provided, however, that if the MGM Grand & Mandalay Bay Borrowers fail to maintain an environmental insurance policy required under the MGM Grand & Mandalay Bay Loan Combination documents, the guarantors are liable for losses other than (x) for any amounts in excess of the applicable coverage amounts under the environmental policy had the same been renewed, replaced or extended as required under the loan agreement and (y) for any amounts recovered under the environmental policy. In addition, recourse for transfers of the MGM Grand & Mandalay Bay Properties or controlling equity interests in the MGM Grand & Mandalay Bay Borrowers is loss recourse, rather than full recourse. |
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With respect to Loan No. 5, Pittock Block, the carveout guarantor, pursuant to the related non-recourse carveout guaranty agreement, and HSRE Social Infrastructure REIT Holding I, LLC, a Delaware limited liability company, pursuant to a separate guaranty agreement provided solely in connection with the Oregon Enforcement Moratorium (the “Oregon Moratorium Guaranty Agreement”), have each provided (i) a recourse for losses if the lender is actually unable to exercise any remedies set forth in the Mortgage Loan documents (other than a Foreclosure Remedy, as defined below), and (ii) full recourse in the event that, after the occurrence of an event of default, the lender is actually unable to (including, without limitation, if the lender is forced to forbear from) foreclose, appoint a receiver, accept a deed-in-lieu or take any other similar action to dispossess the borrower of the Mortgaged Property in connection with an exercise of remedies under the Mortgage Loan documents (a “Foreclosure Remedy”) as a direct result of the Oregon Enforcement Moratorium. With respect to Loan No. 15, The Village at Meridian, there is no separate non-recourse carveout guarantor or environmental indemnitor, and the borrower is the sole party responsible for breaches or violations of the nonrecourse carve-out provisions in the related Mortgage Loan documents. At origination of the Mortgage Loan, the borrower obtained an environmental insurance policy issued from Ironshore Specialty Insurance Company in the name of the borrower, with the lender as additional named insured with its successors, assigns and/or affiliates, with per incident and aggregate limits of $10,000,000, a $50,000 per incident self-insured retention and a term expiring on October 5, 2022. The Mortgage Loan documents require that the borrower obtain and maintain a pollution legal liability insurance policy, which, among other conditions, is required to be maintained for a period continuing through 36 months beyond the maturity date of the mortgage loan of February 5, 2031. | |
With respect to Loan Nos. 16 and 17, Millennium Corporate Park and 711 Fifth Avenue, in each case, there is no separate non-recourse carveout guarantor and each of the related borrowers is the only indemnitor under the related environmental indemnity agreement. Please see “Description of the Mortgage Pool—Non-Recourse Carveout Limitations” for additional information. | |
(27) | The classification of the lockbox and cash management types is described in the Prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details. With respect to Loan No. 2, MGM Grand & Mandalay Bay, the borrower sent a notice to the lender on February 8, 2021, which provides the borrower expects that, when the lender determines the EBITDAR-to-debt service coverage ratio as of December 31, 2020, a MGM Grand & Mandalay Bay trigger period will occur under the terms of the MGM Grand & Mandalay Bay whole loan documents. Accordingly, the borrower has provided notice to the lender of its desire to elect to deliver an excess cash flow guaranty for the benefit of the lender in lieu of depositing all excess cash flow into a reserve account in accordance with the terms and conditions of the MGM Grand & Mandalay Bay whole loan documents. The borrower proposed (i) BREIT Prime Lease Holdings LLC and (ii) MGM Growth Properties Operating Partnership LP to be the guarantors under the excess cash flow guaranty. With respect to Loan No. 36, Holiday Inn Philadelphia South, the mortgaged property has experienced reduced revenue in large part from the COVID-19 pandemic, and the debt service coverage ratio has fallen below the threshold below which a cash sweep period is triggered (the “DSCR Trigger”) and the borrower is required to establish a lockbox and a cash management agreement. The lender and the borrower are anticipated to enter into amendments to the mortgage loan documents pursuant to which the lender is expected to temporarily waive the commencement of a cash sweep period triggered by the DSCR Trigger, and the borrower is expected to be required to establish (a) the lockbox account by no later than March 31, 2021, and (b) the cash management account by no later than January 1, 2022. |
(28) | 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” and “—Other Indebtedness” and “Certain Legal Aspects of the Mortgage Loans” in the 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. 2, MGM Grand & Mandalay Bay, The MGM Grand & Mandalay Bay Borrowers have a one-time right to borrow a mezzanine loan subordinate to the MGM Grand & Mandalay Bay Whole Loan, subject to credit and legal criteria specified in the MGM Grand & Mandalay Bay Whole Loan documents, including, without limitation: (i) a combined maximum loan to value ratio (based on appraisals ordered by the lender in connection with the closing of the mezzanine loan and calculated based on the outstanding principal balance of the MGM Grand & Mandalay Bay Whole Loan and the initial principal amount of the mezzanine loan) of 67.0%, (ii) a debt service coverage ratio at the closing of the mezzanine loan at least equal to 4.81x, in each case, inclusive of the additional mezzanine debt and (iii) an intercreditor agreement reasonably satisfactory to the lender. The lender’s receipt of a rating agency confirmation will not be required in connection with the mezzanine loan. |
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With respect to Loan No. 20, Woodbury Crossing Phase II, the mortgaged property has subordinate debt in the form of a $3,120,000 interest-only mezzanine loan from Greystone Servicing Company LLC, and the mezzanine loan is coterminous with the senior loan. See “Description of the Mortgage Loans – Additional Debt” in the Prospectus. |
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