| | With respect to Loan No. 22, Colonnade Corporate Center, the Fifth Largest Tenant, The Onin Group, is in a free base rent period under its lease through August 2021. With respect to Loan No. 28, 733 Amsterdam Ave, Key Food has executed a lease but has not yet taken occupancy for 13,155 SF of its leased premises due to the store’s build out. Key Food is expected to open in July 2021. With respect to Loan No. 32, Pennsauken Logistics Center, the Second Largest Tenant, Keymar Warehouse, benefits from three months of free rent for the months of November 2021, December 2021, and January 2022. In connection with the foregoing, the borrower deposited $65,438 at loan origination. With respect to Loan No. 35, 5800 Uplander, the Largest Tenant, TOMS Shoes, representing 63.3% of the NRA, is currently building out their space and is expected to take occupancy in October 2021. We cannot assure you that TOMS Shoes will take occupancy or begin paying rent as expected or at all. With respect to Loan No. 38, Cumberland Crossing, the Third Largest Tenant, Dollar Tree, is entitled to a rent credit in the amount of $34,500, which is equal to approximately three months’ rent and the tenant is required under its lease to apply within 90 days after May 20, 2021. With respect to Loan No. 45, Lucid Motors, the sole tenant, Lucid Motors, representing 100.0% of the NRA, has signed its lease, is in possession of the leased premises and is paying rent, but it’s not opened for business because it’s in the process of constructing its tenant improvements at the Mortgaged Property. The tenant improvements allowance due under the Lucid Motors lease in the amount of $1,000,000 will be disbursed to Lucid Motors upon completion of the tenant improvements and satisfaction of certain conditions set forth in the Lucid Motors lease. The lender has escrowed for this amount at origination. We cannot assure you that Lucid Motors will take occupancy as expected or at all. With respect to Loan No. 58, 80 NE 40th Street, the sole tenant, Boffi, benefits from one month of free rent for the month of June 2022. In connection with the foregoing, the borrower deposited $57,068 at loan origination. With respect to Loan No. 66, CIC Gilbert, the master tenant, CS1031 MOB AZ I Master Lessee, LLC, subleases 15,286 SF to the Largest Tenant, CIC, PLLC. |
| (15) | With respect to all hotel properties, [except for the Morgage Loans(s) listed below,] the Underwritten Net Operating Income ($) is shown after taking a deduction for an FF&E reserve, and as such, the Underwritten Net Operating Income ($) and Underwritten Net Cash Flow ($) for these properties are the same. With respect to Loan No. 1, One SoHo Square, the related Mortgaged Property has received a final certificate of eligibility from the New York Department of Finance with respect to a retrospective tax abatement for the Property under the Industrial & Commercial Abatement Program (“ICAP”). Once the ICAP benefits are in effect, they will be retroactive for the 2017/2018 tax year for the east tower at the Mortgaged Property and for the 2018/2019 tax year for the west tower at the Mortgaged Property. Upon expiration of such program or if such program is otherwise terminated, the borrowers would be required to pay higher, and in some cases substantially higher, real estate taxes. Prior to expiration of such program, the tax benefit to the Mortgaged Property may decrease throughout the term of the expiration date until the expiration of such program. With respect to Loan No. 14, Promenade at New Town, the Mortgaged Property is located within a Neighborhood Improvement District requiring an additional annual charge to pay off the bonds issued by the city to aid in the development of the subdivision infrastructure (the “Bond Payments”). According to the borrower, the remaining bond payments are $40,437.79 each year from 2021 through 2024 and $23,300.11 in 2025, with the obligation to pay the Bond Payments completely ceasing on December 31, 2025. The taxes for the Mortgaged Property were underwritten including the Bond Payments through the year 2025. With respect to Loan No. 23, Brooklyn Multi Portfolio, the 30 Claver Place Mortgaged Property is currently receiving J-51 exemption and abatement benefits, which are scheduled to expire in 2027. During the benefit period, the residential units are subject to rent regulation. Upon expiration of the benefits, 6 units will be deregulated while 3 units will remain rent stabilized. With respect to Loan No. 25, 4500 Academy Road Distribution Center, the Mortgaged Property is subject to a PILOT, which operates as a tax incentive. Taxes are underwritten at $290,445 to reflect actual taxes inclusive of the abatement. With respect to Loan No. 53, 3915 14th Avenue, the related Mortgaged Property is expected to benefit from a 421a and an ICAP tax abatement that are not yet in place. The necessary paperwork has been filed and the Mortgaged Property is pending approval. For the 421a abatement, the Mortgaged Property |
