Filed Pursuant to Rule 433
Registration No. 333-166711
FREE WRITING PROSPECTUS | |||||||
STRUCTURAL AND COLLATERAL TERM SHEET | |||||||
UBSC 2011-C1 | |||||||
$726,524,286 | |||||||
(Approximate Total Mortgage Pool Balance) | |||||||
$xxx,xxx,xxx | |||||||
(Approximate Publicly Offered Certificates) | |||||||
UBS – Citigroup Commercial Mortgage Trust 2011-C1 Issuer | |||||||
Citigroup Commercial Mortgage Securities Inc. Depositor | |||||||
UBS Real Estate Securities Inc. Natixis Real Estate Capital LLC Sponsors and Mortgage Loan Sellers | |||||||
[November 22, 2011] | |||||||
UBS Investment Bank | Citigroup | ||||||
Co-Lead Managers and Joint Bookrunners | |||||||
Natixis | BofA Merrill Lynch | Barclays Capital | Morgan Stanley | ||||
Co-Managers |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication 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 trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or UBS Securities LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407. The publicly offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS
Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, 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 system.
UBSC 2011-C1 Mortgage Trust
KEY FEATURES OF SECURITIZATION |
Key Features: | Pooled Collateral Facts: | |||
Co-Lead Managers & Joint | UBS Securities LLC | Initial Outstanding Pool Balance: | $726,524,286 | |
Bookrunners: | Citigroup Global Markets Inc. | Number of Mortgage Loans: | 38 | |
Co-Managers: | Natixis Securities North America LLC | Number of Mortgaged Properties: | 44 | |
Barclays Capital Inc., | Average Mortgage Loan Cut-off Date Balance: | $19,119,060 | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated | Average Mortgaged Property Cut-off Date Balance: | $16,511,916 | ||
Morgan Stanley & Co. LLC | Weighted Avg Mortgage Loan U/W NCF DSCR: | 1.54x | ||
Mortgage Loan Sellers: | UBS Real Estate Securities Inc. (“UBSRES”) | Range of Mortgage Loan U/W NCF DSCR: | 1.18x - 2.38x | |
(81.3%) and Natixis Real Estate Capital LLC | Weighted Avg Mortgage Loan Cut-off Date LTV: | 65.0% | ||
(“NREC”) (18.7%) | Range of Mortgage Loan Cut-off Date LTV: | 43.6% - 75.0% | ||
Master Servicer: | TBD | Weighted Avg Mortgage Loan Maturity Date or ARD LTV: | 56.4% | |
Operating Advisor: | TriMont Real Estate Advisors, Inc. | Range of Mortgage Loan Maturity Date or ARD LTV: | 37.4% - 68.9% | |
Special Servicer: | Midland Loan Services, Division of PNC Bank, N.A. | Weighted Avg U/W NOI Debt Yield: | 11.4% | |
Trustee: | Deutsche Bank National Trust Company | Range of U/W NOI Debt Yield: | 9.1% - 21.0% | |
Rating Agencies: | Ratings are anticipated from DBRS, Inc. and | Weighted Avg Mortgage Loan | ||
Moody’s Investors Service, Inc. | Original Term to Maturity (months): | 106 | ||
Determination Date: | TBD | Weighted Avg Mortgage Loan | ||
Distribution Date: | TBD | Remaining Term to Maturity (months): | 104 | |
Cut-off Date: | TBD | Weighted Avg Mortgage Loan Seasoning (months): | 2 | |
Settlement Date: | TBD | % Mortgage Loans with Amortization for Full Term | 64.8% | |
Settlement Terms: | TBD | % Mortgage Loans with Partial Interest Only | 35.2% | |
ERISA Eligible: | TBD | % Mortgage Loans with Full Interest Only | 0.0% | |
SMMEA Eligible: | TBD | % Mortgage Loans with Upfront or Ongoing Tax Reserves: | 94.1% | |
Day Count(1): | TBD | % Mortgage Loans with Upfront or | ||
Tax Treatment: | TBD | Ongoing Replacement Reserves: | 92.9% | |
Rated Final Distribution Date: | TBD | % Mortgage Loans with Upfront or Ongoing Insurance Reserves: | 82.5% | |
Minimum Denominations: | TBD | % Mortgage Loans with Upfront or Ongoing TI/LC Reserves: | 55.3% | |
Clean-up Call: | TBD | % Mortgage Loans with Upfront Engineering Reserves: | 47.8% | |
% Mortgage Loans with Upfront or Ongoing Other Reserves: | 51.0% |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication 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 trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or UBS Securities LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407. The publicly offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
1
UBSC 2011-C1 Mortgage Trust |
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1) |
Distribution of Cut-off Date Balances |
Weighted Averages | |||||||||||||||||||||||||
Range of Cut-off Date Balances | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||
$3,200,000 | - | $4,999,999 | 3 | $10,321,789 | 1.4% | 6.2902% | 120 | 1.27x | 67.0% | 57.3% | |||||||||||||||
$5,000,000 | - | $9,999,999 | 12 | $76,945,679 | 10.6% | 6.1675% | 108 | 1.51x | 66.6% | 57.3% | |||||||||||||||
$10,000,000 | - | $19,999,999 | 10 | $150,144,704 | 20.7% | 6.1107% | 118 | 1.37x | 67.6% | 58.0% | |||||||||||||||
$20,000,000 | - | $29,999,999 | 7 | $165,424,537 | 22.8% | 6.2066% | 118 | 1.59x | 62.0% | 50.4% | |||||||||||||||
$30,000,000 | - | $39,999,999 | 1 | $31,550,000 | 4.3% | 5.6695% | 117 | 1.31x | 65.7% | 59.0% | |||||||||||||||
$40,000,000 | - | $49,999,999 | 2 | $94,683,808 | 13.0% | 5.3495% | 57 | 1.47x | 63.0% | 58.9% | |||||||||||||||
$50,000,000 | - | $59,999,999 | 1 | $55,759,107 | 7.7% | 5.2750% | 56 | 1.36x | 74.0% | 68.9% | |||||||||||||||
$60,000,000 | - | $72,000,000 | 2 | $141,694,662 | 19.5% | 6.2487% | 118 | 1.30x | 62.3% | 54.2% | |||||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
Distribution of Mortgage Rates |
Weighted Averages | |||||||||||||||||||||||||
% of Initial | |||||||||||||||||||||||||
Range of Mortgage Rates | Number of Mortgage Loans | Aggregate Cut-off Date Balance | Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||
5.1700% | - | 5.2499% | 1 | $49,950,000 | 6.9% | 5.1700% | 58 | 1.38x | 69.4% | 66.5% | |||||||||||||||
5.2500% | - | 5.9999% | 11 | $293,508,899 | 40.4% | 5.6539% | 96 | 1.39x | 64.8% | 57.2% | |||||||||||||||
6.0000% | - | 6.6115% | 26 | $383,065,387 | 52.7% | 6.3459% | 117 | 1.47x | 64.6% | 54.5% | |||||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
Property Type Distribution(2) |
Weighted Averages | |||||||||||||||||||||||||||||
Property Type | Number of Mortgaged Properties | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Number of Units, Rooms, Pads, Beds or NRA | Cut-off Date Balance per Units, Rooms, Pads, Beds or NRA | Mortgage Rate | Stated Remaining Term (Mos.) | Occupancy | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | ||||||||||||||||||
Office | 6 | $178,114,437 | 24.5% | 2,143,218 | 83 | 5.8408% | 101 | 87.0% | 1.37x | 65.1% | 58.5% | ||||||||||||||||||
CBD | 4 | $137,414,437 | 18.9% | 1,866,666 | 74 | 5.6571% | 96 | 85.8% | 1.36x | 63.4% | 57.5% | ||||||||||||||||||
Medical | 1 | $26,300,000 | 3.6% | 127,942 | 206 | 6.4390% | 119 | 90.2% | 1.49x | 69.2% | 61.9% | ||||||||||||||||||
Suburban | 1 | $14,400,000 | 2.0% | 148,610 | 97 | 6.5010% | 118 | 92.6% | 1.29x | 74.4% | 65.4% | ||||||||||||||||||
Retail | 12 | $206,701,910 | 28.5% | 1,720,081 | 120 | 6.2159% | 117 | 91.0% | 1.33x | 66.0% | 57.9% | ||||||||||||||||||
Anchored(3) | 6 | $85,024,747 | 11.7% | 684,544 | 124 | 5.9447% | 114 | 95.7% | 1.37x | 66.0% | 56.7% | ||||||||||||||||||
Regional Mall | 1 | $69,694,662 | 9.6% | 691,325 | 101 | 6.6115% | 119 | 87.7% | 1.29x | 65.3% | 57.3% | ||||||||||||||||||
Unanchored | 3 | $28,132,500 | 3.9% | 104,113 | 270 | 6.0179% | 118 | 89.5% | 1.30x | 61.6% | 55.8% | ||||||||||||||||||
Shadow Anchored | 2 | $23,850,000 | 3.3% | 240,099 | 99 | 6.2600% | 120 | 86.0% | 1.34x | 73.0% | 62.4% | ||||||||||||||||||
Hospitality | 11 | $116,020,328 | 16.0% | 1,346 | 86,196 | 6.2300% | 113 | 75.0% | 1.75x | 58.1% | 46.6% | ||||||||||||||||||
Multifamily | 4 | $91,361,694 | 12.6% | 1,658 | 55,104 | 5.4507% | 79 | 97.2% | 1.36x | 72.5% | 65.8% | ||||||||||||||||||
Industrial | 2 | $72,733,808 | 10.0% | 2,013,295 | 36 | 5.7463% | 80 | 94.9% | 1.48x | 59.4% | 49.7% | ||||||||||||||||||
Manufactured Housing Community | 5 | $24,106,789 | 3.3% | 1,147 | 21,017 | 6.1739% | 120 | 86.5% | 1.48x | 68.1% | 58.1% | ||||||||||||||||||
Self Storage | 2 | $22,500,000 | 3.1% | 2,143 | 10,499 | 6.3483% | 120 | 88.4% | 1.32x | 70.4% | 60.3% | ||||||||||||||||||
Mixed Use | 1 | $10,485,422 | 1.4% | 49,461 | 212 | 6.2500% | 119 | 88.9% | 1.18x | 73.1% | 57.2% | ||||||||||||||||||
Other | 1 | $4,499,898 | 0.6% | 60,000 | 75 | 6.1115% | 118 | 100.0% | 1.52x | 63.4% | 54.0% | ||||||||||||||||||
Total/Weighted Average | 44 | $726,524,286 | 100.0% | 5.9855% | 104 | 88.4% | 1.43x | 65.0% | 56.4% |
Geographic Distribution(2) |
Weighted Averages | ||||||||||||||||||||
State/Location | Number of Mortgaged Properties | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | ||||||||||||
New York | 6 | $222,314,009 | 30.6% | 6.1123% | 103 | 1.50x | 59.2% | 51.9% | ||||||||||||
Florida | 5 | $121,995,929 | 16.8% | 5.7745% | 90 | 1.36x | 69.8% | 63.6% | ||||||||||||
Texas | 6 | $65,909,976 | 9.1% | 5.9486% | 119 | 1.27x | 72.4% | 61.5% | ||||||||||||
California | 4 | $57,250,000 | 7.9% | 5.9693% | 118 | 1.31x | 67.2% | 59.1% | ||||||||||||
Pennsylvania | 1 | $49,950,000 | 6.9% | 5.1700% | 58 | 1.38x | 69.4% | 66.5% | ||||||||||||
Other | 22 | $209,104,373 | 28.8% | 6.1847% | 116 | 1.49x | 64.3% | 52.4% | ||||||||||||
Total/Weighted Average | 44 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
(1) | For each of the Trinity Centre Mortgage Loan, the Poughkeepsie Galleria Mortgage Loan, and the 1700 Market Street Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt yields, and Cut-off Date Balances per Unit includes the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). For purposes of calculating debt service coverage ratios for those mortgage loans, the annual debt service is based on the aggregate principal and interest payments due during the first 12 months after the expiration of the initial interest only period (or, in the case of the Poughkeepsie Galleria Mortgage Loan, Cut-off Date) on the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). |
(2) | Reflects allocated loan amount for properties securing multi-property mortgage loans. |
(3) | Includes single tenant. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication 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 trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or UBS Securities LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407. The publicly offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
2
UBSC 2011-C1 Mortgage Trust | |||||||||||||||||||||||||||||
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1) | |||||||||||||||||||||||||||||
Distribution of Cut-off Date LTV Ratios | |||||||||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||||||||
Range of Cut-off Date LTV Ratios | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||||||
43.6 | % | - | 44.9 | % | 1 | $24,933,544 | 3.4 | % | 6.3000 | % | 117 | 2.38 | x | 43.6 | % | 37.4 | % | ||||||||||||
50.0 | % | - | 54.9 | % | 1 | $11,500,000 | 1.6 | % | 6.1000 | % | 120 | 1.75 | x | 50.0 | % | 42.5 | % | ||||||||||||
55.0 | % | - | 59.9 | % | 5 | $162,826,458 | 22.4 | % | 5.9679 | % | 101 | 1.45 | x | 57.6 | % | 49.2 | % | ||||||||||||
60.0 | % | - | 64.9 | % | 6 | $66,690,219 | 9.2 | % | 6.0564 | % | 111 | 1.52 | x | 62.7 | % | 55.2 | % | ||||||||||||
65.0 | % | - | 69.9 | % | 16 | $304,335,777 | 41.9 | % | 6.0514 | % | 107 | 1.38 | x | 67.2 | % | 58.2 | % | ||||||||||||
70.0 | % | - | 75.0 | % | 9 | $156,238,289 | 21.5 | % | 5.7867 | % | 96 | 1.30 | x | 73.9 | % | 65.2 | % | ||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0 | % | 5.9855 | % | 104 | 1.43 | x | 65.0 | % | 56.4 | % | ||||||||||||||||
Distribution of LTV Ratios at Maturity or ARD | |||||||||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||||||||
Range of LTV Ratios at Maturity or ARD | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||||||
37.4 | % | - | 44.9 | % | 3 | $57,381,117 | 7.9 | % | 6.3329 | % | 118 | 1.97 | x | 49.0 | % | 40.6 | % | ||||||||||||
45.0 | % | - | 49.9 | % | 2 | $49,945,077 | 6.9 | % | 6.2533 | % | 119 | 1.42 | x | 61.7 | % | 47.1 | % | ||||||||||||
50.0 | % | - | 54.9 | % | 9 | $193,389,111 | 26.6 | % | 5.8380 | % | 103 | 1.46 | x | 60.9 | % | 51.7 | % | ||||||||||||
55.0 | % | - | 59.9 | % | 14 | $211,028,244 | 29.0 | % | 6.2477 | % | 116 | 1.33 | x | 66.3 | % | 57.8 | % | ||||||||||||
60.0 | % | - | 64.9 | % | 6 | $79,489,631 | 10.9 | % | 6.2424 | % | 115 | 1.37 | x | 72.3 | % | 63.0 | % | ||||||||||||
65.0 | % | - | 68.9 | % | 4 | $135,291,107 | 18.6 | % | 5.3902 | % | 70 | 1.35 | x | 72.4 | % | 67.4 | % | ||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0 | % | 5.9855 | % | 104 | 1.43 | x | 65.0 | % | 56.4 | % | ||||||||||||||||
Distribution of Underwritten NCF Debt Service Coverage Ratios | |||||||||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||||||||
Range of Underwritten NCF Debt Service Coverage Ratios | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||||||
1.18 | x | - | 1.24 | x | 1 | $10,485,422 | 1.4 | % | 6.2500 | % | 119 | 1.18 | x | 73.1 | % | 57.2 | % | ||||||||||||
1.25 | x | - | 1.34 | x | 16 | $331,877,827 | 45.7 | % | 6.1039 | % | 118 | 1.30 | x | 66.1 | % | 57.0 | % | ||||||||||||
1.35 | x | - | 1.44 | x | 5 | $135,459,107 | 18.6 | % | 5.4696 | % | 71 | 1.37 | x | 71.0 | % | 65.7 | % | ||||||||||||
1.45 | x | - | 1.54 | x | 8 | $120,691,183 | 16.6 | % | 6.2000 | % | 115 | 1.51 | x | 65.5 | % | 54.3 | % | ||||||||||||
1.55 | x | - | 1.74 | x | 4 | $77,016,382 | 10.6 | % | 5.8753 | % | 82 | 1.59 | x | 57.2 | % | 49.5 | % | ||||||||||||
1.75 | x | - | 1.99 | x | 3 | $26,060,822 | 3.6 | % | 6.0842 | % | 100 | 1.83 | x | 57.2 | % | 49.8 | % | ||||||||||||
2.00 | x | - | 2.38 | x | 1 | $24,933,544 | 3.4 | % | 6.3000 | % | 117 | 2.38 | x | 43.6 | % | 37.4 | % | ||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0 | % | 5.9855 | % | 104 | 1.43 | x | 65.0 | % | 56.4 | % | ||||||||||||||||
Distribution of Original Terms to Maturity | |||||||||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||||||||
Range of Original Terms to Maturity (months) | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||||||
60 | - | 71 | 5 | $163,784,541 | 22.5 | % | 5.3975 | % | 57 | 1.46 | x | 67.0 | % | 62.5 | % | ||||||||||||||
72 | - | 120 | 33 | $562,739,745 | 77.5 | % | 6.1566 | % | 118 | 1.42 | x | 64.4 | % | 54.7 | % | ||||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0 | % | 5.9855 | % | 104 | 1.43 | x | 65.0 | % | 56.4 | % | ||||||||||||||||
Distribution of Remaining Terms to Maturity | |||||||||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||||||||
Range of Remaining Terms to Maturity (months) | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||||||||
55 | - | 71 | 5 | $163,784,541 | 22.5 | % | 5.3975 | % | 57 | 1.46 | x | 67.0 | % | 62.5 | % | ||||||||||||||
72 | - | 120 | 33 | $562,739,745 | 77.5 | % | 6.1566 | % | 118 | 1.42 | x | 64.4 | % | 54.7 | % | ||||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0 | % | 5.9855 | % | 104 | 1.43 | x | 65.0 | % | 56.4 | % |
(1) | For each of the Trinity Centre Mortgage Loan, the Poughkeepsie Galleria Mortgage Loan, and the 1700 Market Street Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt yields, and Cut-off Date Balances per Unit includes the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). For purposes of calculating debt service coverage ratios for those mortgage loans, the annual debt service is based on the aggregate principal and interest payments due during the first 12 months after the expiration of the initial interest only period (or, in the case of the Poughkeepsie Galleria Mortgage Loan, Cut-off Date) on the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication 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 trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or UBS Securities LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407. The publicly offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
3
UBSC 2011-C1 Mortgage Trust |
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1) |
Amortization Type | ||||||||||||||||||||
Weighted Averages | ||||||||||||||||||||
Amortization Type | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | ||||||||||||
Amortizing Balloon | 30 | $470,709,786 | 64.8% | 6.0810% | 103 | 1.48x | 64.7% | 55.6% | ||||||||||||
Interest Only, then Amortizing | 8 | $255,814,500 | 35.2% | 5.8097% | 106 | 1.34x | 65.5% | 58.0% | ||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
Distribution of Original Amortization Term | |||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||
Range of Original Amortization Term (months) | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||
240 | 1 | $28,000,000 | 3.9% | 6.0600% | 119 | 1.33x | 65.0% | 48.3% | |||||||||||||||
241 | - | 300 | 8 | $146,306,015 | 20.1% | 6.0116% | 95 | 1.55x | 61.0% | 50.1% | |||||||||||||
301 | - | 360 | 29 | $552,218,271 | 76.0% | 5.9748% | 106 | 1.40x | 66.0% | 58.5% | |||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
Distribution of Remaining Amortization Term | |||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||
Range of Remaining Amortization Term (months) | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||
240 | 1 | $28,000,000 | 3.9% | 6.0600% | 119 | 1.33x | 65.0% | 48.3% | |||||||||||||||
241 | - | 300 | 8 | $146,306,015 | 20.1% | 6.0116% | 95 | 1.55x | 61.0% | 50.1% | |||||||||||||
301 | - | 360 | 29 | $552,218,271 | 76.0% | 5.9748% | 106 | 1.40x | 66.0% | 58.5% | |||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
Distribution of Underwritten NOI Debt Yield | |||||||||||||||||||||||
Weighted Averages | |||||||||||||||||||||||
Range of Underwritten NOI Debt Yield | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | |||||||||||||||
9.1% | - | 10.0% | 11 | $184,735,132 | 25.4% | 5.6891% | 99 | 1.30x | 70.8% | 63.0% | |||||||||||||
10.1% | - | 11.0% | 7 | $235,894,662 | 32.5% | 6.0322% | 106 | 1.32x | 65.3% | 58.0% | |||||||||||||
11.1% | - | 12.0% | 7 | $72,572,193 | 10.0% | 6.3642% | 114 | 1.43x | 68.7% | 60.5% | |||||||||||||
12.1% | - | 14.0% | 10 | $180,089,188 | 24.8% | 5.9616% | 102 | 1.54x | 61.3% | 50.2% | |||||||||||||
14.1% | - | 20.0% | 2 | $28,299,568 | 3.9% | 6.4351% | 102 | 1.69x | 57.5% | 47.4% | |||||||||||||
20.1% | - | 21.0% | 1 | $24,933,544 | 3.4% | 6.3000% | 117 | 2.38x | 43.6% | 37.4% | |||||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
Loan Purpose | ||||||||||||||||||
Weighted Averages | ||||||||||||||||||
Loan Purpose | Number of Mortgage Loans | Aggregate Cut-off Date Balance | % of Initial Outstanding Pool Balance | Mortgage Rate | Stated Remaining Term (Mos.) | U/W NCF DSCR | Cut-off Date LTV Ratio | LTV Ratio at Maturity or ARD | ||||||||||
Refinance | 29 | $555,035,497 | 76.4% | 6.0582% | 105 | 1.45x | 64.0% | 55.2% | ||||||||||
Acquisition | 9 | $171,488,789 | 23.6% | 5.7502% | 101 | 1.38x | 68.1% | 60.3% | ||||||||||
Total/Weighted Average | 38 | $726,524,286 | 100.0% | 5.9855% | 104 | 1.43x | 65.0% | 56.4% |
(1) | For each of the Trinity Centre Mortgage Loan, the Poughkeepsie Galleria Mortgage Loan, and the 1700 Market Street Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt yields, and Cut-off Date Balances per Unit includes the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). For purposes of calculating debt service coverage ratios for those mortgage loans, the annual debt service is based on the aggregate principal and interest payments due during the first 12 months after the expiration of the initial interest only period (or, in the case of the Poughkeepsie Galleria Mortgage Loan, Cut-off Date) on the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication 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 trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or UBS Securities LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407. The publicly offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
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UBSC 2011-C1 Mortgage Trust
OVERVIEW OF MORTGAGE POOL CHARACTERISTICS(1) |
Ten Largest Mortgage Loans |
Mortgage Loans | Mortgage Loan Seller | City, State | Property Type | Cut-off Date Balance | % of Initial Outstanding Pool Balance | Cut-off Date Balance/SF/ Unit/Room | Cut-off Date LTV Ratio | U/W NCF DSCR | U/W NOI Debt Yield | |||||||||||||||
Trinity Centre | UBSRES | New York, NY | Office | $72,000,000 | 9.9 | % | $178 | 59.3 | % | 1.31x | 10.5 | % | ||||||||||||
Poughkeepsie Galleria | UBSRES | Poughkeepsie, NY | Retail | $69,694,662 | 9.6 | % | $224 | 65.3 | % | 1.29x | 10.2 | % | ||||||||||||
Portofino at Biscayne | NREC | North Miami, FL | Multifamily | $55,759,107 | 7.7 | % | $64,165 | 74.0 | % | 1.36x | 9.6 | % | ||||||||||||
1700 Market Street | UBSRES | Philadelphia, PA | Office | $49,950,000 | 6.9 | % | $132 | 69.4 | % | 1.38x | 10.0 | % | ||||||||||||
333 North Bedford Road | NREC | Mount Kisco, NY | Industrial | $44,733,808 | 6.2 | % | $74 | 55.9 | % | 1.57x | 12.9 | % | ||||||||||||
One Montgomery Street | UBSRES | San Francisco, CA | Retail | $31,550,000 | 4.3 | % | $416 | 65.7 | % | 1.31x | 9.4 | % | ||||||||||||
Sun Products Distribution Center | UBSRES | Bowling Green, KY | Industrial | $28,000,000 | 3.9 | % | $20 | 65.0 | % | 1.33x | 12.7 | % | ||||||||||||
Bethesda Health Medical Office | UBSRES | Boynton Beach, FL | Office | $26,300,000 | 3.6 | % | $206 | 69.2 | % | 1.49x | 11.7 | % | ||||||||||||
Marriott Buffalo Niagara | UBSRES | Amherst, NY | Hospitality | $24,933,544 | 3.4 | % | $70,038 | 43.6 | % | 2.38x | 21.0 | % | ||||||||||||
Doubletree Chattanooga | UBSRES | Chattanooga, TN | Hospitality | $22,798,343 | 3.1 | % | $122,572 | 69.1 | % | 1.52x | 12.8 | % | ||||||||||||
Total/Wtd. Avg.: | $425,719,464 | 58.6 | % | 64.1 | % | 1.44x | 11.4 | % |
Split Loan Summary(2) |
Mortgage Loans | Senior Pari Passu A-1 Note Trust Cut-off Date Balance | Senior Pari Passu Companion A-2 Note Cut-off Date Balance | Total Mortgage Debt Cut-off Date Balance | Trust U/W NCF DSCR | Total Mortgage Debt U/W NCF DSCR | Trust Cut-off Date LTV Ratio | Total Mortgage Debt Cut-off Date LTV Ratio | Trust U/W NOI Debt Yield | Total Mortgage Debt U/W NOI Debt Yield | ||||||||||||||||
Trinity Centre | $72,000,000 | $88,000,000 | $160,000,000 | 1.31x | 1.31x | 59.3 | % | 59.3 | % | 10.5 | % | 10.5 | % | ||||||||||||
Poughkeepsie Galleria | $69,694,662 | $85,182,365 | $154,877,027 | 1.29x | 1.29x | 65.3 | % | 65.3 | % | 10.2 | % | 10.2 | % | ||||||||||||
1700 Market Street | $49,950,000 | $61,050,000 | $111,000,000 | 1.38x | 1.38x | 69.4 | % | 69.4 | % | 10.0 | % | 10.0 | % |
Existing Mezzanine Debt Summary |
Mortgage Loans | Senior Pari Passu A-1 Note Trust Cut-off Date Balance | Senior Pari Passu Companion A-2 Note Cut-off Date Balance | Mezzanine Debt Cut-off Date Balance | Total Debt Cut-off Date Balance | Trust U/W NCF DSCR | Total Debt U/W NCF DSCR | Trust Cut- off Date LTV Ratio | Total Debt Cut- off Date LTV Ratio | Trust U/W NOI Debt Yield | Total Debt U/W NOI Debt Yield | |||||||||||||||||||||
Trinity Centre | $72,000,000 | $88,000,000 | $25,000,000 | $185,000,000 | 1.31x | 1.05x | 59.3 | % | 68.5 | % | 10.5 | % | 9.1 | % | |||||||||||||||||
Poughkeepsie Galleria | $69,694,662 | $85,182,365 | $20,983,339 | $175,860,367 | 1.29x | 1.07x | 65.3 | % | 74.2 | % | 10.2 | % | 9.0 | % | |||||||||||||||||
1700 Market Street | $49,950,000 | $61,050,000 | $12,200,000 | $123,200,000 | 1.38x | 1.18x | 69.4 | % | 77.0 | % | 10.0 | % | 9.0 | % | |||||||||||||||||
Dunbar Village | $5,989,631 | $0 | $1,000,000 | $6,989,631 | 1.48x | 1.12x | 66.9 | % | 78.1 | % | 11.8 | % | 10.1 | % |
(1) | For each of the Trinity Centre Mortgage Loan, the Poughkeepsie Galleria Mortgage Loan, and the 1700 Market Street Mortgage Loan, the numerical and statistical information related to the loan-to-value ratios, debt yields, and Cut-off Date Balances per Unit includes the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). For purposes of calculating debt service coverage ratios for those mortgage loans, the annual debt service is based on the aggregate principal and interest payments due during the first 12 months after the expiration of the initial interest only period (or, in the case of the Poughkeepsie Galleria Mortgage Loan, Cut-off Date) on the senior pari passu A-1 note (which note is included in the Trust) and the senior pari passu companion A-2 note (which note is not included in the Trust). |
(2) | The Trinity Centre Mortgage Loan is part of the Trinity Centre Mortgage Loan Combination, totaling $160 million, which was bifurcated into two senior pari passu loan components (Notes A-1 and A-2). The Poughkeepsie Galleria Mortgage Loan is part of the Poughkeepsie Galleria Mortgage Loan Combination, totaling $154.9 million, which was bifurcated into two senior pari passu loan components (Notes A-1 and A-2). The 1700 Market Street Mortgage Loan is part of the 1700 Market Street Mortgage Loan Combination, totaling $111 million, which was bifurcated into two senior pari passu loan components (Notes A-1 and A-2). In the case of each of the foregoing mortgage loan combinations, the related Note A-1 will be, but the related Note A-2 will not be, contributed to the UBSC 2011-C1 Trust. |
The depositor has filed a registration statement (including the prospectus) with the SEC (SEC File No. 333-166711) for the offering to which this communication 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 trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or UBS Securities LLC, any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-858-5407. The publicly offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.
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